Concept explainers
Consolidated statement of cash flow:Consolidated entities, as with individual companies, must present a statement of cash flow when they issue a complete set of financial statements. A consolidated statement of
dividends paid to the non-controlling interest during 20X4
b.
Consolidated statement of cash flow: Consolidated entities, as with individual companies, must present a statement of cash flow when they issue a complete set of financial statements. A consolidated statement of cash flows is similar to a statement of cash flows prepared for an individual corporate entity and is prepared in same manner. Consolidated statement of cash flow is prepared after consolidated financial statement. Consolidated cash flow statement is prepared from the information in the three consolidated statements. When an indirect approach is used, consolidated net income must be adjusted for all items that affect consolidated net income and the cash of consolidated entity effectively.
The amount of reported as net cash provided by operating activity for 20X4.
c.
Consolidated statement of cash flow: Consolidated entities, as with individual companies, must present a statement of cash flow when they issue a complete set of financial statements. A consolidated statement of cash flows is similar to a statement of cash flows prepared for an individual corporate entity and is prepared in same manner. Consolidated statement of cash flow is prepared after consolidated financial statement. Consolidated cash flow statement is prepared from the information in the three consolidated statements. When an indirect approach is used, consolidated net income must be adjusted for all items that affect consolidated net income and the cash of consolidated entity effectively.
The amount to be reported as net cash used in investment activities for 20X4.
d.
Consolidated statement of cash flow: Consolidated entities, as with individual companies, must present a statement of cash flow when they issue a complete set of financial statements. A consolidated statement of cash flows is similar to a statement of cash flows prepared for an individual corporate entity and is prepared in same manner. Consolidated statement of cash flow is prepared after consolidated financial statement. Consolidated cash flow statement is prepared from the information in the three consolidated statements. When an indirect approach is used, consolidated net income must be adjusted for all items that affect consolidated net income and the cash of consolidated entity effectively.
The amount to be reported in financing activities for 20X4.
e.
Consolidated statement of cash flow: Consolidated entities, as with individual companies, must present a statement of cash flow when they issue a complete set of financial statements. A consolidated statement of cash flows is similar to a statement of cash flows prepared for an individual corporate entity and is prepared in same manner. Consolidated statement of cash flow is prepared after consolidated financial statement. Consolidated cash flow statement is prepared from the information in the three consolidated statements. When an indirect approach is used, consolidated net income must be adjusted for all items that affect consolidated net income and the cash of consolidated entity effectively.
The change in cash balance for the consolidated entity for 20X4.
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Chapter 10 Solutions
ADVANCED FINANCIAL ACCOUNTING-ACCESS
- Question: Prepare a consolidated statement of cash flows for Bracker Inc. and its subsidiary for the year ended December 31, 2019.arrow_forwardBean Corporation purchased 17% of the outstanding shares of common stock of Williams Corporation as a long-term investment. Subsequently, Williams Corporation reported net income and declared and paid cash dividends. What journal entry would Bean Corporation use to record the purchase of Williams Corporation common stock? debit Investment--Williams Corporation; credit Income of Williams Corporation debit Cash; credit Investment--Williams Corporation debit Cash: credit Dividend Revenue Odebit Investment--Williams Corporation; credit Casharrow_forwardCreate a Balance sheet for this information given:arrow_forward
- Gympa reported on its income statement a net income $647,000 for the year ended December 31 before considering the following: a. During the year, Gympa purchased trading securities b. At year-end , the fair value of the investment portfolio was $50,000 lesshan the cost c. The balance of Retained Earnings was $792,000 on January 1 d. Gympa paid $67,000 in cash dividends during the year. Using the above data, calculate the balance of Retained Earnings on Decemeber 31.arrow_forwardBean Corporation purchased 35% of the outstanding shares of common stock of Williams Corporation as a long-term investment. Subsequently, Williams Corporation reported net income. What journal entry would Bean Corporation use to record its share of the earnings of Williams Corporation? debit Cash: credit Dividend Revenue debit Investment in Williams Corporation Stock: credit Cash debit Cash: credit Investment in Williams Corporation debit Investment in Williams Corporation; credit Income of Williams Corporationarrow_forwardOn January 1, Vienna Corporation purchased 40% of the outstanding common stock of the Marietta Corporation for $137,500. During the year, Marietta Corporation reported net income of $50,000 and paid cash dividends of $25,000.The balance of the Investment in the Marietta Corporation account on the books of Vienna Corporation at year-end is: Select one: A. $147,500 B. $135,000 C. $100,000 D. $110,000arrow_forward
- Financial Accounting & Reporting: Dividend Distributionarrow_forwardIn preparation for developing its statement of cash flows for the year ended December 31, 2021, Rapid Pac, Inc., collected the following information: ($ in millions) Fair value of shares issued in a stock dividend $ 116.0 Payment for the early extinguishment oflong-term bonds (book value: $93.0 million) 98.0 Proceeds from the sale of treasury stock (cost: $29.0 million) 34.0 Gain on sale of land 3.8 Proceeds from sale of land 11.4 Purchase of Microsoft common stock 166.0 Declaration of cash dividends 63.0 Distribution of cash dividends declared in 2020 60.0 2. In Rapid Pac’s statement of cash flows, what were net cash inflows (or outflows) from financing activities for 2021?arrow_forwardA. Gympa reported on its income statement a net income $647,000 for the year ended December 31 before considering the following: During the year, Gympa purchased trading securities At year-end , the fair value of the investment portfolio was $50,000 lesshan the cost The balance of Retained Earnings was $792,000 on January 1 Gympa paid $67,000 in cash dividends during the year. Using the above data, calculate the balance of Retained Earnings on Decemeber 31. A. The Nile House of Fashion has Asset Turnover of 2.65X. What does it mean? That each dollar of Nile’s asset generates $2.25 in sales That each dollar of stockholders’ equity generates $2.25 of profit That Nile’s EPS is $2.25 That each dollar of Nile’s Equity generates a deficit of $2.25 None of the above.arrow_forward
- Please dont provide answer in image format thank youarrow_forwardAn analysis of Karman Corporation's Investment in Marketable Securities account during Year 2 disclosed the following: Debit entries Credit entries Karman's Year 2 income statement included a $40,000 gain on sale of marketable securities and $30,000 dividend income from marketable securities. All payments and proceeds relating to marketable securities transactions were in cash. $ 160,000 240,000 The cash proceeds received by Karman Corporation in Year 2 for the sale of marketable securities was: Select one: a. $240,000. b. $280,000. c. $230,000. d. $160,000. $arrow_forwardIn preparation for developing its statement of cash flows for the year ended December 31, 2021, Rapid Pac, Inc., collected the following information: ($ in millions)Fair value of shares issued in a stock dividend $ 65Payment for the early extinguishment oflong-term bonds (book value: $97 million) 102Proceeds from the sale of treasury stock (cost: $17 million) 22Gain on sale of land 4Proceeds from sale of land 12Purchase of Microsoft common stock 160Declaration of cash dividends 44Distribution of cash dividends declared in 2020…arrow_forward
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