Oering's Furniture Corporation is a Virginia-based manufacturer of furniture. In a recent year, it reported the following activities: Net income Purchase of property, plant, and equipment Borrowings under line of credit (bank) Proceeds from issuance of stock Cash received from customers. Payments to reduce long-term debt Sale of marketable securities Proceeds from sale of property and equipment Dividends paid Interest paid Purchase of treasury stock (stock repurchase) OERING'S FURNITURE CORPORATION Statement of Cash Flows (Partial) Required: Based on this information, present the investing and financing activities sections of the cash flow statement. (List cash outflows as negative amounts.) Cash flows from investing activities: $ 5,148 2,091 1,124 16 37,166 55 220 Cash flows from financing activities: $ 6,884 278 97 2,576 $ 0 0

Oering's Furniture Corporation is a Virginia-based manufacturer of furniture. In a recent year, it reported the following activities: Net income Purchase of property, plant, and equipment Borrowings under line of credit (bank) Proceeds from issuance of stock Cash received from customers. Payments to reduce long-term debt Sale of marketable securities Proceeds from sale of property and equipment Dividends paid Interest paid Purchase of treasury stock (stock repurchase) OERING'S FURNITURE CORPORATION Statement of Cash Flows (Partial) Required: Based on this information, present the investing and financing activities sections of the cash flow statement. (List cash outflows as negative amounts.) Cash flows from investing activities: $ 5,148 2,091 1,124 16 37,166 55 220 Cash flows from financing activities: $ 6,884 278 97 2,576 $ 0 0

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter15: Investments And Fair Value Accounting

Section: Chapter Questions

Problem 2PA: Rios Financial Co. is a regional insurance company that began operations on January 1, Year 1. The...

See similar textbooks

Similar questions

Mike Sanders is considering the purchase of Kepler Company, a firm specializing in the manufacture of office supplies. To be able to assess the financial capabilities of the company, Mike has been given the companys financial statements for the 2 most recent years. Required: Note: Round all answers to two decimal places. 1. Compute the following for each year: (a) return on assets, (b) return on stockholders equity, (c) earnings per share, (d) price-earnings ratio, (e) dividend yield, and (f ) dividend payout ratio. 2. CONCEPTUAL CONNECTION Based on the analysis in Requirement 1, would you invest in the common stock of Kepler?
Rios Financial Co. is a regional insurance company that began operations on January 1, Year 1. The following transactions relate to trading securities acquired by Rios Financial Co., which has a fiscal year ending on December 31: Instructions 1. Journalize the entries to record these transactions. 2. Prepare the investment-related current asset balance sheet presentation for Rios Financial Co. on December 31, Year 2. 3. How are unrealized gains or losses on trading investments presented in the financial statements of Rios Financial Co.?
The accountant of Crane Shoe has compiled the following information from the company’s records as a basis for an income statement for the year ended December 31, 2022. Rent revenue £ 23,200 Interest expense 14,400 Unrealized gain on equity securities designated at fair value through other comprehensive income, net of tax 24,800 Selling expenses 112,000 Income tax 24,480 Administrative expenses 144,800 Cost of goods sold 412,800 Net sales 784,000 Cash dividends declared 12,800 Loss on sale of plant assets 12,000 There were 20,000 ordinary shares outstanding during the year. (a) Prepare a comprehensive income statement using the combined statement approach. (Round earnings per share to 2 decimal places, e.g. 1.48.) CRANE SHOEStatement of Comprehensive Incomechoose the accounting period enter an income statement item £ enter a pound amount enter an income statement item enter a pound…
The accountant of Crane Shoe has compiled the following information from the company’s records as a basis for an income statement for the year ended December 31, 2022. Rent revenue £ 23,200 Interest expense 14,400 Unrealized gain on equity securities designated at fair value through other comprehensive income, net of tax 24,800 Selling expenses 112,000 Income tax 24,480 Administrative expenses 144,800 Cost of goods sold 412,800 Net sales 784,000 Cash dividends declared 12,800 Loss on sale of plant assets 12,000 There were 20,000 ordinary shares outstanding during the year. (a) New attempt is in progress. Some of the new entries may impact the last attempt grading. Your answer is partially correct. Prepare a comprehensive income statement using the combined statement approach. (Round earnings per share to 2 decimal places, e.g. 1.48.) CRANE SHOEStatement of Comprehensive Incomechoose the accounting…
The following information is provided concerning the accounts of Jazzy Ltd .You are asked to identify how each of these items is shown in the financial statements. (a) gain on revaluation of available-for-sale investments (b) dividends paid during the year (c) revaluation gain on building (not reversing any previous revaluation) (d) transfer to dividend equalisation reserve (e) Unsecured notes issued
The net changes in the balance sheet accounts of Amy Corporation for the year 2021 are shown below. Account Debit Credit Cash $ 103,530 Short-term investments $143,990 Accounts receivable 93,058 Allowance for doubtful accounts 15,827 Inventory 88,298 Prepaid expenses 27,132 Investment in subsidiary (equity method) 29,750 Plant and equipment 249,900 Accumulated depreciation 154,700 Accounts payable 96,033 Accrued liabilities 25,585 Deferred tax liability 18,445 8% serial bonds 83,300 Common stock, $10 par 107,100 Additional paid-in capital 178,500 Retained earnings—Appropriation for bonded indebtedness 71,400 Retained earnings—Unappropriated 45,220 $765,884 $765,884 An analysis of the Retained Earnings—Unappropriated account follows: Retained earnings unappropriated, December 31, 2020 $1,547,000 Add: Net income…
The Stancil Corporation provided the following current information: Proceeds from long-term borrowing Proceeds from the sale of common stock Purchases of fixed assets Purchases of inventories Payment of dividends $18,100 5,100 22,100 Cash flows from the firm Cash flows to investors of the firm 3,000 15,600 Determine the cash flows from the firm and the cash flows to investors of the firm. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations.)
Use the information below for Harding Company to answer the question that follow. Harding Company Accounts payable $32,441 Accounts receivable 62,838 Accrued liabilities 6,445 Cash 23,006 Intangible assets 41,037 Inventory 84,374 Long-term investments 95,861 Long-term liabilities 72,719 Marketable securities 34,097 Notes payable (short-term) 29,992 Property, plant, and equipment 694,005 Prepaid expenses 1,051 Based on the data for Harding Company, what is the amount of quick assets?
Use the information below for Harding Company to answer the question that follow. Harding Company Accounts payable $31,229 Accounts receivable 69,846 Accrued liabilities 6,621 Cash 24,043 Intangible assets 41,585 Inventory 80,918 Long-term investments 113,099 Long-term liabilities 70,392 Marketable securities 36,458 Notes payable (short-term) 29,239 Property, plant, and equipment 682,295 Prepaid expenses 1,350 Based on the data for Harding Company, what is the amount of working capital? a.$145,526 b.$680,945 c.$1,049,594 d.$212,615
Based on the following data for Privett Company, what is the amount of quick assets? Privett Company Accounts payable $35,064 Accounts receivable 60,450 Accrued liabilities 6,603 Cash 17,192 Intangible assets 42,636 Inventory 89,511 Long-term investments 102,224 Long-term liabilities 78,988 Marketable securities 39,296 Notes payable (short-term) 22,632 Property, plant, and equipment 645,221 Prepaid expenses 2,401 Select the correct answer. $791,220 $1,581,301 $56,488 $116,938 Department A had 4,100 units in work in process that were 72% completed as to labor and overhead at the beginning of the period; 31,500 units of direct materials were added during the period; 33,300 units were completed during the period; and 2,300 units were 29% completed as to labor and overhead at the end of the period. All materials are added at the beginning of the process. The first-in, first-out method is used to cost inventories.The number of equivalent units of…
Selected transactions for the Hamilton Company are listed below. 1. Collected accounts receivable. _________ 2. Declared and paid dividends on common stock. __________ 3. Sold long-term investments for cash. __________ 4. Issued stock for equipment. __________ 5. Repaid five year note payable. __________ 6. Paid employee wages. __________ 7. Converted bonds payable to common stock. __________ 8. Acquired long-term investment with cash. __________ 9. Sold buildings and equipment for cash. __________ 10. Sold merchandise to customers. __________ Classify each transaction as either (a) an operating activity, (b) an investing activity, (c) a financing activity, or (d) a noncash investing and financing activity.
The following information pertains to Bonita Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash and short-term investments $ 48000 Accounts receivable (net) 25000 Inventory 25000 Property, plant and equipment 200000 Total Assets $298000 Liabilities and Stockholders’ Equity Current liabilities $ 51000 Long-term liabilities 84000 Stockholders’ equity—common 163000 Total Liabilities and Stockholders’ Equity $298000 Income Statement Sales (net) $ 115000 Cost of goods sold 65000 Gross profit 50000 Operating expenses 27000 Net income $ 23000 Number of shares of common stock 4000 Market price of common stock $22 Dividends per share 0.40 What is the inventory turnover for Bonita? 3.55 times 2.60 times 5.60 times 0.38 times