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Spring 2025-11639-202510-ACC204-04 - Accounting Principles II
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The accountant for Trader Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available:
| Retained earnings balance at the beginning of the year | $ 156,000 |
|---|---|
| Cash dividends declared for the year | 48,000 |
| Net income for the year | 94,500 |
What is the ending balance for retained earnings?
On February 15, Jewel Company buys bonds of Marcelo Corporation for $201,710 cash. This debt investment is classified as available-for-sale securities. This is the company’s first and only investment in available-for-sale securities. Jewel Company sells 30% of the Marcelo Corporation debt investment on November 17 of the current year for $105,400 cash. The entry to record this sale includes a:
J Corp. net income for the year ended December 31, Year 2 was $203,000. Information from Jordan’s comparative balance sheets is given below. Compute the cash received from the sale of its common stock during Year 2.
| At December 31 | Year 2 | Year 1 |
|---|---|---|
| Common Stock, $5 par value | $ 518,000 | $ 466,200 |
| Paid-in capital in excess of par | 966,000 | 869,200 |
| Retained earnings | 706,000 | 598,200 |
Match the following terms and definitions
In preparing a company's statement of cash flows using the indirect method, the following information is available:
| Net income | $ 61,000 |
|---|---|
| Accounts payable decreased by | 27,000 |
| Accounts receivable increased by | 34,000 |
| Inventories increased by | 14,000 |
| Cash dividends paid | 15,800 |
| Depreciation expense | 29,000 |
Net cash provided by operating activities was:
Use the following information and the indirect method to calculate the net cash provided or used by operating activities:
| Net income | $ 86,800 |
|---|---|
| Depreciation expense | 13,500 |
| Gain on sale of land | 6,800 |
| Increase in merchandise inventory | 3,550 |
| Increase in accounts payable | 7,650 |
In preparing a company's statement of cash flows for the most recent year, the following information is available:
| Loss on the sale of equipment | $ 16,000 |
|---|---|
| Purchase of equipment for cash | 165,000 |
| Proceeds from the sale of equipment | 146,000 |
| Repayment of outstanding bonds | 97,000 |
| Purchase of treasury stock | 72,000 |
| Issuance of common stock | 106,000 |
| Purchase of land for cash | 135,000 |
| Increase in accounts receivable during the year | 53,000 |
| Decrease in accounts payable during the year | 85,000 |
| Payment of cash dividends | 45,000 |
Net cash flows from investing activities for the year were:
For each of the following note the section of the cash flow statement each item would appear.
Choices are Operating, Investing, Financing or Non-Cash Investing & Financing.
In preparing a company's statement of cash flows using the indirect method, the following information is available:
| Net income | $ 70,000 |
|---|---|
| Accounts payable increased by | 19,800 |
| Accounts receivable decreased by | 26,800 |
| Inventories increased by | 8,600 |
| Depreciation expense | 35,400 |
Net cash provided by operating activities was:
On February 15, Jewel Company buys 7,700 shares of Marcelo Corporation at $28.60 per share. The stock is classified as a stock investment with insignificant influence. This is the company’s first and only stock investment. On March 15, Marcelo Corporation declares a dividend of $1.22 per share payable to stockholders of record on April 15. Jewel Company received the dividend on April 15 and ultimately sells half of the Marcelo Corporation stock on November 17 of the current year for $29.37 per share. The fair value of the remaining 3,850 shares is $29.57 per share. The amount that Jewel Company should report in the asset section of its year-end December 31 balance sheet for its investment in Marcelo Corporation is: