Question 1 of 10 > -1 =G View Policies Current Attempt in Progress Sandhill Corporation purchased debt investments for $65,000 on January 1, 2027. On July 1, 2027.Sandhill received cash interest of $2,925. Journalize the purchase and the receipt of interest. Assume that no interest has been accrued. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Question 10 of 10 -/1 View Policies Current Attempt in Progress Here is the income statement for Crane, Inc. Crane, Inc. Income Statement For the Year Ended December 31, 2022 Net sales $400,000 Cost of goods sold 180,000 Gross profit 220,000 Expenses (including $10,000 interest and $20,000 income taxes) 83,000 Net income $ 137,000 Additional information: 1. Common stock outstanding January 1, 2022, was 30,250 shares, and 34,250 shares were outstanding at December 31, 2022. (Use a simple average for weighted-average. 2. The market price of Crane stock was $22 on December 31, 2022 3. Cash dividends of $19,600 were declared and paid. Compute the following measures for 2022. (Round Earnings per share to 2 decimal places, e.g. 1.65, and all other answers to 1 decimal place, e.g. 6.8 or 6.8%.) (a) Earnings per share $ (b) Price-earnings ratio times (c) Payout ratio % (d) Times interest earned timessee Question 2 of 10 -1 = Current Attempt in Progress Sheridan Company owns 25% of Lauer Company. For the current year, Lauer reports net income of $180,000 and declares and pays a $36,000 cash dividend. Record Sheridan's equity in Lauer's net income and the receipt of dividends from Lauer. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 (To record equity in Lauer's net income) Dec. 31 (To record dividends received) Question 3 of 10 -1 - View Policies Current Attempt in Progress Blue Spruce Corporation purchased 450 shares of Nolan Inc. common stock for $15,400 (Blue Spruce does not have significant influence). During the year, Nolan paid a cash dividend of $4.30 per share. At year-end, Nolan stock was selling for $35.60 per share. (a) Prepare Blue Spruce's journal entry to record the purchase of the investment. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit see Question 4 of 10 -F1 =i View Policies Current Attempt in Progress Sunland Corporation had the following transactions pertaining to debt investments. Purchased 40 Leeds Co. % bonds (each with a face value of $1,000) for $40,000 cash. Interest is payable annually on January 1,2022. 2. Accrued interest on Leeds Co. bonds on December 31, 2022, 3 Received interest on Leeds Co. bonds on January 1, 2023 4. Sold 30 Leeds Co. bonds for $34,500 on January 1, 2023, Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select \"No entry\" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation Debit Cred 1 ~ 2 v 3 i Question 50f 10 > L= View Policies Current Attempt in Progress Bonita, Inc. reported net income of $2.90 million in 2022. Depreciation for the year was $185 400, accounts receivable decreased $406,000, and accounts payable decreased $324 800. Compute net cash provided by operating activities using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) =TT T Statement of Cash Flows-Indirect Approach A v $ Adjustments to reconcile netincome to A v $ Question 6 of 10 01 = e iew Policies Current Attempt in Progress Waterway Company reported net income of $190,600 for 2022, Waterway also reported depreciation expense of $45 400 and a loss of $5.300 on the disposal of plant assets. The comparative balance sheets show an increase in accounts receivable of $18 900 for the year, a $20,900 increase in accounts payable, and a $3,400 increase in prepaid expenses. Prepare the operating activities section of the statement of cash flows for 2022, Use the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. - 15,000 or in parenthesis e.g. (15,000).) WATERWAY COMPANY Partial Statement of Cash Flows ~ v Adjustments to reconcile net income to ~ v Question 7 of 10 Current Attemptin Progress The following are comparative balance sheets for Crane Company. CRANE Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $72,500 $32.500 Accounts receivable 85,500 70,500 Inventory 169,500 186,500 Land 72,000 100,000 Equipment 259,000 199,000 Accumulated depreciationequipment (65,500) (33,500) Total $593.000 $555,000 Liabilities and Stockholders' Equity Accounts payable 435,000 244 500 Bonds payable 148 000 203,000 Common stock ($1 par) 214,000 172,000 Retained earnings 196,000 133,500 Total $593.000 $555,000 Additional information: 1 Net income for 2022 was $101,000. 2. Depreciation expense was $32,000. 3. Cash dividends of $38,500 were declared and paid. 4. Bonds payable with a carrying value of $55,000 were redeemed for $55,000 cash. 5. Common stock was issued at par for $42,000 cash. b Mo equipment was sold during 2022. Question 7 of 10 - /1 7. Land was sold for its book value Prepare a statement of cash flows for 2022 using the indirect method. (Show amounts that decrease cash flow with either a - sign es. -15,000, or in parenthesis eg. (15,000L CRANE Company Statement of Cash Flows V Adjustments to reconcile net income to V V V V V V v V V vQuestion 8 of 10 -1 = View Policies Current Attempt in Progress Using these data from the comparative balance sheets of Vaughn Company, perform a vertical analysis. December 31, 2022 December 31, 2021 Accounts receivable (net) $488,560 $433,620 Inventory 855,600 739,530 Total assets 2,480,000 2,970,000 (Round percentages to 1 decimal place, e.g. 12.1%.) December 31, 2022 December 31, 2021 Amount Percentage Amount Percentage Accounts receivable (net) $488,560 % $433,620 % Inventory 855,600 % 739,530 % Total assets 2,480,000 % 2,970,000 % Question 9 of 10 11 = View Policies Current Attempt in Progress The following data are taken from the financial statements of Coronado Company. 2022 2021 Accounts receivable (net), end of year $500,000 $555,000 Net sales on account 3,903,500 3,023,750 Terms for all sales are 1/10, n/45 (a1) Compute for each year the accounts receivable turnover. At the end of 2020, accounts receivable (net) was $470,000. (Round answers to 1 decimal place, e.g. 1.6.) 2022 2021 Accounts receivable turnover times times eTextbook and Media