Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Blossom Corporation began business in 2020 by issuing 51000 shares of $5 par common stock for $6 per share and 5100 shares of 8%, $10

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Blossom Corporation began business in 2020 by issuing 51000 shares of $5 par common stock for $6 per share and 5100 shares of 8%, $10 par preferred stock for par. At year end, the common stock had a market value of $10. On its December 31, 2020 balance sheet, Blossom would report Common Stock of $510000 Common Stock of $255000. Common Stock of $306000 Paid-in Capital of 5448800 If a loss of $112000 is realized when seiling (for cash) a building having a book value of $832000, the total amount reported in the cash flows from investing activities section of the statement of cash Mows is $720000 5832000 5944000 $112000 Bramble Corp. reported net income of $95400 for the year 2022. During 2022, accounts receivable increased by $6360, accounts payable decreased by $4240 and depreciation expense of $10600 was recorded. Net cash provided by operating activities for 2022 is $86920 C$4800 595400 $106000 Chevenne Corpswed 17600 shares of $1 par common stock for $40 per share during 2022. The company paid dividends of $42000 and issued long-term notes payable of $387000 during the year. What amount of cash flows from financing activities will be reported on the statement of cash flows? $310000 net cash inflow. $11000 net cash innow. $620000 net cash outflow $1049000 net cash inflow Vaughn Manufacturing began the year with retained earnings of $392000. During the year, the company recorded revenues of $511000, expenses of $381000, and paid dividends of $44500. What was Vaughn's retained earnings balance at the end of the year? $511000 $477500 $555500 $855500 Ayayal has the following inventory data: July 1 Beginning inventory S Purchases 14 Sale 21 Purchases 30 Sale 28 units at $56 169 units at $53 113 units 85 units at $55 79 units Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July? $10346 $10286 $10334 $10560 On January 1, a machine with a useful life of four years and a salvage value of $13000 was purchased for $77000. What is the depreciation expense for year 2 under straight line depreciation? $32000. $19250 $16000 $38500 On January 1, a machine with a ful life of five years and a savage value of $20000 was purchased for $190000. What is the depreciation experse for year 2 under straight-line deprecation? $114000 $34000 391200 22000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Culture Audits Supporting Organizational Success Information Line

Authors: Cynthia Solomon

1st Edition

156286386X, 978-1562863869

More Books

Students also viewed these Accounting questions

Question

What methods can you employ to stimulate your ingenuity?

Answered: 1 week ago