Fill in the green boxes with the correct answers Identify any non-cash transactions that occurred during the year and show how they would be reported in thenon-cash section of the cash flow statement.Solution:MOTOCROSS, INC.Statement of Cash Flows-PartialYear Ended December 31, 2016Non-cash Investing and Financing Activities: E16-25 Identifying and reporting non-cash transactionsThe Statement of Cash Flows 857Mororcross, Inc. identified the following selected transactions that occurred during 2016:Learning Objective 2Issued 850 shares of $5 par common stock for cash of $21,000.Total Non-cash Inv, andh Issued 5,600 shares of $5 par common stock for a building with a fair market valueFin. Act. $161,000of $99,000.c Purchased new truck with a fair market value of $36,000. Financed it 100% witha long-term note.d. Retired short-term notes of $26,000 by issuing 2,500 shares of $5 par common stock.e. Paid long-term note of $8,500 to Bank of Tallahassee. Issued new long-term noteof $17,000 to Bank of Trust.Identify any non-cash transactions that occurred during the year, and show how theywould be reported in the non-cash investing and financing activities section of thestatement of cash flows.Learning Objective 3

The non cash transactions are the transactions which have no cash included as payment or receipt.

Answered: The Statement of Cash Flows 85 25…

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 32BE

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E16-25 Identifying and reporting non-cash transactions Dirtbikes, Inc. identified the following selected transactions that occurred during the year ended December 31, 2018: a. Issued 750 shares of $3 par common stock for cash of $17,000. b. Issued 5,100 shares of $3 par common stock for a building with a fair market value of $96,000. c. Purchased new truck with a fair market value of $29,000. Financed it 100% with a long-term note. d. Retired short-term notes of $28,000 by issuing 1,900 shares of $3 par common stock. e. Paid long-term note of $10,500 to Bank of Tallahassee. Issued new long-term note of $23,000 to Bank of Trust. Identify any non-cash transactions that occurred during the year, and show how they would be reported in the non-cash investing and financing activities section of the statement of cash flows.
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Question 8, EF14-21 (similar to) Part 1 of 4 HW Score: 42%, 42 of 100 points O Points: 0 of 29 Sa The income statement and additional data of Daily Plus, Inc. follows: (Click the icon to view the income statement.) (Click the icon to view the additional data.) Prepare Daily Plus's statement of cash flows for the year ended September 30, 2024, using the indirect method. Include a separate section for non-cash investing and financing activities. Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is n used in the statement, leave the box empty; do not select a label or enter a zero.) Daily Plus, Inc. Statement of Cash Flows Year Ended September 30, 2024 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Net Cash Provided by (Used for) Operating Activities ext…
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C21-11 Researching GAAP Situation You are the new accountant for 12th National Bank and are preparing its 2019 statement of cash flows. The bank reports net income of $75,800 on its 2019 income statement. Included in this net income are the following items: $6,700 gain on sale of trading securities, $1,200 unrealized holding gain on trading securities, and $5,100 loss on sale of securities available for sale. Among its 2019 transactions, the bank sold trading securities with a carrying value of $22,900 for $29,600, and purchased trading securities for $65,200. The bank sold securities available for sale with a cost (and carrying value) of $58,700 for $53,600, and purchased securities available for sale for $39,400. It also made routine 90-day loans of $47,500 to customers and collected $20,000 principal on these customer loans. As a result of the preceding information, the bank’s trading securities account increased by $43,500, the securities available for sale account decreased by…
P5-13 Statement of Cash Flows The following are Mueller Company’s cash flow activities: a. Net income, $68,000b. Increase in accounts receivable, $4,400c. Receipt from sale of common stock, $12,300.d. Depreciation expense, $11,300 e. Dividends paid, $24,500 f. Payment for purchase of building, $65,000g. Bond discount amortization, $2,700 h. Receipt from sale of long-term invest-ments at cost, $10,600i. Payment for purchase of equipment, $8,000.j. Receipt from sale of preferred stock, $20,000k. Increase in income taxes payable, $3,500 l. Payment for purchase of land, $9,700 m. Decrease in accounts payable, $2,900n. Increase in inventories, $10,300 o. Beginning cash balance, $18,000 Required: Prepare Mueller Company’s statement of cash flows.
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