UOP ACC 421 Week 4 Wileyplus BE 5-12, Ex 5-13, Ex 5-14, BE 23-1, Ex 23-14 updated
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Complete the following assignments in WileyPLUS:
• Brief Exercise 5-12
• Exercise 5-13
• Exercise 5-14
• Brief Exercise 23-1
• Exercises 23-13
• Exercise 23-14
Brief Exercise 5-12
Monty Beverage Company reported the following items in the most recent year.
Net Income $43,400
Dividends paid 5,210
Increase in a/r 11,440
Increase in a/p 8,490
Purchase of equipment (capital expenditure) 8,720
Depreciation expense 5,490
Issue of notes payable 24,020
Compute net cash provided by operating activities, the net change in cash during the year
The major classifications of activities reported in the statement of cash flows are operating, investing, and financing. Classify each of the transactions
listed below as:
1.Operating activity-add to net income.
2.Operating activity-deduct from net income.
5.Reported as significant noncash activity
The transaction are as follows.
a) Issuance of common stock.
b) Purchase of land and building.
c) Redemption of bonds.
d) Sale of equipments.
e) Depreciation of machinery.
f) Amortization of patent.
g) Issuance of bonds for plant assets.
h) Payment of cash dividends.
i) Exchange of furniture for office equipments.
j) Purchase of treasury stock.
k) Loss on sale of equipment.
l) Increase in accounts receivable during the year.
m) Decrease in accounts payable during the year.
The comparative balance sheets of Cheyenne Inc. at the beginning and the end of the year 2017 are as follows.
Net income of $47,730 was reported, and dividends of $28,130 were paid in 2017. New equipment was purchased and none was sold.
Prepare a statement of cash flows for the year 2017.
Brief Exercise 23-1
Novak Corporation is preparing its 2017 statement of cash flows, using the indirect method. Presented below is a list of items that may affect the
statement. Using the code below, indicate how each item will affect Novak’s 2017 statement of cash flows.
a) Purchase of land and building.
b) Decrease in accounts receivable.
c) Issuance of stock.
d) Depreciation expense.
e) Sale of land at book value.
f) Sale of land at a gain.
g) Payment of dividends.
h) Increase in accounts receivable.
i) Purchase of available-for-sale debt investment.
j) Increase in accounts payable.
k) Decrease in accounts payable.
l) Loan from bank by signing note.
m) Purchase of equipment using a note.
n) Increase in inventory.
o) Issuance of bonds.
p) Redemption of bonds payable.
q) Sale of equipment at a loss.
r) Purchase of treasury stock.
Novak Inc., a greeting card company, had the following statements prepared as of December 31, 2017.
1. Dividends in the amount of $6,000 were declared and paid during 2012.
2. Depreciation expense and amortization expense are included in operating expenses.
3. No unrealized gains or losses have occurred on the investments during the year.
4. Equipment that had a cost of $30,000 and was 70% depreciated was sold during 2012
Complete the statement of cash flows using the direct method. (Do not prepare a reconciliation schedule.)
Whispering Inc., a greeting card company, had the following statements prepared as of December 31, 2017.
Prepare a statement of cash flows using the indirect method.