Ch. 17-Part A: Investment in Bond All A?s Company (a Sept. 30th year-end company) purchased a debenture issued by High Rate, Inc. on 4/1/CY (CY = current year). Relevant data to these bonds were as follows: Requirement: Prepare all (properly formatted) journal entries necessary to correctly account for All A?s investment in High Rate?s debentures. Ch. 23-Part A: Statement of Cash Flows Preparation The net changes in the balance sheet accounts of Eusey, Inc. for the year 2011 are shown below: Account Debit Credit Cash $ 265,600 Accounts receivable $ 64,000 Allowance for doubtful accounts 14,000 Inventory 287,200 Prepaid expenses 40,000 Long-term investments 144,000 Land 300,000 Buildings 600,000 Machinery 100,000 Office equipment 28,000 Accumulated depreciation: Buildings 24,000 Machinery 20,000 Office equipment 12,000 Accounts payable 233,200 Accrued liabilities 72,000 Dividends payable 128,000 Bonds payable 940,000 Preferred stock ($50 par) 60,000 Common stock ($10 par) 156,000 Additional paid-in capital?common 247,200 Retained earnings 60,800 $1,898,000 $1,898,000 Additional information: 1. Unaudited Income Statement Data for Year Ended December 31, 2011 Income before extraordinary items $420,000 Extraordinary losses: Condemnation of land $132,000 Loss from redemption of preferred stock 20,000 (152,000) Net income $268,000 2. Cash dividends of $128,000 were declared December 15, 2011, payable January 15, 2012. A 5% stock dividend was issued March 31, 2011, when the market value was $22.00 per share. 3. The long-term investments were sold at a $4,000 loss. 4. A building and land which cost $480,000 and had a book value of $300,000 were sold for $400,000. The cost of the land, included in the cost and book value above, was $20,000. 5. The following entry was made to record an exchange of an old machine for a new one: Machinery 160,000 Accumulated Depreciation?Machinery 40,000 Machinery 60,000 Bonds Payable 140,000 6. A fully depreciated copier machine which cost $28,000 was written off. 7. Preferred stock of $60,000 par value was redeemed for $80,000; the loss was charged against earnings. 8. The company issued 12,000 shares of its common stock on June 15, 2011 for $27 a share. A $2 per share broker underwriting fee was recognized as part of Professional Fees Expense in the operating section of the income statement. There were 87,600 shares outstanding on December 31, 2011. 9. Bonds were issued at 104 on December 31, 2011. The premium was credited to Interest Revenue. 10. Land that was condemned had a book value of $240,000. Requirements: 1. Prepare a properly formatted and complete statement of cash flows using the indirect method. Ignore tax effects. Ch. 23-Part B: ASC Research Indicate how each of the cash flows from items a-e below should be classified in the statement of cash flows making sure to include a properly formatted ASC citation for the area you used in the development of your response. a. Available for Sale Securities b. Trading Securities c. Held-to-Maturity Securities d. Equity Securities accounted for under the Equity Method i. Acquisition & Disposition ii. Dividends e. Capitalized interest under ASC 360-10-30-1,I have completed most of the multiple choice problems already by working through them. I only need these three questions now. This comes out to $20 per question.,Thank you Michael. I appreciate your assistance.,I don't see where the answers are in the attachment. I see blue words at the bottom and highlights for the second problem, but I do not see any journal entries or a statement of cash flows. Where do I view these?
Paper#9351 | Written in 18-Jul-2015Price : $25