Question
BlossomInc. is a private company reporting under ASPE. The following selected account balances were reported inBlossomInc.'s financial statements at year end: 2021 2020 Cash$18,825$8,550 Buildings841,500736,000
BlossomInc. is a private company reporting under ASPE. The following selected account balances were reported inBlossomInc.'s financial statements at year end:
20212020 Cash$18,825$8,550 Buildings841,500736,000 Equipment398,000345,800 Land96,00053,250 Accumulated depreciationbuildings
305,500290,750 Accumulated depreciationequipment
126,00094,250 Dividends payable
6,3002,750 Mortgage payable545,400585,400 Notes payable
340,500309,500 Common shares:5,410shares in 2021;4,010in 2020
539,500410,500 Retained earnings
202,000103,000 Cash dividends declared
25,50010,400 Depreciation expensebuildings
24,75040,050 Depreciation expenseequipment
47,55525,700 Gain on sale of equipment9100 Loss on sale of building
9,7000 Interest expense
48,35044,250
Additional information:1.Purchased $75,500of equipment for $10,200cash and a note payable for the remainder.2.Equipment was also sold during the year.3.Sold a building that originally cost $50,500.4.Used cash to purchase land and a building.5.Mortgage payments and notes payable payments included interest and principal amounts.6.Common shares were issued for cash.
(a)
Determine the amount of any cash inflows or outflows related to investing activities in 2021. (Hint:Use T accounts to calculate the cash flows.)(Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
BLOSSOMINC.
Cash Flow Statement (Partial)
December 31, 2021
Month Ended December 31, 2021
Year Ended December 31, 2021
Investing Activities
Net Cash Used by Operating Activities
Net Cash Used by Investing Activities
Operating Activities
Financing Activities
Net Cash Provided by Operating Activities
Net Cash Used by Financing Activities
Net Cash Provided by Financing Activities
Net Decrease in Cash
Net Cash Provided by Investing Activities
Cash, January 1
Cash, December 31
Net Increase in Cash
Sale of Equipment
Sale of Land
Sale of Building
Issuance of Common Shares
Purchase of Land
Purchase of Equipment
Purchase of Building
Payment of Cash Dividends
Repayment of Mortgage Note
Repurchase of Common Shares
$
Repurchase of Common Shares
Sale of Land
Purchase of Building
Repayment of Mortgage Note
Issuance of Common Shares
Purchase of Land
Purchase of Equipment
Sale of Building
Payment of Cash Dividends
Sale of Equipment
Issuance of Common Shares
Sale of Land
Repayment of Mortgage Note
Purchase of Equipment
Repurchase of Common Shares
Sale of Building
Purchase of Land
Sale of Equipment
Purchase of Building
Payment of Cash Dividends
Purchase of Equipment
Sale of Equipment
Repurchase of Common Shares
Repayment of Mortgage Note
Payment of Cash Dividends
Sale of Building
Purchase of Land
Sale of Land
Issuance of Common Shares
Purchase of Building
Sale of Equipment
Purchase of Building
Purchase of Land
Repayment of Mortgage Note
Payment of Cash Dividends
Issuance of Common Shares
Purchase of Equipment
Sale of Building
Sale of Land
Repurchase of Common Shares
Net Decrease in Cash
Net Cash Used by Financing Activities
Cash, December 31
Net Cash Provided by Financing Activities
Net Increase in Cash
Operating Activities
Net Cash Used by Investing Activities
Net Cash Provided by Investing Activities
Cash, January 1
Financing Activities
Investing Activities
Net Cash Used by Operating Activities
Net Cash Provided by Operating Activities
$
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
