Question
XYZ Corporation reported the following selected amounts on its comparative balance sheet: Current Assets 2019 2020 Trading Securities $9,000 $5,000 Available-for-Sale Securities $28,000 $14,000 Stockholders'
XYZ Corporation reported the following selected amounts on its comparative balance sheet:
Current Assets 2019 2020 Trading Securities $9,000 $5,000 Available-for-Sale Securities $28,000 $14,000 Stockholders' Equity Common Stock ($1 par) $65,626 $144,296 Paid-in Capital in Excess of Par $169,075 $209,077 Paid-in Capital - Share Repurchase $8,339 $13,747 Retained Earnings $315,000 $400,000 Accumulated Other Comprehensive Income: Unrealized Gain on Available-for-Sale Securities $33,104 $57,889
The 2020 income statement for XYZ Corporation reports: Net Income $183,817 Gain on the Sale of Available-for-Sale Securities $7,154
Additional Information:
During 2020, Rainforest Corporation retired 1,000 shares of its common stock at a price of $8 per share. These shares were originally issued for $10 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 Sale of Available-for-Sale Securities".
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started