122 a company reported beginning plant assets net of depreciation of 655 000 and an 4307910

122 a company reported beginning plant assets net of depreciation of 655 000 and an 4307910

122) A company reported beginning plant assets, net of depreciation, of $655,000; and, an ending amount of $732,550. Depreciation expense of $48,400 and a loss on the sale of equipment of $5,500 were reported on the income statement. The company acquired $213,800 of plant assets during the year. How much will be reported as cash received from the sale of equipment in the investing activities section of the statement of cash flows?

A) The cash received upon the sale of the equipment was $87,850.

B) The cash received upon the sale of the equipment was $82,350.

C) The cash received upon the sale of the equipment was $93,350.

D) The cash received upon the sale of the equipment was $130,750.

123) A company sold equipment with a book value of $10,000 at a gain of $2,500. How much can be reported in the investing activities section of the statement of cash flows as cash received upon the sale of the equipment?

A) The cash received upon the sale of the equipment is $7,500.

B) The cash received upon the sale of the equipment is $2,500.

C) The cash received upon the sale of the equipment is $12,500.

D) The cash received upon the sale of the equipment is $10,000.

124) The beginning and ending balances of long-term debt are $64,000 and $35,200, respectively, and, cash payments for long-term debt during the year were $34,100. How much new long-term debt was issued during the year?

A) New long-term debt issued during the year was $1,100.

B) New long-term debt issued during the year was $5,300.

C) New long-term debt issued during the year was $28,800.

D) New long-term debt issued during the year was $62,900.

125) The balance sheet for Blineberry Corporation follows:

Ending balanceBeginning balance

Assets:     

Current assets:     

Cash and cash equivalents$20,400$12,200

Accounts receivable$10,100$8,400

Inventory$39,700$38,600

Total current assets$70,200$59,200

Property, plant, and equipment$144,050$135,500

Less accumulated depreciation$102,300$95,200

Net property, plant, and equipment$41,750$40,300

Total assets$111,950$99,500

Liabilities and stockholders' equity:

Current liabilities:

Accounts payable$14,550$9,500

Accrued salaries payable$15,500$12,100

Other accounts payable$1,200$6,300

Notes payable$1,500$7,500

Total current liabilities$32,750$35,400

Long-term debt$34,900$31,400

Deferred income taxes$5,700$3,200

Total long-term liabilities$40,600$34,600

Stockholders' equity:

Common stock$26,300$17,800

Retained earnings$12,300$11,700

Total stockholders' equity$38,600$29,500

Total liabilities and stockholders' equity$111,950$99,500

Operating income during the period was $18,000, while cash dividends paid were $17,400. The total sources of cash at Blineberry Corporation during the year was

A) $40,950.

B) $8,200.

C) $48,050.

D) $12,050.

126) The balance sheet for Blineberry Corporation follows:

Ending balanceBeginning balance

Assets:     

Current assets:     

Cash and cash equivalents$20,400$12,200

Accounts receivable$10,100$8,400

Inventory$39,700$38,600

Total current assets$70,200$59,200

Property, plant, and equipment$144,050$135,500

Less accumulated depreciation$102,300$95,200

Net property, plant, and equipment$41,750$40,300

Total assets$111,950$99,500

Liabilities and stockholders' equity:

Current liabilities:

Accounts payable$14,550$9,500

Accrued salaries payable$15,500$12,100

Other accounts payable$1,200$6,300

Notes payable$1,500$7,500

Total current liabilities$32,750$35,400

Long-term debt$34,900$31,400

Deferred income taxes$5,700$3,200

Total long-term liabilities$40,600$34,600

Stockholders' equity:

Common stock$26,300$17,800

Retained earnings$12,300$11,700

Total stockholders' equity$38,600$29,500

Total liabilities and stockholders' equity$111,950$99,500

Operating income during the period was $18,000, while cash dividends paid were $17,400. The total use of cash at Blineberry Corporation during the year was

A) $28,500.

B) $48,050.

C) $8,200.

D) $39,850.

127) The balance sheet for Bostick Corporation follows:

Ending balanceBeginning balance

Assets:     

Current assets:     

Cash and cash equivalents$58,400$44,600

Accounts receivable$19,000$22,300

Inventory$48,900$53,000

Total current assets$126,300$119,900

Property, plant, and equipment$287,800$275,300

Less accumulated depreciation$108,600$101,550

Net property, plant, and equipment$179,200$173,750

Total assets$305,500$293,650

Liabilities and stockholders' equity:

Current liabilities:

Accounts payable$26,030$29,580

Wages payable$41,600$47,100

Other accounts payable$41,900$35,400

Notes payable$24,200$25,200

Total current liabilities$133,730$137,280

Long-term debt$73,500$79,500

Deferred income taxes$19,520$17,000

Total liabilities$93,020$96,500

Stockholders' equity:

Common stock$54,000$45,000

Retained earnings$24,750$14,870

Total stockholders' equity$78,750$59,870

Total liabilities and stockholders' equity$305,500$293,650

Operating income during the period was $13,650, while cash dividends paid were $3,770. The total uses of cash for Bostick Corporation during the year was

A) $32,320.

B) $13,800.

C) $2,450.

D) $54,970.

128) The balance sheet for Bostick Corporation follows:

Ending balanceBeginning balance

Assets:     

Current assets:     

Cash and cash equivalents$58,400$44,600

Accounts receivable$19,000$22,300

Inventory$48,900$53,000

Total current assets$126,300$119,900

Property, plant, and equipment$287,800$275,300

Less accumulated depreciation$108,600$101,550

Net property, plant, and equipment$179,200$173,750

Total assets$305,500$293,650

Liabilities and stockholders' equity:

Current liabilities:

Accounts payable$26,030$29,580

Wages payable$41,600$47,100

Other accounts payable$41,900$35,400

Notes payable$24,200$25,200

Total current liabilities$133,730$137,280

Long-term debt$73,500$79,500

Deferred income taxes$19,520$17,000

Total liabilities$93,020$96,500

Stockholders' equity:

Common stock$54,000$45,000

Retained earnings$24,750$14,870

Total stockholders' equity$78,750$59,870

Total liabilities and stockholders' equity$305,500$293,650

Operating income during the period was $13,650, while cash dividends paid were $3,770. The total sources of cash at Bostick Corporation during the year was

A) $39,070.

B) $32,320.

C) $13,800.

D) $46,120.

129) The following data relate to Whitmore Enterprises for last year:

 

Operating income$118,000

Net increase in all current assets except cash$12,000

Net increase in current liabilities$36,000

Cash dividends paid on common stock$15,000

Loss on sale of investments$2,000

Depreciation expense$8,000

What is the net cash provided by operating activities for last year on the statement of cash flows for Whitmore Enterprises?

A) $132,000

B) $133,000

C) $163,000

D) $152,000

130) The following data relate to Austin Corporation for last year:

Operating income$235,000

Net increase in all current assets except cash$43,000

Net decrease in current liabilities$25,000

Cash dividends paid on common stock$32,000

Gain on sale of investments$10,000

Depreciation expense$12,000

What is the net cash provided by operating activities for last year on the statement of cash flows for Austin Corporation?

A) $165,000

B) $123,000

C) $169,000

D) $137,000

131) The following data relate to Sorrentino Corporation for last year:

Operating income$250,000

Net increase in all current assets except cash$45,000

Net decrease in current liabilities$30,000

Gain on sale of investments$8,000

Cash dividends paid on common stock$35,000

Depreciation expense$10,000

What is the net cash provided by operating activities for last year on the statement of cash flows for Sorrentino Corporation?

A) $130,000

B) $142,000

C) $173,000

D) $177,000

"Get 15% discount on your first 3 orders with us"
Use the following coupon
"FIRST15"

Order Now

Related Posts