On January 1, Year 1, Gibson Company had a balance of $261,000 in its Land account. During Year 1, Gibson sold land that had cost $79,500 for $141,500 cash. The balance in the Land account on December 31, Year 1, was $296,000. Required a. Determine the cash outflow for the purchase of land during Year 1. b. Prepare the investing activities section of the Year 1 statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Determine the cash outflow for the purchase of land during Year 1. Cash outflow for the purchase of land On January 1, Year 1, Solomon Company had a balance of $578,000 in its Bonds Payable account. During Year 1, Solomon issued bonds with a $158,000 face value. There was no premium or discount associated with the bond issue. The balance in the Bonds Payable account on December 31, Year 1, was $249,000. Required a. Determine the cash outflow for the repayment of bond liabilities assuming that the bonds were retired at face value. b. Prepare the financing activities section of the Year 1 statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the financing activities section of the Year 1 statement of cash flows. (Cash outflows should be indicated with minus sign.) Cash flows from financing activities: Net cash flow from financing activities Dourad A Selected data from Campbell Company follow: Balance Sheets As of December 31 Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Year 3 $392,000 (19,600) $ 372,400 Year 2 $373,000 (14,920) $ 358,080 $433,000 $482,000 Income Statement For the Years Ended December 31 Year 3 Net credit sales $2,012,000 Net cash sales 400,000 Net sales 2,412,000 Cost of goods sold 1,592,000 Selling, general, and administrative expenses 240,200 Other expenses 40,200 Total operating expenses $1,872,400 Year 2 $1,758,000 304,000 2,062,000 1,426,000 215,000 23,400 $1,664,400 Required a. Compute the accounts receivable turnover for Year 3. b. Compute the inventory turnover for Year 3. c. Compute the net margin for Year 2. (For all requirements, round your answers to 2 decimal places.) times a. Accounts receivable turnover b. Inventory turnover c. Net margin times Following is the balance sheet of Adams Company for Year 3: ADAMS COMPANY Balance sheet Assets Cash Marketable securities Accounts receivable Inventory Property and equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Current notes payable Mortgage payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 14,550 8,140 12,920 11,150 168,500 (13,000) $ 202,260 $ 8,000 3,800 4,850 21,540 113,700 50, 370 $ 202,260 The average number of common stock shares outstanding during Year 3 was 900 shares. Net income for the year was $15,900. Required Compute each of the following: (Round your answer to 2 decimal places. For percentages, 0.2345 should be entered as 23.45.) Required Compute each of the following: (Round your answer to 2 decimal places. For percentages, 0.2345 should be entered as 23.45.) 3.96 per share 3.02 a. Current ratio b. Earnings per share c. Quick (acid-test) ratio d. Return on investment e. Return on equity f. Debt to equity ratio The following balance sheet information is provided for Duke Company for Year 2: Assets Cash Accounts receivable Inventory Prepaid expenses Plant and equipment, net of depreciation Land Total assets Liabilities and Stockholders' Equity Accounts payable Salaries payable Bonds payable (due in ten years) Common stock, no par Retained earnings Total liabilities and stockholders' equity $ 5,400 15,500 18,000 1,600 20,200 19,950 $ 80,650 $ 4,500 11,500 19,000 30,000 15,650 $80,650 What is the company's current ratio? (Round your answer to 2 decimal places.) The following balance sheet information was provided by O'Connor Company: Assets Cash Accounts receivable Inventory Year 2 $ 2,000 7,000 $20,000 Year 1 $1,000 5,000 $21,000 Assuming that net credit sales for Year 2 totaled $145,000, what is the company's most recent accounts receivable turnover? Alpha Company provided the following balance sheet for Year 2: Assets Cash Accounts receivable Inventory Prepaid expenses Plant and equipment, net of depreciation Land Total assets Liabilities and stockholders' equity Accounts payable Salaries payable Bonds payable (due in ten years) Common stock, no par Retained earnings Total liabilities and stockholders' equity $ 6,800 8,950 11,750 1,700 34,400 28,000 $91,600 $ 4,100 5,900 18,000 22,000 41,600 $91,600 What is the company's plant assets to long-term liabilities ratio? The Crestar Company reported net income of $93,600 on 19,000 average outstanding common shares. Preferred dividends total $11,900. On the most recent trading day, the preferred shares sold at $49 and the common shares sold at $79. What is this company's current price-earnings ratio? (Do not round your intermediate calculations.) On January 1, Year 1, Gibson Company had a balance of $261,000 in its Land account. During Year 1, Gibson sold land that had cost $79,500 for $141,500 cash. The balance in the Land account on December 31, Year 1, was $296,000. Required a. Determine the cash outflow for the purchase of land during Year 1. b. Prepare the investing activities section of the Year 1 statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Determine the cash outflow for the purchase of land during Year 1. Cash outflow for the purchase of land On January 1, Year 1, Solomon Company had a balance of $578,000 in its Bonds Payable account. During Year 1, Solomon issued bonds with a $158,000 face value. There was no premium or discount associated with the bond issue. The balance in the Bonds Payable account on December 31, Year 1, was $249,000. Required a. Determine the cash outflow for the repayment of bond liabilities assuming that the bonds were retired at face value. b. Prepare the financing activities section of the Year 1 statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the financing activities section of the Year 1 statement of cash flows. (Cash outflows should be indicated with minus sign.) Cash flows from financing activities: Net cash flow from financing activities Dourad A Selected data from Campbell Company follow: Balance Sheets As of December 31 Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Year 3 $392,000 (19,600) $ 372,400 Year 2 $373,000 (14,920) $ 358,080 $433,000 $482,000 Income Statement For the Years Ended December 31 Year 3 Net credit sales $2,012,000 Net cash sales 400,000 Net sales 2,412,000 Cost of goods sold 1,592,000 Selling, general, and administrative expenses 240,200 Other expenses 40,200 Total operating expenses $1,872,400 Year 2 $1,758,000 304,000 2,062,000 1,426,000 215,000 23,400 $1,664,400 Required a. Compute the accounts receivable turnover for Year 3. b. Compute the inventory turnover for Year 3. c. Compute the net margin for Year 2. (For all requirements, round your answers to 2 decimal places.) times a. Accounts receivable turnover b. Inventory turnover c. Net margin times Following is the balance sheet of Adams Company for Year 3: ADAMS COMPANY Balance sheet Assets Cash Marketable securities Accounts receivable Inventory Property and equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Current notes payable Mortgage payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 14,550 8,140 12,920 11,150 168,500 (13,000) $ 202,260 $ 8,000 3,800 4,850 21,540 113,700 50, 370 $ 202,260 The average number of common stock shares outstanding during Year 3 was 900 shares. Net income for the year was $15,900. Required Compute each of the following: (Round your answer to 2 decimal places. For percentages, 0.2345 should be entered as 23.45.) Required Compute each of the following: (Round your answer to 2 decimal places. For percentages, 0.2345 should be entered as 23.45.) 3.96 per share 3.02 a. Current ratio b. Earnings per share c. Quick (acid-test) ratio d. Return on investment e. Return on equity f. Debt to equity ratio The following balance sheet information is provided for Duke Company for Year 2: Assets Cash Accounts receivable Inventory Prepaid expenses Plant and equipment, net of depreciation Land Total assets Liabilities and Stockholders' Equity Accounts payable Salaries payable Bonds payable (due in ten years) Common stock, no par Retained earnings Total liabilities and stockholders' equity $ 5,400 15,500 18,000 1,600 20,200 19,950 $ 80,650 $ 4,500 11,500 19,000 30,000 15,650 $80,650 What is the company's current ratio? (Round your answer to 2 decimal places.) The following balance sheet information was provided by O'Connor Company: Assets Cash Accounts receivable Inventory Year 2 $ 2,000 7,000 $20,000 Year 1 $1,000 5,000 $21,000 Assuming that net credit sales for Year 2 totaled $145,000, what is the company's most recent accounts receivable turnover? Alpha Company provided the following balance sheet for Year 2: Assets Cash Accounts receivable Inventory Prepaid expenses Plant and equipment, net of depreciation Land Total assets Liabilities and stockholders' equity Accounts payable Salaries payable Bonds payable (due in ten years) Common stock, no par Retained earnings Total liabilities and stockholders' equity $ 6,800 8,950 11,750 1,700 34,400 28,000 $91,600 $ 4,100 5,900 18,000 22,000 41,600 $91,600 What is the company's plant assets to long-term liabilities ratio? The Crestar Company reported net income of $93,600 on 19,000 average outstanding common shares. Preferred dividends total $11,900. On the most recent trading day, the preferred shares sold at $49 and the common shares sold at $79. What is this company's current price-earnings ratio? (Do not round your intermediate calculations.)