The Walt Disney Company reported the following in its 2016 annual report (in millions): 2016 2015 2014 Net income $ 9,400 $ 8,400 $ 7,500 Net cash provided by operating activities 13,200 10,900 9,780 Purchase of parks, resorts, and equipment (4,800 ) (4,300 ) (3,300 ) Required: Based solely on the results reported above for the three years, did Walt Disney Company need external financing to purchase parks, resorts, and equipment during these years?

The Walt Disney Company reported the following in its 2016 annual report (in millions): 2016 2015 2014 Net income $ 9,400 $ 8,400 $ 7,500 Net cash provided by operating activities 13,200 10,900 9,780 Purchase of parks, resorts, and equipment (4,800 ) (4,300 ) (3,300 ) Required: Based solely on the results reported above for the three years, did Walt Disney Company need external financing to purchase parks, resorts, and equipment during these years?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 81.2C

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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?
Could someone please help fill out this problem for my study guide. At December 31, 2022, Windsor, Inc. reported the following plant assets. Land $ 3,870,000 Buildings $27,080,000 Less: Accumulated depreciation—buildings 12,186,000 14,894,000 Equipment 48,520,000 Less: Accumulated depreciation—equipment 6,065,000 42,455,000 Total plant assets $61,219,000 During 2023, the following selected cash transactions occurred. April 1 Purchased land for $2,140,000. May 1 Sold equipment that cost $930,000 when purchased on January 1, 2016. The equipment was sold for $279,000. June 1 Sold land for $1,590,000. The land cost $1,002,000. July 1 Purchased equipment for $1,102,000. Dec. 31 Retired equipment that cost $717,000 when purchased on December 31, 2013. No salvage value was received. Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and then post…
Krakow Corporation reported 2010 net income of $450,000, including the effects of depreciationexpense of $60,000, and amortization expense on a patent of $10,000. Also, cash of $50,000 wasborrowed on a 5-year note payable. Based on this data, total cash inflow from operating activities usingthe indirect method for 2010 was:$570,000$520,000$470.000$440,000
1. During fiscal year 2018, Hoskins Corporation acquired new equipment for $1200 in cash. In addiiton, the company disposed of used equipment that had original cost of $1300 and accumulated depecreciation of $700, receiving $600 in cash from the buyer. 2. During fiscal year 2018, Hoskins Corporation arranged short-term bank financing and borrowed $1500, using a portion of the cash to repay all of its outstanding long-term debt. 3. During fiscal year 2018, Hoskins Corporation engaged in no transactions involving its common stock, though it did declare and pay in cash a common stock dividend of $250. Prepare a statement of cash flows (all three sections) for Hoskins Corporation’s fiscal year 2018, using the indirect method for the cash from operations section.
Pharoah Company has decided to expand its operations. The bookkeeper recently completed the following balance sheet in order to obtain additional funds for expansion. PHAROAH COMPANYBALANCE SHEETFOR THE YEAR ENDED 2020 Current assets Cash $232,000 Accounts receivable (net) 342,000 Inventory (lower-of-average-cost-or-market) 403,000 Equity investments (marketable)-at cost (fair value $122,000) 142,000 Property, plant, and equipment Buildings (net) 572,000 Equipment (net) 162,000 Land held for future use 177,000 Intangible assets Goodwill 82,000 Cash surrender value of life insurance 92,000 Prepaid expenses 14,000 Current liabilities Accounts payable 137,000 Notes payable (due next year) 127,000 Pension obligation 84,000 Rent payable 51,000 Premium on bonds payable 55,000 Long-term liabilities Bonds payable 502,000 Stockholders’ equity Common stock,…
On January 1,2018, Western Motors paid $450 million for a 40% investment in Yaza Motors. Yaza earned netincome of $65 million and declared and paid cash dividends of $45 million during 2018.1. What method should Western Motors use to account for the investment in Yaza? Give yourreason.2. Journalize these three transactions on the books of Western Motors. Show all amounts inmillions of dollars (rounded to the closest million), and include an explanation for eachentry.3. Post to the Equity-Method Investment T-account. What is its balance after all the transactions are posted?
Blue Spruce Photography reported net income of $92,000 for 2022. Included in the income statement were depreciation expense of $5,500, patent amortization expense of $3,200, and a gain on disposal of plant assets of $1,800. Blue Spruce Photography's comparative balance sheets show the following balances. 12/31/22 12/31/21 Accounts receivable $19,400 $25,400 Accounts payable 8,400 5,200 Calculate net cash provided by operating activities for Blue Spruce Photography. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
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Your firm has been engaged to examine the financial statements of Pharoah Corporation for the year 2020. The bookkeeper who maintains the financial records has prepared all the unaudited financial statements for the corporation since its organization on January 2, 2015. The client provides you with the information. (See image #1 - Balance sheet) An analysis of current assets discloses the following. Cash (restricted in the amount of $302,000 for plant expansion) $559,000 Investments in land 184,000 Accounts receivable less allowance of $30,000 476,000 Inventories (LIFO flow assumption) 653,000 $1,872,000 Other assets include: Prepaid expenses $64,000 Plant and equipment less accumulated depreciation of $1,433,000 4,098,000 Cash surrender value of life insurance policy 83,000 Unamortized bond discount 51,840 Notes receivable (short-term) 165,000 Goodwill 253,000 Land 442,000 $5,156,840…
Craig’s Driving School’s 2013 balance sheet showed net fixed assets of $3.9 million, and the 2014 balance sheet showed net fixed assets of $4.4 million. The company’s 2014 income statement showed a depreciation expense of $745,000. What was net capital spending for 2014? Select one: a. $1,245,000 b. $1,145,000 c. $1,305,000 d. -$1,45,000
Flint Corp. Statement of Financial Position For the Year Ended December 31, 2023 Current assets Cash (net of bank overdraft of $40,000 ) $450,000 Accounts receivable (net) Inventory at the lower of cost and net realizable value FV-NI investments (at cost-fair value $320,000 ) Property, plant, and equipment Buildings (net) 590,000 Equipment (net) 190,000 Land held for future use ,265,000 Intangible assets Goodwill Investment in bonds to collect cash flows, at amortized cost 100,000 Prepaid expenses Current liabilities Accounts payable 365,000 Notes payable (due next year) Pension obligation Rent payable 505,000 511,000 340,000 265,000 Long-term liabilities Bonds payable 681,000 Shareholders' equity Common shares, unlimited authorized, 380,000 issued 380,000 Contributed surplus 210,000 Retained earnings
Free Cash Flows Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) 2018 2017 Sales $7,800.0 $6,000.0 Operating costs excluding depreciation 5,850.0 5,100.0 Depreciation and amortization 216.0 180.0 Earnings before interest and taxes $1,734.0 $720.0 Less Interest 168.0 129.0 Pre-tax income $1,566.0 $591.0 Taxes (40%) 626.4 236.4 Net income available to common stockholders $939.6 $354.6 Common dividends $846.0 $284.0 Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars) 2018 2017 Assets Cash $90.0 $72.0 Short-term investments 39.0 30.0 Accounts receivable 975.0 780.0 Inventories 1,512.0 1,260.0 Total current assets $2,616.0 $2,142.0 Net plant and equipment 2,160.0 1,800.0 Total assets $4,776.0 $3,942.0 Liabilities and Equity Accounts payable $468.0 $360.0 Accruals 345.0 300.0 Notes payable 156.0 120.0 Total current…

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bartleby, a Learneo, Inc. business

	2016	2015	2014
Net income	$	9,400		$	8,400		$	7,500
Net cash provided by operating activities		13,200			10,900			9,780
Purchase of parks, resorts, and equipment		(4,800	)		(4,300	)		(3,300	)