Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Condensed financial data of pat metheny company for 2014 and 2013 are presented below.

18/11/2020 Client: papadok01 Deadline: 3 days

Week 4 Exercises

E5-13 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.

3. Investing activity.

4. Financing activity.

5. Reported as significant noncash activity

The transactions are as follows.

Transactions Classifications of Activities

(a) Issuance of common stock.

(b) Purchase of land and building.

(c) Redemption of bonds

(d) Sale of equipment.

(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 equipment.

(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.

E5-16 A comparative balance sheet for Shabbona Corporation is presented below.

December 31

Assets 2014 2013

Cash $ 73,000 $ 22,000

Accounts receivable 82,000 66,000

Inventory 180,000 189,000

Land 71,000 110,000

Equipment 260,000 200,000

Accumulated Depreciation-Equipment (69,000) (42,000)

Total $597,000 $545,000

Liabilities and Stockholders' Equity

Accounts payable $ 34,000 $ 47,000

Bonds payable 150,000 200,000

Common stock ($1 par) 214,000 164,000

Retained earnings 199,000 134,000

Total $597,000 $545,000

Additional information:

1. Net income for 2014 was $125,000.

2. Cash dividends of $60,000 were declared and paid.

3. Bonds payable amounting to $50,000 were retired through issuance of common stock.

Prepare a statement of cash flows for 2014 for Shabbona Corporation. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Issued common stock to retire $ of bonds outstanding

Determine Shabbona Corporation’s current cash debt coverage ratio, cash debt coverage ratio, and free cash flow. (Round ratios to 2 decimal places., e.g. 0.67.)

Current cash debt coverage ratio :1

Cash debt coverage ratio :1

Free cash flow

Comment on its liquidity and financial flexibility.

Shabbona has

liquidity. Its financial flexibility is

E23-2 Each of the following items must be considered in preparing a statement of cash flows (indirect method) for Turbulent Indigo Inc. for the year ended December 31, 2014. State where each item is to be shown in the statement of cash flows, if at all.

Items

(a) Plant assets that had cost $20,000 6 years before and were being depreciated on a straight-line basis over 10 years with no estimated scrap value were sold for $5,300.

(b) During the year, 10,000 shares of common stock with a stated value of $10 a share were issued for $43 a share.

(c) Uncollectible accounts receivable in the amount of $27,000 were written off against Allowance for Doubtful Accounts.

(d) The company sustained a net loss for the year of $50,000. Depreciation amounted to $22,000, and a gain of $9,000 was realized on the sale of land for $39,000 cash.

(e) A 3-month U.S. Treasury bill was purchased for $100,000. The company uses a cash and cash-equivalent basis for its cash flow statement.

(f) Patent amortization for the year was $20,000.

(g) The company exchanged common stock for a 70% interest in Tabasco Co. for $900,000.

(h) During the year, treasury stock costing $47,000 was purchased.

E23-11 Condensed financial data of Pat Metheny Company for 2014 and 2013 are presented below.

PAT METHENY COMPANY
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2014 AND 2013

2014 2013

Cash $1,800 $1,150

Receivables 1,750 1,300

Inventory 1,600 1,900

Plant assets 1,900 1,700

Accumulated depreciation (1,200) (1,170)

Long-term investments (held-to-maturity) 1,300 1,420

$7,150 $6,300

Accounts payable $1,200 $900

Accrued liabilities 200 250

Bonds payable 1,400 1,550

Capital stock 1,900 1,700

Retained earnings 2,450 1,900

$7,150 $6,300

PAT METHENY COMPANY
INCOME STATEMENT

FOR THE YEAR ENDED DECEMBER 31, 2014

Sales revenue $6,900

Cost of goods sold 4,700

Gross margin 2,200

Selling and administrative expenses 930

Income from operations 1,270

Other revenues and gains

Gain on sale of investments 80

Income before tax 1,350

Income tax expense 540

Net income $810

Cash dividends 260

Income retained in business $550

Additional information:

During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2014.

Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

E23-12 Condensed financial data of Pat Metheny Company for 2014 and 2013 are presented below.

PAT METHENY COMPANY
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2014 AND 2013

2014 2013

Cash $1,800 $1,150

Receivables 1,750 1,300

Inventory 1,600 1,900

Plant assets 1,900 1,700

Accumulated depreciation (1,200) (1,170)

Long-term investments (held-to-maturity) 1,300 1,420

$7,150 $6,300

Accounts payable $1,200 $900

Accrued liabilities 200 250

Bonds payable 1,400 1,550

Capital stock 1,900 1,700

Retained earnings 2,450 1,900

$7,150 $6,300

PAT METHENY COMPANY
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2014

Sales revenue $6,900

Cost of goods sold 4,700

Gross margin 2,200

Selling and administrative expenses 930

Income from operations 1,270

Other revenues and gains

Gain on sale of investments 80

Income before tax 1,350

Income tax expense 540

Net income $810

Cash dividends 260

Income retained in business $550

Additional information:

During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2014.

Prepare a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -25,000 or in parenthesis e.g. (25,000).)

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Quality Homework Helper
Helping Hand
Top Essay Tutor
Buy Coursework Help
Top Quality Assignments
Writer Writer Name Offer Chat
Quality Homework Helper

ONLINE

Quality Homework Helper

Hi dear, I am ready to do your homework in a reasonable price.

$62 Chat With Writer
Helping Hand

ONLINE

Helping Hand

I am an Academic writer with 10 years of experience. As an Academic writer, my aim is to generate unique content without Plagiarism as per the client’s requirements.

$60 Chat With Writer
Top Essay Tutor

ONLINE

Top Essay Tutor

I have more than 12 years of experience in managing online classes, exams, and quizzes on different websites like; Connect, McGraw-Hill, and Blackboard. I always provide a guarantee to my clients for their grades.

$65 Chat With Writer
Buy Coursework Help

ONLINE

Buy Coursework Help

Hi dear, I am ready to do your homework in a reasonable price.

$62 Chat With Writer
Top Quality Assignments

ONLINE

Top Quality Assignments

Hey, I have gone through your job posting and become very much interested in working with you.I can deliver professional content as per your requirements. I am a multi-skilled person with sound proficiency in the English language for being a native writer who worked on several similar projects of content writing and can deliver quality content to tight deadlines. I am available for both online and offline writing jobs with the promise of offering an incredibly responsive and supreme level of customer service. Thanks!

$55 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Mcafee disk encryption windows 10 - Studio artes northside inc - Doherty and clark sebas - Abc nightline ideo shopping cart - Comasters law firm and notary public - CHRISTIAN SERVANT LEADERS - 8 components of fitness - Cost of capital practice questions and answers - Act 3 crucible summary - How to make a spinner for a game - Baby sitters club books pdf - Experiment 17 antacid analysis - How using edi facilitates electronic transactions - 100 word discusion questions on the below topic follow instructions due today at 3:00 pm - Bain case study pdf - Financial Statements - 7-4 Final Project: Submit Media Assessment - 3980 summerwood dr cumming ga 30041 - Windows6 1 kb2852386 x64 - Key west lime pie company the profit - In the following, what are the degrees of freedom: t(29) = 2.001, p < .05? - Module 4 Paper - Likert summated rating scale - Discussion - Mobileciti australia pty ltd - Dr james scorer sunshine coast paediatrics - Volvo trucks penetrating the us market case analysis - Components of fitness training methods - Is the sovereign state in decline in an age of globalisation? - How to calculate case mix index example - Homework for lab 5 force mass and acceleration answers - Showtime auto sales odin il - How can these obligations impact individual and group rights - Weekly plan that includes goals for children's learning and development - Library management system modules - Alyssa Plastic Company - Daedalus and icarus story - Identification of unknown substances lab - Blind bight community centre - Follow the guide tag a career like the future essay - 650 word memo soc 350 - Samuel taylor coleridge the rime of the ancient mariner summary - Week 1 Assignment Supporting Diversity through 21st Century Teaching and Learning - Hotel management system project documentation doc - Example of completed r40 form - Ofad ust edu ph ustet results - Types of leadership cafs - P4s3 ionic or covalent - Shake it to morella - 5 star writing checklist - Factors affecting pricing decision in international marketing - Unholy Blades Company: Crafting Exquisite Custom Handmade Damascus Knives - Wells fargo personal financial statement - Bpw hub cap spanner - Father and son relationship in the kite runner - Websphere application server configuration comparison tool - The adventures of huckleberry finn discussion questions - Inter enterprise information system examples - Checklist model project selection - Cscc research database - Catcher in the rye essay questions - Describe amazon's information management system - Sun moon and talia - Chipotle mexican grill case study - Voltage divider rule with 3 resistors - Domino pizza 107th indian school - What is morrisby testing - The arlington reader themes for writers pdf - Food Myth Buster - Explore the world through free audiobooks - Mr burke is berserk comprehension questions - CHRISTIAN SERVANT LEADERS - The true american cliff notes - Week 4: Analyzing Forms of Nursing Inquiry Presentation Part 1 - Practical Connection Assignment - Texas tech salary grade 800 - Bolman and deal reframing organizations - Lower glenelg national park - Inside out psychology worksheet answers - Persuasive speech against physician assisted death - Rollo bay holdings ltd - Requiem for the croppies analysis - Toyota usa automobile museum - What are some examples of mood in literature - Energy systems response to acute exercise - Is eosin methylene blue agar selective or differential - Mgmt - Discussion board - MAN 4162 Assignment - Infograph and 400-550 word letter - Wireshark capture filter cheat sheet - Cover letter geology fresh graduate - Catholic social justice organisations - Name three famous robots and tell what they do - Indication and contraindication of passive movement - Southern cross ford toowoomba used cars - Why should ccom accept you into this year's class? - Edinburgh napier grading system undergraduate - Fundamentals of entrepreneurship syllabus - Main characters in breakfast club