- 1 AnswerSmall Business9 years ago
Accountants for Johnson, Inc., have assembled the following data for the year ended December 31, 2012:?
Accountants for Johnson, Inc., have assembled the following data for the year ended December 31, 2012:
Cash and cash equivalents $ 92,100 $ 17,000
Accounts receivable 64,500 69,200
Inventories 87,000 80,000
Accounts payable 57,900 56,200
Income tax payable 14,400 17,100
Transaction Data for 2012:
Issuance of common stock for cash $ 40,000
Depreciation expense 25,000
Purchase of equipment 75,000
Acquisition of land by issuing long-term note payable 122,000
Cost basis of building sold 53,000
Payment of note payable $48,100
Payment of cash dividends 54,000
Issuance of note payable to borrow cash 67,000
Gain on sale of building 5,500
Net income 70,500
1. Prepare Johnson's statement of cash flows using the indirect method. Include an accompanying schedule of noncash investing and financing activities.2 AnswersCorporations9 years ago
Classifying items on the indirect statement of cash flows
The cash flow statement categorizes like transactions for optimal reporting.
• 1. Identify each of the following transactions as one of the following:
o • Operating activity (O)
o • Investing activity (I)
o • Financing activity (F)
o • Noncash investing and financing activity (NIF)
o • Transaction that is not reported on the statement of cash flows (N)
For each cash flow, indicate whether the item increases (+) or decreases (–) cash. The indirect method is used to report cash flows from operating activities.
• _____ a. Loss on sale of land.
• _____ b. Acquisition of equipment by issuance of note payable.
• _____ c. Payment of long-term debt.
• _____ d. Acquisition of building by issuance of common stock.
• _____ e. Increase in salary payable.
• _____ f. Decrease in inventory.
• _____ g. Increase in prepaid expenses.
• _____ h. Decrease in accrued liabilities.
• _____ i. Cash sale of land.
• _____ j. Issuance of long-term note payable to borrow cash.
• _____ k. Depreciation.
• _____ l. Purchase of treasury stock.
• _____ m. Issuance of common stock.
• _____ n. Increase in accounts payable.
• _____ o. Net income.
• _____ p. Payment of cash dividend.2 AnswersOther - Business & Finance9 years ago
Summerborn Manufacturing, Co., completed the following transactions during 2012:
Jan 16 Declared a cash dividend on the 5%, $100 par preferred stock (900 shares outstanding). Declared a $0.30 per share dividend on the 80,000 shares of common stock outstanding. The date of record is January 31, and the payment due date is February 15.
Feb 15 Paid the cash dividends.
Jun 10 Split common stock 2 for 1. Before the split, Summerborn had 80,000 shares of $6 par common stock outstanding.
Jul 30 Distributed a 50% stock dividend on the common stock. The market value of the common stock was $9 per share.
Oct 26 Purchased 1,000 shares of treasury stock at $13 per share.
Nov 8 Sold 500 shares of treasury stock for $15 per share.
Nov 30 Sold 300 shares of treasury stock for $8 per share.
Record the transactions in Summerborn's general journal2 AnswersCorporations9 years ago
d. Laughter designed a landscape plan, and the client paid Laughter $7,000 at the start of the project. Laught?
How would you journal this?1 AnswerSmall Business9 years ago
In the case of prepaid expense the adusting entry required at the end of a period consists of a credit to a prepaid expense is true?1 AnswerCredit9 years ago
Jul 1 Yung deposited $68,000 cash in the business bank account. The business gave capital to Yung.
5 Paid monthly rent on medical equipment, $560.
9 Paid $16,000 cash to purchase land for an office site.
10 Purchased supplies on account, $1,600.
19 Borrowed $23,000 from the bank for business use. Yung signed a note payable to the bank in the name of the business.
22 Paid $1,300 on account.
31 Revenues earned during the month included $6,500 cash and $5,800 on account.
31 Paid employees’ salaries $2,500, office rent $1,100, and utilities $400. Make a single compound entry.
31 Yung withdrew cash of $7,000.
s. Label the balance of each account Bal, as shown in the chapter. Prepare the trial balance of Vernon Yung, M.D. at July 31, 2012.Small Business9 years ago
Consider a debate over whether prayer should be allowed in public schools. Explain what logic can and cannot d?
Consider a debate over whether prayer should be allowed in public schools. Explain what logic can and cannot do. In other words, what kinds of questions and topics are not decided by logical analysis?4 AnswersOther - Society & Culture9 years ago