Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION 40 The following additional information is available from the financial statements of Garfield industries: Amortation Expense Purchase of building for cash Depreciation Expense Increase

image text in transcribed
QUESTION 40 The following additional information is available from the financial statements of Garfield industries: Amortation Expense Purchase of building for cash Depreciation Expense Increase in Accounts Receivable Increase in Blonds Payable Increase in Common Stock Increase in twentory Decrease in Accounts Payable Increase in Salaries and Wages Payable cash dividends paid Net income $36.000 270.000 108.000 30.000 500.000 120.000 85.000 136.000 50.000 200,000 584,000 What a Garfields net cash provided by operating activities? 5736.000 5526.000 5792.000 5570.000 None of the above QUESTION 41 Galaxy industries buys back 300.000 shares of its stock from investors at 545 a share. Twe years later trissues this stock for 565 4share. The stock reissue would be recorded with a debit to Cash for a debit to Cash for $13.50 million a debit to Additional Paid-in Capital for 56.00 million a credit to Treasury Stock for $13.50 million and a credit to Stockholders Equity for $6.00 milion a debit to Cash for $19.30 million a credit to Treasury Stock for $13.50 million, and a credit to Gain on sale of Treasury Stock for $6.00 milion a debt to Cash for $19.50 million and a credit to Treasury Stock for 519.50 milion debito Cash for $19.50 million a credit to Treasury Stock for $13.50 million and a credit to Additional Parisin Capital for $6.00 milion some other combination of accounts. Chok Save and Submit then buit. Click Sawal Antonve all annen A LLEN WARE

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Tools For Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

6th Edition

111919167X, 9781119191674

More Books

Students also viewed these Accounting questions

Question

How would you respond to each of the girls?

Answered: 1 week ago

Question

Define induction and what are its objectives ?

Answered: 1 week ago

Question

Discuss the techniques of job analysis.

Answered: 1 week ago

Question

How do we do subnetting in IPv6?Explain with a suitable example.

Answered: 1 week ago

Question

Explain the guideline for job description.

Answered: 1 week ago

Question

What is job description ? State the uses of job description.

Answered: 1 week ago

Question

Consider some type of redress for the customer, such as a coupon.

Answered: 1 week ago

Question

Sell the quality of your brand or products.

Answered: 1 week ago