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Question;a. Sold land costing $315,000 for $425,000 cash, yielding a gain of $110,000.b. Paid $100,000 cash for a new truck.c. Equipment with a book value of $83,000 and an original cost of $161,000 was sold at a loss of $36,000.d. Long-term investments in stock were sold for $97,000 cash, yielding a gain of $15,500.Use the above information to determine this company's cash flows from investing activities. (Amounts to be deducted should be indicated with a minus sign. Omit the "$" sign in your response.)Statement of Cash FlowsCash flows from investing activities $Net cash investing activities $Exercise 16-9 Cash flows from financing activities L.O. P3a. Net income was $472,000.b. Issued common stock for $77,000 cash.c. Paid cash dividend of $13,000.d. Paid $115,000 cash to settle a note payable at its $115,000 maturity value.e. Paid $120,000 cash to acquire its treasury stock.f. Purchased equipment for $94,000 cash.Use the above information to determine this company's cash flows from financing activities. (Amounts to be deducted should be indicated with a minus sign. Omit the "$" sign in your response.)Statement of Cash FlowsCash flows from financing activities $Net cash financing activities $Exercise 16-10 Preparation of statement of cash flows (indirect) L.O. P1[The following information applies to the questions displayed below.]Use the following financial statements and additional information.GECKO INC.Comparative Balance SheetsJune 30, 2011 and 20102011 2010 Assets Cash $ 113,900 $ 64,200 Accounts receivable, net 69,500 52,000 Inventory 66,200 96,300 Prepaid expenses 6,200 4,700 Equipment 123,300 111,000 Accum. depreciation?Equipment (28,900 ) (10,600 ) Total assets $ 350,200 $ 317,600 Liabilities and Equity Accounts payable $ 26,900 $ 32,600 Wages payable 7,200 16,800 Income taxes payable 2,500 4,500 Notes payable (long term) 52,000 74,000 Common stock, $5 par value 237,000 182,000 Retained earnings 24,600 7,700 Total liabilities and equity $ 350,200 $ 317,600 GECKO INC.Income StatementFor Year Ended June 30, 2011Sales $ 676,000Cost of goods sold 411,000Gross profit 265,000Operating expenses Depreciation expense $ 57,600Other expenses 66,700Total operating expenses 124,300140,700Other gains (losses) Gain on sale of equipment 2,600Income before taxes 143,300Income taxes expense 57,320Net income $ 85,980Additional Informationa. A $22,000 note payable is retired at its $22,000 carrying (book) value in exchange for cash.b. The only changes affecting retained earnings are net income and cash dividends paid.c. New equipment is acquired for $61,300 cash.d. Received cash for the sale of equipment that had cost $49,000, yielding a $2,600 gain.e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement.f. All purchases and sales of merchandise inventory are on credit.references3.value:1.50 pointsExercise 16-10 Part 11. Prepare a statement of cash flows for the year ended June 30, 2011, using the indirect method. (Amounts to be deducted should be indicated with a minus sign. Omit the "$" sign in your response.)GECKO, INC.Statement of Cash FlowsFor Year Ended June 30, 2011Cash flows from operating activities $Adjustments to reconcile net income to net cashprovided by operating activities Net cash by operating activities $Cash flows from investing activities Net cash in investing activities Cash flows from financing activities Net cash in financing activities $Cash balance at beginning of year Cash balance at end of year $

 

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