Take me to the textThe net income for the year ended on January 31, 2020 for SC Corporation was $139,000. Additional data forthe year is provided below.Loss on retirement of debt$10,600$272,000Purchase of property, plant & equipmentDepreciation of property, plant & equipment $13,900Dividends declared$60,000$33,000$18,000$12,400Decrease in accounts receivableLoss on sale of equipmentIssue of common sharesCalculate the increase or decrease in cash from operating activities.Do not enter dollar signs or commas in the input boxes.Use the negative sign for a decrease in cash.Increase or decrease in cash from operating activities = $Check

The statement of cash flows records all the sources and uses of cash in the business during a…

The net income for the year ended on January 31, 2020 for SC Corporation was $139,000. Additional data for the year is provided below. Loss on retirement of debt $10,600 Purchase of property, plant & equipment $272,000 Depreciation of property, plant & equipment $13,900 Dividends declared $60,000 Decrease in accounts receivable $33,000 Loss on sale of equipment $18,000 Issue of common shares $12,400 Calculate the increase or decrease in cash from operating activities. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Increase or decrease in cash from operating activities = $

The net income for the year ended on January 31, 2020 for SC Corporation was $139,000. Additional data for the year is provided below. Loss on retirement of debt $10,600 Purchase of property, plant & equipment $272,000 Depreciation of property, plant & equipment $13,900 Dividends declared $60,000 Decrease in accounts receivable $33,000 Loss on sale of equipment $18,000 Issue of common shares $12,400 Calculate the increase or decrease in cash from operating activities. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Increase or decrease in cash from operating activities = $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following information was taken from the accounting records of ATLANTA Company for the year ended December 31, 2021: • Net income during the year, P2.250,000 • Proceeds from the issuance of preference shares, P4,000,000 • Dividends paid on preference shares, P400,000 • Bonds payable converted to ordinary shares, P2,000,000 • Payment for purchase of machinery, P500,000 • Proceeds from sale of plant building, P1,200,000 • Retirement of bonds payable at face value, P2,500,000 • 2% bonus issue on ordinary shares, P300,000 • Purchase of ordinary treasury shares, P120,000 • Payment for the purchase of debt securities at amortized cost, P450,000 • Gain on sale of plant building. P200,000 • Depreciation expense, P188,000 • Doubtful accounts expense, P87.000 • Increase in accounts receivable, P325,000 • Decrease in merchandise inventory, P129,000 • Increase in investments in equity securities at FVTPL, P440,000 • Increase in accounts payable, P90,000 • Decrease in accrued expenses, P225,000…
Presented in alphabetical order, the following data are from the accounting records of Monty Corporation, a public company, at April 30, 2021: Accounts payable $64,000 Accounts receivable 47,000 Accumulated depreciation—equipment 69,000 Accumulated other comprehensive income 12,000 Bonds payable, due 2025 150,000 Cash 100,480 Common shares (no par value, unlimited authorized, 200,000 issued) 300,000 Depreciation expense 21,000 Dividend revenue 10,000 Equipment 210,000 Income tax expense 81,060 Income tax payable 25,000 Interest expense 7,400 Interest receivable 1,680 Interest revenue 3,360 Investment in associate 140,000 Investment Income or (Loss) 3,000 Investments at amortized cost, bonds due 2023 24,000 Investments at FVTOCI—equity 280,000 Investments at FVTPL—bonds 60,000 Investments at FVTPL—equity 15,000 OCI—holding gain or (loss), net of $3,600 tax (11,000) Rent expense 72,000 Retained…
Pronghorn Inc. began operations in January 2018 and reported the following results for each of its 3 years of operations. 2018 $236,000 net loss At December 31, 2020, Pronghorn Inc. capital accounts were as follows. 2019 $37,000 net loss 7% cumulative preferred stock, par value $100; authorized, issued, and outstanding 4,500 shares Common stock, par value $1.00; authorized 1,000,000 shares; issued and outstanding 774,000 shares Book value per share $ 2020 Book value per share $ $774,000 net income Pronghorn Inc. has never paid a cash or stock dividend. There has been no change in the capital accounts since Pronghorn began operations. The state law permits dividends only from retained earnings. (a) Compute the book value of the common stock at December 31, 2020. (Round answers to 2 decimal places, e.g. $38.50.) $450,000 $774,000 (b) Compute the book value of the common stock at December 31, 2020, assuming that the preferred stock has a liquidating value of $105 per share. (Round answers…
Dietrich Corp. disclosed the following information for 2021. The firm issued $65,000 new equity and $4,790 in dividends. The firm acquired $23,186 in new fixed assets and sold $17,600 of old fixed assets. Net working capital increased by $2,470 during the year. Dietrich Corp. had sales revenue of $264,596, cost of goods sold of $63,864, selling expenses of $53,200, depreciation of $6,780, and tax rate is 20%. a) What is the cash flow from assets of Dietrich Corp. in 2021? b) What is the cash flow to creditors of Dietrich Corp. in 2021?
The following are preliminary financial statements for Angel Co. and Lion Co. for the year ending December 31, 2018 prior to Angel’s acquisition of Lion. Angel Co. LionCo. Sales $360,000 $228,000 Expenses (240,000) (132,000) Net income $120,000 $ 96,000 Retained earnings, January 1, 2018 $480,000 $252,000 Net income (from above) 120,000 96,000 Dividends declared (36,000) -0- Retained earnings, December 31, 2018 $564,000 $348,000 Current assets $360,000 $120,000 Land 120,000 108,000 Building (net) 480,000 336,000 Total assets $960,000 $564,000 Liabilities $108,000 $132,000 Common stock 192,000 72,000 Additional paid-in capital 96,000 12,000 Retained earnings, December 31, 2018 564,000 348,000 Total liabilities and stockholders’ equity $960,000 564,000 On December 31, 2018 (subsequent to the preceding statements), Angel exchanged 10,000 shares of its $10 par value common stock for all of the outstanding shares of Lion. Angel's stock on that date has a fair value of $60 per share. Angel…
^-- The following information was taken from the records of Novak Inc. for the year 2020: Income tax applicable to income from continuing operations $239,360; income tax applicable to loss on discontinued operations $32,640, and unrealized holding gain on available-for-sale securities (net of tax) $19,200. Gain on sale of equipment $121,600 Cash dividends declared $192,000 Loss on discontinued operations 96,000 Retained earnings January 1, 2020 3,360,000 Administrative expenses 307,200 Cost of goods sold 1,088,000 Rent revenue 51,200 Selling expenses 384,000 Loss on write-down of inventory 76,800 Sales Revenue 2,432,000 Shares outstanding during 2020 were 100,000. Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, e.g. 1.48.)…
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The 2025 income statement of Sheridan Corporation showed net income of $518,000 and a loss from discontinued operations of $130,000. Sheridan had 100,000 shares of common stock outstanding all year. Prepare Sheridan's income statement presentation of earnings per share. (Round answers to 2 decimal places, e.g. 3.55.) SHERIDAN CORPORATION Income Statement LA
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The balance in retained earnings on January 1, 2010, for Plaza Inc., was $575,000. During the year, the corporation paid cash dividends of $60,000 and distributed a stock dividend of $15,000. In addition, the company determined that it had overstated its depreciation expense in prior years by $40,000. Net income for 2018 was $110,000. Prepare the retained earnings statement for 2018.
Tiger Ltd. has an authorized capital of 700,000 $1 ordinary shares, of which 300,000 have been issued as fully paid. The following information was extracted from the accounts for the year ended September 30, 2019: Details/Accts. $ DR $ CR Motor Vehicle at cost 1,750,000 Acc. Depreciation Motor Vehicle 450,000 Freehold premises at cost 400,000 Carriage inwards 35,500 Sales 4,500,000 Stock, October 1, 2018 95,000 Administration (Wages and Salaries) 170,000 Distribution (Wages and Salaries) 250,000 Motor vehicle running costs 350,000 Purchases 935,000 Returns inward 32,000 Returns outward 51,000 Directors’ remuneration 865,000 Auditors’ fees 120,000 General administrative expenses…
On 12/31/2020, Heaton Industries Inc. reported retained earnings of $575,000 on its balance sheet, and it reported that it had $172,500 of net income during the year. On its previous balance sheet, at 12/31/2019, the company had reported $555,000 of retained earnings. No shares were repurchased during 2020. How much in dividends did Heaton pay during 2020? Select the correct answer. a. $152,443 b. $152,328 c. $152,500 d. $152,385 e. $152,270