The following T-account is a summary of the cash account of Kingbird Company.Cash (Summary Form)Balance, Jan.17,200Receipts from customers327,600 Payments for goods180,000Dividends on stock investments5,400 Payments for operating expenses 126,000Proceeds from sale of equipment 32,400 Interest paid9,000Proceeds from issuance ofTaxes paid7,200bonds payable270,000 Dividends paid36,000Balance, Dec. 31284,400What amount of net cash provided (used) by financing activities should be reported in the statement of cash flows? (Show amounts that decrease cashflow with eithera-sign eg-15,000 or in parenthesis eg. (15,000).)Net cashby financing activities $e Textbook and MediaSave for LaterLast saved 17 minutes ago.Attempts: 0 of 3 usedSubmit AnswerSaved work will be auto-submitted on the due date.E Assignment sent to Gradebook. Your grade is being recorded.Sat, Apr 25, 2020, 12:36:35 PM (America/New York -04:00)( PrevNext >由12:46 PM4/25/2020

Financing activities includes cash inflows and cash outflows from issuance and redemption of shares,…

Answered: The following T-account is a summary of…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter6: Statement Of Cash Flows

Section: Chapter Questions

Problem 14E

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To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750
Provide journal entries to record each of the following transactions. For each, also identify: *the appropriate section of the statement of cash flows, and **whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. reacquired $30,000 treasury stock B. purchased inventory for $20,000 C. issued common stock of $40,000 at par D. purchased land for $25,000 E. collected $22,000 from customers for accounts receivable F. paid $33,000 principal payment toward note payable to bank
The following selected information pertains to Brock Company:Cash balance, January 1, 20x1 P130,000Accounts receivable, January 1, 20x1 190,000Collections from customers in 20x1 2,100,000Capital account balance, January 1, 20x1 380,000Total assets, January 1, 20x1 750,000Additional cash investment, July 1, 20x1 50,000Total assets, December 31, 20x1 1,010,000Cash balance, December 31, 20x1 200,000Accounts receivable, December 31, 20x1 360,000Withdrawals made during 20x1 110,000Total liabilities, December 31, 20x1 410,0007. Net income for the year ended December 31, 20x1
The following T-account is a summary of the Cash account of Sheridan Company. Cash (Summary Form) Balance, Jan. 1 Receipts from customers 8,100 362,500 Payments for goods 297,400 Dividends on stock investments 5,500 Payments for operating expenses 139,600 Proceeds from sale of equipment Proceeds from issuance of 35,600 Interest paid Taxes paid 12,000 7,200 bonds payable 499,900 Dividends paid 60,100 Balance, Dec. 31 395,300 What amount of net cash provided (used) by financing activities should be reported in the statement of cash flows? (Show amount that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) Net cash by Snancing activities $
A skeleton of Ashby Corporation's balance sheet appears as follows (amounts in thousands): (Click the icon to view the data.) Cash Receivables Inventories Balance Sheet Prepaid expenses Total current assets Plant assets, net Other assets Total assets 120 ³000 ³1.31 $ 265 Total current liabilities 1,370 Other long-term liabilities 2.900 Long-term debt 6,400 Common stock Retained earnings Total liabilities and equity $ 2,220 800 185 3,015 Use the following ratio data to complete Ashby's balance sheet a. The debt ratio was 0.50. b. C The current ratio was 1.10. The quick (acid-test) ratio was 0.200.
Consider the following financial data for Terry Enterprises: Balance Sheet as of December 31, 2018 Cash $ 86,000 Accounts payable $ 15,500 Accts. receivable 91,500 Notes payable 93,500 Inventories 65,500 Accruals 19,500 Total current assets $ 243,000 Total current liabilities $ 128,500 Long-term debt 162,500 Net plant & equip. 419,500 Common equity 371,500 Total assets $ 662,500 Total liab. & equity $ 662,500 Statement of Earnings for 2018 Industry Average Ratios Net sales $ 642,500 Current ratio 2.2× Cost of goods sold 482,000 Quick ratio 1.7× Gross profit $ 160,500 Days sales outstanding 44 days Operating expenses 119,500 Inventory turnover 6.7× EBIT $ 41,000 Total asset turnover 0.6× Interest expense 14,500 Net profit margin 7.2% Pre-tax earnings $ 26,500…
Considering the financial statement information below for the The C’mon Cam! Co., how long is the cash cycle? Item Beginning EndingInventory $9,338 $11,550Accounts Receivable 5,670 6,947Accounts Payable 7,689 9,625 Net Sales $82,544Cost of Goods Sold $58,638 a. 28 daysb. 39 daysc. 65 daysd. 93 days
The following items appeared on the financial statements of Washington Company. Line Item Description Amount Accounts receivable, January 1 $13,084 Accounts receivable, December 31 6,949 Accounts payable, January 1 5,909 Accounts payable, December 31 9,591 Inventory, January 1 8,120 Inventory, December 31 16,988 Sales 64,741 Cost of goods sold 32,521 Washington Company uses the direct method to report cash flows from (used for) operating activities. Assume that all accounts payable are owed to merchandise suppliers Cash received from customers during the year is
Question: How much is the total cash received from the financing of receivables? Round off to the nearest whole number.
The following T-account is a summary of the cash account of Kingbird Company. Cash (Summary Form) Balance, Jan.1 7,200 Receipts from customers 327,600 Payments for goods 180,000 Dividends on stock investments 5,400 Payments for operating expenses 126,000 Proceeds from sale of equipment 32,400 Interest paid 9,000 Proceeds from issuance of Taxes paid 7,200 270,000 Dividends paid 284,400 bonds payable 36,000 Balance, Dec. 31 What amount of net cash provided (used) by financing activities should be reported in the statement of cash flows? (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis eg. (15,000).) Net cash by financing activities $
The following items are reported on a company's balance sheet: Cash $112,300 Marketable securities 131,400 Accounts receivable (net) 45,200 Inventory 170,000 Accounts payable 270,000. Determine the current ratio ?
TS TaeKook Co. provided the following data on December 31, 2020: Cash- P1,800,000 Accounts receivable- P3,000,000 Inventory- P1,900,000 Accounts payable, net of debit balance of P50,000- P2,450,000 The cash of P1,800,000 included cash in bank of P1,650,000, a customer check of P100,000 marked as NSF and an employee IOU of P50,000. The cash in bank of P1,650,000 is the balance per bank statement. On Dec. 31, 2020, the outstanding check amounted to P250,000. The accounts receivable included the following: Customer's debit balances- P1,600,000 Advances to a subsidiary- P400,000 Advances to suppliers- P200,000 Receivable from officers (due currently)- P300,000 Allowance for doubtful accounts (credit)- P 100,000 Selling price of merchandise invoiced at 120% of costs, undelivered and excluded from inventory- P600,000.00 How much is the total cash and receivables, respectively, of BTS TaeKook Co. as of the end of 2020? A. P1,650,000 and P2,400,000 B. P1,400,000 and P2,200,000 C.…

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