Question
Hello, I need help understanding how to solve the following 6 questions. Thank you very much in advance for your time and kind help. 1)
Hello, I need help understanding how to solve the following 6 questions. Thank you very much in advance for your time and kind help.
1) Bagrov Corporation had a net decrease in cash of $16,000 for the current year. Net cash used in investing activities was $58,000 and net cash used in financing activities was $44,000. What amount of cash was provided (used) in operating activities? |
$86,000 provided.
$(118,000) used.
$(86,000) used.
$118,000 provided.
$(16,000) used.
2) A machine with a cost of $178,000, current year depreciation expense of $29,000 and accumulated depreciation of $109,000 is sold for $59,200 cash. The amount(s) that should be reported in the operating section of the statement of cash flows is: |
$29,000.
$5,920.
$88,200.
$13,800.
$38,800.
3) Analysis reveals that a company had a net increase in cash of $22,640 for the current year. Net cash provided by operating activities was $20,400; net cash used in investing activities was $11,200 and net cash provided by financing activities was $13,440. If the year-end cash balance is $27,600, the beginning cash balance was: |
$4,960.
$17,680.
$50,240.
$45,280.
$44,280.
4) The following data has been collected about Keller Company's stockholders' equity accounts: |
Common stock $10 par value 27,000 shares authorized and 13,500 shares issued, 1,700 shares outstanding | $135,000 |
Paid-in-capital in excess of par value, common stock | 57,000 |
Retained earnings | 32,000 |
Treasury stock | 20,740 |
Assuming the treasury shares were all purchased at the same price, the number of shares of treasury stock is: |
32,000.
57,000.
10.
135,000.
11,800.
5) On September 1, Ziegler Corporation had 74,000 shares of $5 par value common stock, and $222,000 of retained earnings. On that date, when the market price of the stock is $15 per share, the corporation issues a 2-for-1 stock split. The general journal entry to record this transaction is: |
Debit Retained Earnings $1,110,000; credit Common Stock Split Distributable $1,110,000.
Debit Retained Earnings $1,110,000; credit Common Stock $1,110,000.
Debit Retained Earnings $370,000; credit Common Stock $370,000.
Debit Retained Earnings $370,000; credit Stock Split Payable $370,000.
No entry is made for this transaction.
6) Clabber Company has bonds outstanding with a par value of $109,000 and a carrying value of $102,700. If the company calls these bonds at a price of $99,500, the gain or loss on retirement is: |
$9,500 loss.
$6,300 loss.
$3,200 loss.
$3,200 gain.
$6,300 gain
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