New Mexico, Inc., sold common stock for $560,000 and preferred stock for $56,000 during the current year. In addition, the company purchased treasury stock for $47,000 and declared dividends on common and preferred stock for $36,000, of which $12,000 was unpaid at the end of the year. Determine the amount of cash provided by or used for financing activities during the year. Net cash provided by financing activities 545,000

Q: A xerox machine cost of P120,000 after making 800,000 photo copies the trade-in value of the xerox m...

A: Depreciation is the method of accounting used to allocate the value of assets over its life. there c...

Q: Use the following information and the indirect method to calculate the net cash provided or used by ...

A: Cash flow from Operating Activities - Cash flow from operating Activities includes activities involv...

Q: On December 1, Daw Co. accepts a $10,000, 45-day, 6% note from a customer. (1) Prepare the year-end ...

A: Accrued interest = Face value of notes x rate of interest x no. of days in calendar year/ 360 days P...

Q: Stark Company's most recent balance sheet reported total assets of $1.74 million, total liabilities ...

A: GIVEN   Stark Company's most recent balance sheet reported total assets of $1.74 milhion, total liab...

Q: shmart, Inc., began operations this year. The company produced 1,000 units and sold 1,000 units at a...

A: Solution: Net income under absorption costing will be computed by first determining gross profit and...

Q: An engineer bought equipment for P500,00O. HE spent an additional amount of P30,000 for installation...

A: Total cost of the equipment = P500,000 + P30,000 = P530,000   Annual depreciation  = Total depreciat...

Q: 9. Suppose that a company gives out $100 cach month for the employee who most follows lean managemen...

A: Lean 7S principles are the 7 words which is used by management to improve the efficiency and effecti...

Q: Whispering Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning D...

A: Liabilities: In monetary bookkeeping, a liability is characterized as the future penance of financia...

Q: Tollowing inrormation, prepare a general journal entry to

A:                                        In Payroll accounting we debit the total amount payable as sa...

Q: Niosoki Auto Parts sells new parts for foreign automobiles to auto dealers. Company policy requires ...

A: Given That : Last shipment made for fiscal year ended  on 31 august 2016 was recorded on document 21...

Q: Explain the relationship between dividends and earnings and profits. (pick one answer)         Quest...

A: The relationship between dividends and earnings and profit is very complicated. Generally higher div...

Q: Mauro Products distributes a single product, a woven basket whose selling price is $30 per unit and ...

A: Break even point = Fixed costs /Contribution margin per unit  where, Contribution margin per unit = ...

Q: 7 4. Compute the degree of operatingleverage 8 Sales 9 Variable expenses o Contribution margin 1 Fix...

A: The break even sales are the sales where business earns no profit no loss during the period.  Degree...

Q: $ 975,000 Common stock-$15 par value, 150,000 shares authorized, 65,000 shares issued and outstandin...

A: Shares issued = 65000 shares Stock dividend = 2% Stock's market value = $ 36 The question requires s...

Q: A machine having a first cost of P60,000 will be retired at the end of 8 years. Depreciation cost is...

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets ...

Q: 38) Park Company acquired a 90% interest in Southwestern Company on December 31. 2016 for $320,000. ...

A: Under the cost method, investment is recorded at the historical cost. Under the cost method, the val...

Q: What is the carrying amount of the bond investment on December 31, 2021? ( round off final answer)

A: Present Value of Bond = Present Value of Coupon Payments + Present Value of Redemption Value Present...

Q: Mr. Dela Cruz bought a piece of property for P100,000 down payment and a 10 deferred semiannual paym...

A: Solution: Present worth of property should be computed as = Down payment + Present value of deferred...

Q: Fundamentals in Accounting, Business and Management1 Journalizing Transaction Practice INSTRUCTION: ...

A: Recording journal entries in the books of account is a process in which each identified transaction ...

Q: La Femme Accessories Inc. produces women's handbags. The cost of producing 800 handbags is as follow...

A: In order to determine the amount of Desired profit, the Investment assets are required to be multipl...

Q: A machine costing P480,000 is estimated to have a salvage value of 10% of the first cost when retire...

A: Answer) Calculation of Book value at the end of 5 year Year End Depreciation Expense Accumul...

Q: Cost of goods manufactured $198,240 Selling expenses 66,220 Administrative expenses 35,010 Sales 421...

A: Formula: Cost of finished goods available for sale = Beginning finished goods + Cost of goods manufa...

Q: ABC Company's salaried employees are paid biweekly (1.e., once every two weeks). Advances made to em...

A: As per the matching concept, all the expenses that are related to the concerned period should be cha...

Q: Greek Manufacturing Company produces and sells a line of product that are sold usually all year roun...

A: Break-even point in units=Total Fixed CostsContribution Margin per unit

Q: Greek Manufacturing Company produces and sells a line of product that are sold usually all year roun...

A: * As per bartleby policy, if multiple questions are asked then answer first three only.   e. Breakev...

Q: Raw material = Rp. 150.000 Labor cost = Rp. 60.000 Overhead variable cost = Rp 90.000 Fixed S&A cost...

A: Total variable cost = Rp150,000 + Rp60,000 + Rp90,000 + Rp30,000                                   ...

Q: Zhang Company reported Cost of goods sold of $847,000, beginning Inventory of $39,600 and ending Inv...

A: Merchandise inventory is the value of goods in the stock whether it is finished goods, raw material ...

Q: St: For reclassification interest rate must be determined based on the new carrying amount or fair v...

A:

Q: vestments. The purchase-order lead time is 2.5 weeks. Snacku ompany sells 125 lens per week. The fol...

A: Economic Order Quantity is the quantity that minimizes the holding cost and ordering cost. It is the...

Q: $ 270,e00 (210, еe0) $ 60,000 $ 180,000 (100, еee) $ 80,000 $ 380,000 (100, eeе) $ 280,e00 Equipment...

A: Equipment A/c ( Gross Basis ) Particulars Amount Particulars  Amount  To balance b/d  $270,000 ...

Q: Introduction and client background You are an audit senior in Riskam and Co and you are commencing t...

A: Audit review is the result of research. As an integral part of the audit report, audit findings repr...

Q: Itzy Corporation provides the following information for the month of February based on the productio...

A: Gross Profit = Sales - Cost of goods sold Cost of goods sold includes direct material , direct labor...

Q: The ledger of Mai Company includes the following accounts with normal balances as of December 31: Co...

A: Closing entries are used to close the temporary account and transfer the balance to the permanent ac...

Q: 341,000 Fair value of plan assets, Jan. 1 Contributions to the retirement fund during the year Benef...

A: Introduction: Plan assets are assets/investments kept by a long-term employee benefit fund for the p...

Q: A company used a type of truck which cost P2 million with life of 3 ears and final salvage value of ...

A: It is the entire cost which will be recognized as the cost of the fixed asset. It includes the cost ...

Q: Depreciation for Partial Periods Hathaway Company purchased a copying machine for $8,700 on October ...

A: Depreciation is considered as an expense charge on the value of the Asset. It can be calculated by u...

Q: Warner Company's year-end unadjusted trial balance shows accounts receivable of $99,000, allowance f...

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized i...

Q: A machine with a cost of $146,000, accumulated depreciation of $93,000, and current year depreciatio...

A: The purchase and sale of assets are reported under cash flow from investing activities. So the proce...

Q: A company's sales in Year 1 were $380,000 and in Year 2 were $417,500. Using Year 1 as the base year...

A: Sales is the amount which is earned by company by selling its goods or services. Percentage change i...

Q: Problem 5 On January 1, 2021, Pe Inc. purchased Ra Corp. for P1,500,000 for 100% ownership of its co...

A: The value which is received when an asset is sold at a price above the net book value of the asset i...

Q: An analysis of the Marketable Securities control account of Fancher Products, Inc., shows the follow...

A: The cash flow statement is prepared to record the cash flow from various activities during the perio...

Q: a company plans to build a new office building in 5 years. How much should they set aside now to acc...

A: Answer 1) Calculation of amount to be set aside today if rate of return is 5% Amount to be invested ...

Q: A widower was granted a loan of P20,000 by her employer with an interest of 6% for 3 months. The com...

A: A promissory note is a type of debt instrument that consists of a written pledge by one party (the c...

Q: Assume no other adjusting entries are made during the year. a. Unearned Rent Revenue. The Krug Compa...

A: Unearned Rent Revenue: It is a liability account, with its regular balance on the credit side, while...

Q: lthough Goldman Sachs paid Heather $100,000.00 per year, she was not satisfied with her job. She had...

A: Opportunity Cost: The opportunity cost of a specific action choice is the deficiency of significant ...

Q: A building has a salvage value of P1,000,000O at the end of its useful life of 50 years. The straigh...

A:  Depreciation as per straight line method = (Cost - salvage value) /useful life  

Q: Record the sale of the equipment under the following three separate cases assuming Garcia sells the ...

A: Solution:- Preparation of journal entries three different cases as follows under:-  

Q: How to do Cash Flow Projection when investing? give a example.

A: Cash flow cash flow (CFI) is one of the components of a cash flow statement that reports the amount ...

Q: Ron Landscaping's income statement reports net income of $76,200, which includes deductions for inte...

A: The times interest ratio is a measure of a companies ability to meet its debt obligation based on it...

Q: Debt securities sold to investors that must be repaid at a particular date in the future

A: ANSWER   Debt securities sold to investors that must be repaid at a particular date in the future is

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.