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 paid7,200270,000 Dividends paid284,400bonds payable36,000Balance, Dec. 31What amount of net cash provided (used) by financing activities should be reported in the statement of cash flows? (Show amounts that decrease cashflow with either a-sign eg.-15,000 or in parenthesis eg. (15,000).)Net cashby financing activities $

Cash flow from Financing activities: It include transactions relating to the debt, equity, and…

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

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 12MCQ: Smoltz Company reported the following information for the current year: cost of goods sold,...

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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
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
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…
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.
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 $
Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet Dec. 31, Year 7 Dec. 31, Year 6 Current Assets Cash and cash equivalents $519,159 $274,579 Marketable securities 166,106 187,064 Accounts receivable (net) 232,548 260,190 Inventories 382,044 352,022 Prepaid expenses 49,832 22,958 Other current assets 83,053 85,029 Total Current Assets 1,432,742 1,181,842 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,384,962 $2,232,263 Current Liabilities Short-term borrowings $306,376 $170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 228,700 257,631 Accrued liabilities 246,292 150,285 Income taxes payable 87,962 161,020 Total Current Liabilities 1,024,330 907,355 Long-term debt 500,000 300,000 Deferred income taxes 193,515 236,164 Total Liabilities 1,717,845 1,443,519 Common stock $425,250…
Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet Dec. 31, Year 7 Dec. 31, Year 6 Current Assets Cash and cash equivalents $576,843 $305,088 Marketable securities 166,106 187,064 Accounts receivable (net) 258,387 289,100 Inventories 424,493 391,135 Prepaid expenses 55,369 25,509 Other current assets 83,053 85,029 Total Current Assets 1,564,251 1,282,925 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,516,471 $2,333,346 Current Liabilities Short-term borrowings $306,376 $170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 254,111 286,257 Accrued liabilities 273,658 166,983 Income taxes payable 97,735 178,911 Total Current Liabilities 1,086,880 970,570 Long-term debt 500,000 300,000 Deferred income taxes 215,017 262,404 Total Liabilities 1,801,897 1,532,974 Common stock $425,250…
Consider the following financial data for Nguyen Industries: Statement of Financial Position as of December 31, 2018 Cash $ 232,500 Accounts payable $ 86,500 Accts. receivable 357,500 Short-term bank note 254,000 Inventories 150,500 Accrued wages & taxes 80,000 Total current assets $ 740,500 Total current liabilities $ 420,500 Long-term debt 566,000 Net fixed assets 774,500 Common equity 528,500 Total assets $ 1,515,000 Total liab. & equity $ 1,515,000 Profit & Loss Statement for 2018 Industry Average Ratios Net sales $ 1,894,000 Current ratio 1.4× Cost of goods sold 1,382,500 Quick ratio 1.0× Gross profit $ 511,500 Days sales outstanding 63 days Operating expenses 373,000 Inventory turnover 9.5× EBIT $ 138,500 Total asset turnover 1.5× Interest expense 64,000 Net…
Use the following data: Barry Computer Company Balance Sheet as of December 31, 2014 In thousands of $ Cash 85,775 Accounts payable 171,550 Receivables 669,045 Other current liabilities 257,325 Inventories 446,030 Notes payable 85,775 Total current assets 1,200,850 Total current liabilities 514,650 Net fixed assets 514,650 Long-term debbt 394,565 Common equity 806,285 Total assets 1,715,500 Total liabilities and equity 1,715,500 Barry Computer Company Income Statement For the year ended December 31, 2014 In thousands of $ Sales 2,350,000 COGS Materials 1,081,000 Labour 517,000 Heat, light and power 164,500 Indirect labour 188,000 Depreciation 94,000 Total COGS 2,044,500 Gross profit 305,500 Selling expenses 164,500 General and administrative expenses 47,000 EBIT 94,000 Interest expense 39,457 EBT 54,543 Federal and state income taxes (40%) 21,817 Net income 32,726 Calculate the following ratio for Barry Company. Round your answer to two decimal places. ROIC:
The following T-account is a summary of the cash account of Pronghorn Corp. Balance, Jan. 1 Receipts from customers Dividends on stock investments Proceeds from sale of equipment Proceeds from issuance of bonds payable Balance, Dec. 31 Cash (Summary Form) Net cash 25,600 1,164,800 Payments for goods 640,000 19,200 Payments for operating expenses 448,000 115,200 Interest paid 32,000 Taxes paid 25,600 960,000 Dividends paid 12,800 1,011,200 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 e.g. -15,000 or in parenthesis e.g. (15,000).) by financing activities $ CA
(Calculating financial ratios) The balance sheet and income statement for the J. P. Robard Mfg. Company are as follows: Operating return on assets Debt ratio Average collection period Fixed asset turnover Return on equity Current ratio Times interest earned Inventory turnover Total asset turnover Operating profit margin The company's current ratio is (Round to two decimal places.) . Calculate the following ratios:
The following items are reported on a company's balance sheet: Line Item Description Amount Cash $277,000 Marketable securities 101,400 Accounts receivable 234,300 Inventory 217,800 Accounts payable 315,500 Determine the (a) current ratio and (b) quick ratio. Round answers to one decimal place.

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