Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bonita Industries's balance sheet accounts as of December 31,2021 and 2020 and information relating to 2021 activities are presented below. Information relating to 2021 activities:

image text in transcribedimage text in transcribed Bonita Industries's balance sheet accounts as of December 31,2021 and 2020 and information relating to 2021 activities are presented below. Information relating to 2021 activities: - Net income for 2021 was $1510000. - Cash dividends of $602000 were declared and paid in 2021. - Equipment costing $1000000 and having a carrying amount of $318000 was sold in 2021 for $358000. - A long-term investment was sold in 2021 for $318000. There were no other transactions affecting long-term investments in 2021. - 24400 shares of common stock were issued in 2021 for $25 a share. - Short-term investments consist of treasury bills maturing on 6/30/22. Net cash provided by Bonita's 2021 operating activities was $2066000$2106000$1510000$2146000 Bonita Industries's balance sheet accounts as of December 31,2021 and 2020 and information relating to 2021 activities are presented below. Information relating to 2021 activities: - Net income for 2021 was $1510000. - Cash dividends of $602000 were declared and paid in 2021. - Equipment costing $1000000 and having a carrying amount of $318000 was sold in 2021 for $358000. - A long-term investment was sold in 2021 for $318000. There were no other transactions affecting long-term investments in 2021. - 24400 shares of common stock were issued in 2021 for $25 a share. - Short-term investments consist of treasury bills maturing on 6/30/22. Net cash provided by Bonita's 2021 operating activities was $2066000$2106000$1510000$2146000

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

Principles Of Auditing And Other Assurance Services

Authors: Ray Whittington, Kurt Pany

16th Edition

007352686X, 978-0073526867

More Books

Students also viewed these Accounting questions