Doyle Company issued $300,000 of 10-year, 5 percent bonds on January 1, Year 2. The bonds...
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Doyle Company issued $300,000 of 10-year, 5 percent bonds on January 1, Year 2. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $52,000 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 2. b. Prepare the income statement, balance sheet, and statement of cash flows for Year 2 and Year 3. Complete this question by entering your answers in the tabs below. Req B Income Req B Balance Statement Sheet Req B Statement of Cash Flows Prepare the statement of cash flows for Year 2 and Year 3. Note: Amounts to be deducted and cash outflows should be indicated with minus sign. DOYLE COMPANY Statement of Cash Flows Required information DOYLE COMPANY Statement of Cash Flows For the Year Ended December 31 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities Net cash flows from investing activities Cash flows from financing activities Net cash flows from financing activities Net change in cash Ending cash balance Year 2 Year 3 69 $ 0 0 0 0 0 0 0 0 0 $ 0 Assets Cash Land Total assets Liabilities Bonds payable Balance Sheet As of December 31 Total liabilities Stockholders' equity Retained earnings Year 2 Year 3 EA $ 300,000 0 300,000 0 300,000 $ 300,000 00 0 0 0 0 Total stockholders' equity 0 0 Total liabilities and stockholders' equity $ 0 $ 0 Doyle Company issued $300,000 of 10-year, 5 percent bonds on January 1, Year 2. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $52,000 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 2. b. Prepare the income statement, balance sheet, and statement of cash flows for Year 2 and Year 3. Complete this question by entering your answers in the tabs below. Req B Income Req B Balance Statement Sheet Req B Statement of Cash Flows Prepare the statement of cash flows for Year 2 and Year 3. Note: Amounts to be deducted and cash outflows should be indicated with minus sign. DOYLE COMPANY Statement of Cash Flows Required information DOYLE COMPANY Statement of Cash Flows For the Year Ended December 31 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities Net cash flows from investing activities Cash flows from financing activities Net cash flows from financing activities Net change in cash Ending cash balance Year 2 Year 3 69 $ 0 0 0 0 0 0 0 0 0 $ 0 Assets Cash Land Total assets Liabilities Bonds payable Balance Sheet As of December 31 Total liabilities Stockholders' equity Retained earnings Year 2 Year 3 EA $ 300,000 0 300,000 0 300,000 $ 300,000 00 0 0 0 0 Total stockholders' equity 0 0 Total liabilities and stockholders' equity $ 0 $ 0
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Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date:
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