Financial Accounting - Access
4th Edition
ISBN: 9781259958533
Author: SPICELAND
Publisher: MCG
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Chapter 11, Problem 15RQ
To determine
Cash flow statement:
Statement of
Cash flows from operating activities: These refer to the cash received or cash paid in day-to-day operating activities of a company.
Indirect method of cash flow from operating activities: Under this method, the following amounts are to be adjusted from the Net Income to calculate the net cash provided from operating activities.
- Deduct increase in current assets
- Deduct decrease in current liabilities
- Add decrease in current assets
- Add the increase in current liability
- Add
depreciation expense and amortization expense - Add loss on sale of plant assets
- Less gain on sale of plant assets
To classify: The given transaction based on operating, investing and financing activity.
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When a company buys equipment for $161,000 and pays for one half in cash and the other one half is financed by a note payable, which of the following are the effects on the accounting equation?
a. Total assets increase $161,000
b. Total liabilities increase $161,000
c. Total liabilities decrease $80,500
d. Total assets increase $80,500
The following information is available for Sally Corporation for the year ended December 31, 2020:
Collection of principal on long-term loan to a supplier
$15,000
Acquisition of equipment for cash
10,000
Proceeds from the sale of long-term investment at book value
20,000
Issuance of common stock for cash
27,000
Depreciation expense
28,000
Redemption of bonds payable at carrying (book) value
35,000
Payment of cash dividends
15,000
Net income
25,000
Purchase of land by issuing bonds payable
45,000
In addition, the following information is available from the comparative balance sheet for Sally at the end of 2019 and 2020:
2020
2019
Cash
$66,000
$14,000
Accounts receivable (net)
20,000
16,000
Prepaid insurance
18,000
13,000
Total current assets
$104,000
$43,000
Accounts payable
$30,000
$20,000
Salaries payable
3,000
7,000
Total current liabilities
$33,000
$27,000…
Black Company has beginning total assets of P200 million and ending liabilities of P110 million. Black had a beginning capital of P50 million and ending capital of P90 million. If the Company generated total revenues of P150 million and incurred total expenses of P90 million during the year, how much was the withdrawal made by the owner during the year, if any?
Chapter 11 Solutions
Financial Accounting - Access
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Ch. 11 - Describe how we report a gain or loss on the sale...Ch. 11 - Prob. 12RQCh. 11 - Prob. 13RQCh. 11 - Prob. 14RQCh. 11 - Prob. 15RQCh. 11 - Prob. 16RQCh. 11 - Prob. 17RQCh. 11 - Prob. 18RQCh. 11 - Prob. 19RQCh. 11 - 20.Why do we exclude depreciation expense and the...Ch. 11 - Classify each of the following items as an...Ch. 11 - Prob. 11.2BECh. 11 - Prob. 11.3BECh. 11 - Prob. 11.4BECh. 11 - Prob. 11.5BECh. 11 - Prob. 11.6BECh. 11 - Prob. 11.7BECh. 11 - Creative Sound Systems sold investments, land, and...Ch. 11 - Prob. 11.9BECh. 11 - Prob. 11.10BECh. 11 - Prob. 11.11BECh. 11 - Prob. 11.12BECh. 11 - Electronic Superstores inventory increases during...Ch. 11 - Prob. 11.14BECh. 11 - Computer World reports income tax expense of...Ch. 11 - Prob. 11.1ECh. 11 - Prob. 11.2ECh. 11 - Determine proper classification (LO111) Analysis...Ch. 11 - Prob. 11.4ECh. 11 - Prob. 11.5ECh. 11 - Prob. 11.6ECh. 11 - Technology Solutions format for the statement of...Ch. 11 - Prob. 11.8ECh. 11 - Prob. 11.9ECh. 11 - Prob. 11.10ECh. 11 - Prob. 11.11ECh. 11 - Prob. 11.12ECh. 11 - Prob. 11.13ECh. 11 - Prob. 11.14ECh. 11 - The income statement for Electronic Wonders...Ch. 11 - Prob. 11.1APCh. 11 - Prob. 11.2APCh. 11 - Prob. 11.3APCh. 11 - Prob. 11.4APCh. 11 - Cyberdyne Systems and Virtucon are competitors...Ch. 11 - Prob. 11.6APCh. 11 - Prob. 11.7APCh. 11 - Prob. 11.8APCh. 11 - Prob. 11.1BPCh. 11 - Prob. 11.2BPCh. 11 - Prob. 11.3BPCh. 11 - Preparing statement of cash flowsindirect method...Ch. 11 - International Genetic Technologies (InGen) and The...Ch. 11 - Prob. 11.6BPCh. 11 - Prob. 11.7BPCh. 11 - Cash flows from operating activities for both the...Ch. 11 - Great Adventures (This is a continuation of the...Ch. 11 - Prob. 11.2APFACh. 11 - Prob. 11.3APFACh. 11 - American Eagle Outfitters, Inc. vs. The Buckle,...Ch. 11 - Prob. 11.5APECh. 11 - Prob. 11.6APIRCh. 11 - Written Communication Why cant we pay our...Ch. 11 - Prob. 11.8APEM
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