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Spring 2025-11639-202510-ACC204-04 - Accounting Principles II
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In preparing a company's statement of cash flows using the indirect method, the following information is available:
| Net income | $ 57,500 |
|---|---|
| Accounts payable decreased by | 23,500 |
| Accounts receivable increased by | 30,500 |
| Inventories increased by | 10,500 |
| Cash dividends paid | 15,100 |
| Depreciation expense | 25,500 |
Net cash provided by operating activities was:
On December 3, the Celtics sold a six-game pack of advance tickets for $3,060 cash. On December 20, the Celtics played the first game of the six-game pack (this represented one-sixth of the advance ticket sales). Record the entry for the December 20 transaction:
In preparing a company's statement of cash flows using the indirect method, the following information is available:
| Net income | $ 74,000 |
|---|---|
| Accounts payable increased by | 20,200 |
| Accounts receivable decreased by | 27,200 |
| Inventories increased by | 9,400 |
| Depreciation expense | 36,600 |
Net cash provided by operating activities was:
Stark Company's most recent balance sheet reported total assets of $2,100,000, total liabilities of $700,000, and total equity of $1,400,000. Its debt-to-equity ratio is:
Merchant Company purchased land for a building site. The costs associated with the property were:
| Purchase price | $ 185,000 |
|---|---|
| Real estate commissions | 16,000 |
| Legal fees | 1,800 |
| Expenses of clearing the land | 3,000 |
What is the total recorded cost of the land?
Trey Morgan is an employee who is paid monthly. For the month of January of the current year, he earned a total of $4,840. The Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137.700 earned each calendar year, and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings for both the employee and the employer. The amount of federal income tax withheld from his earnings was $710.70. What is the total amount of taxes withheld from the Trey’s earnings?
Martin Company purchases a machine at the beginning of the year at a cost of $62,000. The machine is depreciated using the straight-line method. The machine’s useful life is estimated to be 4 years with a $5,000 salvage value. The book value of the machine at the end of year 4 is:
On December 1, Victoria Company signed a 90-day, 4% note payable, with a face value of $15,000. What amount of interest expense is accrued at December 31 on the note?
Note: Use 360 days a year.
A company purchased $129,000 of 6% bonds on May 1 at par value. The bonds pay interest on March 1 and September 1. The amount of interest accrued on December 31 (the company's year-end) would be:
A company paid $44,800 to acquire 9% bonds with a $47,000 maturity value. The company intends to hold the bonds to maturity. The cash proceeds the company will receive when the bonds mature equal: