Please answer question completely The 2022 accounting records of Crane Transport provide the following information.Payment of interest$10,000Payment of salaries and wages$56,000Cash sales49,000Depreciation expense15,000Receipt of dividend revenue17,000Proceeds from sale of vehicles811,000Payment of income taxes15,000Purchase of equipment for cash21,000Net income37,000Loss on sale of vehicles2,000Payment for merchandise96,000Payment of dividends13,000Payment for land73,000Payment of operating expenses27,000Collection of accounts receivable195,000Prepare the cash flows from operating activities section using the direct method. CRANE TransportStatement of Cash Flows-Direct MethodCash receipts from%24cash payments:%24%24>

A cash flow statement is prepared by the management while preparing the financial statements and it…

Answered: The 2022 accounting records of Crane…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 24CE

See similar textbooks

Similar questions

Jada Company had the following transactions during the year: Purchased a machine for $500,000 using a long-term note to finance it Paid $500 for ordinary repair Purchased a patent for $45,000 cash Paid $200,000 cash for addition to an existing building Paid $60,000 for monthly salaries Paid $250 for routine maintenance on equipment Paid $10,000 for major repairs Depreciation expense recorded for the year is $25,000 If all transactions were recorded properly, what is the amount of increase to the Property, Plant, and Equipment section of Jadas balance sheet resulting from this years transactions? What amount did Jada report on the income statement for expenses for the year?
Determining Cash Flows from Investing Activities Burns Companys 2019 and 2018 balance sheets presented the following data for equipment: During 2019, equipment costing $41,000 with accumulated depreciation of $36,700 was sold for cash, producing a $3,200 gain. Required: 1. Calculate the amount of depreciation expense for 2019. 2. Calculate the amount of cash spent for equipment during 2019. 3. Calculate the amount that should be included as a cash inflow from the disposal of equipment.
Determining Cash Flows 1from Investing Activities Airco owns several aircraft and its balance sheet indicated the following amounts for its aircraft accounts at the end of 2019 and 2018: Required: 1. Assume that Airco did not sell any aircraft during 2019. Determine the amount of depreciation expense for 2019 and the cash spent for aircraft purchases in 2019. 2. If Airco sold for cash aircraft that cost $4,100,000 with accumulated depreciation of $3,825,000 producing a gain of $193,000, determine (a) the amount of depreciation expense, (b) the cash paid for aircraft purchases in 2019, and (c) the cash inflow from the disposal of aircraft.
Jada Company had the following transactions during the year: Purchased a machine for $500,000 using a long-term note to finance it Paid $500 for ordinary repair Purchased a patent for $45,000 cash Paid $200,000 cash for addition to an existing building Paid $60,000 for monthly salaries Paid $250 for routine maintenance on equipment Paid $10,000 for extraordinary repairs If all transactions were recorded properly, what amount did Jada capitalize for the year, and what amount did Jada expense for the year?
The 2020 accounting records of Blocker Transport reveal these transactions and events. Payment of interest $10,500 Collection of accounts receivable $190,100 Cash sales 49,000 Payment of salaries and wages 56,900 Receipt of dividend revenue 18,800 Depreciation expense 16,200 Payment of income taxes 15,500 Proceeds from sale of vehicles 12,900 Net income 38,900 Purchase of equipment for cash 22,900 Payment of accounts payable Loss on sale of vehicles 2,400 for merchandise 114,100 Payment of dividends 14,100 Payment for land 74,500 Payment of operating expenses 27,600 Prepare the cash flows from operating activities section using the direct method. (Not all of the items will be used.)
The comparative balance sheets for 2021 and 2020 are given below for Surmise Company. Net income for 2021 was $58 million. SURMISE COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in millions) 2021 2020 Assets Cash $ 90 $ 98 Accounts receivable 78 84 Less: Allowance for uncollectible accounts (15 ) (6 ) Prepaid expenses 10 5 Inventory 121 110 Long-term investment 63 35 Land 76 76 Buildings and equipment 311 215 Less: Accumulated depreciation (103 ) (86 ) Patent 13 15 $ 644 $ 546 Liabilities Accounts payable $ 7 $ 19 Accrued liabilities 2 8 Notes payable 26 0 Lease liability 89 0 Bonds payable 53 99 Shareholders’ Equity Common stock 58 50 Paid-in capital—excess of par 247 205…
Donna, Inc. has prepared the following comparative balance sheets for 2020 and 2021: 2021 2020 Cash $ 327,120 $ 177,480 Accounts receivable 161,240 135,720 Inventory 174,000 208,800 Prepaid expenses 20,880 31,320 Plant assets 1,502,200 1,218,000 Accumulated depreciation (522,000) (435,000) Patents 177,480 201,840 $1,840,920 $1,538,160 Accounts payable $ 177,480 $ 194,880 Accrued liabilities 69,600 48,720 Martgage payable ― 522,000 Preferred stock 609,000 ― Additional paid-in capital—preferred 139,200 ― Common stock 696,000 696,000 Retained earnings 149,640 76,560 $1,840,920 $1,538,160 1. The Accumulated Depreciation account has been credited only for the depreciation expense for the period. 2. The Retained Earnings account has been charged…
Atlanta Corporation, a domestic corporation, had the following data for the years 2022 and 2023: 2022 2023 Sales P 10,000,000 P 15,000,000 Cost of sales 4,000,000 6,000,000 Deductible expenses 6,100,000 7,000,000 Capital gains 50,000 100,000 Interest income on trade notes receivable 10,000 30,000 Rent income 430,000 600,000 Total assets 500,000,000 550,000,000 How much is the total deferred charges in 2023?
he data below are selected account balances taken from the financial statements of the Goat Corporation: Income Statement: 2023 Net income 98,500 Depreciation expense 23,500 Patent Amortization 7,000 Gain on sale of investments 11,000 Balance Sheet: 2023 Cash 140,350 Accounts Receivable 95,300 Inventories 165,200 Prepaid Expenses: 6,240 Accounts Payable: 43,500 Accrued Expenses Payable: 14,000 Income Taxes Payable: 7,900 Common Stock 450,000 Paid in Capital in Excess of Par-Common Stock 66,250 Dividends Payable: 14,000 Investments: 35,700 Balance Sheet: 2022. ..................Increase(decrease) Cash 95,900 Accounts Receivable 102,300 Inventories 157,900 Prepaid Expenses 5,860 Accounts Payable 46,700 Accrued Expenses Payable: 12,500 Income Taxes Payable 8,400 Common Stock 375,000 Paid in Capital in Excess of Par-Common Stock 41,250 Dividends Payable 10,000 Additional Information for 2023: Land costing $15,000 was sold for $15,000 Mortgage note was issued for $40,000 A…
Mary, Inc. has prepared the following comparative balance sheets for 2020 and 2021: 2021 2020 Cash $  310,200 $  168,300 Accounts receivable 152,900 128,700 Inventory 165,000 198,000 Prepaid expenses 19,800 29,700 Plant assets 1,424,500 1,155,000 Accumulated depreciation (495,000) (412,500) Patents 168,300 191,400 $1,745,700 $1,458,600 Accounts payable $  168,300 $  184,800 Accrued liabilities 66,000 46,200 Martgage payable ― 495,000 Preferred stock 577,500 ― Additional paid-in capital—preferred 132,000 ― Common stock 660,000 660,000 Retained earnings 141,900 72,600 $1,745,700 $1,458,600 1. The Accumulated Depreciation account has been credited only for the depreciation expense for the period. 2. The Retained Earnings account has been…
Mary, Inc. has prepared the following comparative balance sheets for 2020 and 2021: 2021 2020 Cash $  310,200 $  168,300 Accounts receivable 152,900 128,700 Inventory 165,000 198,000 Prepaid expenses 19,800 29,700 Plant assets 1,424,500 1,155,000 Accumulated depreciation (495,000) (412,500) Patents 168,300 191,400 $1,745,700 $1,458,600 Accounts payable $  168,300 $  184,800 Accrued liabilities 66,000 46,200 Martgage payable ― 495,000 Preferred stock 577,500 ― Additional paid-in capital—preferred 132,000 ― Common stock 660,000 660,000 Retained earnings 141,900 72,600 $1,745,700 $1,458,600 1. The Accumulated Depreciation account has been credited only for the depreciation expense for the period. 2. The Retained Earnings account has been…
BB Incorporated had the following balances of assets and liabilities in 2022: Beginning balances: Cash and cash equivalents      P250,000 Accounts payable P120,000 Trade and other receivables      150,000 Notes payable     80,000 Inventories      210,000 Bonds payable 200,000 Prepaid expenses        50,000 Mortgage payable 240,000 Property, plant and equipment - net      350,000 Ending balances: Cash and cash equivalents      P230,000 Accounts payable P100,000 Trade and other receivables      250,000 Notes payable     60,000 Inventories      300,000 Bonds payable 170,000 Prepaid expenses        40,000 Mortgage payable 240,000 Property, plant and equipment - net      300,000 How much is the net income in 2022?

SEE MORE QUESTIONS

Recommended textbooks for you

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Fundamentals Of Financial Management, Concise Edi…

Finance

ISBN:

9781337902571

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Fundamentals Of Financial Management, Concise Edi…

Finance

ISBN:

9781337902571

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SEE MORE TEXTBOOKS