Financial Accounting (12th Edition) (What's New in Accounting)
12th Edition
ISBN: 9780134725987
Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 11, Problem 11.9S
(Learning Objective 3: Calculate financing
- a. New borrowing or payment of long-term notes payable. Thompson Turf Trimmers had only one long-term note payable transaction during the year.
- b. Issuance of common stock or retirement of common stock. Thompson Turf Trimmers had only one common stock transaction during the year.
- c. Payment of cash dividends (same as dividends declared).
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
(Learning Objectives 1, 7: Show how to speed up cash flow from receivables;evaluate liquidity through ratios) Geneva Co., Inc., an electronics and appliance chain,reported these figures in millions of dollars:Net sales .........................................Receivables at end of year...............2019$523,1253,8602018$543,1254,510Requirements1. Compute Geneva’s days’ sales in receivables or days’ sales outstanding (DSO) during2019. (For this exercise, use “net sales” for “net credit sales” when calculating ratios.)2. Is Geneva’s DSO long or short? Kurzwel Networks takes 39 days to collect its averagelevel of receivables. Domarko Freight, the overnight shipper, takes 33 days. What causesGeneva’s collection period to be so different?
courses/
The cash balance of Saadah Company is 32700 OMR at
the beginning of the year. The cash flows during the
year are given as follows;
Operating cash inflow: 37800
Financing cash inflow: 22300
Investing outflow: 29000
Which of the following is the cash balance at the end
of the year.
Select one:
O a. 64000
Ob. 121800
Oc. 68300
O d. 63800
Clear my choice
need best help with working
Chapter 11 Solutions
Financial Accounting (12th Edition) (What's New in Accounting)
Ch. 11 - Quick Check (Answers are given here) The statement...Ch. 11 - Prob. 2QCCh. 11 - Prob. 3QCCh. 11 - Which of the three types of activities reported on...Ch. 11 - Prob. 5QCCh. 11 - On the statement of cash flows, which of the...Ch. 11 - On the statement of cash flows, which of the...Ch. 11 - Prob. 8QCCh. 11 - Prob. 9QCCh. 11 - Which of the following transactions does not...
Ch. 11 - If the indirect method is used to calculate net...Ch. 11 - In 2018, Jubilee Company repurchased its own stock...Ch. 11 - Prob. 13QCCh. 11 - Prob. 14QCCh. 11 - Prob. 11.1ECCh. 11 - LO 1 (Learning Objective 1: Explain the purposes...Ch. 11 - Prob. 11.2SCh. 11 - Prob. 11.3SCh. 11 - Prob. 11.4SCh. 11 - (Learning Objective 2: Distinguish among...Ch. 11 - Prob. 11.6SCh. 11 - (Learning Objective 3: Prepare a statement of cash...Ch. 11 - Prob. 11.8SCh. 11 - (Learning Objective 3: Calculate financing cash...Ch. 11 - Prob. 11.10SCh. 11 - (Learning Objective 4: Calculate operating cash...Ch. 11 - Prob. 11.12SCh. 11 - Prob. 11.13SCh. 11 - Prob. 11.14SCh. 11 - Prob. 11.15AECh. 11 - (Learning Objectives 2, 3: Distinguish among...Ch. 11 - Prob. 11.17AECh. 11 - Prob. 11.18AECh. 11 - Prob. 11.19AECh. 11 - Prob. 11.20AECh. 11 - Prob. 11.21AECh. 11 - Prob. 11.22AECh. 11 - Prob. 11.23AECh. 11 - (Learning Objective 4: Prepare the statement of...Ch. 11 - Prob. 11.25AECh. 11 - Prob. 11.26BECh. 11 - (Learning Objectives 2, 3: Distinguish among...Ch. 11 - Prob. 11.28BECh. 11 - Prob. 11.29BECh. 11 - Prob. 11.30BECh. 11 - Prob. 11.31BECh. 11 - Prob. 11.32BECh. 11 - Prob. 11.33BECh. 11 - Prob. 11.34BECh. 11 - Prob. 11.35BECh. 11 - Prob. 11.36BECh. 11 - Prob. 11.37QCh. 11 - Prob. 11.38QCh. 11 - Prob. 11.39QCh. 11 - Prob. 11.40QCh. 11 - Prob. 11.41QCh. 11 - Prob. 11.42QCh. 11 - Prob. 11.43QCh. 11 - Prob. 11.44QCh. 11 - Prob. 11.45QCh. 11 - Prob. 11.46QCh. 11 - Prob. 11.47QCh. 11 - Prob. 11.48QCh. 11 - Prob. 11.49QCh. 11 - Prob. 11.50QCh. 11 - The book value of equipment sold during 2018 was...Ch. 11 - Prob. 11.52QCh. 11 - Prob. 11.53QCh. 11 - Prob. 11.54QCh. 11 - Prob. 11.55QCh. 11 - Prob. 11.56QCh. 11 - Prob. 11.57APCh. 11 - Prob. 11.58APCh. 11 - (Learning Objectives 2, 3: Prepare the statement...Ch. 11 - Prob. 11.60APCh. 11 - Prob. 11.61APCh. 11 - Prob. 11.62APCh. 11 - Prob. 11.63APCh. 11 - (Learning Objectives 2, 3, 4: Prepare the...Ch. 11 - Prob. 11.65APCh. 11 - Prob. 11.66BPCh. 11 - (Learning Objectives 2, 4: Prepare an income...Ch. 11 - (Learning Objectives 2, 3: Prepare the statement...Ch. 11 - Prob. 11.69BPCh. 11 - Prob. 11.70BPCh. 11 - Prob. 11.71BPCh. 11 - Prob. 11.72BPCh. 11 - Prob. 11.73BPCh. 11 - Prob. 11.74BPCh. 11 - Prob. 11.75CEPCh. 11 - Prob. 11.76CEPCh. 11 - Prob. 11.77CEPCh. 11 - Prob. 11.78SCCh. 11 - Prob. 11.79DCCh. 11 - Prob. 11.80DCCh. 11 - Ethical Issues Georgetown Motors is having a bad...Ch. 11 - Prob. 1FFCh. 11 - Prob. 1FA
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- plzzzzzzz give me detailed answer♥arrow_forwardThe cash balance of Lalana Company is 434000OMR at the beginning of the year. The cash flows during the year are given as follows; Operating cash inflow:38490 Financing cash outflow: 22430 Investing inflow: 95800 Which of the following is the cash balance at the end of the year. Select one: a. 468890 b. 465760 C. 554520 d. 545860arrow_forwardDuning the year, Next Tec Corp. had the following cash flows receipt trom customers, $21,000, receipt from the bank for long term borrowing. $6,200, payment to supplers, $5,200, payment of dividends, $1700, payment to workers, $3.000, and payment for machenery $9,000. What amount would be reported for net financing cash flows in the statement of cash fows? Mutiple Choice S4500 $6 200 (19,000 SA000 20 s0 ype here to search Ps 40% S/1/20 K N Alt Ctri Home oOOoarrow_forward
- Mr. Lim started the business a small groceries shop during the year. He is seeking your help to determine the financial results for the year ended 31.12.2020 with the following information extracted from the cash flows record: Opening Bank Inflows: 2,000 Capital 10,000 Cash Sales 30,000 Trable receivable 125,000 165,000 167,000 Outflows: Wages and Salaries 45,000 Rental 18,000 Suppliers 65,000 Office equipment 10,000 (138,000) Closing Cash 29,000 Additional information at the year end: 1. Closing inventory amounted to $8,000. 2. Wages owed amounted to $5,000. 3. Amount of $6,000 still owed to suppliers and amount of $4,000 not yet collected from customers. 4. Mr. Lim intends to use the office equipment for 5 years without any future scrap value. Required: Based on the information above, draft a Statement of Income for the year ended 31.12.2020 for Mr Lim.arrow_forwardE1-24A. (Learning Objective 4: Construct a balance sheet) At December 31, 2018, LandyProducts has cash of $24,000, receivables of $18,000, and inventory of $80,000. The company’sequipment totals $182,000. Landy owes accounts payable of $22,000 and long-term notespayable of $172,000. Common stock is $34,500. Prepare Landy’s balance sheet at December 31,2018, complete with its proper heading. Use the accounting equation to compute retainedearnings.arrow_forwardZirkle Company borrowed $129,000 from Plains Bank on July 31, Year 1. The note carried a 6% interest rate with a one-year term to maturity Required: a. Show the effects of borrowing the money and the December 31, Year 1 adjustment on the accounting equation. b. What is the amount of interest expense for Year 1? c. Prepare a statement of cash flows for the Zirkle Company for Year 1. Complete this question by entering your answers in the tabs below. Required A Required B Required C Show the effects of borrowing the money and the December 31, Year 1 adjustment on the accounting equation. Note: Enter any decreases to account balances with a minus sign. Leave cells blank if no input is needed. ZIRKLE COMPANY Effect of Adjustment on the Accounting Equation Event Year 1 July 31 December 31 December 31, Year 1 Assets Liabilities Stockholders' Equity Raquinad A Required B > 13arrow_forward
- Instructions: Working capital accounts are current assets and current liabilities. Of the 13 accounts listed in the question, 7 are working capital accounts, some involving an inflow of cash and some involving an outflow of cash. Make a list of the 7 working capital accounts and subdivide and subtotal your list into two categories, the number of cash inflows and the number of cash outflows during the year. (Hint - the grand total is a $12,000 outflow)arrow_forwardThe cash balance of GMC Company is 32700 $ at the beginning of the year. The cash flows during the year are given as follows; Operating cash inflow:37800 Investing outflow: 29000 Financing cash inflow: 22300 Which of the following is the cash balance at the end of the year.Select one: a. 63800b. 64000 C. 68300d. 121800arrow_forwardZirkle Company borrowed $129,000 from Plains Bank on July 31, Year 1. The note carried a 6% interest rate with a one-year term to maturity. Required: a. Show the effects of borrowing the money and the December 31, Year 1 adjustment on the accounting equation. b. What is the amount of interest expense for Year 1? c. Prepare a statement of cash flows for the Zirkle Company for Year 1. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare a statement of cash flows for the Zirkle Company for Year 1. Note: Cash outflows should be indicated with a minus sign. ZIRKLE COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities Net cash flow from investing activities Cash flows from financing activities Net cash flow from financing activities < Required B Required Carrow_forward
- Zirkle Company borrowed $146,000 from Plains Bank on July 31, Year 1. The note carried a 6% interest rate with a one-year term t maturity. Required: a. Show the effects of borrowing the money and the December 31, Year 1 adjustment on the accounting equation. b. What is the amount of interest expense for Year 1? c. Prepare a statement of cash flows for the Zirkle Company for Year 1. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare a statement of cash flows for the Zirkle Company for Year 1. Note: Cash outflows should be indicated with a minus sign. ZIRKLE COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities Net cash flow from investing activities Cash flows from financing activities Ending cash balance Net cash flow from financing activitiesarrow_forwardThe following summary transactions occurred during the year for Bluebonnet. Cash received from: Collections from customers Interest on notes receivable Collection of notes receivable Sale of investments Issuance of notes payable Cash paid for: Purchase of inventory Interest on notes payable Purchase of equipment Salaries to employees Payment of notes payable Dividends to shareholders $380,000 6,000 50,000 Cash flows from financing activities: 30,000 100,000 Required: Calculate net cash flows from financing activities. (Amounts to be deducted should be indicated with a minus sign.) Net cash flows from financing activities 160,000 5,000 85,000 90,000 25,000 20,000 BLUEBONNET COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 $arrow_forwardMatch the item to its appropriate section on the statement of cash flows. Be sure you are satisfied with your answers before selecting “check." Your first attempt saves to the gradebook. Purchase equipment with shares of common stock. Noncash investing and financing Operating Collected $20,000 cash for services performed. Financing Operating Purchased two semi-trailer trucks for $170,000 cash. Financing Operating Borrowed $200,000 from Castle Bank, signing a 5-year note bearing 8% interest. Financing Issued 100,000 shares of $5 par value common stock for $800,000 cash. Investing Investing Paid employees $12,000 for salaries and wages. Financing Payment of cash of $1,200 to lenders for interest. Receipt of cash from the sale of capital stock. Payment of cash dividends to the company's stockholders. Sold old equipment and received $1,000.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License