Blue Sky Company reported net income of $520,000 for the year ended 12/31/21. Included in the...

Blue Sky Company reported net income of $520,000 for the year ended 12/31/21. Included in the computation of net income were: amortization of a patent, $40,000; income from an investment in common stock of Grape Inc., accounted for under the equity method, $62,000; and amortization of a bond discount, $17,000. Blue Sky also paid a $50,000 dividend during the year. The net cash provided (used) by operating activities would be reported at ______

Expert Solution

Blue Sky Company
Calculation for Net Cash provided (used) by operating activities would be reported:

Particulars	Amount
Net income for the year ended	$ 5,20,000
Less:
Income from an investment in common stock of Grape inc.	$ (62,000)
Add:
Amortization of a patent	$ 40,000
Amortization of a bond discount	$ 17,000
Dividend paid during the year	$ 50,000
Net cash provided by operating activities	$ 5,65,000

ekkarill92 answered 2 years ago

17) Yellow Company reported net income of $520,000 for the year ended 12/31/21. Included in the...

17) Yellow Company reported net income of $520,000 for the year ended 12/31/21. Included in the computation of net income were: depreciation expense, $85,000; amortization of a patent, $40,000; income from an investment in common stock of XYZ Inc., accounted for under the equity method, $62,000; and amortization of a bond discount, $17,000. Yellow also paid an $60,000 dividend during the year. The net cash provided (used) by operating activities would be reported at ______ 18) Apple, Inc. reported net...

For the year ended December 31, 2021, Norstar Industries reported net income of $655,000. At January...

For the year ended December 31, 2021, Norstar Industries reported net income of $655,000. At January 1, 2021, the company had 900,000 ordinary shares outstanding. The following changes in the number of shares occurred during 2021: April 30 Sold 60,000 shares in a public offering. May 24 Declared and distributed a bonus issue of 5%. June 1 Issued 72,000 shares as part of the consideration for the purchase of assets from a subsidiary. Required: Compute Norstar's earnings per share for...

For the year ended December 31, 2018, Norstar Industries reported net income of $655,000. At January...

For the year ended December 31, 2018, Norstar Industries reported net income of $655,000. At January 1, 2018, the company had 900,000 common shares outstanding. The following changes in the number of shares occurred during 2018: Apr. 30 Sold 60,000 shares in a public offering. May 24 Declared and distributed a 5% stock dividend. June 1 Issued 72,000 shares as part of the consideration for the purchase of assets from a subsidiary. Required: Compute Norstar's earnings per share for...

For the fiscal year ended December 31, 2019, Nicholas Corporation reported net income of $600,000 and...

For the fiscal year ended December 31, 2019, Nicholas Corporation reported net income of $600,000 and had 900,000 common shares outstanding from the beginning to the end of the year. On May 1, 2019, Nicholas issued 5% convertible bonds. Each $1,000 bond is convertible into 120 common shares. The total proceeds were $1,000,000 at par and were recognized in the liability and equity components using the residual value method, measuring the liability component first, at the present value of the...

Perry Corporation reported net income of $136,200 for the year ended December 31, 2021. January 1...

Perry Corporation reported net income of $136,200 for the year ended December 31, 2021. January 1 balances in accounts receivable and accounts payable were $28,800 and $27,400, respectively. Year-end balances in these accounts were $30,500 and $22,700, respectively. Assuming that all relevant information has been presented, Perry's cash flows from operating activities would be: Multiple Choice $137,900. $76,900. $142,600. $129,800.

Stanley Department Stores reported net income of $863,000 for the year ended December 31, 2021. Additional...

Stanley Department Stores reported net income of $863,000 for the year ended December 31, 2021. Additional Information: Common shares outstanding at Jan. 1, 2021 120,000 Incentive stock options (vested in 2020) outstanding throughout 2021 36,000 (Each option is exercisable for one common share at an exercise price of $26.00) During the year, the market price of Stanley’s common stock averaged $31.20 per share. On Aug. 30, Stanley sold 15,000 common shares. Stanley’s only debt consisted of $42,000 of 10% short-term...

Blimp Co. reported net income of P1,000,000 for the year ended December 31, 2020. Upon further...

Blimp Co. reported net income of P1,000,000 for the year ended December 31, 2020. Upon further inspection of its records, the entity failed to recognized prepaid insurance of P12,000; accrued expense and revenue of P2,000 and P4,000, respectively. An advance payment of P10,000 from a customer was also entirely recognized as a liability. It was found out that Blimp has already earned 30% of it. Lastly, sales from a customer amounting to P20,000 was incorrectly recognized as P2,000. 1. Following...

Stanley Department Stores reported net income of $881,000 for the year ended December 31, 2021. Additional...

Stanley Department Stores reported net income of $881,000 for the year ended December 31, 2021. Additional Information: Common shares outstanding at Jan. 1, 2021 125,000 Incentive stock options (vested in 2020) outstanding throughout 2021 36,000 (Each option is exercisable for one common share at an exercise price of $26.50) During the year, the market price of Stanley’s common stock averaged $31.80 per share. On Aug. 30, Stanley sold 15,000 common shares. Stanley’s only debt consisted of $43,000 of 10% short-term...

For the year ended December 31, 2017, Transformers Inc. reported the following: Net Income $305068 Preferred...

For the year ended December 31, 2017, Transformers Inc. reported the following: Net Income $305068 Preferred dividends paid 54210 Common dividends paid 9619 Unrealized holding loss, net of tax 3543 Retained Earnings, beginning balance 389503 Common Stock 177628 Accumulated Other Comprehensive Income, beginning balance 22896 What would Transformers report as the ending balance of Retained Earnings?

Stolberg Company reported a net loss of $12,000 for the year ended December 31, 2022. During...

Stolberg Company reported a net loss of $12,000 for the year ended December 31, 2022. During the year, accounts receivable decreased $28,000, inventory increased $20,000, accounts payable increased by $30,000, and depreciation expense of $24,000 was recorded. During 2022, operating activities Group of answer choices used net cash of $14,000. used net cash of $50,000 provided net cash of $50,000 provided net cash of $74,000

Question