The following summary transactions occurred during the year for a company. Cash received from:Collections from customers $396,000 Interest on notes receivable 14,000 Collection of notesreceivable 62,500 Sale of investments 35,900 Issuance of notes payable 116,000 Cash paid for:Purchase of inventory 176,000 Interest on notes payable 13,000 Purchase of equipment 101,000Salaries to employees 106,000 Payment of notes payable 33,000 Dividends to shareholders 1,000Required: Calculate net cash flows from investing activities. (Amounts to be deducted should beindicated with a minus sign.)

The objective of the question is to calculate the net cash flows from investing activities for the…

Answered: The following summary transactions…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Specter Co. combines cash and cash equivalents on the balance sheet. Using the following information, determine the amount reported on the year-end balance sheet for cash and cash equivalents. $19,000 cash deposit in checking account. $52,000 bond investment due in 20 years. $13,000 U.S. Treasury bill due in 1 month. $1,000, 3-year loan to an employee. $4,200 of currency and coins. $1,300 of accounts receivable. Checking account Bond investment U.S. Treasury bill Loan to an employee Currency and coins Accounts receivable Cash and cash equivalents $
A company's Cash account shows a balance of $5,630 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as deposits outstanding ($1,270), checks outstanding ($2,410), bank service fees ($44), an NSF check from a customer ($240), a customer's note receivable collected by the bank ($570), and interest earned ($70). Prepare the necessary entries to adjust the balance of cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list :X: A Record the entries that increase cash. Record the entries that decrease cash. Credit Note : = journal entry has been entered %D Record entry Clear entry View general journal :X:
The following are summary cash transactions that occurred during the year for Hilliard Healthcare Co. (HHC): Cash received from:Customers $660,000Interest on notes receivable 12,000Collection of notes receivable 100,000Sale of land 40,000Issuance of common stock 200,000Cash paid for:Interest on notes payable 18,000Purchase of equipment 120,000Operating expenses 440,000Dividends to shareholders 30,000 Prepare the cash flows from operating activities section of HHC’s statement of cash flows using the direct method.
abardeen corporation borrowed 58,000 from the bank on october 1, year 1. the note had a 4 percent annual rate of interest and matured on march 31, year 2. interest and principal were paid in cash on the maturity date. d. what total amount of cash was paid to the bank on march 31, year 2, for principle and interest? e. what amount of interest expense was reported on the year 2 income statement?
Specter Company combines cash and cash equivalents on the balance sheet. Using the following information, determine the amount reported on the year-end balance sheet for cash and cash equivalents. . $4,000 cash deposit in checking account. . $22,000 bond investment due in 20 years. • $5,500 U.S. Treasury bill due in 1 month. $250, 3-year loan to an employee. • $1,200 of currency and coins. $550 of accounts receivable. Included in Cash and Cash and Amount Cash Equivalents? Cash Equivalents Amount Checking account $ 4,000 Bond investment 22,000 U.S. Treasury bill 5,500 Loan to an employee 250 Currency and coins 1,200 Accounts receivable 550 Total Cash and cash equivalents
Malco Enterprises issued $12,00 of common stock when the company was started. In addition, Malco borrowed $38,000 from a local bank on July 1, Year 1. The note had a 6 percent annual interest rate and a one-year term to maturity. Malco Enterprises recognized $74,700 of revenue on account in Year 1 and $87,200 of revenue on account in Year 2. Cash collections of accounts receivable were $63,300 in Year 1 and $73,500 in Year 2. Malco paid $40,800 of other operating expenses in Year 1 and $47,000 of other operating expenses in Year 2. Malco repaid the loan and interest at the maturity date. Based on this information given above, record the events in the accounting equation then answer the following questions. Enter any decreases to account balances with a minus sign. a. what amount of interest expense would Malco report on the Year 1 income statement? b. what amount of net cash flow from operating activites would Malco report on the Year 1 statement of cash flows? c. what amount of…
es Specter Company combines cash and cash equivalents on the balance sheet. Using the following information, determine the amount reported on the year-end balance sheet for cash and cash equivalents. ● $7,000 cash deposit in checking account. . $28,000 bond investment due in 20 years. . $7,000 U.S. Treasury bill due in 1 month. . $400, 3-year loan to an employee. • $1,800 of currency and coins. . $700 of accounts receivable. Checking account Bond investment U.S. Treasury bill Loan to an employee. Currency and coins Accounts receivable $ Amount Total Cash and cash equivalents 7,000 28,000 7,000 400 1,800 700 Included in Cash and Cash Equivalents? Cash and Cash Equivalents Amount $ $ 0 0 0 0 0 0 0
Lloyd Inc. has sales of $150,000, a net income of $16,500, and the following balance sheet: Cash $17,820 Accounts payable $32,400 Receivables 46,170 Notes payable to bank 9,180 Inventories 153,900 Total current liabilities $41,580 Total current assets $217,890 Long-term debt 38,070 Net fixed assets 52,110 Common equity 190,350 Total assets $270,000 Total liabilities and equity $270,000 The new owner thinks that inventories are excessive and can be lowered to the point where the current ratio is equal to the industry average, 1.75x, without affecting sales or net income. If inventories are sold and not replaced (thus reducing the current ratio to 1.75x); if the funds generated are used to reduce common equity (stock can be repurchased at book value); and if no other changes occur, by how much will the ROE change? Do not round intermediate calculations. Round your answer to two decimal places. What will be the firm's new quick ratio? Do not round intermediate calculations. Round your…
Subject:
The following summary transactions occurred during the year for Petunia. Cash received from: Collections from customers Interest on notes receivable Collection of notes receivable Sale of investments Issuance of notes payable Cash paid for: Purchase of inventory Interest on notes payable Purchase of equipment Salaries to employees Payment of notes payable Dividends to shareholders $384,000 8,000 54,000 34,000 104,000 Required: Calculate net cash flows from financing activities. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from financing activities: 164,000 7,000 89,000 94,000 27,000 1,000 PETUNIA COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 Net cash flows from financing activities
The following transactions apply to Hooper Co. for Year 1, its first year of operations: 1. Issued $130,000 of common stock for cash. 2. Provided $100,000 of services on account. 3. Collected $88,000 cash from accounts receivable. 4. Loaned $11,000 to Mosby Co. on November 30, Year 1. The note had a one-year term to maturity and a 6 percen interest rate. 5. Paid $34,000 of salaries expense for the year. 6. Paid a $2,000 dividend to the stockholders. 7. Recorded the accrued interest on December 31, Year 1 (see item 4). 8. Estimated that 1 percent of service revenue will be uncollectible. Problem 5-26A (Algo) Part b b. Prepare the income statement, balance sheet, and statement of cash flows for Year 1.
Blossom Company has recorded the following items in its financial records. Cash in bank: Checking account $50,000 Money market fund 36,000 Payroll account 26,000 Certificate of deposit (matures in 2 months) 28,000 Certificate of deposit (matures in 12 months) 33,000 Total cash in bank $173,000 Cash in plant expansion fund 143,000 Cash on hand 34,000 Highly liquid investments Petty cash 53,000 2,600 Receivables from customers 122,000 Stock investments 84,000 U.S Treasury bills 43,000 The highly liquid investments (Commercial Paper) had maturities of 3 months or less when they were purchased. The stock investments will be sold in the next 6 to 12 months. The plant expansion project will begin in 3 years. (a) What amount should Blossom report as "Cash and cash equivalents" on its balance sheet? SUPPORT

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS