Corporate Financial Accounting
14th Edition
ISBN: 9781305653535
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Textbook Question
Chapter 1, Problem 1.7BE
Statement of
A summary of cash flows for Paradise Travel Service for the year ended May 31, 2018, follows:
| Cash receipts: | |
| Cash received from customers | $880,000 |
| Cash received from issuing common stock | 40,000 |
| Cash payments: | |
| Cash paid for operating expenses | 758,000 |
| Cash paid for land | 150,000 |
| Cash paid as dividends | 10,000 |
The cash balance as of June 1, 2017, was $50,000.
Prepare a statement of cash flows for Paradise Travel Service for the year ended May 31, 2018.
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compute the cash ratios for 2018 and 2017
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here is the data table
Ranfield, Inc.
Comparative Balance Sheet
December 31, 2018 and 2017
2018
2017
2016*
Assets
Current Assets:
Cash
$91,000
$90,000
Accounts Receivables, Net
112,000
119,000
$102,000
Merchandise Inventory
148,000
160,000
202,000
Prepaid Expenses
17,000
6,000
Total Current Assets
368,000
375,000
Property, Plant, and Equipment, Net
213,000
174,000
Total Assets
$581,000
$549,000
$596,000
Liabilities
Total Current Liabilities
$223,000
$241,000
Long-term Liabilities
115,000
98,000
Total Liabilities
338,000
339,000
Stockholders' Equity…
repare a statement of cashflows uusing the indirect method.
Accountants for Putterham, Inc. have assembled the following data for the year ended December 31, 2018:
2018
2017
Current Assets:
Cash
$ 99,400
$ 25,000
Accounts Receivable
64,100
69,700
Merchandise Inventory
83,000
75,000
Current Liabilities:
Accounts Payable
57,600
55,200
Income Tax Payable
14,800
16,800
Transaction Data for 2018:
Issuance of common stock for cash
$ 38,000
Payment of notes payable
$ 46,100
Depreciation expense
24,000
Payment of cash dividends
50,000
Purchase of equipment with cash
74,000
Issuance of notes payable to borrow cash
62,000
Acquisition of land by issuing long-term notes payable
119,000
Gain on sale of building
4,500
Book value of building sold
54,000
Net income
68,500
Prepare Putterham’s statement of cash flows using the indirect method.…
On December 31, 2018, Coldstone Company reported net income of $70,000 and sales of $210,000. The company also reported beginning and ending accounts receivable at $20,000 and $25,000, respectively. Coldstone will report cash collected from customers in its 2018 statement of cash flows (direct method) in the amount of:
a.$285,000
b.$215,000
c.$135,000
d.$205,000
Chapter 1 Solutions
Corporate Financial Accounting
Ch. 1 - Name some users of accounting information.Ch. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Josh Reilly is the owner of Dispatch Delivery...Ch. 1 - 5. On July 12, Reliable Repair Service extended an...Ch. 1 - Prob. 6DQCh. 1 - Describe the difference between an account...Ch. 1 - Prob. 8DQCh. 1 - Prob. 9DQCh. 1 - The financial statements are interrelated. (A)...
Ch. 1 - Cost principle On June 25, Ritts Roofing extended...Ch. 1 - Prob. 1.2BECh. 1 - Transactions Interstate Delivery Service is owned...Ch. 1 - Income statement The revenues and expenses of...Ch. 1 - Prob. 1.5BECh. 1 - Balance sheet Using the following data for...Ch. 1 - Statement of cash flows A summary of cash flows...Ch. 1 - Prob. 1.1EXCh. 1 - Prob. 1.2EXCh. 1 - Prob. 1.3EXCh. 1 - Prob. 1.4EXCh. 1 - Accounting equation The total assets and total...Ch. 1 - Accounting equation Determine the missing amount...Ch. 1 - Prob. 1.7EXCh. 1 - Asset, liability, and stockholders equity items...Ch. 1 - Effect of transactions on accounting equation What...Ch. 1 - Effect of transactions on accounting equation A. A...Ch. 1 - Prob. 1.11EXCh. 1 - Transactions The following selected transactions...Ch. 1 - Nature of transactions Teri West operates her own...Ch. 1 - Net income and dividends The income statement for...Ch. 1 - Net income and stockholders equity for four...Ch. 1 - Balance sheet items From the following list of...Ch. 1 - Income statement items From the following list of...Ch. 1 - Prob. 1.18EXCh. 1 - Prob. 1.19EXCh. 1 - Prob. 1.20EXCh. 1 - Balance sheets, net income Financial information...Ch. 1 - Financial statements Each of the following items...Ch. 1 - Prob. 1.23EXCh. 1 - Prob. 1.24EXCh. 1 - Financial statements We-Sell Realty, organized as...Ch. 1 - Transactions On September 1 of the current year,...Ch. 1 - Financial statements The amounts of the assets and...Ch. 1 - Financial statements Seth Feye established...Ch. 1 - Transactions; financial statements On August 1,...Ch. 1 - Transactions; financial statements DLite Dry...Ch. 1 - Missing amounts from financial statements The...Ch. 1 - Transactions Amy Austin established an insurance...Ch. 1 - Financial statements The amounts of the assets and...Ch. 1 - Financial statements Jose Loder established Bronco...Ch. 1 - Prob. 1.4BPRCh. 1 - Transactions; financial statements Bevs Dry...Ch. 1 - Missing amount from financial statements The...Ch. 1 - Peyton Smith enjoys listening to all types of...Ch. 1 - Prob. 1.1ADMCh. 1 - Home Depot: Ratio of liabilities to stockholders'...Ch. 1 - Lowes: Ratio of liabilities to stockholders equity...Ch. 1 - Prob. 1.4ADMCh. 1 - Prob. 1.1TIFCh. 1 - Prob. 1.3TIF
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