Current Attempt in Progress Sheridan's Vegetable Market had the following transactions during 2020: 1. Issued $52000 of par value common stock for cash. 2. Repaid a 6 year note payable in the amount of $15000. 3. Acquired land by issuing common stock of par value $52000. 4. Declared and paid a cash dividend of $7400. 5. Sold a long-term investment (cost $3400) for cash of $6100. 6. Acquired an investment in IBM stock for cash of $9900. What is the net cash provided by financing activities? $69300 $0 $29600 $37000
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- LONG-TERM FINANCING NEEDED At year-end 2019, total assets for Arrington Inc. were 1.8 million and accounts payable were 450,000. Sales, which in 2019 were 3.0 million, are expected to increase by 25% in 2020. Total assets and accounts payable are proportional to sales, and that relationship will be maintained; that is, they will grow at the same rate as sales. Arrington typically uses no current liabilities other than accounts payable. Common stock amounted to 500,000 in 2019, and retained earnings were 475,000. Arrington plans to sell new common stock in the amount of 130,000. The firms profit margin on sates is 5%; 35% of earnings will be retained. a. What were Arringtons total liabilities in 2019? b. How much new long-term debt financing will be needed in 2020? (Hint: AFN - New stock = New long-term debt.)Balance Sheet Calculations Cornerstone Development Companys balance sheet information at the end of 2019 and 2020 is provided in random order, as follows: Additional information: At the end of 2019, (a) the amount of long-term liabilities is twice the amount of current liabilities and (b) there are 2,900 shares of common stock outstanding. During 2020, the company (a) issued 100 shares of common stock for 25 per share, (b) earned net income of 20,600, and (c) paid dividends of 1 per share on the common stock outstanding at year-end. Required: Next Level Fill in the blanks lettered (a) through (p). All of the necessary information is provided. (Hint: It is not necessary to calculate your answers in alphabetical order.)Tahir Corporation had these transactions during 2020. Purchased furniture for $25,600 cash. Loss on disposal of equipment $1,500. Purchase Land for $23,600, giving a long-term note in exchange. Depreciation expense $7,000 Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000. Declared and paid a cash dividend of $18,000. Collected $17,000 from customers. Paid $18,000 to suppliers. Issued $50,000 par value common stock for cash. Paid Salary for $19,400 cash. Instructions Indicate whether each transaction is an operating activity, investing activity, financing activity, or noncash investing and financing activity.
- Kiley corporation had these transactions during 2022. Indicate whether each transactions is an operating activity, investing activity, financing activity, or noncash investing and financing activity (a) purchased a machine for $30000, giving a long term note in exchange (b) issued $50,par value common stock for cash(c) issued $200000 par value common stock upon conversion of bonds having face value of $20000 (d) declared and paid a cash dividend of $13000 (e) sold a long term with a cost of $15000 for $15000 cash (f) collected $16000 from sale of good (g) paid $18000 to suppliersAssume that the following transactions (in millions) occurred during the next fiscal year (ending on September 26, 2020): Borrowed $18,279 from banks due in two years. Purchased additional investments for $22,200 cash; one-fifth were long term and the rest were short term. Purchased property, plant, and equipment; paid $9,584 in cash and signed a short-term note for $1,422. Issued additional shares of common stock for $1,481 in cash; total par value was $1 and the rest was in excess of par value. Sold short-term investments costing $19,021 for $19,021 cash. Declared $11,138 in dividends to be paid at the beginning of the next fiscal year. Prepare a classified balance sheet for Orange at September 26, 2020, based on these transactions. please complete this with working and show how did you get the number with other work answer in text thanksJupiter Bank decides to invest in trading securities in order to take advantage of short-term gains. The bank purchased the following securities for the year 2020. Jan. 15, 2020 Purchased 1,000 shares of Corbin Company common stock for $89 per share. May 23, 2020 Purchased 1500 shares of Petro Company common stock for $75 per share. At the end of 2020, Corbin Company's common stock was trading on the market at $93 per share, and Petro's common stock had a market price of $70 per share. Required: 1. Prepare journal entries to record the preceding information. 2. What is the unrealized holding gain or loss and where is it reported on the 2020 financial statements? Enter your answer as positive amount.
- OrangeParty had a net income of 1,050,000$ in 2021. It sold land for 200,500$ that had a book value of 20,050$. It purchased equipment worth 50,500$ by issuing a note payable of 20,800$ and by paying the balance cash. It declared dividends of 5,400$, of which 2,300$ were paid in 2021 and the balance will be paid in 2022. The company made a payment of 355,000$ on long-term debt. The beginning cash balance is 150,000$. Create the statement of Cash Flows for the year ended on Dec 31st, 2021. OrangeParty had the following changes in 2021. AR Decrease $33,000 Prepaid Expense Decrease $44,000 Inventory Increase $13,000 Depreciation expense $88,000 A) Create the statement of cash flow for OrangeParty for the year ending Dec 31st, 2021.Nellie Company provided the following information at the end of each year: 2020 2019Borrowings 2,500,000 800,000Share capital 3,500,000 2,000,000Retained earnings. 950,000. 750,000 Borrowings of 300,000 were paid during 2020 and a new borrowing include P200,000 vendor financing arising on the acquisition of property.The movement in retained earnings comprised profit for 2020 of 900,000 and 700,000 net of cash dividend paid to the shareholders. The movement in share capital arose from issuance of share capital for cash during the year. What is the amount of net cash provided or used by financing activities?Accounting information from the records of the Sarah Jane's Clothing Corporation at the end of 2020 is shown below: Net income $100,000 Proceeds from sale of long-term investment in marketable securities 20,000 Proceeds from sale of building 80,000 Gain on sale of building 35,000 Increase in accounts receivable 5,000 Increase in accounts payable 7,000 Cash dividends declared 5,000 Depreciation expense 18,000 Patent amortization expense 1,000 Amortization of premium on bonds payable 1,500 Purchase of equipment 30,000 Issue of common stock 25,000 Increase in accrued liabilities 4,000 Decrease in prepaid expenses 2,000 Required: Prepare Sarah Jane's Clothing 's 2020 Net Cash Flow from Operating Activities section of a statement of cash flows, using the indirect method. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Sarah Jane's Clothing Corporation Statement of Cash Flows (Partial) For Year Ended December…
- chill Company purchased treasury stock with a cost of $216,000 during 2020. During the year, the company paid dividends of $220,000 and issued bonds payable for proceeds of $650,000. Cash flows from financing activities for 2020 total a. $214,000 net cash inflow. b. $256,000 net cash inflow. c. $260,000 net cash outflow. d. $244,000 net cash inflow.A money market instrument purchased by the company with a face value of $300,000 will mature on October 15, 2021. In order to meet the financial obligations of the business, management has decided to liquidate the investment upon maturity. On that date quarterly interest computed at a rate of 5% per annum is also expected to be collected. What is the interest?Harvard Co. purchased a trading investment on December 1 of the current year for $30,000. The market value of the stock investment at year-end is $36,000. What value will be reported in net income for the adjustment, if any? a. $36,000 b. $(6,000) c. $6,000 d. $30,000