Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Trinity Coatings Company uses the indirect method to prepare its statement of cash flows. Refer to the following information for 2018: The beginning balance in

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Trinity Coatings Company uses the indirect method to prepare its statement of cash flows. Refer to the following information for 2018: The beginning balance in the Cash account was $2,800. Net cash provided by operating activities: $39,000 Net cash used for investing activities: $(26,000) Net cash provided by financing activities: $1,800 The statement of cash flows will show A. net cash provided by investing and financing activities $(23,800) B. ending cash of $17,600 C. net cash provided by operating activities $42,900 D. ending cash of $14,800 Dental, Inc. uses the direct method to prepare its statement of cash flows. Refer to the following financial statement information for the year ended December 31, 2019: Dental, Inc. Comparative Balance Sheet December 31, 2019 and 2018 Cash Accounts Receivable Merchandise Inventory PP&E, net Total Assets 2019 $34,600 29,500 53,900 126,000 $244,000 2018 $14,600 36,500 26,900 92,000 $170,000 Increase (Decrease) $20,000 (7,000) 27,000 34,000 $74,000 A. $42,100 B. $69,900 C. $46,100 D. $23,800 Which of the following occurs when the board of directors declares a 3 - for 1 stock split on 12,000 outstanding shares of $16.00 par common stock? A. The number of outstanding shares remains at 12,000. B. The par value of the stock increases to $32.00 per share. C. The number of outstanding shares increases to 36,000. OD. The par value of the stock remains the same. A corporation originally issued $6.00 par value common stock for $14.00 per share. Which of the following is included in the entry to record the purchase of 400 shares of treasury stock for $19.00 per share? A. Treasury Stock- -Common is credited for $56. B. Treasury StockCommon is debited for $3,800. C. Retained Earnings is debited for $3,800. D. Treasury Stock-Common is debited for $7,600. A corporation originally issued $6.00 par value common stock for $14.00 per share. Which of the following is included in the entry to record the purchase of 400 shares of treasury stock for $19.00 per share? A. Treasury Stock- -Common is credited for $56. B. Treasury StockCommon is debited for $3,800. C. Retained Earnings is debited for $3,800. D. Treasury Stock-Common is debited for $7,600

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

Financial Accounting Principles V4 0 And AME Engage

Authors: Joffe Parker

4th Edition

1926751728, 978-1926751726

More Books

Students also viewed these Accounting questions