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Following are selected balance sheet accounts of Del Conte Corp. at December 31, 2021 and 2020, and the increases or decreases in each account from
Following are selected balance sheet accounts of Del Conte Corp. at December 31, 2021 and 2020, and the increases or decreases in each account from 2020 to 2021. Also presented is selected Income statement Information for the year ended December 31, 2021, and additional Information. Increase (Decrease) $ 29,eee 49,000 30, eee Selected Balance Sheet Accounts 2e21 2e2e Assets Accounts receivable $ 72,000 $ 43,000 Property, plant, and equipment 315,000 266,eee Accumulated depreciation (216, eee) (186, eee) Liabilities and Stockholders' Equity Bonds payable 186,eee 84,608 Dividends payable 17,500 12,600 Connon stock, $1 par 60,000 38,eee Additional paid-in capital 18,5ee 18,688 Retained earnings 142,888 110,000 Selected Income Statement Information for the Year Ended December 31, 2021 Sales revenue $ 193,000 Depreciation 71,600 Gain on sale of equipment 22,500 Net income 66, eee 22,eee 4,900 22,00 7,900 32.ee Additional Information: a. Accounts receivable relate to sales of merchandise. b. During 2021, equipment costing $78,000 was sold for cash. c. During 2021, bonds payable with a face value of $58.000 were issued in exchange for property, plant, and equipment. There was no amortization of bond discount or premium. Required: Items 1 through 5 represent activities that will be reported in Del Conte's statement of cash flows for the year ended December 31, 2021. The following two responses are required for each item: a. Determine the amount that should be reported in Del Conte's 2021 statement of cash flows. b. Select the category (Le.. O - Operating activity. I - Investing activity and F - Financing activity, in which the amount should be reported in the statement of cash flows. Amount Category 1. Cash collections from customers (direct method). 2. Payments for purchase of property, plant, and equipment. 3. Proceeds from sale of equipment 4. Cash dividends paid. 5. Redemption of bonds payable
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