Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

the question i need help on is the top one Remaining time: 48 minutes, 37 seconds. Question Completion Status: QUESTIONS Rainforest Corporation reported the following

image text in transcribed
the question i need help on is the top one
Remaining time: 48 minutes, 37 seconds. Question Completion Status: QUESTIONS Rainforest Corporation reported the following selected amounts on its comparative balance sheet Current Assets. 2019 2020 Trading Securities 59,000 $5000 Available for Sale Securities $28,000 $14,000 Stockholders Equity Common Stock (57 par) $54,857 $139,215 Paid in Capital in Excess of Par 5168,792 $214,016 Paid in Capital-Share Repurchase $8,403 $13,727 Retained Earnings $315.000 $400,000 Accumulated Other Comprehensive income Unrealized Gain on Available for Sale Securities 538,862 $57.966 The 2020 income statement of Rainforest Corporation reports: Net Income $212,045 Gain on the sale of Available for Sale Securities 58.343 Additional Information: During 2020, Rainforest Corporation retired 1,000 shares of its common stock. These shares were originally issued for 510 per share. No other stock was retired There were no treasury stock transactions and no stock dividends during 2020. All issuances of common stock were in exchange for cash. Required: Determine the amount to be reported on the 2020 Statement of Cash Flows as "Cash Received from Issuance of Common Stock QUESTION 9 Which of the following items would result in a financing cash flow? Click Save and Submit to and submit. Click Save All Antall answers

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

Authors: Michael J. Jones

3rd Edition

1119977185, 9781119977186

More Books

Students also viewed these Accounting questions

Question

Why is it important to have a code of ethics?

Answered: 1 week ago