Topaz Unlimited, Incorporated, is a manufacturer of steel products for customers such as Home Depot, Lowe's, Chrysler, Ford, and General Motors. In the year ended December 31, 2018, it reported the following activities (amounts in thousands): $ 64,550 17,850 Net income Purchase of equipment Payments on notes payable to bank Net proceeds from stock issuance Depreciation Proceeds from sale of equipment 475 1,475 20,820 3,450 9,850 7,990 Decrease in accounts receivable Payments to acquire treasury stock Required: Based on this information, present the cash flows from the investing and financing activities sections of the cash flow statement. (Amounts to be deducted should be indicated by a minus sign. Enter your answers in thousands.) TOPAZ UNLIMITED, INCORPORATED Statement of Cash Flows (Partial) For the Year Ended December 31, 2018 Cash Flows from Investing Activities: Cash Flows from Financing Activities:

Topaz Unlimited, Incorporated, is a manufacturer of steel products for customers such as Home Depot, Lowe's, Chrysler, Ford, and General Motors. In the year ended December 31, 2018, it reported the following activities (amounts in thousands): $ 64,550 17,850 Net income Purchase of equipment Payments on notes payable to bank Net proceeds from stock issuance Depreciation Proceeds from sale of equipment 475 1,475 20,820 3,450 9,850 7,990 Decrease in accounts receivable Payments to acquire treasury stock Required: Based on this information, present the cash flows from the investing and financing activities sections of the cash flow statement. (Amounts to be deducted should be indicated by a minus sign. Enter your answers in thousands.) TOPAZ UNLIMITED, INCORPORATED Statement of Cash Flows (Partial) For the Year Ended December 31, 2018 Cash Flows from Investing Activities: Cash Flows from Financing Activities:

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

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

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

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 13P: Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and...

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Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1, 000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50, 000 to retire bonds with a face value (and book value) of 50, 000. e. On July 2, 2019, Farrell purchased equipment for 63, 000 cash. f. On December 31, 2019, land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows. (Appendix 21.1) Spreadsheet and Statement Refer to the information for Farrell Corporation in P21-13. Required: 1. Using the direct method for operating cash flows, prepare a spreadsheet to support a 2019 statement of cash flows. (Hint: Combine the income statement and December 31, 2019, balance sheet items for the adjusted trial balance. Use a retained earnings balance of 291,000 in this adjusted trial balance.) 2. Prepare the statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)
Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1,000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50,000 to retire bonds with a face value (and book value) of 50,000. e. On July 2, 2019, Farrell purchased equipment for 63,000 cash. f. On December 31, 2019. land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows.
Saverin, Inc. produces and sells outdoor equipment. On July 1, 2016, Saverin, Inc. issued 62,500,000 of 10-year, 9% bonds at a market (effective) interest rate of 8%, receiving cash of 66,747,178. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Instructions 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds. 2. Journalize the entries to record the following: a. The first semiannual interest payment on December 31, 2016, and the amortization of the bond premium, using the interest method. (Round to the nearest dollar.) b. The interest payment on June 30, 2017, and the amortization of the bond premium, using the interest method. (Round to the nearest dollar.) 3. Determine the total interest expense for 2016.
As of December 31, 2021, Halaga Corporation reported the following items in its balance sheet: Cash- P520,000 Receivables- P240,000 Inventory- P350,000 Equipment- P850,000 Accounts payable- P325,650 Short-term notes payable- P524,500 Long-term debt- P1,049,850 Weighted average of outstanding shares in 2021- P250,000 Halaga Corporation contracted a third-party appraiser which has determined that the replacement value of its assets. This resulted to P14.22 calculation as its replacement value per share of the company.Based on the report of the appraiser, the property and plant have replacement cost of 125% of its reported value. On the other hand, the equipment only commands replacement cost of 70% of its value. According to the appraiser, the equipment was designed using an old technology, thus, the lower replacement cost. Other assets and liabilities are valued fairly.How much is the book value per share of Halaga Corporation as of December 31, 2021? a. Php 0.24 b. Php 14.22 c.…
The following information pertains to Luna Company as at September 30, 2020:a. Notes payable – bank, P35,000b. Accounts payable arising from purchase of goods, P1,125,000c. Dividends in arrears on preference shares, not yet declared, P250,000d. Income tax payable, P134,000e. Accrued liabilities, P42,000f. Mortgage payable, P2,250,000g. Customers’ deposits, P89,000h. Reserve for contingencies, P250,000What is the total amount of liabilities that should be reported on Luna's statement of financial position as at September 30, 2020?
A Corporation had the following data concerning selected financial data taken from the records listed below.For the year ended December 312021 2020Cash 80,000 640,000Note and account receivable 400,000 1,200,000Merchandise Inventory 720,000 1,200,000Marketable Securities 240,000 80,000Land and Building (net) 2,720,000 2,880,000Bond Payable 2,160,000 2,240,000Account Payable 560,000 880,000Note Payable Short Term 160,000 320,000Sales (20% cash, 80% credit) 18,400,000 19,200,000Cost of Good Sold 8,000,000 11,200,000Required : Compute the following ratios1. current ratio as of December 31,20212. Quick ratio as of December 31, 20213. Account Receivable Turnover ratio for 20214. Merchandise inventory turn over for 20215. The Gross margin for 20206. the average age of account Receivable for 2021( use 360 days
Purrfect, Inc., reports the following statement of financial position amounts as of June 30,2020             Current asset                                      P 2,440,500             Noncurrent assets                                 6,285,500             Current liabilities                                    1,386,000             Noncurrent liabilities                                 900,000             Owner’s equity                                       6,440,000 A review of account balances reveals the following data An analysis of current assets discloses the following: Cash P   422,500 Investment securities-trading 600,000 Trade accounts receivable 568,000 Inventories, including advertising supplies of P20,000 850,000 2,440,500 Noncurrent assets include the following: Property, plant and equipment:         Depreciated book value (cost P 6,560,000) 5,490,000 Deposit with a supplier for merchandise ordered for August…
Purrfect, Inc., reports the following statement of financial position amounts as of June 30,2020             Current asset                                      P 2,440,500             Noncurrent assets                                 6,285,500             Current liabilities                                    1,386,000             Noncurrent liabilities                                 900,000             Owner’s equity                                       6,440,000 A review of account balances reveals the following data An analysis of current assets discloses the following: Cash P   422,500 Investment securities-trading 600,000 Trade accounts receivable 568,000 Inventories, including advertising supplies of P20,000 850,000 2,440,500 Noncurrent assets include the following: Property, plant and equipment:         Depreciated book value (cost P 6,560,000) 5,490,000 Deposit with a supplier for merchandise ordered for August…
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…
RMM Company disclosed the following information on December 31, 2021: Accrued rent expense 54,000 Share dividends payable 750,000 Accounts receivable, after deducting credit balances of customers’ accounts amounting to ₱42, 500 179,300 Estimated premium liability 65,800 Cash in bank, net of bank overdraft of ₱22,650 481,900 Deferred tax liability 215,500 Accounts payable, net of debit balances in suppliers’ accounts amounting to ₱8,310 95,420 Unearned interest income 225,000 Mortgage payable, issued on March 1, 2012, maturing after 10 years 1,500,000 Notes payable due to bank, 12% interest bearing note payable yearly, issued on August 31, 2021, maturing on August 31, 2022 1,000,000 Cash dividends payable 520,000 SSS payable 57,100 Serial bonds payable in 5 yearly installment of ₱250,000 payable every October 31 1,250,000 Estimated damages because of a supposed unsatisfactory performance on a contract, a possible obligation 75,000 Income tax payable…
Following are selected financial and operating data taken from the financial statements of Antiporda Corporation: As of December 31 2019 2020 Cash. ₱80,000 ₱640,000 Notes&Accounts receivable,net 400,000 1,200,000 Merchandise inventory 720,000 1,200,000 Marketable Securities-short term 240,000 80,000 Land and buildings(net) 2,720,000 2,880,000 Bonds payable-long term 2,160,000 2,240,000 Accounts payable-trade 560,000 880,000 Notes payable-short term 160,000 320,000 For the year ended December 31 2019 2020 Sales (20%cash, 80% credit sales) 18,400,000 19,200,000 Cost of goods sold 8,000,000 11,200,000 Compute the following…
POLKADOT Company disclosed the following information on December 31, 2021: Accrued rent expense 54,000 Share dividends payable 750,000 Accounts receivable, after deducting credit balances of customers’ accounts amounting to ₱42, 500 179,300 Estimated premium liability 65,800 Cash in bank, net of bank overdraft of ₱22,650 481,900 Deferred tax liability 215,500 Accounts payable, net of debit balances in suppliers’ accounts amounting to ₱8,310 95,420 Unearned interest income 225,000 Mortgage payable, issued on March 1, 2012, maturing after 10 years 1,500,000 Notes payable due to bank, 12% interest bearing note payable yearly, issued on August 31, 2021, maturing on August 31, 2022 1,000,000 Cash dividends payable 520,000 SSS payable 57,100 Serial bonds payable in 5 yearly installment of ₱250,000 payable every October 31 1,250,000 Estimated damages because of a supposed unsatisfactory performance on a contract, a possible obligation 75,000 Income tax payable…