Examination III - Chapters 21, 22, and 23 Question 17 of 24 < > Financial statements for Sunland Company are given below: Sunland Company Balance Sheet January 1, 2021 Assets Equities Cash $ 966000 Accounts payable $ 460000 Accounts receivable 863000 Buildings and equipment 3650000 Accumulated depreciation- buildings and equipment (1150000) Common stock 2760000 Patents 433000 Retained earnings 1542000 $4762000 $4762000 Sunland Company Statement of Cash Flows For the Year Ended December 31, 2021 Increase (Decrease) in Cash Ch WhatsApp Details! | Techfios x Video! | Techfios x Quhd blackboard X UHDBlackboard 2 https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchid-48b96ca0-1335-4e99-ba60-c1 amination III - Chapters 21, 22, and 23 Question 17 of 24 < > Sunland Company Statement of Cash Flows For the Year Ended December 31, 2021 Increase (Decrease) in Cash Cash flows from operating activities Net income $1190000 4 Adjustments to reconcile net income to net cash provided by operating activities: Increase in accounts receivable $(381000) Increase in accounts payable Depreciation-buildings and equipment Gain on sale of equipment Amortization of patents et cash provided by operating activities 195000 364000 (147000 ) 51000 82000 1272000 ash flows from investing activities 200000 07) WhatsApp Details | Techfios x Video Techfios x blackboard X UHDBlackboard Examinations-2 https://education wiley.com/was/ui/v/assessment-player/indexhtml?launchid-48b96ca0-1335-499-ba60-c1140857b441/questione - Examination Ill-Chapters 21, 22, and 23 Question 17 of 24 < > Cash flows from investing activities Sale of equipment Purchase of land 290000 (607000) Purchase of buildings and equipment (1148000) Net cash used by investing activities (1465000) Cash flows from financing activities Payment of cash dividend Sale of common stock Net cash provided by financing activities Net increase in cash Cash, January 1, 2021 Cash, December 31, 2021 (361000) 951000 590000 397000 966000 $1363000 -73.75 Total assets on the balance sheet at December 31, 2021 are $6646000. Accumulated depreciation on the equipment sold was $336000 The accounts payable at December 31, 2021 were Question 17 of 24 < > Payment of cash dividend Sale of common stock Net cash provided by financing activities (361000) 951000 590000 Net increase in cash Cash, January 1, 2021 397000 966000 Cash, December 31, 2021 $1363000 -73.75 E III Total assets on the balance sheet at December 31, 2021are $6646000. Accumulated depreciation on the equipment sold was $336000. The accounts payable at December 31, 2021 were O $893000. $655000. O $195000. O $265000. Save for Later Attempts: 0 of 1 used Submit A Question 18 of 24 View Policies Current Attempt in Progress < The following information was taken from the 2021 financial statements of Sheridan Company: Inventory, January 1, 2021 $ 180000 Inventory, December 31, 2021 245000 Accounts payable, January 1, 2021 142000 Accounts payable, December 31, 2021 241000 Sales revenue 1300000 Cost of goods sold 790000 -/3.75 E If the direct method is used in the 2021 statement of cash flows, what amount should Sheridan report as cash payments to suppliers? O $756000 O $889000 O $824000 O $954000 Save for Later Attempts: 0 of 1 used Submit Answer Examination III - Chapters 21, 22, and 23 Question 19 of 24 < 3 View Policies /question/18 -/3.75 E Current Attempt in Progress A flood damaged a building and contents. The receipts from insurance companies totaled $593000, which was $176000 less than the book values. The tax rate is 35%. On the statement of cash flows (indirect method), the receipts from insurance companies should O be shown as an addition to net income of $417000. be shown as an inflow from investing activities of $593000. not be shown. O be shown as an inflow from investing activities of $417000. Save for Later Attempts: 0 of 1 used Submit Answer View Policies Current Attempt in Progress The balance sheet data of Marigold Corp. at the end of 2021 and 2020 follow: 2021 2020 Cash $ 100000 $138000 Accounts receivable (net) Inventory 238000 178000 278000 179000 Prepaid expenses 40000 110000 Buildings and equipment 359000 302000 Accumulated depreciation-buildings and equipment (73000) (32000) Land 358000 162000 Totals $1300000 $1037000 Accounts payable $272000 $220000 Accrued expenses 46000 73000 Notes payable-bank, long-term 170000 Mortgage payable 118000 -/3.75 Question 20 of 24 < 3 Accounts payable $272000 $220000 Accrued expenses 46000 73000 Notes payable-bank, long-term 170000 Mortgage payable 118000 Common stock, $10 par 831000 635000 Retained earnings (deficit) 33000 (61000) $1300000 $1037000 -73.75 Land was acquired for $196000 in exchange for common stock, par $196000, during the year; all equipment purchased was for cash. Equipment costing $24000 was sold for $6000; book value of the equipment was $16000 and the loss was reported as an ordinary item in net income. Cash dividends of $28000 were charged to retained earnings and paid during the year; the transfer of net income to retained earnings was the only other entry in the Retained Earnings account. In the statement of cash flows for the year ended December 31, 2021, for Marigold Corp.: The net cash provided (used) by investing activities was O $(272000). O $(75000). O $51000. O $(81000)