Vinubhai The following summary transactions occurred during the year for Petunia.Cash received from:Collections from customers$399,000Interest on notes receivable15,500Collection of notes receivable69,000Sale of investments49,000Issuance of notes payable119,000Cash paid for:Purchase of inventory179,000Interest on notes payable14,500Purchase of equipment104,000Salaries to employees109,000Payment of notes payable34,500Dividends to shareholders1,000Required:Calculate net cash flows from financing activities. (Amounts to be deducted should be indicatedPETUNIA COMPUTERStatement of Cash Flows (partial)For the Year Ended December 31, 2024Cash flows from financing activities:Net cash flows from financing activities

Net Cash Flows from Financing Activities for PetuniaTo calculate the net cash flows from financing…

Answered: The following summary transactions…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter7: Receivables And Investments

Section: Chapter Questions

Problem 7.17E

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To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750
The following summary transactions occurred during 2018 for Bluebonnet Bakers:Cash Received from:Customers $380,000Interest on note receivable 6,000Principal on note receivable 50,000Sale of investments 30,000Proceeds from note payable 100,000Cash Paid for:Purchase of inventory 160,000Interest on note payable 5,000Purchase of equipment 85,000Salaries to employees 90,000Principal on note payable 25,000Payment of dividends to shareholders 20,000The balance of cash and cash equivalents at the beginning of 2018 was $17,000.Required:Prepare a statement of cash flows for 2018 for Bluebonnet Bakers. Use the direct method for reporting operatingactivities
The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from:Collections from customers $380,000Interest on notes receivable 6,000Collection of notes receivable 50,000Sale of investments 30,000Issuance of notes payable 100,000Cash Paid for:Purchase of inventory 160,000Interest on notes payable 5,000Purchase of equipment 85,000Salaries to employees 90,000Payment of notes payable 25,000Dividends to shareholders…
10. The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers $ 540,000 Interest on notes receivable 11,000 Collection of notes receivable 50,000 Sale of investments 39,000 Issuance of notes payable 200,000 Cash Paid for: Purchase of inventory 260,000 Interest on notes payable 6,000 Purchase of equipment 98,000 Salaries to employees 103,000 Payment of notes payable 45,000 Dividends to shareholders 40,000 The balance of cash and cash equivalents at the beginning of 2021 was $31,000. Required:Prepare a statement of cash flows for 2021 for Bluebonnet Bakers. Use the direct method for reporting operating activities. (Amounts to be deducted should be indicated with a minus sign.)
The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers $ 390,000 Interest on notes receivable 8,500 Collection of notes receivable 44,000 Sale of investments 24,000 Issuance of notes payable 125,000 Cash Paid for: Purchase of inventory 185,000 Interest on notes payable 7,500 Purchase of equipment 70,000 Salaries to employees 75,000 Payment of notes payable 30,000 Dividends to shareholders 25,000 The balance of cash and cash equivalents at the beginning of 2021 was $16,000. Required:Prepare a statement of cash flows for 2021 for Bluebonnet Bakers. Use the direct method for reporting operating activities.
The companys balance sheet showed an accounts receivble balance of $80,000 at the begininng of the year and $47,000 at the end of the year. The company reported $720,000 in credit sales for the year. What was the amount of cash collected on account receivables durig the year
The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers Interest on notes receivable Collection of notes receivable $460,000 10,e00 51,000 31,000 160,000 Sale of investments Issuance of notes payable- Cash Paid for: Purchase of inventory Interest on notes payable Purchase of equipment Salaries to employees Payment of notes payable Dividends to shareholders 220,000 6,000 85,000 90,000 37,000 32,000 The balance of cash and cash equivalents at the beginning of 2021 was $23,000. Required: Prepare the statement of cash flows assuming that Bluebonnet prepares its financial statements according to International Financial Reporting Standards. Where IFRS allows flexibility, use the classification used most often in IFRS financial statements, (Amounts to be deducted should be indicated with a minus sign.)
The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $300,000; allowance for uncollectible accounts at the beginning of the year, $25,000 (credit balance); credit sales during the year, $1,500,000; accounts receivable written off during the year, $16,000; cash collections from customers, $1,450,000. Assuming the company estimates that future bad debts will equal 10% of the year-end balance in accounts receivable. 1. Calculate bad debt expense for the year.2. Calculate the year-end balance in the allowance for uncollectible accounts.
The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $300,000; allowance for uncollectible accounts at the beginning of the year, $25,000 (credit balance); credit sales during the year, $1,500,000; accounts receivable written off during the year, $16,000; cash collections from customers, $1,450,000. Assuming the company estimates bad debts at an amount equal to 2% of credit sales, calculate (1) bad debt expense for the year and (2) the year-end balance in the allowance for uncollectible accounts.
The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $350,000; allowance for uncollectible accounts at the beginning of the year, $24,000 (credit balance); credit sales during the year, $1,200,000; accounts receivable written off during the year, $15,000; cash collections from customers, $1,100,000. Assuming the company estimates that future bad debts will equal 12% of the year-end balance in accounts receivable.1. Calculate bad debt expense for the year.2. Calculate the year-end balance in the allowance for uncollectible accounts.
The following balances have been excerpted from Chlorine's Statement of Financial Position for the year: Accounts receivable, increase 1,480,000 Accounts payable, decrease 600,000 Accounts written-off 240,000 Cash payment to trade creditors 4,800,000 Cash purchases 1,000,000 Cash received from customers including recoveries 6,000,000 Cash sales 1,200,000 Notes payable - bank, increase 1,200,000 Notes payable-trade, increase 800,000 Notes receivable, decrease 800,000 Purchase discounts 140,000 Purchase returns (P120,000 was refunded from the supplier) 320,000 Recovery of accounts written-off 72,000 Sales discounts 80,000 Sales return (P200,000 was refunded to the customer) 320,000 1. What is the amount of gross sales on account? 2. What are the total gross sales? 3. What are the total net sales?
The following balances have been excerpted from Chlorine's Statement of Financial Position for the year: Accounts receivable, increase 1,480,000 Accounts payable, decrease 600,000 Accounts written-off 240,000 Cash payment to trade creditors 4,800,000 Cash purchases 1,000,000 Cash received from customers including recoveries 6,000,000 Cash sales 1,200,000 Notes payable - bank, increase 1,200,000 Notes payable-trade, increase 800,000 Notes receivable, decrease 800,000 Purchase discounts 140,000 Purchase returns (P120,000 was refunded from the supplier) 320,000 Recovery of accounts written-off 72,000 Sales discounts 80,000 Sales return (P200,000 was refunded to the customer) 320,000 1. What is the amount of gross sales on account? a. 4,752,000 b. 6,432,000 c. 7,048,000 d. 7,248,000 2. What are the total gross sales? a. 8,448,000 b. 8,248,000 c. 7,632,000 d. 5,952,000 3. What are the total net sales? a. 5,552,000 b. 7,232,000 c. 7,848,000 d. 8,048,000

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