a. A building with a book value of $415,000 was sold for $515,000. b. Additional common stock was issued for $175,000. c. Dristell purchased its own common stock as treasury stock at a cost of $82,500. d. Land was acquired by issuing a 6%, 10-year, $765,000 note payable to the seller. e. A dividend of $55,000 was paid to shareholders. f. An investment in Fleet Corporation's common stock was made for $135,000. g. New equipment was purchased for $72,500. h. A $97,500 note payable issued three years ago was paid in full. i. A loan for $115,000 was made to one of Dristell's suppliers. The supplier plans to repay Dristell this amount plus 10% interest within 18 months. Required: Calculate net cash flows from financing activities. (Cash outflows should be indicated with a minus sign.) DRISTELL INCORPORATED Statement of Cash Flows (partial) For the Year Ended December 31, 2024 Cash flows from financing activities: Net cash flows from financing activities $ 0

a. A building with a book value of $415,000 was sold for $515,000. b. Additional common stock was issued for $175,000. c. Dristell purchased its own common stock as treasury stock at a cost of $82,500. d. Land was acquired by issuing a 6%, 10-year, $765,000 note payable to the seller. e. A dividend of $55,000 was paid to shareholders. f. An investment in Fleet Corporation's common stock was made for $135,000. g. New equipment was purchased for $72,500. h. A $97,500 note payable issued three years ago was paid in full. i. A loan for $115,000 was made to one of Dristell's suppliers. The supplier plans to repay Dristell this amount plus 10% interest within 18 months. Required: Calculate net cash flows from financing activities. (Cash outflows should be indicated with a minus sign.) DRISTELL INCORPORATED Statement of Cash Flows (partial) For the Year Ended December 31, 2024 Cash flows from financing activities: Net cash flows from financing activities $ 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Prepare entries to record the transactions for Maine Corp.: (a) Issued 2,000 shares of $10 par common stock at $72 for cash. (b) Issued 2,500 shares of common stock in exchange for land with a fair market price of $130,000. (c) Purchased 400 shares of treasury stock at $70. (d) Sold the 400 shares of treasury stock purchased in (c) at $76.
a. A building with a book value of $400,000 was sold for $500,000 b. Additional common stock was issued for $160,000. c. Dristell purchased its own common stock as treasury stock at a cost of $75,000. d. Land was acquired by issuing a 6%, 10-year, $750,000 note payable to the seller. e. A dividend of $40,000 was paid to shareholders. f. An investment in Fleet Corp.'s common stock was made for $120,000. g. New equipment was purchased for $65,000. h. A $90,000 note payable issued three years ago was paid in full. i. A loan for $100,000 was made to one of Dristell's suppliers. The supplier plans to repay Dristell this amount plus 10% interest within 18 months. Required: Calculate net cash flows from financing activities. (Cash outflows should be indicated with a minus sign.) Net cash flows
A corporation purchases 1,000 shares of its own common stock for $4,000 on February 13. On April 13, half of the treasury stock was sold for $3,000. On April 26, the other half of the treasury stock was sold for $1,800. The entry to record the April 26 sale would include a a.credit to Cash for $1,800. b.debit to Paid-In Capital from Sale of Treasury Stock for $200. c.debit to Treasury Stock for $2,000. d.credit to Paid-In Capital from Sale of Treasury Stock for $1,200.
On January 1, Vienna Corporation purchased 40% of the outstanding common stock of the Marietta Corporation for $137,500. During the year, Marietta Corporation reported net income of $50,000 and paid cash dividends of $25,000.The balance of the Investment in the Marietta Corporation account on the books of Vienna Corporation at year-end is: Select one: A. $147,500 B. $135,000 C. $100,000 D. $110,000
a. Purchased 16,000 common shares of Heller Co. at $16 cash per share. b. Received a cash dividend of $1.25 per common share from Heller. c. Year-end market price of Heller common stock is $17.50 per share. d. Sold all 16,000 common shares of Heller for $252,480 cash. Note: For each account catégory, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. Balance Sheet Transaction Cash Asset Noncash Assets Liabilities Contrib. Capital Earned Capital Income Statement Revenues Expenses Net Income (256,000)✔ 256,000 0 ✓ Cash = Investment = ✓ N/A ✔ N/A = N/A M/A N/A (b) 20,000 ▼ 20,000✓ 20,000 ✔ 0✓ = 20,000 ✓ Cash ✓ N/A ÷ N/A ÷ ✓ N/A = Retained earnings Dividend income = ✓ N/A = (c) 0✓ 24,000 ✔ 0✓ 0✓ 24,000 ▼ 24,000 く 24,000 Cash = Investment ✓ N/A = N/A Retained earnings nrealized gain ÷ (d) 252,480✔ (2.240,000) x- 28,480 x Cash ÷ ✓…
Suppose a company purchases 2,000 shares of its own $1 par value common stock for $16 per share. The company then resells 400 of these shares for $20 per share. Which of the following is recorded at the time of the resale? a. Credit Common Stock for $400. b. Credit Treasury Stock for $8,000. c. Credit Common Stock for $8,000. d. Credit Additional Paid-In Capital for $1,600.
a. On January 1, Yourkie Company acquired 30% of the outstanding stock of Harris Company for $300,000. DATE Debit Credit X/X b. For the year ended December 31, Harris Company earned income of $50,000. DATE Debit Credit X/X c. For the year ended December 31, Harris Company paid dividends of $8,000. DATE Debit Credit X/X d. On January 8th of the next year, Yorkshire Company sold the Harris Company stock for $301,000. DATE Debit Credit X/X
1. Record, in journal entry form, the following transactions, assuming the company plans on holding the investments for trading purposes: April 16 - Purchased 300 shares of Ameco for $25 per share. • May 2 - Purchased 1,000 shares of Rattle Inc. for $12.50 per share. • June 19 - Sold 100 Ameco shares for $32.75 per share. • October 7 - Purchased 550 shares of BMC for $27.80 per share. • November 30 - Received a dividend of $0.25 per share from Rattle. • December 12 - Sold half the shares in BMC for $21.00 per share. 2. Record any required journal entries on December 31, the company's year-end.
Suppose a company purchases 2,000 shares of its own $1 par value common stock for $16 per share. Which of the following is recorded at the time of the purchase? a. Debit Treasury Stock for $32,000. b. Debit Common Stock for $30,000. c. Debit Common Stock for $32,000. d. Debit Treasury Stock for $2,000.
(a) A corporation issues 8,000 shares of its $1 par value common stock to provide funds for further expansion. The issue price is $50 per share. What journal entry should be made to record this transaction? (b) A corporation issues 2,000 shares of its $2 par value preferred stock for cash at $60 per share. What journal entry should be made to record this transaction? (c) A company purchased 500 shares of its own $1 par value common stock at $24 per share. What journal entry should be made to record this transaction?
A corporation issued 6,000 shares of its $10 par value common stock in exchange for land that has a market value of $84,000. The entry to record this transaction would include A credit to Land for $60,000 A O A debit to Land for $60,000 B O A credit to paid (Contributed) Capital in Excess of Par Value, Common Stock for $24,000 CO A debit to Common Stock for $60,000 DO
6. Assad Corporation repurchases 10,000 of its shares for $12 per share. The shares were originally issued at an average price of $10 per share. How much gain or loss should Assad report on its statement of comprehensive income as a result of this transaction? a.$0 b.$20,000 loss c.$100,000 gain d.$20,000 loss and $100,000 gain