11. SCF sold equipment that it had originally purchased for $56000 for $30000. The accumlated depreciation on the equipment was $22000 at the time of the sale.

Review of Transactions for Cash Journalize the following transactions for SCF Company. The transactions do not relate to one another. If a transaction does not require an entry, enter "Blank" on the first row under Account. On the fifth line of each transaction, enter the following: 1. In the Account column, select "operating ", "investing", or "financing" to indicate the type of activity that the transaction is. 2. In the Debit column, select "inflow", "outflow", or "neither", depending on whether cash was received, paid out, or not affected. 3. In the Credit column, select "gain", "loss", or "neither", depending on whether there was a gain, loss, or neither in the transaction. 4. A green checkmark will appear to the right of the last row when all answers in that row are correct. A green "Correct" will appear at the top right of the journal form when all elements in the journal are correct, including those in the the last row. 0. CH 2 EXAMPLE SCF sold merchandise to Eckman Company for $6,700 cash. Date 0. Select 1. CH 2 Account Debit 6,700 Cash Sales Credit 6,700 operating inflow neither SCF sold merchandise to Oscar Company on account, $3,100. Date 1. Account Debit Credit Debit Credit Select 2. CH 2 SCF received payment from a customer on account, $1,800. Date 2. Account Select 3. CH 2 SCF purchased supplies for $2,200 cash. Date 3. Account Debit Credit Select 4. CH 5 SCF purchased merchandise inventory on account for $10,600. Date Account Debit Credit Debit Credit Debit Credit 4. Select 5. CH 2 SCF paid a vendor on account, $9,200. Date 5. Account Select 6. CH 2 SCF purchased equipment for $4,800 cash. Date 6. Account Select 7. CH 2 SCF sold land that it had originally purchased for $170,000 for $235,000 and received cash. Date 7. Account Debit Credit Select 8. CH 13 SCF purchased ABC Company stock as a long-terrm investment for $37,000 and paid cash. Date 8. Account Debit Credit Select 9. SCF sold its investment in XYZ Company bonds for $92,000. The bonds had a carrying amount of $89,000 at the time of the sale. CH 13 Date 9. Select 10. CH 9 Account investing Debit inflow Credit gain SCF recorded $400 of depreciation on its equipment. Date 10. Account Debit Credit Select 11. CH 9 SCF sold equipment that it had originally purchased for $56,000 for $30,000. The accumulated depreciation on the equipment was $22,000 at the time of the sale. Date 11. Account Debit Select 12. SCF issued 10,000 shares of $5 par common stock for $8 per share. Credit CH 11 Date 12. Account Debit Credit Select 13. CH 11 SCF reaquired 500 shares of $5 par common stock as treasury stock for $10 per share. Date 13. Account Debit Credit Select 14. CH 11 SCF sold 100 shares of its treasury stock that it had purchased for $10 per share for $12 per share. Date 14. Account Debit Credit Debit Credit Select 15. CH 11 SCF declared cash dividends of $300. Date 15. Account Select 16. CH 11 SCF declared a 1% stock dividend on 10,000 shares of $5 par common stock when the market price was $15 per share. Date 16. Select Account Debit Credit 17. CH 12 SCF issued $100,000 of 6%, five-year bonds for $99,500 cash. Date 17. Account Debit Credit Debit Credit Select 18. CH 12 SCF amortized $100 of the discount on a bond it had issued. Date 18. Account Select 19. CH 12 SCF paid off its outstanding mortgage note balance of $25,000 to the bank. Date 19. Account Debit Credit Select 20. CH 11 SCF declared a 2-for-1 stock split on 50,000 outstanding shares. Date 20. Select Account Debit Credit Scoring Total Possible Number Correct Grade 20 0 0% er Account. Journal entries indicate the n whether cash hether there ers in that nal form when w. Refer to the chapter in the textbook to the left of each transaction for assistance. Refer to the following chart of accounts for account names. Chart of Accounts Correct Accounts Payable Accounts Receivable Accumulated Depreciation Advertising Expense Allowance For Doubtful Accounts Amortization Expense Bad Debt Expense Bank Card Expense Bonds Payable Building Cash Cash Divdends Cash Divdends Payable Common Stock Cost Of Merchandise Sold Delivery Expense Depreciation Expense Discount on Bonds Payable Equipment Federal Unemployment Tax Payable Federal Income Tax Payable Fees Earned Gain on Redemption of Bonds Gain on Sale of Equipment Gain on Sale of Investment Gain on Sale of Land Interest Expense Interest Payable Interest Revenue Investment in XYZ Company Bonds Investment in ABC Company Stock Land Loss on Redemption of Bonds Loss on Sale of Equipment Loss on Sale of Investment Loss on Sale of Land Maintenance Expense Medicare Tax Payable Merchandise Inventory Miscellaneous Expense Note Payable Note Receivable Paid-in Capital from Sale of Treasury Stock Paid-in Capital in Excess of Par Patents Payroll Tax Expense Preferred Stock Premium on Bonds Payable Prepaid Insurance Prepaid Rent Prepaid Taxes Rent Expense Rent Revenue Retained Earnings Salaries Expense Salaries Payable Sales Sales Discounts Sales Returns Sales Tax Payable Social Security Tax Payable State Unemployment Tax Payable State Income Tax Payable Stock Dividends Stock Dividends Distributable Supplies Supplies Expense Taxes Expense Taxes Payable Treasury Stock Truck Truck Expense Unearned Fees Utilities Expense Van Vehicle Expense Wages Expense Wages Payable 0 per share. ck when the Transactions Involving Cash or the Statement of Cash Flows Part A For each item, select whether the amount would added to or deducted from net income in the operating activities A green will appear to the right of each correct answer. 1. 2. 3. 4. 5. Loss on sale of equipment Decrease in wages payable Gain on redemption of bonds Merchandise Inventory balance was $81,000 at the beginning of the year an $76,000 at the end of the year. Interest expense for amortization of a discount on bonds payable Part B For each item, select whether the company would experience a cash inflow or a cash outflow, the amount, the se Enter all amounts as positive numbers. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Issued $200,000 of 6%, five-year bonds at 99. Purchased 4,000 shares of $35 par common stock as treasury stock at $70 per share. Issued 10,000 shares of $20 par common stock for $50 per share. Purchased a building by paying $60,000 cash and issuing a $100,000 mortgage note payable. Called $250,000 of bonds, on which there was $2,500 of unamortized discount, for $260,000. Sold 2,000 shares of treasury stock that cost $14 per share for $19,000. Paid dividends of $2.00 per share. There were 25,000 shares issued and 4,000 shares of treasury stock. Sold equipment that cost $129,000 with accumulated depreciation of $97,000 for $35,000 cash. Paid off the outstanding balance of $47,000 of a mortgage note payable. Sold investments in bonds that cost $96,300 for $93,600. o or deducted from net income in the operating activities section of the statement of cash flows. Select Scoring Total Possible Number Correct Grade 45 0 0% ning of the year an $76,000 at the end of the year. ence a cash inflow or a cash outflow, the amount, the section where the transaction would appear, and whether there is a gain, loss, or neith asury stock at $70 per share. g a $100,000 mortgage note payable. unamortized discount, for $260,000. re for $19,000. ares issued and 4,000 shares of treasury stock. preciation of $97,000 for $35,000 cash. e note payable. Select Amount Section there is a gain, loss, or neither. Gain/Loss Scavenger Hunt - Problem 1 Jonick Company Income Statement For the Year Ended December 31, 2017 Jonick Company Comparative Balance Sheet December 31, 2017 and 2016 A green will appear to the righ End 2017 Sales $180,000 Assets Less: Sales returns 4,000 Cash Less: Sales discounts 2,000 Accounts receivable Net sales 174,000 Cost of merchandise sold 94,000 Gross profit Operating expenses: $20,000 Rent expense 5,000 Insurance expense 3,000 Supplies expense 2,000 Utilities expense 1,000 58,000 112,000 80,000 9,000 15,000 0 80,000 Equipment 224,000 60,000 Accumulated depreciation (50,000) (45,000) 0 100,000 $376,000 $360,000 Investment in ABC Co. stock Land 10,000 Depreciation expense $12,000 34,000 Prepaid insurance $80,000 Wages expense $47,000 Merchandise inventory Total assets 1. How much was net income in 201 2. How much was net income from o 3. How much was declared for cash $ End 2016 $ $ 4. How much did Cash change betwe 5. How much did Accounts Receivab 6. How much did Merchandise Inven $ $ $ 7. How much did Prepaid Insurance 8. How much did Accounts Payable c 9. How much cash was paid out for d $ Liabilities Accounts payable Wages payable Total operating expenses 41,000 Cash dividends payable Net income from operations 39,000 Bonds payable $29,000 $22,000 14,000 17,000 5,000 8,000 0 50,000 $ $ 10. How much cash was paid out to re Other revenue and expenses $ Stockholders' Equity Gain on sale of investments $10,000 Loss on sale of land (1,000) Net income Common stock 9,000 $48,000 Paid-in capital in excess of par Retained earnings Total liabilities and stockholders' equity 140,000 125,000 30,000 25,000 158,000 113,000 $376,000 $360,000 11. How much cash was received whe $ 12. How much cash was received whe $ 13. How much cash was received whe Jonick Company Retained Earnings Statement For the Year Ended December 31, 2017 Retained earnings, January 1, 2017 Net income Less: Cash dividends Increase in retained earnings Retained earnings, December 31, 2017 $ NOTE: a. All investing and financing activities were for cash. b. No equipment was sold or otherwise disposed of. $113,000 $48,000 (3,000) 45,000 $158,000 Scoring Total Possible Number Correct Grade 14 0 0% 14. What was the cost of new equipm $ Account Cash Debit Fees Earned 10,000 Account Wages Expense Debit Credit 10,000 Cash 10,000 Account Rent Expense Credit 10,000 Debit 10,000 Credit Cash 10,000 Account Insurance Expense Debit Cash 10,000 Account Supplies Expense Debit 10,000 Account Advertising Expense Debit Credit 10,000 Cash 10,000 Account Maintenance Expense Debit Credit 10,000 Cash 10,000 Account Utilities Expense Debit Credit 10,000 Cash 10,000 Account Cash Credit 10,000 Cash Miscellaneous Expense Credit 10,000 Debit Credit 10,000 10,000 Account Salaries Expense Debit 10,000 Cash 10,000 Account Cash Debit Credit 10,000 Supplies Expense 10,000 Account Cash Debit Credit 10,000 Salaries Expense 10,000 Account Accounts Payable Debit Credit 10,000 Supplies Expense 10,000 Account Vehicle Expense Debit Credit 10,000 Cash 10,000 Account Truck Expense Debit Credit 10,000 Cash 10,000 Account Accounts Receivable Credit Debit 10,000 Credit Change Presidential Consulting to Truck Expense and eliminate this account here. xls 7 - change Automobile Expense to Truck Expense Fees Earned 10,000 Account Cash Debit Accounts Receivable 10,000 Account Supplies Expense Debit 10,000 Account Advertising Expense Debit Credit 10,000 Accounts Payable 10,000 Account Maintenance Expense Debit Credit 10,000 Accounts Payable 10,000 Account Truck Expense Debit Credit 10,000 Accounts Payable 10,000 Account Cash Credit 10,000 Accounts Payable Accounts Payable Credit 10,000 Debit Credit 10,000 10,000 Account Equipment Debit Credit 10,000 Cash 10,000 Account Equipment Debit Credit 10,000 Accounts Payable 10,000 Account Truck Debit Credit 20,000 Cash 10,000 Note Payable 10,000 Account Land Debit Credit 20,000 Cash 10,000 Note Payable 10,000 Account Cash Debit Capital Stock 10,000 Account Dividends Cash Credit 10,000 Debit Credit 10,000 10,000 Land is acquired; asset is increasing Cash is paid as a downpayment; asset is decreasing Loan is assumed; liability is increasing Account Fees Earned Debit Credit 10,000 Retained Earnings 10,000 Account Retained Earnings Debit Credit 30,000 Supplies Expense 10,000 Wages Expense 10,000 Rent Expense 10,000 Account Retained Earnings Debit Credit 10,000 Dividends 10,000 Account Supplies Debit Credit 10,000 Cash 10,000 Account Prepaid Rent Debit Credit 10,000 Cash 10,000 Account Prepaid Insurance Debit Credit 10,000 Cash 10,000 Account Debit Credit Prepaid Taxes 10,000 Cash 10,000 Account Cash Debit Credit 10,000 Unearned Fees 10,000 Account Supplies Expense Debit Credit 10,000 Supplies 10,000 Account Rent Expense Debit Credit 10,000 Prepaid Rent 10,000 Account Insurance Expense Debit Credit 10,000 Prepaid Insurance 10,000 Account Taxes Expense Debit Credit 10,000 Prepaid Taxes 10,000 Account Depreciation Expense Accumulated Depreciation Debit Credit 10,000 10,000 Account Unearned Fees Debit Credit 10,000 Fees Earned 10,000 Account Wages Expense Debit Credit 10,000 Wages Payable 10,000 Account Taxes Expense Debit Credit 10,000 Taxes Payable 10,000 Account Interest Expense Debit Credit 10,000 Interest Payable 10,000 Account Accounts Receivable Debit Credit 10,000 Fees Earned 10,000 Account Merchandise Inventory Debit Credit 10,000 Accounts Payable 10,000 Account Debit Credit Accounts Receivable 10,000 Sales 10,000 Account Cost of Merchandise Sold Debit Credit 10,000 Merchandise Inventory 10,000 Account Accounts Payable Debit Credit 10,000 Merchandise Inventory 10,000 Account Sales Returns Debit Credit 10,000 Accounts Receivable 10,000 Account Merchandise Inventory Debit Credit 10,000 Cost of Merchandise Sold Account Accounts Payable 10,000 Debit Credit 20,000 Cash 10,000 Merchandise Inventory 10,000 Account Debit Cash 10,000 Sales Discounts 10,000 Credit Accounts Receivable 20,000 Account Merchandise Inventory Debit Cash 10,000 Account Merchandise Inventory Debit 10,000 Account Delivery Expense Debit Credit 10,000 Cash 10,000 Account Delivery Expense Debit Credit 10,000 Accounts Payable 10,000 Account Accounts Receivable Debit Credit 10,000 Accounts Payable 10,000 Account Cash Credit 10,000 Accounts Payable Bank Card Expense Credit 10,000 Debit Credit 10,000 10,000 Account Cash Debit Credit 20,000 Sales 10,000 Sales Tax Payable 10,000 Account Accounts Receivable Debit Credit 20,000 Sales 10,000 Sales Tax Payable 10,000 Account Sales Tax Payable Debit Credit 10,000 Cash 10,000 Account Debit Cash 20,000 Accumulated Depreciation 10,000 Credit Gain on Sale of Equipment 10,000 Equipment 20,000 Account Cash Debit 5,000 Accumulated Depreciation 5,000 Loss on Sale of Equipment 10,000 Equipment 20,000 Account Equipment Credit Debit 20,000 Credit Accumulated Depreciation 10,000 Gain on Sale of Equipment 10,000 Equipment 20,000 Cash 20,000 Account Equipment Debit Credit 5,000 Accumulated Depreciation 5,000 Loss on Sale of Equipment 10,000 Equipment 20,000 Cash 20,000 Account Debit Equipment 20,000 Accumulated Depreciation 10,000 Credit Gain on Sale of Equipment 10,000 Equipment 20,000 Cash 20,000 Note Payable 20,000 Account Debit Equipment 20,000 Accumulated Depreciation 10,000 Loss on Sale of Equipment 10,000 Credit Equipment 20,000 Cash 20,000 Note Payable 20,000 Account Patents Cash Debit Credit 10,000 10,000 Account Amortization Expense Debit Credit 10,000 Patents 10,000 Account Salaries Expense Debit Credit 20,000 Federal Income Tax Payable 10,000 State Income Tax Payable 10,000 Social Security Tax Payable 20,000 Medicare Tax Payable 20,000 Salaries Payable 20,000 Account Payroll Tax Expense Debit Credit 20,000 Social Security Tax Payable 10,000 Medicare Tax Payable 10,000 Federal Unemployment Tax Payable 20,000 State Unemployment Tax Payable 20,000 Account Federal Income Tax Payable Debit Credit 20,000 State Income Tax Payable 10,000 Social Security Tax Payable 10,000 Medicare Tax Payable 10,000 Federal Unemployment Tax Payable 10,000 State Unemployment Tax Payable 20,000 Cash 20,000 Account Salaries Payable Debit Cash 10,000 Account Cash Debit Credit 10,000 Note Payable 10,000 Account Accounts Payable Debit Credit 10,000 Note Payable 10,000 Account Note Payable Debit Credit 10,000 Interest Expense 10,000 Cash 20,000 Account Note Receivable Debit Credit 10,000 Cash 10,000 Account Note Receivable Debit Credit 10,000 Accounts Receivable 10,000 Account Cash Credit 10,000 Debit 10,000 Credit Note Receivable 10,000 Interest Revenue 20,000 Account Note Receivable Debit Credit 10,000 Note Receivable 10,000 Interest Revenue 20,000 Account Debit Cash 10,000 Note Receivable 10,000 Credit Note Receivable 10,000 Interest Revenue 20,000 Account Accounts Receivable Debit Credit 10,000 Note Receivable 10,000 Interest Revenue 20,000 Account Cash Debit Credit 10,000 Accounts Receivable 10,000 Interest Revenue 20,000 Account Bad Debt Expense Accounts Receivable Debit Credit 10,000 10,000 Account Debit Cash 10,000 Bad Debt Expense 10,000 Accounts Receivable 10,000 Account Accounts Receivable Debit Credit 10,000 Bad Debt Expense 10,000 Cash 10,000 Accounts Receivable 10,000 Account Bad Debt Expense Debit Credit 10,000 Allowance for Doubtful Accounts Account Allowance for Doubtful Accounts 10,000 Debit Credit 10,000 Accounts Receivable 10,000 Account Debit Cash 10,000 Allowance for Doubtful Accounts 10,000 Accounts Receivable Credit 10,000 Account Accounts Receivable Debit Credit 10,000 Allowance for Doubtful Accounts Cash Credit 10,000 10,000 Accounts Receivable 10,000 Definitions Business Conceptual framework Accounting Income statement Retained earnings statement Balance sheet Assets Liabilities Stockholders' equity Revenue Expense Journal Debit Credit Ledger Post Definitions and rules here ASSETS Cash Accounts Receivable Merchandise Inventory Supplies Prepaid rent Prepaid insurance Prepaid taxes Note receivable Land Building Truck Equipment Patents CONTRA ASSET Allowance for doubtful accounts Accumulated depreciation LIABILITIES Accounts payable Unearned fees Wages payable Salaries payable Taxes payable Interest payable Note payable Sales tax payable Social security tax payable Medicare tax payable Federal withholding tax payable State withholding tax payable Federal unemployment tax payable State unemployment tax payable STOCKHOLDERS' EQUITY Capital stock Retained earnings Dividends REVENUE Fees Earned Sales Interest revenue Gain on sale of equipment CONTRA REVENUE Sales returns Sales discounts EXPENSES Cost of merchandise sold Salaries expense Wages expense Rent expense Insurance expense Supplies expense Advertising expense Maintenance expense Depreciation expense Taxes expense Utilities expense Payroll tax expense Bad debt expense Bank card expense Vehicle expense Delivery expense Amortization expense Miscellaneous expense Interest expense Gain on sale of truck ght of each correct answer. 17? operations in 2017? h dividends in 2017? ween end-of-year 2016 and 2017? (Enter a decrease as a negative number.) ble change between end-of-year 2016 and 2017? (Enter a decrease as a negative number.) ntory change between end-of-year 2016 and 2017? (Enter a decrease as a negative number.) e change between end-of-year 2016 and 2017? (Enter a decrease as a negative number.) change between end-of-year 2016 and 2017? (Enter a decrease as a negative number.) dividends in 2017? redeem the bonds payable in 2017? hen additional stock was issued in 2017? hen the land was sold in 2017? hen the Investment in ABC stock was sold in 2017? ment that was purchased in 2017? Scavenger Hunt - Problem 2 Date 1/1/2017 Item Use only the ledgers below to answer the questions. The company bought and sold two different pieces of equipment. Both transactions were for cash. Land Debit Credit Balance Debit Credit 185,000 5/16/2017 120,000 305,000 Scoring Total Possible Number Correct Grade 5 0 0% A green will appear to the righ 1. What was the cost of new land tha 2. What was the cost of new equipm $ $ 3. What was the book value of the eq 4. How much cash was received whe 5. How much cash was received whe $ Date 1/1/2017 Item Equipment Debit 40,000 26,000 4/3/2017 12/31/2017 Date 4/3/2017 Credit 32,000 58,000 Accumulated Depreciation Item Debit Credit Date Debit 72,000 4/3/2017 9/12/2017 1/1/2017 Credit Balance Debit Balance Credit 51,000 34,000 17,000 4,000 Gain on Sale of Equipment Item Debit Credit 3,000 21,000 Debit Credit 3,000 Investment in Capstone Co. Stock Item Debit Credit Debit Date 1/1/2017 Balance 27,000 11/14/2017 Date 11/14/2017 Credit 11,000 Loss on Sale of Investment Item Debit Credit 2,000 16,000 Debit 2,000 Credit Account Cash Debit Fees Earned 10,000 Account Wages Expense Debit 10,000 Account Rent Expense Debit Credit 10,000 Cash 10,000 Account Insurance Expense Debit Credit 10,000 Cash 10,000 Account Supplies Expense Debit Credit 10,000 Cash 10,000 Account Cash Credit 10,000 Cash Advertising Expense Credit 10,000 Debit Credit 10,000 10,000 Account Maintenance Expense Debit 10,000 Cash 10,000 Account Utilities Expense Debit Credit 10,000 Cash 10,000 Account Miscellaneous Expense Debit Credit 10,000 Cash 10,000 Account Salaries Expense Debit Credit 10,000 Cash 10,000 Account Cash Debit Credit 10,000 Supplies Expense 10,000 Account Cash Debit Credit 10,000 Salaries Expense 10,000 Account Accounts Payable Credit Debit 10,000 Credit Supplies Expense 10,000 Account Vehicle Expense Debit Cash 10,000 Account Truck Expense Debit 10,000 Account Accounts Receivable Debit Credit 10,000 Fees Earned 10,000 Account Cash Debit Credit 10,000 Accounts Receivable 10,000 Account Supplies Expense Debit Credit 10,000 Accounts Payable 10,000 Account Accounts Payable Credit 10,000 Cash Advertising Expense Credit 10,000 Debit Credit 10,000 10,000 Change Presidential Consulting to Truck Expense and eliminate this account here. xls 7 - change Automobile Expense to Truck Expense Account Maintenance Expense Debit Credit 10,000 Accounts Payable 10,000 Account Truck Expense Debit Credit 10,000 Accounts Payable 10,000 Account Accounts Payable Debit Credit 10,000 Cash 10,000 Account Equipment Debit Credit 10,000 Cash 10,000 Account Equipment Debit Credit 10,000 Accounts Payable 10,000 Account Truck Debit Credit 20,000 Cash 10,000 Note Payable 10,000 Account Debit Credit Land 20,000 Cash 10,000 Note Payable 10,000 Account Cash Debit Credit 10,000 Capital Stock 10,000 Account Dividends Debit Credit 10,000 Cash 10,000 Account Fees Earned Debit Credit 10,000 Retained Earnings 10,000 Account Retained Earnings Debit Credit 30,000 Supplies Expense 10,000 Wages Expense 10,000 Rent Expense 10,000 Account Retained Earnings Debit Credit 10,000 Dividends 10,000 Account Debit Credit Land is acquired; asset is increasing Cash is paid as a downpayment; asset is decreasing Loan is assumed; liability is increasing Supplies 10,000 Cash 10,000 Account Prepaid Rent Debit Cash 10,000 Account Prepaid Insurance Debit 10,000 Account Prepaid Taxes Debit Credit 10,000 Cash 10,000 Account Cash Debit Credit 10,000 Unearned Fees 10,000 Account Supplies Expense Debit Credit 10,000 Supplies 10,000 Account Prepaid Rent Credit 10,000 Cash Rent Expense Credit 10,000 Debit Credit 10,000 10,000 Account Insurance Expense Debit Credit 10,000 Prepaid Insurance 10,000 Account Taxes Expense Debit Credit 10,000 Prepaid Taxes 10,000 Account Depreciation Expense Debit Credit 10,000 Accumulated Depreciation Account Unearned Fees 10,000 Debit Credit 10,000 Fees Earned 10,000 Account Wages Expense Debit Credit 10,000 Wages Payable 10,000 Account Taxes Expense Debit Credit 10,000 Taxes Payable 10,000 Account Debit Credit Interest Expense 10,000 Interest Payable 10,000 Account Accounts Receivable Debit Fees Earned 10,000 Account Merchandise Inventory Debit 10,000 Account Accounts Receivable Debit Credit 10,000 Sales 10,000 Account Cost of Merchandise Sold Debit Credit 10,000 Merchandise Inventory 10,000 Account Accounts Payable Debit Credit 10,000 Merchandise Inventory 10,000 Account Accounts Receivable Credit 10,000 Accounts Payable Sales Returns Credit 10,000 Debit Credit 10,000 10,000 Account Merchandise Inventory Debit Credit 10,000 Cost of Merchandise Sold Account Accounts Payable 10,000 Debit Credit 20,000 Cash 10,000 Merchandise Inventory 10,000 Account Debit Cash 10,000 Sales Discounts 10,000 Accounts Receivable 20,000 Account Merchandise Inventory Debit 10,000 Account Merchandise Inventory Debit Credit 10,000 Accounts Payable 10,000 Account Cash Credit 10,000 Cash Delivery Expense Credit Debit Credit 10,000 10,000 Account Delivery Expense Debit Credit 10,000 Accounts Payable 10,000 Account Accounts Receivable Debit Credit 10,000 Accounts Payable 10,000 Account Bank Card Expense Debit Credit 10,000 Cash 10,000 Account Cash Debit Credit 20,000 Sales 10,000 Sales Tax Payable 10,000 Account Accounts Receivable Debit Credit 20,000 Sales 10,000 Sales Tax Payable 10,000 Account Sales Tax Payable Cash Debit Credit 10,000 10,000 Account Debit Cash 20,000 Accumulated Depreciation 10,000 Credit Gain on Sale of Equipment 10,000 Equipment 20,000 Account Cash Debit Credit 5,000 Accumulated Depreciation 5,000 Loss on Sale of Equipment 10,000 Equipment 20,000 Account Debit Equipment 20,000 Accumulated Depreciation 10,000 Credit Gain on Sale of Equipment 10,000 Equipment 20,000 Cash 20,000 Account Equipment Debit Credit 5,000 Accumulated Depreciation 5,000 Loss on Sale of Equipment 10,000 Equipment 20,000 Cash 20,000 Account Debit Equipment 20,000 Accumulated Depreciation 10,000 Credit Gain on Sale of Equipment 10,000 Equipment 20,000 Cash 20,000 Note Payable 20,000 Account Debit Equipment 20,000 Accumulated Depreciation 10,000 Loss on Sale of Equipment 10,000 Credit Equipment 20,000 Cash 20,000 Note Payable 20,000 Account Patents Debit Credit 10,000 Cash 10,000 Account Amortization Expense Debit Credit 10,000 Patents 10,000 Account Salaries Expense Debit Credit 20,000 Federal Income Tax Payable 10,000 State Income Tax Payable 10,000 Social Security Tax Payable 20,000 Medicare Tax Payable 20,000 Salaries Payable 20,000 Account Payroll Tax Expense Debit 20,000 Credit Social Security Tax Payable 10,000 Medicare Tax Payable 10,000 Federal Unemployment Tax Payable 20,000 State Unemployment Tax Payable 20,000 Account Federal Income Tax Payable Debit Credit 20,000 State Income Tax Payable 10,000 Social Security Tax Payable 10,000 Medicare Tax Payable 10,000 Federal Unemployment Tax Payable 10,000 State Unemployment Tax Payable 20,000 Cash 20,000 Account Salaries Payable Debit 10,000 Cash 10,000 Account Cash Debit 10,000 Account Accounts Payable Debit Credit 10,000 Note Payable 10,000 Account Interest Expense Credit 10,000 Note Payable Note Payable Credit Debit Credit 10,000 10,000 Cash 20,000 Account Note Receivable Debit Credit 10,000 Cash 10,000 Account Note Receivable Debit Credit 10,000 Accounts Receivable 10,000 Account Cash Debit Credit 10,000 Note Receivable 10,000 Interest Revenue 20,000 Account Note Receivable Debit Credit 10,000 Note Receivable 10,000 Interest Revenue 20,000 Account Debit Cash 10,000 Note Receivable 10,000 Credit Note Receivable 10,000 Interest Revenue 20,000 Account Debit Credit Accounts Receivable 10,000 Note Receivable 10,000 Interest Revenue 20,000 Account Cash Debit Credit 10,000 Accounts Receivable 10,000 Interest Revenue 20,000 Account Bad Debt Expense Debit Credit 10,000 Accounts Receivable 10,000 Account Debit Cash 10,000 Bad Debt Expense 10,000 Accounts Receivable Credit 10,000 Account Accounts Receivable Debit Credit 10,000 Bad Debt Expense 10,000 Cash 10,000 Accounts Receivable 10,000 Account Bad Debt Expense Allowance for Doubtful Accounts Debit Credit 10,000 10,000 Account Allowance for Doubtful Accounts Debit 10,000 Accounts Receivable 10,000 Account Debit Cash 10,000 Allowance for Doubtful Accounts 10,000 Accounts Receivable Account Debit Credit 10,000 Allowance for Doubtful Accounts Accounts Receivable Credit 10,000 Accounts Receivable Cash Credit 10,000 10,000 10,000 Definitions Business Conceptual framework Accounting Income statement Retained earnings statement Balance sheet Assets Liabilities Stockholders' equity Revenue Expense Journal Debit Credit Ledger Post Definitions and rules here ASSETS Cash Accounts Receivable Merchandise Inventory Supplies Prepaid rent Prepaid insurance Prepaid taxes Note receivable Land Building Truck Equipment Patents CONTRA ASSET Allowance for doubtful accounts Accumulated depreciation LIABILITIES Accounts payable Unearned fees Wages payable Salaries payable Taxes payable Interest payable Note payable Sales tax payable Social security tax payable Medicare tax payable Federal withholding tax payable State withholding tax payable Federal unemployment tax payable State unemployment tax payable STOCKHOLDERS' EQUITY Capital stock Retained earnings Dividends REVENUE Fees Earned Sales Interest revenue Gain on sale of equipment CONTRA REVENUE Sales returns Sales discounts EXPENSES Cost of merchandise sold Salaries expense Wages expense Rent expense Insurance expense Supplies expense Advertising expense Maintenance expense Depreciation expense Taxes expense Utilities expense Payroll tax expense Bad debt expense Bank card expense Vehicle expense Delivery expense Amortization expense Miscellaneous expense Interest expense Gain on sale of truck ght of each correct answer. at was purchased in 2017? ment that was purchased in 2017? equipment that was sold on the date of sale? hen the equipment was sold in 2017? hen the investment was sold in 2017? Statement of Cash Flows (No disposal of equipment) Be careful in the Operating Activities section. What increased in the example in the notes might decrease here. Follow the rules in the notes! Gray cells should be left blank. Scoring Total Possible Number Correct Grade A green will appear to the right of each correct answer for the first four amounts in the last column only. The amounts that wll score are indicated by a to their right. 4 0 0% Include subtotals in investing and financing sections where appropriate. Jonick Company Income Statement For the Year Ended December 31, 2017 Jonick Company Comparative Balance Sheet December 31, 2017 and 2016 Jonick Company Statement of Cash Flows For the Year Ended December 31, 2017 End 2017 Sales $99,800 Less: Sales returns 2,000 Less: Sales discounts 1,500 Net sales Cost of merchandise sold Cash $37,000 Accounts receivable 31,000 24,100 Merchandise inventory 11,600 22,900 37,800 Prepaid insurance 5,200 7,100 0 12,000 $58,500 Investment in ABC Co. stock Equipment Operating expenses: Accumulated depreciation $22,600 Rent expense 9,600 Depreciation expense 2,700 Insurance expense 3,000 Supplies expense 1,300 Utilities expense Cash flows from operating activities: $58,100 96,300 Gross profit Salaries expense End 2016 Assets Land Total assets 81,900 14,400 (14,700) (12,000) 0 45,000 $173,100 $150,500 Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Liabilities Accounts payable 800 $19,100 $15,500 Wages payable 8,000 10,000 4,000 7,500 0 10,000 Total operating expenses 40,000 Cash dividends payable Net income from operations 18,500 Bonds payable Net cash flow from operating activities Cash flows from investing activities: Other revenue and expenses Stockholders' Equity Gain on sale of investments $7,600 Loss on sale of land (1,100) Net income 6,500 $25,000 Common stock 60,000 50,000 Paid-in capital in excess of par 12,000 10,000 Retained earnings 70,000 47,500 $173,100 $150,500 Total liabilities and stockholders' equity Net cash flow from investing activities Cash flows from financing activities: Jonick Company Retained Earnings Statement For the Year Ended December 31, 2017 Retained earnings, January 1, 2017 Net income Less: Cash dividends Increase in retained earnings Retained earnings, December 31, 2017 NOTE: All investing and financing activities were for cash. No equipment was sold or otherwise disposed of. $47,500 $25,000 2,500 22,500 $70,000 Net cash flow from financing activities Statement of Cash Flows (Disposal of equipment; no mortgage) Be careful in the Operating Activities section. What increased in the example in the notes might decrease here. Follow the rules in the notes! Gray cells should be left blank. Scoring Total Possible Number Correct Grade Include subtotals in investing and financing sections where appropriate. Jonick Company Income Statement For the Year Ended December 31, 2017 Jonick Company Comparative Balance Sheet December 31, 2017 and 2016 End 2017 Sales $200,000 Less: Sales returns 4,000 Less: Sales discounts 2,000 Net sales Cash 64,000 Gross profit End 2016 Operating expenses: $52,000 Accounts receivable 34,000 58,000 Merchandise inventory 92,000 80,000 9,000 15,000 Investment in ABC Co. stock 30,000 80,000 Equipment 82,000 60,000 (22,000) (45,000) 80,000 0 $419,000 $300,000 $35,000 $22,000 14,000 17,000 Accumulated depreciation $14,000 Cash flows from operating activities: $114,000 Prepaid insurance $130,000 Wages expense Jonick Company Statement of Cash Flows For the Year Ended December 31, 2017 Assets 194,000 Cost of merchandise sold A green will appear to the right of each correct answer for the first four amounts in the last column only. The amounts that wll score are indicated by a to their right. 4 0 0% Land Rent expense 7,000 Total assets Depreciation expense 5,000 Insurance expense 3,000 Supplies expense 2,000 Accounts payable Utilities expense 1,000 Wages payable Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Liabilities Total operating expenses 32,000 Cash dividends payable Net income from operations 98,000 Bonds payable 5,000 8,000 15,000 30,000 Net cash flow from operating activities Cash flows from investing activities: Other revenue and expenses Stockholders' Equity Gain on sale of investments $3,000 Loss on sale of equipment (1,000) 2,000 Common stock 75,000 Paid-in capital in excess of par 15,000 10,000 260,000 163,000 $419,000 $300,000 Retained earnings Net income $100,000 Total liabilities and stockholders' equity 50,000 Net cash flow from investing activities Cash flows from financing activities: Jonick Company Retained Earnings Statement For the Year Ended December 31, 2017 Retained earnings, January 1, 2017 Net income 97,000 Retained earnings, December 31, 2017 Item $260,000 Equipment Debit 33,000 55,000 4/3/2017 12/31/2017 Credit 27,000 82,000 Accumulated Depreciation Item Debit Credit Date Debit 60,000 4/3/2017 1/1/2017 Credit Balance 9/12/2017 3,000 Increase in retained earnings Date Net cash flow from financing activities $163,000 $100,000 Less: Cash dividends 1/1/2017 NOTE: a. All investing and financing activities were for cash. b. The company sold equipment during the year. See the ledgers below for further information. Balance Debit Credit 45,000 28,000 17,000 5,000 22,000 Statement of Cash Flows (Disposal of equipment; mortgage) Be careful in the Operating Activities section. What increased in the example in the notes might decrease here. Follow the rules in the notes! Gray cells should be left blank. Scoring Total Possible Number Correct Grade A green will appear to the right of each correct answer for the first four amounts in the last column only. The amounts that wll score are indicated by a to their right. 4 0 0% Include subtotals in investing and financing sections where appropriate. Jonick Company Income Statement For the Year Ended December 31, 2017 Jonick Company Comparative Balance Sheet December 31, 2017 and 2016 Jonick Company Statement of Cash Flows For the Year Ended December 31, 2017 End 2017 Sales $245,000 Less: Sales returns 6,000 Less: Sales discounts 3,000 Net sales Cash Accounts receivable 236,000 Cost of merchandise sold Operating expenses: 65,000 89,000 9,000 15,000 Investment in ABC Co. stock 20,000 80,000 Equipment 96,000 78,000 (24,000) (33,000) 70,000 0 $470,000 $445,000 $42,000 $30,000 16,000 21,000 Accumulated depreciation Salaries expense $25,000 Rent expense Land 15,000 $151,000 32,000 Prepaid insurance $155,000 Cash flows from operating activities: $165,000 102,000 Merchandise inventory 81,000 Gross profit End 2016 Assets Total assets Depreciation expense 8,000 Insurance expense 4,000 Supplies expense 3,000 Accounts payable Utilities expense 2,000 Wages payable Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Liabilities Total operating expenses 57,000 Cash dividends payable Net income from operations 98,000 Mortgage note payable Bonds payable 7,000 9,000 0 50,000 15,000 60,000 100,000 80,000 Net cash flow from operating activities Cash flows from investing activities: Other revenue and expenses Gain on sale of investments $6,000 Loss on sale of equipment (4,000) Stockholders' Equity 2,000 Common stock Paid-in capital in excess of par Net income $100,000 Retained earnings Total liabilities and stockholders' equity 25,000 20,000 265,000 175,000 $470,000 $445,000 Net cash flow from investing activities Cash flows from financing activities: Jonick Company Retained Earnings Statement For the Year Ended December 31, 2017 Retained earnings, January 1, 2017 Net income $175,000 10,000 Increase in retained earnings 90,000 Retained earnings, December 31, 2017 Date Item $265,000 Equipment Debit Credit Balance Debit 78,000 4/3/2017 9/12/2017 Net cash flow from financing activities $100,000 Less: Cash dividends 1/1/2017 NOTE: a. All investing and financing activities were for cash. b. The company sold equipment during the year. See the ledgers below for further information. 42,000 60,000 Accumulated Depreciation 36,000 96,000 Credit Date 1/1/2017 4/3/2017 12/31/2017 Item Debit Credit Balance Debit Credit 33,000 17,000 16,000 8,000 24,000 Statement of Cash Flows (Disposal of equipment; mortgage) Be careful in the Operating Activities section. What increased in the example in the notes might decrease here. Follow the rules in the notes! Gray cells should be left blank. Jonick Company Income Statement For the Year Ended December 31, 2017 Sales Jonick Company Comparative Balance Sheet December 31, 2017 and 2016 $420,000 Less: Sales returns 16,000 Less: Sales discounts 14,000 Net sales Assets Cash Accounts receivable 390,000 Cost of merchandise sold Merchandise inventory 160,000 Gross profit Prepaid insurance $230,000 Investment in ABC Co. stock Equipment Operating expenses: Accumulated depreciation Wages expense $38,000 Rent expense 27,000 Depreciation expense 19,000 Insurance expense 15,000 Supplies expense 11,000 Utilities expense 10,000 Land Total assets Liabilities Accounts payable Wages payable Total operating expenses 120,000 Cash dividends payable Net income from operations 110,000 Mortgage note payable Bonds payable Other revenue and expenses Gain on sale of equipment $8,000 Loss on sale of investments (3,000) Stockholders' Equity 5,000 Common stock Paid-in capital in excess of par Net income $115,000 Retained earnings Total liabilities and stockholders' equity Jonick Company Retained Earnings Statement For the Year Ended December 31, 2017 Retained earnings, January 1, 2017 Net income $246,000 $115,000 Less: Cash dividends 18,000 Increase in retained earnings 97,000 Retained earnings, December 31, 2017 Date 1/1/2017 Item $343,000 Equipment Debit Credit Balance Debit 97,000 4/3/2017 9/12/2017 NOTE: a. All investing and financing activities were for b. The company sold equipment during the yea See the ledgers below for further information 51,000 73,000 46,000 119,000 Credit Accumulated Depreciation Item Debit Credit Date 1/1/2017 4/3/2017 12/31/2017 Balance Debit Credit 62,000 47,000 15,000 19,000 34,000 Scoring Total Possible Number Correct Grade A green will appear to the right of each correct answer for the first four amounts in the last column only. The amounts that wll score are indicated by a to their right. 4 0 0% Include subtotals in investing and financing sections where appropriate. Jonick Company Comparative Balance Sheet December 31, 2017 and 2016 Jonick Company Statement of Cash Flows For the Year Ended December 31, 2017 End 2017 End 2016 Assets Cash Cash flows from operating activities: $200,000 Accounts receivable $186,000 84,000 77,000 109,000 103,000 Prepaid insurance 27,000 34,000 Investment in ABC Co. stock 20,000 75,000 Merchandise inventory Equipment 119,000 97,000 Accumulated depreciation (34,000) (62,000) 75,000 0 $600,000 $510,000 $66,000 $58,000 27,000 34,000 7,000 12,000 Land Total assets Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Liabilities Accounts payable Wages payable Cash dividends payable Mortgage note payable Bonds payable 0 30,000 25,000 40,000 115,000 80,000 Net cash flow from operating activities Cash flows from investing activities: Stockholders' Equity Common stock Paid-in capital in excess of par Retained earnings Total liabilities and stockholders' equity 17,000 10,000 343,000 246,000 $600,000 $510,000 Net cash flow from investing activities Cash flows from financing activities: All investing and financing activities were for cash. The company sold equipment during the year. See the ledgers below for further information. Net cash flow from financing activities swer for the first four wll score are indicated s where appropriate. 1, 2017 Statement of Cash Flows Amounts Answer the following eight questions. A green Correct will appear to the right of each correct answer. 1. Scoring Total Possible Number Correct Grade Montreal Inc. reported the following data: Net income Depreciation expense Gain on disposal of equipment Decrease in accounts receivable Decrease in accounts payable $76,800 13,700 16,100 20,400 13,000 What is the amount of net cash flows from operating activities that would appear in the cash flows from operating activities section of the statement of cash flows? $ 2. The net income reported on the income statement for the current year was $88,300. Depreciation recorded on stor equipment for the year amounted to $20,200. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Cash $ 54,300 $ Accounts receivable 29,500 Merchandise inventory 55,500 Prepaid expenses 10,400 Accounts payable 41,800 Wages payable 42,900 Determine the amount of cash flows from operating activities that would appear of the statement of cash flows. $ 3. Wolf Golf Inc. reported a net cash flow from operating activities of $161,000 on its statement of cash flows for the y ended December 31, 2016. The following information was reported in the cash flows from operating activities secti of the statement of cash flows: Decrease in accounts payable Decrease in accounts receivable Depreciation Increase in income taxes payable Decrease in inventories Decrease in prepaid expenses Gain on sale of investments $ 4,500 1,100 16,500 1,100 5,700 3,000 12,000 Determine the net income reported by Wolf Golf Inc. for the year ended December 31, 2016. $ 4. The comparative balance sheet of Rudolph Millworks, Inc., for December 31, 2017 and 2016, is as follows: Dec. 31, 2017 Assets Cash Accounts receivable Inventories Land Equipment Accumulated depreciationequipment Total $ $ Liabilities and Stockholders' Equity Accounts payable Dividends payable Common stock, $1 par Paid-in capital in excess of parcommon stock Retained earnings Total $ $ 52 31 28 30 34 (11) 164 15 5 8 32 104 164 The following additional information is taken from the records: a. b. c. d. e. f. Land was sold for $22. Equipment was acquired for cash. There were no disposals of equipment during the year. The common stock was issued for cash. Net income for 2017 was $30. Cash dividends of $4 were declared during 2017. Enter the following six amounts that would appear on a statement of cash flows. Enter a negative cash flow as a negative number using a minus sign. Net cash flow from operating activities Net cash flow from investing activities Net cash flow from financing activities Increase in cash Cash at the beginning of the year Cash at the end of the year 5. $ $ $ $ $ $ The net income reported on the income statement for the current year was $128,700. Depreciation recorded on fixed assets for the year was $25,740 and amortization of bond discount for the year was $6,440. What is the amount of cash flows from operating activities that would appear on the statement of cash flows? $ 6. The net income reported on the income statement for the current year was $86,370. Depreciation recorded on fixed assets for the year was $17,270 and amortization of bond premium for the year was $4,320. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: Cash End $42,550 Beginning $38,300 Accounts Receivable Inventories Prepaid expenses Accounts payable 62,630 113,880 3,070 55,840 67,640 91,100 2,610 59,190 What is the amount of cash flows from operating activities reported on the statement of cash flows? $ 7. The following information relates to Brock Company: 2017 Ending Balance 462,760 96,080 Equipment Accumulation Depreciation 2016 Ending Balance 536,600 139,500 During 2017, (1) Equipment costing $171,710 was purchased for cash and (2) equipment costing $245,550 with accumulated depreciation of $90,850 was sold for $162,440. What is the amount of depreciation that would added net income in the operating activities section of the 2017 statement of cash flows? $ 8. Below each of the following items, indicate the (1) section of the Statement of Cash Flows (Operating, Investing, and/or Financing) it would impact, (2) the amount that would appear in that section, and (3) whether it would be Added or Deducted. If no section is impacted, enter an "X" in all three entry boxes in the row. All entry boxes in the row must be correct for the green Correct to appear at the far right. a. Received $3,550 from the sale of equipment costing $28,430 with accumulated depreciation of $25,590. Section: Operating Section: Investing b. Declared $24,500 cash dividends on stock. There were $7,300 in dividends payable at the beginning of the year, a $9,860 were payable at the end of the year. Section: c. Amount: $ Declared and issued 200 shares of $30 par common stock as a stock dividend when the market price of the stock was $42 per share. Section: e. Amount: $ Issued 6,000 shares of $30 par common stock for $34 a share, receiving cash. Section: d. Amount: $ Amount: $ Amount: $ Redeemed $700,000 of 15-year, 7% bonds payable at 99. The bonds had a carrying amount of $696,500 at the tim of redemption. Section: Operating Section: Financing Amount: $ Amount: $ Total Possible Number Correct 19 0 0% the cash flows from operating 0. Depreciation recorded on store urrent liability accounts at the Beginning of Year 62,700 37,400 48,300 10,000 36,700 48,400 he statement of cash flows. statement of cash flows for the year ws from operating activities section 31, 2016. Make comments, ask question, and show calculations in this gray area. and 2016, is as follows: Dec. 31, 2016 $ $ $ $ 00. Depreciation recorded on ar was $6,440. What is the of cash flows? 0. Depreciation recorded on ar was $4,320. Balances of ear are as follows: 17 37 22 45 15 (7) 129 18 3 6 24 78 129 nt of cash flows? pment costing $245,550 with of depreciation that would added to Flows (Operating, Investing, and (3) whether it ntry boxes in the row. preciation of $25,590. Action: Action: e at the beginning of the year, and Action: Action: n the market price of the stock Action: ng amount of $696,500 at the time Action: Action: show calculations in this gray area. Statement of Cash Flows Amounts Answer the following eight questions. A green Correct 1. The following are facts about the activities of Ziegler Company. Based on these facts, what is the Cash Flows from Operating Activities amount? 2. The following are facts about the activities of Carbon Company. Based on these facts, what is the Cash Flows from Investing Activities amount? 3. The following are facts about the activities of Shoemaker Company. Based on these facts, what is the Cash Flows from Operating Activities amount? 4. The following are facts about the activities of Benitez Company. Based on these facts, what is the Cash Flows from Financing Activities amount? 5. The following are facts about the activities of Marx Company. Based on these facts, what was net income? 6. The following are facts about the activities of Howard Company. Based on these facts, what was the equipment's purchase price? 7. The following are facts about the activities of Lester Company. Based on these facts, how much depreciation was added back to net income in the Operating Activities section? 8. The following are facts about the activities of Ivester Company. Based on these facts, what was the cash balance at the end of the year? Statement of Cash Flows Amounts Answer the following eight questions. A green Correct will appear to the right of each correct answer. ` Total Possible Number Correct Grade The following are facts about the activities of Ziegler Company. Net Income was $79,660. Amortization of Premium on Bonds Payable, $9,950. Bonds Payable increased by $45,000 during the year. Prepaid Insurance decreased by $5,050. Accounts Payable decreased by $14,440. Cash Dividends Payable was $7,450 at the beginning of the year and $3,000 at the end of the year. No additional dividends were declared during the year. Fully depreciated equipment that had cost $27,800 was sold for $520. Based on these facts, what is the Cash Flows from Operating Activities amount? $ The following are facts about the activities of Carbon Company. Net Income was $277,460. Equipment that cost $65,750 with accumulated depreciation of $49,970 was sold for $18,980. Land that cost $107,000 was sold for $124,000. Issued 6,000 shares of $10 common stock for $120,000. A vehicle was purchased for $49,700 cash. Based on these facts, what is the Cash Flows from Investing Activities amount? $ The following are facts about the activities of Shoemaker Company. Net Income was $88,280. Accounts Receivable was $60,600 at the beginning of the year and $46,660 at the end of the year. Amortization of Discount on Bonds Payable was $5,840. Bonds (Investment in Walter Co. Bonds) whose carrying amount was $116,620 were sold for $111,960. Accounts Payable was $60,590 at the beginning of the year and $35,140 at the end of the year. Cash Dividends paid during the year totaled $2,400. Based on these facts, what is the Cash Flows from Operating Activities amount? $ The following are facts about the activities of Benitez Company. Treasury Stock that had been acquired for $13,400 was sold for $11,800. Common Stock, $9 par, was issued - 4,500 shares - at $12 per share. Equipment was purchased for $6,610 cash. Cash Dividends Payable was $13,600 at the beginning of the year and $10,300 at the end of the year. During the year, $12,100 additional cash dividends were declared. Paid off a mortgage note in full, $18,900. Issued $46,000 of preferred stock in exchange for a parcel of land. Called company bonds with a face amount of $13,500 at 102. Based on these facts, what is the Cash Flows from Financing Activities amount? $ The following are facts about the activities of Marx Company. Cash Flows from Operating Activities was $6,960. Depreciation for the year was $11,690. Inventories was $3,760 at the beginning of the year was $1,990 at the end of the year. Accounts Receivable was $11,670 at the beginning of the year was $16,220 at the end of the year. Accounts Payable was $6,780 at the beginning of the year was $3,050 at the end of the year. Equipment with a book value of $44,120 was sold for $48,260. Based on these facts, what was net income? $ The following are facts about the activities of Howard Company. Cash Flows from Operating Activities was $44,410. Net Income was $40,390. Cash Flows from Financing Activities was $18,360. Cash was $83,690 at the beginning of the year was $147,390 at the end of the year. One piece of equipment was sold for $13,400, which includes a $540 loss. A second piece of equipment was purchased for cash. Based on these facts, what was the equipment's purchase price? $ The following are facts about the activities of Lester Company. Accumulated Depreciation was $41,840 at the beginning of the year was $26,930 at the end of the year. Equipment that had cost $30,140 had a book value of $7,130 at the time it was sold for $6,840. Additional equipment was purchased for $34,400 cash. Based on these facts, how much depreciation was added back to net income in the Operating Activities section? $ The following are facts about the activities of Ivester Company. Cash Flows from Operating Activities was $69,120. Cash Flows from Investing Activities was $32,210. Cash Flows from Financing Activities was $(10,280). Cash at the beginning of the year was $50,080. Based on these facts, what was the cash balance at the end of the year? $ Total Possible Number Correct he year. 0. e year. r $111,960. ear. f the year. 8 0 0% Make comments, ask question, and show calculations in this gray area. e year. r. of the year. 40. ns in this gray area