Zimmerman Company sold land for $25,000 cash. The original cost of the land was $25,000. Which of the following accurately reflects how this event affects thecompany's horizontal financial statements model?A.C.(25,000)B. (25,000)D.Stockholders'Assets = Liabilities + Equity25,00025,00025,000(25,000)Multiple ChoiceBalance SheetOOption DOption AOption B25,000(25,000)15,000Income StatementRevenue(25,000)25,000Net- Expense = incomeStatement of CashFlows25,000InvestingActivity(25,000)InvestingActivity25,000FinancingActivity25,00025,000 InvestingActivity

Name: Zimmerman Company sold land for $25,000 cash. The original cost of th
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: Zimmerman Company sold land for $25,000 cash. The original cost of the land was $25,000. Which of the following accurately reflects how this event affects thecompany's horizontal financial statements model?A.C.(25,000)B. (25,000)D.Stockholders'Asset

Horizontal Financial Statement Model - This model expresses the Financial Statement in the…

Business

Accounting

Zimmerman Company sold land for $25,000 cash. The original cost of the land was $25,000. Which of the following accurately reflects how this event affects the company's horizontal financial statements model? A. (25,000) B. (25,000) Stockholders' Assets = Liabilities + Equity 25,000 C. 25,000 D. 25,000 (25,000) Multiple Choice Balance Sheet O Option D Option A Option B 25,000 (25,000) 15,000 Income Statement Net Statement of Cash Revenue - Expense income Flows (25,000) 25,000 25,000 Investing Activity (25,000) Investing Activity 25,000 Financing Activity 25,000 25,000 Investing Activity

Zimmerman Company sold land for $25,000 cash. The original cost of the land was $25,000. Which of the following accurately reflects how this event affects the company's horizontal financial statements model? A. (25,000) B. (25,000) Stockholders' Assets = Liabilities + Equity 25,000 C. 25,000 D. 25,000 (25,000) Multiple Choice Balance Sheet O Option D Option A Option B 25,000 (25,000) 15,000 Income Statement Net Statement of Cash Revenue - Expense income Flows (25,000) 25,000 25,000 Investing Activity (25,000) Investing Activity 25,000 Financing Activity 25,000 25,000 Investing Activity

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter14: Statement Of Cash Flows

Section: Chapter Questions

Problem 52P: Balance sheets for Brierwold Corporation follow: Additional transactions were as follows: a....

See similar textbooks

Similar questions

Which of the following transactions changes only the mix of assets and does not affect liabilities or stockholders’ equity? A. Borrowed $40,000 from First National Bank B. Purchased land for $50,000 cash C. Received $3,800 for fees earned D. Paid $4,000 for Office salaries
Balance sheets for Brierwold Corporation follow: Additional transactions were as follows: a. Purchased equipment costing 50,000. b. Sold equipment costing 60,000, with a book value of 25,000, for 40,000. c. Retired preferred stock at a cost of 110,000. (The premium is debited to Retained Earnings.) d. Issued 10,000 shares of common stock (par value, 4) for 10 per share. e. Reported a loss of 15,000 for the year. f. Purchased land for 50,000. Required: Prepare a statement of cash flows using the worksheet approach. Use the indirect method to prepare the statement.
Balance sheets for Brierwold Corporation follow: Additional transactions were as follows: a. Purchased equipment costing 50,000. b. Sold equipment costing 60,000, with a book value of 25,000, for 40,000. c. Retired preferred stock at a cost of 110,000. (The premium is debited to Retained Earnings.) d. Issued 10,000 shares of common stock (par value, 4) for 10 per share. e. Reported a loss of 15,000 for the year. f. Purchased land for 50,000. Required: Prepare a statement of cash flows using the indirect method.
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?
Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Declared and paid to shareholders, a dividend of $24,000. B. Issued common stock at par value for $12,000 cash. C. Sold a tract of land that had cost $10,000, for $16,000. D. Purchased a company truck, with a note payable of $38,000. E. Collected $8,000 from customer accounts receivable.
Rosewood Corporation purchased land for $110,000 by making a cash payment of $36,000 and promising to pay the remaining amount in a later accounting period. What is the net effect of this transaction on Rosewood's accounting equation? A.Assets increase by $110,000 and liabilities decrease by $74,000. B.Assets and liabilities increase by $74,000. C. Assets increase by $110,000 and liabilities decrease by $36,000. D.Assets and equity increase by $74,000.
Cullumber Corporation had the following transactions. 1. Sold land (cost $12,200) for $15,300. 2. Issued common shares for $20,400. 3. Recorded depreciation on buildings for $17,300. 4. Paid salaries of $9,200. 5. Issued 1,000 common shares in exchange for equipment with market value of $8,200. 6. Sold equipment (cost $10,200, accumulated depreciation $7,100) for $1,200. (a)For each of the above transaction, prepare the journal entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit 1. enter an account title to record sale of land enter a debit amount enter a credit amount enter an account title to record sale of land enter a debit amount enter a credit amount enter an account title to record sale of land enter a debit…
Bramble Corp. had the following transactions. 1. Sold land (cost $7,360) for $9,200. 2. Issued common stock at par for $20,500. 3. Recorded depreciation on buildings for $15,400. 4. Paid salaries of $6,200. 5. Issued 1,500 shares of $1 par value common stock for equipment worth $8,200. 6. Sold equipment (cost $12,300, accumulated depreciation $8,610) for $1,476. How do I prepare a journal entry for the above transactions?
BSO, Inc. has current assets of $1,000,000 and current liabilities of $500,000, resulting in a current ratio of 2.0. For each of the following transactions, determine whether the current ratio willincrease, decrease, or remain the same. Consider each item, ( a )-( d ), independent of the others.a. Purchased $20,000 of supplies on credit.b. Paid Accounts Payable in the amount of $50,000.c. Recorded $100,000 of cash contributed by a stockholder for common stock.d. Borrowed $250,000 from a local bank, to be repaid in 90 days.
Determine the effects of the following transactions on Current assets, Current liabilities, and Working Capital. Write “Inc” for an Increase, “Dec” for a Decrease, or “NE” if there is No Effect. Write your answers in the blanks provided. Current Asset Current Liability Net Working Capital 1. Sale of merchandise on account 2. Acquired shares of ABS CBN for cash 3. Pays the long-term debt of P150,000 4. Sells old machine for P10,000 cash 5. Issued shares of stock to cash investors 6. Declared cash dividends 7. Payment of advance rentals (asset method) 8. One year loan from a bank 9. Issued shares of stock to pay short term loan 10. Collection of receivables 11. Cash redemption of bonded debt 12. Six months interest received in advance(liability method is used) 13. Issued stock dividends 14. Payment of cash dividends declared in #6 15. Sell of equipment for P50,000;…
Cushenberry Corporation had the following transactions. 1. Sold land (cost $8,400) for $10,500. 2. Issued common stock at par for $23,700. 3. Recorded depreciation on buildings for $16,900. 4. Paid salaries of $6,400. 5. Issued 1,300 shares of $1 par value common stock for equipment worth $8,000. 6. Sold equipment (cost $11,800, accumulated depreciation $8,260) for $1,416. (a) For each transaction above, prepare the journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. 6.
Novak Corp. had the following transactions. 1. Sold land (cost $7,440) for $9,300. 2. Issued common stock at par for $23,900. 3. Recorded depreciation on buildings for $14,600. 4. Paid salaries of $6,300. 5. Issued 1,500 shares of $1 par value common stock for equipment worth $9,200. 6. Sold equipment (cost $14,200, accumulated depreciation $9,940) for $1,704. (a)For each transaction above, prepare the journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount 2. Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount…