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Kindly show work. Will up vote. thanks 6 Following are selected balance sheet accounts of Del Conte Corp. at December 31, 2018 and 2017, and
Kindly show work. Will up vote. thanks
6 Following are selected balance sheet accounts of Del Conte Corp. at December 31, 2018 and 2017, and the increases or decreases in each account from 2017 to 2018. Also presented is selected income statement information for the year ended December 31, 2018, and additional information. Increase (Decrease) 2018 2017 $ 50,000 293, 000 (194,000) $ 32,000 255,000 (175,000) $ 18,000 38,000 19, eee Selected Balance Sheet Accounts Assets Accounts receivable Property, plant, and equipment Accumulated depreciation Liabilities and Stockholders' Equity Bonds payable Dividends payable Common stock, $1 par Additional paid-in capital Retained earnings 73,000 12,000 38,000 13,000 120,000 62,eee 8, 2ee 27,000 6,200 99,00 11, eee 3,800 11,eee 6,800 21, eee Selected Income Statement Information for the Year Ended December 31, 2018 Sales revenue $ 171,000 Depreciation 49,000 Gain on sale of equipment 17,000 Net income 44,000 Additional information: a. Accounts receivable relate to sales of merchandise. b. During 2018, equipment costing $56,000 was sold for cash. c. During 2018, bonds payable with a face value of $36,000 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, 2018. The following two responses are required for each item: a. Determine the amount that should be reported in Del Conte's 2018 statement of cash flows. b. Select the category (i.e., 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 payableStep by Step Solution
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