classify the given items as (operating / investing / financing), share the correct classification with logical reasoning Loss on sale of asset 95780 dividend income 26000 interest income 35000 finance cost paid on debentures 12000 gain on sale of investment 45000 Depreciation on fixed assets 85000 Amortisation Expenses 110000

classify the given items as (operating / investing / financing), share the correct classification with logical reasoning Loss on sale of asset 95780 dividend income 26000 interest income 35000 finance cost paid on debentures 12000 gain on sale of investment 45000 Depreciation on fixed assets 85000 Amortisation Expenses 110000

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter14: Statement Of Cash Flows

Section: Chapter Questions

Problem 37E: During 20X1, Craig Company had the following transactions: a. Purchased 300,000 of 10-year bonds...

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During 20X1, Craig Company had the following transactions: a. Purchased 300,000 of 10-year bonds issued by Makenzie Inc. b. Acquired land valued at 105,000 in exchange for machinery. c. Sold equipment with original cost of 810,000 for 495,000; accumulated depreciation taken on the equipment to the point of sale was 270,000. d. Purchased new machinery for 180,000. e. Purchased common stock in Lemmons Company for 82,500. Required: 1. Prepare the net cash from investing activities section of the statement of cash flows. 2. CONCEPTUAL CONNECTION Usually, the net cash from investing activities is negative. How can Craig cover this negative cash flow? What other information would you like to have to make this decision?
A company's transactions for the year ended 31 December 2020, included the following: Purchase of building for RO 125000. Purchased investment securities worth RO 600000 Paid dividends of RO 300000 Issued 800 shares of common stock for RO 550000 Sale of Land costing RO 112000 for RO 175000 Accounts Receivable outstanding of RO 60000 were collected. Inventory were increased by RO 22000 Sale of Marketable securities RO 32100 Calculate the company's net cash INFLOW / OUTFLOW from investing activities?
An entity reported the following data for the current year. What amount should be reported as income from continuing operations? Net Sales $ 9.500,000 Cost of Goods Sold 4.000.000 Selling Expenses 1,000,000 Administrative Expenses 1,200.000 Interest Expense 700.000 Gain from expropriation of Land 500.000 Income Tax 800.000 Income from Discontinued Operations 600,000 Unrealized Gain on Equity Investment at FVOCI 900,000 Unrealized Loss on future contracts designated as Cash Flow Hedge 400.000 Increase in projected benefit obligation due to actuarial assumptions 300,000 Foreign Translation Adjustment – Debit 100,000 Revaluation Surplus 2.500.000
An entity provided the following information for the current year: Income from continuing operations 4,000,000Income from discontinued operation 500,000Unrealized gain on financial asset – FVPL 800,000Unrealized loss on equity investment – FVOCI 1,000,000Unrealized gain on debt investment – FVOCI 1,200,000Unrealized gain on futures contract designated as a cash flow hedge 400,000Translation loss on foreign operation 200,000Net “remeasurement” gain on defined benefit plan during the year 600,000Loss on credit risk of a financial liability designated at FVPL 300,000Revaluation surplus during the year 2,500,000 Question 1: What net amount should be reported as other comprehensive income for the current year?a. 4,000,000 c. 3,200,000b. 3,500,000 d. 7,000,000Question 2: What amount should be reported as comprehensive income for the current year?a. 5,200,000 c. 8,500,000b. 7,700,000 d. 7,200,000
The following information is for Swifty Real Estate: SwiftyReal EstateBalance SheetDecember 31, 2020 Cash $ 25500 Accounts Payable $ 60500 Prepaid Insurance 29700 Salaries and Wages Payable 15100 Accounts Receivable 50600 Mortgage Payable 84500 Inventory 68600 Total Liabilities 160100 Land Held for Investment 83500 Land 120600 Buildings $98100 Less Accumulated Depreciation Owner's Capital 366400 (19600) 78500 Trademark 69500 Total Liabilities and Owner’s Equity Total Assets $526500 $526500 The total dollar amount of liabilities to be classified as current liabilities is $160100. $15100. $60500. $75600.
The comparative balance sheets for 20x2 and 20x1 and the income statement for 20x2 are given below for Bowers Corporaion. Additional information from Bowers' accounting records is also provided. Bowers CorporationComparative Balance SheetsDecember 31, 20x2 and 20x1($ in thousands) 20x2 20x1 Assets Cash $ 72 $ 35 Accounts receivable 79 80 Short-term investment 30 10 Inventory 79 75 Land 54 65 Buildings and equipment 510 410 Less: Accumulated depreciation (121 ) (80 ) $ 703 595 Liabilities Accounts payable $ 27 $ 36 Salaries payable 4 6 Interest payable 5 2 Income tax payable 6 10 Notes payable 0 20 Bonds payable 150 110 Shareholders’ Equity Common stock 250 210 Paid-in capital—excess of par 145 105 Retained…
The following are Statement of Financial Position and Statement of ComprehensiveIncome of Lala Electronics Sdn. Bhd.Table 3: Statement of Financial Position and Statement of Comprehensive Income of Lala Electronics Sdn. Bhd. Lala Electronics Sdn. Bhd. Statement of Financial Position as at 31/12/2020Non-Current Asset: RM RMInvestment 270,000Fixed Assets at cost 1,596,000Accumulated Depreciation (857,000)Net Book Value 739,000Current Asset:Cash 178,000Account Receivable 678,000Inventory 1,329,000Prepaid Expenses 56,000 2,241,000Total assets 3,250,000Current Liabilities:Account Payable 148,000Interest Payable 36,000Income Taxes Payable 448,000Other Accrued Liabilities 191,000Total Current Liabilities 823,000Long Term Liabilities:Bank Loan 631,000Total Liabilities 1,454,000Equity:Capital 782,000Appropriate Profit (RetainedEarnings) 1,014,000 1,796,0003,250,000Lala Electronics Sdn. Bhd. Statement of Comprehensive Income for the year ended 31/12/2020RM RM Sales 3,992,000(-) COGS…
An entity provided the following information for the current year:Income from continuing operations 4,000,000 Income from discontinued operation 500,000 Unrealized gain on financial asset – FVPL 800,000 Unrealized loss on equity investment – FVOCI 1,000,000 Unrealized gain on debt investment – FVOCI 1,200,000 Unrealized gain on futures contract designated as a cash flow hedge 400,000 Translation loss on foreign operation 200,000 Net “remeasurement” gain on defined benefit plan during the year 600,000 Loss on…
Using the data given below, compute for the total amount of items that meet the definition of financial asset Cash P 100,000 Fair value through profit or loss securities 500,000 Investment in associate 2,000,000 Trade receivable 1,000,000 Inventories 800,000 Prepaid insurance 50,000 Interest rate swap receivable 200,000 Investment in debt securities – FVTOCI 400,000 Investment in debt securities – AC 350,000 Land 2,000,000 Buildings 3,000,000 Machinery and equipment 1,500,000 Patents 250,000
PROBLEM The balance sheet contains the following major sections: a. Current assets b. Long-term investments c. Property, plant, and equipment d. Intangible assets e. Other assets f. Current liabilities g. Long-term liabilities h. Contributed capital i. Retained earnings j. Accumulated other comprehensive income _____ 1. Unexperied insurance _____ 2. Idle machinery _____ 3. Unrealized increase in avaiblable for sale securities _____ 4. Land _____ 5. Fund to retire preferred stock _____ 6. Additional paid-in capital on common stock _____ 7. Deferred income taxes-noncurrent _____ 8. Obligation for future pension payments _____ 9. Trademark _____ 10. Unearned ticket sales Required: Using the letters (a) through (j), indicate in what section the accounts would be classified.
Cullumber Corporation has the following long-term investments. (1) Common stock of Eidman Co. (10% ownership), cost $112,000, fair value $119,000. (2) Common stock of Pickerill Inc. (30% ownership), cost $212,000, equity $262,000. (3) Debt investment, cost $102,000, fair value $162,000.Prepare the investments section of the balance sheet. Cullumber CorporationBalance Sheet Current AssetsCurrent LiabilitiesIntangible AssetsInvestmentsInvestment In Stock, at fair value Investment In Stock, at Equity Long-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal InvestmentsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' EquityDebt Investments, at fair value Current Assets Current Liabilities Intangible Assets Investments Investment In Stock, at fair value…
Use this information to answer the following 6 questions. Madison Company acquired a depreciable asset at the beginning of Year 1 at a cost of $12 million. At December 31, Year 1, Madison gathered the following information related to this asset: Carrying value of the asset at 12/31/Y1 $10 million Fair value of the asset at 12/31/Y1 $7.5 million Sum of expected future cash flows at 12/31/Y1 $10 million Present value of expected future cash flows at 12/31/Y1 $8 million Remaining useful life at 12/31/Y1 5 years Determine the impact on Year 1 net income from depreciation and possible impairment under IFRS.