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Please complete the 10 accounting questions attached here. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. II n uu I. cm. nuun '5:
Please complete the 10 accounting questions attached here.
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. II n uu I." cm. nuun '5\": IIqu uuun. uu nu: m uunuuu, 'uu mu, nun. Ilulu \\uulll'Jluuuu HIMI'LIIIIIH. 10. value: 17.00 points Following are selected balance sheet accounts of Del Conte Corp. at December 31, 2016 and 2015, and the increases or decreases in each account from 201510 2016. Also presented is selected income statement information for the year ended December 31, 2016, and additional information. Increase Selected Balance Sheet Accounts 2016 2015 (Decrease) Assets Accounts receivable $ 72,000 $ 43,000 $ 29,000 Property, plant, and equipment 315,000 266,000 49,000 Accumulated depreciation (216,000) (13530\") 30,000 Llabllltles and Stockholders' Equlty Bonds payable 106,000 84,000 22,000 Dividends payable 17,500 12,600 4,900 Common stock, $1 per 60,000 38,000 22,000 Additional paid-in capital 16,500 10,600 7,900 Retained earnings 142,000 110,000 32,000 Selected Income Statement Information for the Year Ended December 31, 2016 Sales revenue $ 193,000 Depreciation 71 ,000 Gain on sale of equipment 22,500 Net income 66,000 Additional information: a. Accounts receivable relate to sales of merchandise. b. During 2016, equipment costing $78,000 was sold for cash. c. During 2016, 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 ows for the year ended December 31, 2016. The following two responses are required for each item: - Determine the amount that should be reported in Del Conte's 2016 statement of cash ows. - Select the category (i.e., O - Operating activity, I - Investing activity and F - Financing activity) in which the amount should be reponed in the statement of cash flows. Answer is complete but not entirely correct Cash collections from customers (direct method). :5 164 OODJ O J 2. Payments for purchase of property, plant, and equipment. $ 69,000J I J 3. Proceeds from sale of equipment. $ 39,500: I J 4. Cash dividends paid. is 29,100.] F J 5. Redemption of bonds payable. $ 36,000J F J r l'hls window shows what Is correct and incorrect for the work you have completed so far. Even if all of the work you have done so far is correct, you may not have completed everything. 5 value: C 5.00 points Carter Containers sold marketable securities, land, and common stock for $34.0 million, $10.0 million, and $45.0 million, respectively. Carter also purchased treasury stock, equipment, and a patent for $24.5 million, $21.0 million, and $11.5 million, respectively. What amount should Carter report as net cash from nancing activities? (Amounts to be deducted should be Indicated with a minus sign. Enter your answers In millions rounded to 1 decimal place [l.e., 5,500,000 should he entered as 5.5).} Answer is complete but not entirely oorrect Cash Flows from Financing Activities: Proceeds from sale of common stock J $ 45.0J Purchase of treasury stock Jm 1..\" u 6. uu u: nu. Ituln'uu \"nu-u uuun. W n.\" nu uuliuuu.' June \"In, nun. IIuI-u uuillrnuuuu uruu'umua. value: 8.00 points Sunset Acres reported net income of $50.0 million. Included in that number were trademark amortization expense of $3.9 million and a gain on the sale of land of $1.3 million. Records reveal decreases in accounts receivable, accounts payable, and inventory of $1.8 million, $2.8 million, and $3.8 million, respectively. What were Sunset's cash ows from operating activities? {Amounts to be deducted should be Indicated with a mlnus sign. Enter your answers In millions rounded to 1 decimal place (l.e., 5,500,000 should be entered as 5.5).] Answer is complete but not entirely correct Cash ows from operating activities: Net income Aoiustments for noncash e'ects: Amortization expense Gain on the sale of land Decrease in accounts receivable Decrease in accounts payable Decrease in inventory Changes in operating assets and iiabiiities: Net cash flows from operating activities Required: 1. In Millennium's statement of cash ows, what were net cash inows (or outows) from investing activities for 2018? (Amounts to be deducted should be Indicated with a minus sign. Enter your answers In millions rounded to 1 decimal place [l.e., 5,500,000 should be entered as 5.5).} Answer Is complete and correct Collection of note receivable with interest 2. In Millennium's statement of cash ows, what were net cash inows (or outows) from nancing activities for 2018? (Amounts to be deducted should be Indicated with a minus sign. Enter your answers In millions rounded to 1 decimal place [l.e., 5,500,000 should be entered as 5.5).} Answer is complete but not: entirely correct Cash Flows from Financing Activities: Payment for the early extinguishment of long-term Sale of common shares _ Retirement of common shares J (135.0)J Issuance of short-tenn note payable for cash JIM Distribution of cash dividends declared in 2015 J (55.0)J Net cash inows (outows) from nancing $ 142 0 activities ' The income statement and a schedule reconciling cash flows from operating activities to net income are provided below ($ in 000s) for Peach Computers. PEACH COMPUTERS Income Statement For the Year Ended December 31, 2016 Sales $ 455.0 Cost of goods sold (182.0) Gross margin 273.0 Salaries expense $53.0 Insurance expense 30.0 Depreciation expense 14.0 Loss on sale of land 12.0 109.0 Income before tax 164.0 Income tax expense (32.0) Net income $ 32.0 Reconciliation of Net Income To Net Cash Flows from Operating Activities Net income $ 32.0 Adjustments for Noncash Effects Depreciation expense 14.0 Loss on sale of land 12.0 Changes in operating assets and liabilities: Decrease in accounts receivable 16.0 Increase in inventory (63.0) Decrease in accounts payable (38.0) Increase in salaries payable 25.0 Decrease in prepaid insurance 14.0 Increase in income tax payable 78.0 Net cash flows from operating activities $14M Required: 1. Calculate each of the following amounts for Peach Computers: (Enter your answers In thousands rounded to 1 decimal place [I.e., 5,500 should be entered as 5.5). Amounts for cash outflows should be Indicated with a mInus sign.) Answer is complete but not entirely correct _ Cash received from customers during the reporting period. $ 471.0J _ Cash paid to suppliers of goods during the reporting period. $ 283.0! _ Cash paid to employees during the reporting period. $ 28.0! _ Cash paid for insurance during the reporting period. $ 16.0! _ Cash paid for income taxes during the reporting period. $ 4.0! Solution-1 a Cash b Event 1 Solution-2 a Cash b Event 1 Solution-3 Cash inflow from financing activities Cash outflow from operating activities cash outflow from financing activities Solution-4 a Cash inflow from investing activities b Yes Solution-5 Cash Flows from Financing Activities Issuance of common stock Purchase of treasury stock Net cash inflows (outflows) from financing activities Solution-6 Cash flows from operating activities: Net income Adjustments for noncash effects: Amortization expense Gain on sale of land Changes in operating assets and liabilities: Decrease in accounts receivable Decrease in accounts payable Decrease in inventory Net cash flows from operating activities Solution-7 1 Cash Flows From Investing Activities: Proceeds from sale of equipment Acquisition of building for cash Purchase of marketable securities Collection of note receivable with interest Net cash inflows (outflows) from investing activities 2 Cash Flows from Financing Activities: Payment for the early extinguishment of long-term notes Sale of common shares Retirement of common shares Issuance of short-term note payable for cash Distribution of cash dividends declared in 2015 Net cash inflows (outflows) from financing activities Solution-8 1 a b c d e 2 Cash Flows from Operating Activities: Cash received from customers Cash paid to suppliers Cash paid to employees Cash paid for insurance Cash paid for income taxes Net Cash Flows from Operating Activities Solution-9 Cash flows from operating activities: Net income Adjustments for noncash effects: Depreciation expense Patent amortization expense Loss on sale of land Changes in operating assets and liabilities: Decrease in accounts receivable Decrease in inventory Increase in accounts payable Decrease in salaries payable Increase in interest payable Increase in income tax payable Net cash flows from operating activities Solution-10 1 2 3 4 5 $37.50 million General Journal Debit $37.5 $3.0 Cash Accounts Receivable Sales Revenue $61.2 General Journal Cost of goods sold Inventory Accounts payable Cash $32.00 $3.20 $8.44 $39.0 $45.0 -24.5 $20.5 $50.0 $3.9 -1.3 million Debit $59.0 $7.5 1.1 -2.8 3.8 $54.7 $13.2 ($13.5) ($18.0) $24.0 $5.7 ($81.0) $228.0 ($135.0) $23.0 ($55.0) ($20.0) Cash received from customers during the reporting period. Cash paid to suppliers of goods during the reporting period. Cash paid to employees during the reporting period. Cash paid for interest during the reporting period. Cash paid for insurance during the reporting period. $471.0 -283 -28 -16 -4 $140.0 $147 $100 $471.0 -283 -28 -16 -4 $5 $4 $4 $17 $16 $10 ($10) $8 $9 $310 Cash collections from customers (direct method) Payments for purchase of property, plant and equipment Proceeds from sale of equipment Cash dividends paid Redemption of bonds payable Amount $164,000 $69,000 $59,500 $29,100 $36,000 Credit $40.5 Credit $5.3 $61.2 Category O I I F F "\"5 window shows what Is correct and Incorrect for the work you have completed so far. ren if all of the work you have done so far is correct. you may not have completed everything. 3. value: 5.00 polnts On January 1, 2016, the Men't Group issued to its bank a $32 millionI ve-year installment note to be paid in ve equal payments at the and 01 each year. Installment payments of $8.442 million annually include interest at the rate of 10.0%. What would be the amount(s} related to the note that Merit would report in its statement of cash flows for the year ended December 31, 2016? (List each cash ow separately. List any cash outows with a minus sign. Enter your answers In millions rounded to 2 decimal places (l.e., 5,500,000 should be entered as 5.50).] Answer is complete but not entirely correct Cash inow from nancing activities $ Cash outow from nancing activities $ Cash outow from operating activities J $Step by Step Solution
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