Answered: ue or false, suppo

Business

Accounting

ue or false, suppo

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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Vaughn Manufacturing has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements of Vaughn Manufacturing for 2022 and 2021 are provided below. Cash Accounts receivable Inventory Property, plant and equipment Less accumulated depreciation Accounts payable Income taxes payable Bonds payable Common stock Retained earnings BALANCE SHEETS $609000 (318000) 12/31/22 $407000 361000 383000 291000 $1442000 $ 175000 353000 360000 221750 332250 $1442000 $962000 (306000) 12/31/21 $191000 218000 478000 656000 $1543000 $98000 394000 600000 215000 236000 $1543000
Saved Help Creative Sound Systems sold investments, land, and its own common stock for $34 million, $14.6 million, and $39.2 million, respectively. Creative Sound Systems also purchased treasury stock, equipment, and a patent for $20.6 million, $24.6 million, and $11.6 million, respectively. What amount should the company report as net cash flows from investing activities? (List cash outflows and any decrease in cash as negative amounts. Enter your answer in millions. (I.e., $10,000,000 should be entered as 10).) 31 CREATIVE SOUND SYSTEMS Statement of Cash Flows (partial) Cash flows from investing activities nces ols Net cash flows from investing activities 2$ 0.0 pse Hill dtv 14 FIC %23 24 & 2 3 5 6. 9 W E Y A S F G H K C V alt command command option V * 00 B
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Mobile Video Systems sold land, investments, and issued their own common stock for $10 million, $15 million, and $20 million, respectively. Mobile Video also purchased treasury stock, equipment, and a patent for $1 million, $2 million, and $4 million, respectively. a. What amount should the company report as net cash flows from investing activities? (Negative value should be indicated by minus sign. Enter your answer in millions.) Net cash flow from investing activities million b. What amount should the company report as net cash flows from financing activities? (Negative value should be indicated by minus sign. Enter your answer in millions.) Net cash flow from financing activities million
Which of the following is true when an investor invests cash in Jimenez Corporation? 000 Assets increase and liabilities increase Assets increase and liabilities decrease Assets decrease and equity decreases Assets increase and equity increases Liabilities increase and equity decreases
Selected information from Peridot Corporation's accounting records and financial statements for 2021 is as follows ($ in millions): Cash paid to acquire machinery Reacquired Peridot common stock Proceeds from sale of land. Gain from the sale of land Investment revenue received Cash paid to acquire office equipment Multiple Choice In its statement of cash flows, Peridot should report net cash outflows from investing activities of: $28 million. $33 59 Prey 92 48 71 87 1 of 10 www. www. Next
E. True or false, buying property, plant and equipment would be considered a cash outflow from financing? F. True or false, the financing section of the statement of cash flows reflects transactions in the equity accounts and the long-term liability accounts? G. True or false, suppose Auga Company Ltd just started business and was looking for additional capital in order to purchase a property to build their headquarters. If they found an investor who was willing to sell them land worth $500,000 in exchange for stock in the company, would this transaction be shown in the investing activities section of the statement of cash flows?
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Which of the following is not reported as a cash flow from investing activities? A- Selling a long-term investment at a loss for cash B- Sale of depreciable asset for cash C- Purchase of a patent in exchange for cash D- Purchasing land in exchange for common stock
1) Prepare the 2024 statement of cash flows, formatting operating activities by the indirect method 2) how what you learned in this problem help you evaluate and investment? a) learn how to protect future cash, flows, evaluate management decisions and predict the ability of the company to pay its debts and dividends b) learn how operating activities, investing activities and financial activities, generate cash receipts, and cash payments C) both A and B D) none of the above Additionally, Granite Rock purchased land of $19,600 by financing it 100% with long-term notes payable during 2024. During the year, there were no sales of land, no retirements of stock, and no treasury stock transactions. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $14,300. The plant acquisition was for cash.