Question
In: Accounting
The following information was drawn from the year-end balance sheets of Jordan Trading Company: Account Title...
The following information was drawn from the year-end balance sheets of Jordan Trading Company:
| Account Title | 2017 | 2016 | ||||
| Investment securities | $ | 36,800 | $ | 28,300 | ||
| Equipment | 225,000 | 214,500 | ||||
| Buildings | 862,000 | 948,500 | ||||
| Land | 88,500 | 49,500 | ||||
Additional information regarding transactions occurring during 2017:
-
Investment securities that had cost $5,130 were sold. The 2017 income statement contained a loss on the sale of investment securities of $610.
-
Equipment with a cost of $46,000 was purchased.
-
The income statement showed a gain on the sale of equipment of $5,300. On the date of sale, accumulated depreciation on the equipment sold amounted to $8,800.
-
A building that had originally cost $168,000 was demolished.
-
Land that had cost $25,800 was sold for $20,600.
Required
-
Determine the amount of cash flow for the purchase of investment securities during 2017.
-
Determine the amount of cash flow from the sale of investment securities during 2017.
-
Determine the cost of the equipment that was sold during 2017.
-
Determine the amount of cash flow from the sale of equipment during 2017.
-
Determine the amount of cash flow for the purchase of buildings during 2017.
-
Determine the amount of cash flow for the purchase of land during 2017.
-
Prepare the investing activities section of the 2017 statement of cash flows.
Determine the amount of cash flow for the purchase of investment, sale of investment, cost of the equipment that was sold, sale of equipment, purchase of buildings and purchase of land during 2017.
|
||||||||||||||||||||||
Prepare the investing activities section of the 2017 statement of cash flows. (Cash outflows should be indicated with minus sign.)
|
|||||||||||||||||||||||||||||
Options:
- Gain on sale of equipment
- Loss on sale of buildings
- Paid to purchase buildings
- Paid to purchase equipment
- Paid to purchase investment securities
- Paid to purchase land
- Proceeds from sale of equipment
- Proceeds from sale of investment securities
- Proceeds from sale of land
- Proceeds to purchase investment securities
Solutions
Expert Solution
| a |
Determine the amount of cash flow for the purchase of investment
securities during 2017. |
$ 13,630.00 |
| Ending Investment +Cost of investment sold less Beginning Investment =36800+5130-28300 | ||
| b |
Determine the amount of cash flow from the sale of investment
securities during 2017. |
|
| Cost of investment Sold - Loss | $ 4,520.00 | |
| c |
Determine the cost of the equipment that was sold during
2017. |
|
| Beginning Equipment Plus Purchase Less Ending Equipment =214500+46000-225000 | $ 35,500.00 | |
| d |
Determine the amount of cash flow from the sale of equipment during
2017. |
|
| Cost of equipment sold less Accu depreciation + Gain =35500-8800+5300 | $ 32,000.00 | |
| e |
Determine the amount of cash flow for the purchase of buildings
during 2017. |
$ 81,500.00 |
| Ending Building +Cost of Building demolished less Beginning Building 862000+168000-948500 | ||
| f |
Determine the amount of cash flow for the purchase of land during
2017. (88500+25800-49500) |
$ 64,800.00 |
| JORDAN TRADING COMPANY | |
| Statement of Cash Flows (Investing Activities) | |
| For the Year Ended December 31, 2017 | |
|
Paid to purchase buildings |
$ (81,500.00) |
| Paid to purchase equipment | $ (46,000.00) |
| Paid to purchase investment securities | $ (13,630.00) |
| Paid to purchase land | $ (64,800.00) |
| Proceeds from sale of equipment | $ 32,000.00 |
| Proceeds from sale of investment securities | $ 4,520.00 |
| Proceeds from sale of land | $ 20,600.00 |
| Net cash flow from investing activities | $ (148,810.00) |
ekkarill92 answered 3 months agoRelated Solutions
The following information was drawn from the year-end balance sheets of Solomon Trading Company: Account Title...
The following information was drawn from the year-end balance
sheets of Solomon Trading Company:
Account Title
Year 2
Year 1
Investment securities
$
35,700
$
27,500
Equipment
233,500
212,500
Buildings
846,500
949,500
Land
83,000
65,000
Additional information regarding transactions occurring during
Year 2:
Investment securities that had cost $5,090 were sold. The Year 2
income statement contained a loss on the sale of investment
securities of $720.
Equipment with a cost of $40,000 was purchased.
The income statement showed a...
The following information was drawn from the year-end balance sheets of Fox River, Inc.: Account Title...
The following information was drawn from the year-end balance
sheets of Fox River, Inc.:
Account Title
Year 2
Year 1
Bonds payable
$
685,000
$
1,035,000
Common stock
213,000
140,000
Treasury stock
31,500
12,000
Retained earnings
86,300
68,400
Additional information regarding transactions occurring during Year
2:
Fox River, Inc. issued $49,000 of bonds during Year 2. The
bonds were issued at face value. All bonds retired were retired at
face value.
Common stock did not have a par value.
Fox...
The following information was drawn from the 2017 balance sheets of the Cedar and Maple companies:...
The following information was
drawn from the 2017 balance sheets of the Cedar and Maple
companies:
Cedar
Maple
Current assets
$
48,000
$
77,000
Current
liabilities
43,200
15,400
Required
a.
Compute the current ratio for
each company. (Round your answers to 2 decimal
places.)
b. Which company has the greater
likelihood of being able to pay its bills?
c.
Assume that both companies have the same amount of total assets.
Speculate as to which company would produce the higher return...
Q. From the following information in Trial balance prepare Trading, Profit and Loss Account and Balance...
Q. From the following information in
Trial balance prepare Trading, Profit and Loss Account
and Balance Sheet of the company as on 31st December
2020.
Particulars
Dr. Amount (Dhs)
Cr. Amount (Dhs)
Capital
Purchases
Purchase Returns
Sales
Sales Returns
Opening Stock
Cash in Hand
Salaries
Rent
Commission received
Drawings
Wages
General Expenses
Creditors
Debtors
Machinery
Furniture
Land and Building
Bank Loan
200,000
50,000
90,000
65,000
35,000
30,000
20,000
50,000
15,000
100,000
65,000
50,000
170,000
300,000
10,000
310,000
20,000
145,000...
Common-Sized Balance Sheets The following end-of-the-year balance sheets (in millions) were adapted from recent financial statements...
Common-Sized Balance Sheets
The following end-of-the-year balance sheets (in millions) were
adapted from recent financial statements of Apple
(AAPL).
Year 1
Year 2
Current assets:
Cash
$13,844
$21,120
Marketable securities
11,233
20,481
Accounts receivable
27,219
30,343
Inventory
2,111
2,349
Other
14,124
15,085
Total current assets
$68,531
$89,378
Long-term assets:
Long-term marketable securities
$130,162
$164,065
Property, plant, and equipment
20,624
22,471
Other long-term assets
12,522
14,565
Total long-term assets
$163,308
$201,101
Total assets
$231,839
$290,479
Current liabilities:
Accounts payable and similar...
Required information [The following information applies to the questions displayed below.] Simon Company’s year-end balance sheets...
Required information
[The following information applies to the questions
displayed below.]
Simon Company’s year-end balance sheets follow.
At December 31
Current Yr
1 Yr Ago
2 Yrs Ago
Assets
Cash
$
36,427
$
42,580
$
43,476
Accounts receivable, net
89,700
62,200
50,200
Merchandise inventory
113,500
84,500
59,000
Prepaid expenses
11,731
11,177
4,831
Plant assets, net
359,936
326,521
277,293
Total assets
$
611,294
$
526,978
$
434,800
Liabilities and Equity
Accounts payable
$
153,734
$
89,950
$
57,968
Long-term notes payable...
Required information [The following information applies to the questions displayed below.] Simon Company’s year-end balance sheets...
Required information
[The following information applies to the questions
displayed below.]
Simon Company’s year-end balance sheets follow.
At December 31
Current Yr
1 Yr Ago
2 Yrs Ago
Assets
Cash
$
32,717
$
38,243
$
38,665
Accounts receivable, net
89,800
62,300
50,400
Merchandise inventory
114,500
84,000
51,000
Prepaid expenses
10,536
10,039
4,296
Plant assets, net
296,104
274,088
238,539
Total assets
$
543,657
$
468,670
$
382,900
Liabilities and Equity
Accounts payable
$
138,078
$
80,789
$
51,554
Long-term notes payable...
Required information [The following information applies to the questions displayed below.] Simon Company’s year-end balance sheets...
Required information
[The following information applies to the questions
displayed below.]
Simon Company’s year-end balance sheets follow.
At December
31
2017
2016
2015
Assets
Cash
$
35,503
$
41,499
$
41,957
Accounts
receivable, net
89,600
62,200
53,700
Merchandise
inventory
110,500
84,000
52,000
Prepaid
expenses
11,433
10,894
4,662
Plant assets,
net
342,908
309,979
263,181
Total
assets
$
589,944
$
508,572
$
415,500
Liabilities and Equity
Accounts
payable
$
149,834
$
87,668
$
55,943
Long-term notes
payable secured by
mortgages on plant...
Required information [The following information applies to the questions displayed below.] Simon Company’s year-end balance sheets...
Required information [The following information applies to the
questions displayed below.] Simon Company’s year-end balance sheets
follow. At December 31 2017 2016 2015 Assets Cash $ 31,313 $ 36,602
$ 36,999 Accounts receivable, net 88,959 63,420 49,332 Merchandise
inventory 110,719 83,805 53,069 Prepaid expenses 10,084 9,418 4,153
Plant assets, net 284,405 259,755 233,947 Total assets $ 525,480 $
453,000 $ 377,500 Liabilities and Equity Accounts payable $ 129,536
$ 78,854 $ 50,827 Long-term notes payable secured by mortgages on
plant...
Ivanhoe Company had the following information available at the end of 2020. IVANHOECOMPANY COMPARATIVE BALANCE SHEETS...
Ivanhoe Company had the following information available at the
end of 2020.
IVANHOECOMPANY
COMPARATIVE BALANCE SHEETS
AS OF DECEMBER 31, 2020 AND 2019
2020
2019
Cash
$10,010
$3,990
Accounts receivable
20,570
12,850
Short-term investments
21,930
30,060
Inventory
41,700
35,280
Prepaid rent
3,000
12,030
Prepaid insurance
2,080
90
Supplies
1,010
75
Land
124,150
175,280
Buildings
349,500
349,500
Accumulated depreciation—buildings
(105,270
)
(88,250
)
Equipment
522,870
401,710
Accumulated depreciation—equipment
(130,840
)
(111,260
)
Patents
44,830
49,560
Total assets
$905,540
$870,915
Accounts payable...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- For Questions 1-3: consider the following code: public class A { private int number; protected String...
- You are tasked with assessing the health department’s intervention program in preventing recurrence of acute alcohol...
- Compare the MOSFET, JFET , and BJT and identify the reasons these devices behave differently. What...
- How would you use SAS Enterprise Miner to create a neural network model of your example?
- Explain the use of neural networking modeling in predictive analytics.
- Current Market Mix of Netflix, as detail as possible, please.
- This is all one question, thank you so much in advance! You must evaluate a proposal...
ADVERTISEMENT