Loose Leaf for Financial Accounting: Information for Decisions
9th Edition
ISBN: 9781260158762
Author: John J Wild
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Question
Chapter 12, Problem 13QS
1.
Summary Introduction
Concept Introduction:
The statement of cash flows is one of the financial statements. This statement is prepared at the end of a particular period to know the cash flows of the business. The statement is prepared using the direct or indirect method.
To calculate:the amount of cash dividend paid during 2018.
2.
Summary Introduction
Concept Introduction:
The statement of cash flows is one of the financial statements. This statement is prepared at the end of a particular period to know the cash flows of the business. The statement is prepared using the direct or indirect method.
To indicate:the amount paid to reduce notes payable.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
A. What is the adjusted balance per bank as of December 31, 2017?
B. The amount of cash overage (shortage) as of December 31, 2017 is?
What is the adjusted balance per bank as of December 31, 2017?
What is the amount of cash overage (shortage) as of December 31, 2017?
The following information for the 2018 was provided by Zapata Company who uses the indirect method to prepare its statement of cash flows: Long-term notes payable, beginning balance $90,000 Long-term notes payable, ending balance 84,000 Common stock, beginning balance 2,000 Common stock, ending balance 80,000 Retained earnings, beginning balance 74,000 Retained earnings, ending balance 113,000 Treasury stock, beginning balance 5,000 Treasury stock, ending balance 8,000 •
No stock was retired.
• No treasury stock was sold.
• During 2018, the company repaid $40,000 of long-term notes payable.
• During 2018, the company borrowed $34,000 on a new note payable.
• Net income for the year was $49,000.
How much was the net cash flow from financing activities?
a. $9,000 negative cash flow
b. $9,000 positive cash flow
c. $69,000 positive cash flow
d. $59,000 positive cash flow
Chapter 12 Solutions
Loose Leaf for Financial Accounting: Information for Decisions
Ch. 12 - What is the reporting purpose of the statement of...Ch. 12 - Prob. 2DQCh. 12 - Prob. 3DQCh. 12 - Describe the direct method of reporting cash flows...Ch. 12 - Prob. 5DQCh. 12 - Prob. 6DQCh. 12 - Prob. 7DQCh. 12 - Prob. 8DQCh. 12 - Prob. 9DQCh. 12 - Prob. 10DQ
Ch. 12 - Prob. 11DQCh. 12 - Prob. 12DQCh. 12 - Prob. 13DQCh. 12 - Prob. 14DQCh. 12 - Prob. 15DQCh. 12 - Prob. 1QSCh. 12 - Prob. 2QSCh. 12 - Prob. 3QSCh. 12 - Prob. 4QSCh. 12 - Prob. 5QSCh. 12 - Prob. 6QSCh. 12 - Prob. 7QSCh. 12 - Prob. 8QSCh. 12 - Prob. 9QSCh. 12 - Prob. 10QSCh. 12 - Prob. 11QSCh. 12 - Prob. 12QSCh. 12 - Prob. 13QSCh. 12 - Refer to the data in QS 12-11. How much cash is...Ch. 12 - Prob. 15QSCh. 12 - Prob. 16QSCh. 12 - Prob. 17QSCh. 12 - Prob. 18QSCh. 12 - Prob. 19QSCh. 12 - Prob. 21QSCh. 12 - The following transactions and events occurred...Ch. 12 - Prob. 2ECh. 12 - Prob. 3ECh. 12 - Prob. 4ECh. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - Prob. 7ECh. 12 - Prob. 8ECh. 12 - Prob. 9ECh. 12 - Prob. 10ECh. 12 - Prob. 11ECh. 12 - Prob. 12ECh. 12 - Prob. 13ECh. 12 - Prob. 14ECh. 12 - Prob. 15ECh. 12 - Prob. 16ECh. 12 - Prob. 17ECh. 12 - Prob. 18ECh. 12 - Prob. 19ECh. 12 - Prob. 1PSACh. 12 - Prob. 2PSACh. 12 - Prob. 3PSACh. 12 - Prob. 4PSACh. 12 - Prob. 5PSACh. 12 - Golden Corp., a merchandiser, recently completed...Ch. 12 - Prob. 7PSACh. 12 - Prob. 8PSACh. 12 - Prob. 1PSBCh. 12 - Prob. 2PSBCh. 12 - Prob. 3PSBCh. 12 - Prob. 4PSBCh. 12 - Prob. 5PSBCh. 12 - Prob. 6PSBCh. 12 - Prob. 7PSBCh. 12 - Prob. 8PSBCh. 12 - Prob. 12SPCh. 12 - Prob. 1FSACh. 12 - Prob. 2FSACh. 12 - Prob. 3FSACh. 12 - Prob. 1BTNCh. 12 - Prob. 2BTNCh. 12 - Prob. 4BTNCh. 12 - Prob. 6BTN
Knowledge Booster
Similar questions
- Use the following excerpts from Bolognese Companys statement of cash flows and other financial records to determine the companys free cash flow for 2018 and 2017.arrow_forwardRefer to the information for Cornett Company above. What amount should Cornett report on its statement of cash flows as net cash flows provided by investing activities? a. $(5,200) b. $55,200 c. $144,800 d. None of thesearrow_forwardThe following information for the 2018 was provided by Zapata Company who uses the indirect method to prepare its statement of cash flows: Long-term notes payable, beginning balance $90,000 Long-term notes payable, ending balance 84,000 Common stock, beginning balance 2,000 Common stock, ending balance 80,000 Retained earnings, beginning balance 74,000 Retained earnings, ending balance 113,000 Treasury stock, beginning balance 5,000 Treasury stock, ending balance 8,000 • No stock was retired. • No treasury stock was sold. • During 2018, the company repaid $40,000 of long-term notes payable. • During 2018, the company borrowed $34,000 on a new note payable. • Net income for the year was $49,000. How much was the net cash flow…arrow_forward
- The term cash as used on the statement of cash flows includes all the following EXCEPT: A) cash due from customers within 30 days. B) cash on hand. C) cash equivalents. D) cash in bank 2. Which of the following statements accurately describes the statement of cash flows? A) It shows the relative proportion of debt and assets. B) It shows the link between accrual-based income and the cash reported on the balance sheet. C) It indicates when long-term debt will mature. D) It shows the link between book income and earnings per share. 3. Which of the following is NOT a true statement about the statement of cash flows? A) It shows where cash came from and how it was spent. B) It reports why cash increased or decreased. C) It covers a specific span of time the same as the income statement. D) It shows how the profits or losses of the company were generated. 4. . Which one of the following is a principal function of the statement of cash flows A) To predict future net income B) To…arrow_forwarda. The deposit in transit of Grace Corporation at June 30, 2020 is? b. The outstanding checks of Grace Corporation at June 30, 2020 is? c. The unadjusted cash ledger balance of Grace Corporation at June 30, 2020 is? d. The unadjusted cash bank balance of Grace Corporation at June 30, 2020 is? e. The adjusted cash balance of Grace Corporation at June 30, 2020 is?arrow_forwardFrom the following information, balance the ledger Cash A/c Date Particulars Amount Date Particulars Amount 1.6.2017 CAPITAL 84000 5.6.2017 Purcahses 14600 10.6.2017 sales 9500 30.6.2017 General expenses 178 30.6.2017 Salaries 4500 30.6.17 Bal C/d ? Select one: a. 84222 OMR b. 45522 OMR c. 74222 OMR d. 94222 OMRarrow_forward
- The data listed below are taken from a balance sheet of Trident Corporation at December 31, 2018. Someamounts, indicated by question marks, have been intentionally omitted.($ in thousands)Cash and cash equivalents $ 239,186Short-term investments 353,700Accounts receivable (net of allowance) 504,944Inventories ?Prepaid expenses (current) 83,259Total current assets 1,594,927Long-term receivables 110,800Property and equipment (net) ?Total assets ?Notes payable and short-term debt 31,116Accounts payable ?Accrued liabilities 421,772Other current liabilities 181,604Total current liabilities 693,564Long-term debt and deferred taxes ?Total liabilities 956,140Shareholders’ equity 1,370,627Required:1. Determine the missing amounts.2. Prepare Trident’s classified balance sheet.arrow_forward3. Vaughn Corporation had the following activities in 2020. 1. Payment of accounts payable $832,000 4. Collection of note receivable $101,000 2. Issuance of common stock $249,000 5. Issuance of bonds payable $543,000 3. Payment of dividends $338,000 6. Purchase of treasury stock $50,000 Compute the amount Vaughn should report as net cash provided (used) by financing activities in its 2020 statement of cash flows. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Net cash select an option by financing activities $enter a dollar amountarrow_forwardHow does Accounts Receivable impact Declan's Designs 2022 Statement of Cash Flows? Question 19 options: The periodic change in Accounts Receivable is not included on the Statement of Cash Flows The periodic change in Accounts Receivable is subtracted in Cash Flows from Operations The periodic change in Accounts Receivable is is added in Cash Flows from Investing The periodic change in Accounts Receivable is subtracted in Cash Flows from Investing The periodic change in Accounts Receivable is added in Cash Flows from Operations The periodic change in Accounts Receivable is added in Cash Flows from Financing The periodic change in Accounts Receivable is subtracted in Cash Flows from Financingarrow_forward
- How do Cramer’s accrued liabilities affect the company’s statement of cash flows for2018?a. They increase cash used by financing activities.b. They increase cash provided by operating activities.c. They increase cash used by investing activities.d. They don’t because the accrued liabilities are not yet paidarrow_forwardUse the following information to determine cash flows from financing activities. a. Issued common stock for $40 cash. b. Paid $70 cash to retire a note payable at its $70 maturity value. c. Paid cash dividend of $15. d. Paid $5 cash to acquire its treasury stock.arrow_forward1. What is the adjusted cash balance as of February 28, 2022? A. 156,950 B. 157,950 C. 82,800 D. None of the options 2. What is the adjusted cash amount of cash receipts during February? A. 779,650 B. 780,650 C. 761,650 D. 760,650 3. What is the adjusted amount of disbursements per bank during February? A.624,700 B. 625,700 C. 606,700 D. 605,700 4. What is the adjusted cash balance as of January 31, 2022? A. 2,000 B. 3,000 C. 13,500 D. None of the options 5. What is the unadjusted amount of cash receipts per bank during February A. 790,450 B. 768,850 C. 779,650 D. None of the options 6. What is the unadjusted amount of cash disbursements per book during February? A. 630,300 B. 647,700 C. 624,700 D. None of the optionsarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Financial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage Learning- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
Financial Accounting: The Impact on Decision Make...
Accounting
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning