Question: Refer to Gazelle Corporation’s financial statements

> Use Apple’s financial statements in Appendix A to answer the following. 1. How many shares of Apple common stock are issued and outstanding at (a) September 29, 2018, and (b) September 30, 2017? 2. What is the total amount of cash dividends paid to commo

> Santana Rey created Business Solutions on October 1, 2020. The company has been successful, and Santana plans to expand her business. She believes that an additional $86,000 is needed and is investigating three funding sources. a. Santana’s sister Cicely

> Soltech Company’s balance sheet shows the following stockholders’ equity section. Required 1. Determine the par values of the corporation’s preferred stock and its common stock. 2. If two yearsâ

> The equity sections for Hovo Corp. at the beginning of the year (January 1) and end of the year (December 31) follow. The following transactions and events affected its equity during the year. Feb. 15 declared a $0.40 per share cash dividend, date of rec

> Indicate whether each of the following statements regarding dividends is true or false. 1. Cash and stock dividends reduce retained earnings. 2. Dividends payable is recorded at the time a cash dividend is declared. 3. The date of record is the date a ca

> Carlsville Company began operations in the current year and had no prior stock investments. The following transactions are from its short-term stock investments with insignificant influence. Prepare journal entries to record these transactions. On Decemb

> Raphael Corporation’s balance sheet shows the following stockholders’ equity section. Required 1. Determine the par values of the corporation’s preferred stock and its common stock. 2. If two years&a

> Kohler Corporation reports the following components of stockholders’ equity at December 31, 2019. During 2020, the following transactions affected its stockholders’ equity accounts. Jan.Purchased 4,000 shares of its

> The following information is from Amos Company for the year ended December 31, 2020. Prepare a statement of retained earnings for Amos Company. Retained earnings at December 31, 2019 (before discovery of error), $1,375,000. Cash dividends declared and p

> Prepare a statement of retained earnings for Tidal Co. for the year ended December 31, 2020, using the following data.

> Tuscan Inc. had a retained earnings balance of $60,000 at December 31, 2019. During the year, Tuscan had the following selected transactions. Calculate the retained earnings balance at December 31, 2020. Reported net income of $100,000. Revised an estima

> Prepare a classified balance sheet for Tucson Co. for the year ended December 31 using the following data.

> In Draco Corporation’s first year of business, the following transactions affected its equity accounts. Prepare the stockholders’ equity section of Draco’s balance sheet as of December 31. Issued 4,000 shares of $2 par value common stock for $18. It auth

> Use the data in Exercise 11-12 to determine the amount of dividends paid each year to each of the two classes of stockholders assuming that the preferred stock is cumulative. Also determine the total dividends paid to each class for the four years combin

> Match each description with the characteristic of preferred stock that it best describes. A. Cumulative B. Noncumulative C. Nonparticipating D. Participating 1. Receives current and all past dividends before common stockholders receive any dividends. 2

> Refer to the information in Exercise 11-8. Assume that instead of distributing a stock dividend, Sharper did a 3-for-1 stock split. After the split, (1) prepare the updated stockholders’ equity section and (2) compute the number of shares outstanding. Hi

> Refer to the information in Exercise C-10. (1) After the fair value adjustment is made, prepare the assets section of Mars Co.’s December 31 classified balance sheet. Assume Mars plans to sell its stock investments within the next six months. (2) In whic

> Prepare Hertog Company’s journal entries to record the following transactions for the current year. May 7 Purchases Kraft bonds as a short-term investment in trading securities at a cost of $10,300. June 6 Sells its entire investment in Kraft bonds for

> Belkin Inc. has 100,000 shares of $3 par value common stock outstanding. Belkin declares a 40% stock dividend on March 2 when the stock’s market value is $72 per share. Prepare the journal entry for declaration of the stock dividend.

> On June 30, Sharper Corporation’s stockholders’ equity section of its balance sheet appears as follows before any stock dividend or split. Sharper declares and immediately distributes a 50% stock dividend. After the di

> For each dividend and stock split issued, determine the impact—increase, decrease, or no effect—on total assets, total liabilities, and total equity.

> Analyze each transaction from Exercise 11-4 by showing its effect on the accounting equation— specifically, identify the accounts and amounts (including + or −) for each transaction.

> Indicate which activities of Stockton Corporation violated the rights of a stockholder who owned one share of common stock. 1. Did not allow the stockholder to sell the stock to her brother. 2. Rejected the stockholder’s request to be put in charge of it

> Match each corporate characteristic 1 through 8 with the description that best relates to it. 1. Owner authority and control 2. Ease of formation 3. Transferability of ownership 4. Ability to raise large capital amounts 5. Duration of life 6. Owner liabi

> Foxburo Company expects to pay a $2.34 per share cash dividend this year on its common stock. The current market value of Foxburo stock is $32.50 per share. Compute the expected dividend yield. If a competitor with a dividend yield of 3% is considered an

> Compute Topp Company’s price-earnings ratio if its common stock has a market value of $20.54 per share and its EPS is $3.95. Its key competitor, Lower Deck, has a PE ratio of 9.5. For which company does the market have higher expectations of future perfo

> On January 1, Payson Inc. had a retained earnings balance of $20,000. During the year, Payson reported net income of $30,000 and paid cash dividends of $17,000. Calculate the retained earnings balance at its December 31 year-end.

> For each situation, identify whether it is treated as a prior period adjustment or change in accounting estimate. 1. A review of notes payable discovers that three years ago the company reported the entire amount of a payment (principal and interest) on

> On December 31, Mars Co. had the following portfolio of stock investments with insignificant influence. Mars had no stock investments in prior periods. Prepare the December 31 adjusting entry to report these investments at fair value.

> On December 31, Westworld Inc. has the following equity accounts and balances: Retained Earnings, $45,000; Common Stock, $1,000; Treasury Stock, $2,000; Paid-In Capital in Excess of Par Value, Com- mon Stock, $39,000; Preferred Stock, $7,000; and Paid-In

> Epic Inc. has 10,000 shares of $2 par value common stock outstanding. Epic declares a 5% stock dividend on July 1 when the stock’s market value is $8 per share. The stock dividend is distributed on July 20. Prepare journal entries for (a) declaration and

> Refer to the data in QS 12-7. Furniture costing $55,000 is sold at its book value in 2020. Acquisitions of furniture total $45,000 cash, on which no depreciation is necessary because it is acquired at year-end. What is the cash inflow from the sale of fu

> Refer to the balance sheet data in QS 12-10 from Anders Company. During 2020, a building with a book value of $70,000 and an original cost of $300,000 was sold at a gain of $60,000. 1. How much cash did Anders receive from the sale of the building? 2. Ho

> The plant assets section of the comparative balance sheets of Anders Company is reported below. Refer to the balance sheet data above from Anders Company. During 2020, equipment with a book value of $40,000 and an original cost of $210,000 was sold at a

> Indicate the effect each separate transaction has on investing cash flows. a. Sold a truck costing $40,000, with $22,000 of accumulated depreciation, for $8,000 cash. The sale results in a $10,000 loss. b. Sold a machine costing $10,000, with $8,000 of a

> Review the chapter’s opener involving Vera Bradley and its founder, Barbara Bradley. Required 1. In a business such as Vera Bradley, monitoring cash flow is always a priority. Explain how cash flow can lag behind net income. 2. What are potential sources

> Team members are to coordinate and independently answer one question within each of the following three sections. Team members should then report to the team and confirm or correct teammates’ answers. 1. Answer one of the following questions about the st

> Access the April 14, 2016, filing of the 10-K report (for year ending December 31, 2015) of Mendocino Brewing Company, Inc. (ticker: MENB) at SEC.gov. Required 1. Does Mendocino Brewing use the direct or indirect method to construct its consolidated stat

> Refer to Samsung’s 2018 statement of cash flows in Appendix A. List its cash flows from operating activities, investing activities, and financing activities.

> Analyze transactions (a through c) from Exercise C-8 by showing each transaction’s effect on the accounting equation—specifically, identify the accounts and amounts (including + or −) for each transaction.

> Refer to Google’s statement of cash flows in Appendix A. What are its cash flows from financing activities for the year ended December 31, 2018? List the items and amounts

> Refer to Apple’s statement of cash flows in Appendix A. (a) which method is used to compute its net cash provided by operating activities? (b) Its balance sheet shows an increase in accounts receivable from September 30, 2017, to September 29, 2018; wh

> Key comparative information for Samsung, Apple, and Google follows. Required 1. Compute the recent two years’ cash flow on total assets ratio for Samsung. 2. Is the change in Samsung’s cash flow on total assets ratio f

> Key figures for Apple and Google follow. Required 1. Compute the recent two years’ cash flow on total assets ratios for Apple and Google. 2. For the current year, which company has the better cash flow on total assets ratio? 3. For the

> Use Apple’s financial statements in Appendix A to answer the following. 1. Is Apple’s statement of cash flows prepared under the direct method or the indirect method? 2. For each fiscal year 2018, 2017, and 2016, identify the amount of cash provided by o

> Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business. (Although the serial problem allowed for various ownership changes in earlier chapters, we will prepare the statement of cash flows using the followi

> Use the indirect method to prepare the operating activities section of Cruz’s statement of cash flows.

> Refer to Satu Company’s financial statements and related information in Problem 12-6B. Required Prepare a complete statement of cash flows using the direct method for the current year.

> Satu Company’s current-year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3)

> Prepare journal entries to record the following transactions involving the short-term stock investments of Duke Co., all of which occurred during the current year. a. On March 22, purchased 1,000 shares of RPI Company stock at $10 per share. Duke’s stock

> Refer to the information reported about Gazelle Corporation in Problem 12-3B. Required Prepare a complete statement of cash flows using a spreadsheet as in Exhibit 12A.1 using the indirect method. Identify the debits and credits in the Analysis of Change

> Gazelle Corporation’s current-year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customer

> Refer to the information in Problem 12-1B. Required Prepare the operating activities section of the statement of cash flows using the direct method for the current year.

> Refer to Golden Corporation’s financial statements and related information in Problem 12-6A. Required Prepare a complete statement of cash flows using the direct method for the current year.

> Golden Corp.’s current-year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3)

> Refer to Forten Company’s financial statements and related information in Problem 12-3A. Required Prepare a complete statement of cash flows using the direct method. Disclose any noncash investing and financing activities in a note.

> Refer to the information reported about Forten Company in Problem 12-3A. Required Prepare a complete statement of cash flows using a spreadsheet as in Exhibit 12A.1 using the indirect method. Identify the debits and credits in the Analysis of Changes col

> Use the following information to determine cash flows from operating activities using the indirect method.

> Forten Company’s current-year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3

> Refer to the information in Problem 12-1A. Required Prepare the operating activities section of the statement of cash flows using the direct method for the current year.

> For each of the following situations, identify (1) the case as either (a) a present or a future value and (b) a single amount or an annuity, (2) the table you would use in your computations (but do not solve the problem), and (3) the interest rate and ti

> The following Cash T-account shows the total debits and total credits to the Cash account of Thomas Corporation for the current year. 1. Prepare a complete statement of cash flows for the current year using the direct method. 2. Refer to the statement of

> Use the following information about Ferron Company to prepare a complete statement of cash flows (direct method) for the current year ended December 31. Use a note disclosure for any noncash investing and financing activities.

> Refer to information in Exercise 12-4. Use the direct method to prepare the operating activities section of Sonad’s statement of cash flows.

> Refer to the information in Exercise 12-12. Using the direct method, prepare the statement of cash flows for the year ended June 30, 2020. Hint: Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement.

> For each of the following separate cases, compute the required cash flow information

> Indicate where each item would appear on a statement of cash flows using the direct method by placing an x in the appropriate column.

> Complete the following spreadsheet in preparation of the statement of cash flows. (The statement of cash flows is not required.) Prepare the spreadsheet as in Exhibit 12A.1 under the indirect method. Identify the debits and credits in the Analysis of Cha

> A company reported average total assets of $1,240,000 in Year 1 and $1,510,000 in Year 2. Its net operating cash flow was $102,920 in Year 1 and $138,920 in Year 2. (1) Calculate its cash flow on total assets ratio for both years. (2) Did its cash flow o

> For each separate company, compute cash flows from operations using the indirect method.

> Use the following Cash account to determine (a) cash flows used by investing activities and (b) cash flows provided by financing activities.

> Accenture purchases 55% of the voting common stock of JBL. After the purchase, Accenture has a con- trolling influence over JBL. (1) Which method does Accenture use to account for its investment in JBL? (2) What type of financial statements does Accentu

> Use the following information to prepare a statement of cash flows for the current year using the indirect method.

> The following financial statements and additional information are reported. (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2020. (2) Compute the company’s cash flow on total assets ratio for

> For each of the following separate transactions, (a) prepare the reconstructed journal entry and (b) identify the effect it has, if any, on the investing section or financing section of the statement of cash flows. 1. Sold a building costing $30,000, wit

> Cain Co. reports net cash provided by operating activities of $30,000. It also reports the following information under “Adjustments to reconcile net income to net cash provided by operating activities” on its statement

> Prepare the operating activities section of the statement of cash flows for Green Garden using the indirect method.

> Using the following income statement and additional year-end information, prepare the operating activities section of the statement of cash flows using the indirect method.

> Indicate where each item would appear on a statement of cash flows using the indirect method by placing an x in the appropriate column.

> Refer to the data in QS 12-7. Use the direct method to prepare the operating activities section of Cruz’s statement of cash flows.

> Refer to the data in QS 12-7. 1. How much cash is paid to acquire inventory during year 2020? 2. How much cash is paid for operating expenses (excluding depreciation) during year 2020? Hint: Examine prepaid expenses and wages payable.

> Cain Inc. reports net income of $15,000. Its comparative balance sheet shows the following changes: accounts receivable increased $6,000; inventory decreased $8,000; prepaid insurance decreased $1,000; accounts payable increased $3,000; and taxes payable

> Prepare Krum Co.’s journal entries to record the following transactions involving its short-term investments in available-for-sale debt securities, all of which occurred during the current year. a. On August 1, paid $50,000 cash to purchase Houtte’s 9%,

> Refer to the data in QS 12-7. 1. How much cash is received from sales to customers for year 2020? 2. What is the net increase or decrease in the Cash account for year 2020?

> For each separate case, compute the required cash flow information for BioClean.

> BTN Inc. reports operating expenses of $27,000. Its comparative balance sheet shows that accrued liabilities decreased $6,000 and prepaid expenses increased $2,000. Compute cash used in operating activities using the direct method.

> Bioware Co. reports cost of goods sold of $42,000. Its comparative balance sheet shows that inventory decreased $7,000 and accounts payable increased $5,000. Compute cash payments to suppliers using the direct method.

> Russell Co. reports sales revenue of $30,000 and interest revenue of $5,000. Its comparative balance sheet shows that accounts receivable decreased $4,000 and interest receivable increased $1,000. Compute cash provided by operating activities using the d

> A company uses a spreadsheet to prepare its statement of cash flows. Indicate whether each of the following items would be recorded in the Debit column or Credit column of the spreadsheet’s statement of cash flows section. a. Decrease in accounts payable

> Revo Co. reports average total assets of $200,000, revenue of $90,000, net income of $30,000, and cash flow from operations of $38,000. 1. Compute its cash flow on total assets. 2. Is Revo’s cash flow on total assets better than the 8% for its competitor

> Use the following information for VPI Co. to prepare a statement of cash flows for the year ended December 31 using the indirect method.

> Refer to the data in QS 12-7. 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2020? 2. Assume that no additional notes payable are issued in 2020. What cash amount is paid to reduce the notes payable balan

> Indicate the effect, if any, that each separate transaction has on financing cash flows. a. Notes payable with a carrying value of $15,000 are retired for $16,000 cash, resulting in a $1,000 loss. b. Paid cash dividends of $11,000 to common stockholders.

> Prepare Natura Co.’s journal entries to record the following transactions involving its short-term investments in held-to-maturity debt securities, all of which occurred during the current year. a. On June 15, paid $1,000 cash to purchase Remed’s 90-day

> Bryant Co. reports net income of $20,000. For the year, depreciation expense is $7,000 and the company reports a gain of $3,000 from sale of machinery. It also had a $2,000 loss from retirement of notes. Compute cash flows from operations using the indir

> Mifflin Co. reported the following for the current year: net sales of $60,000; cost of goods sold of $38,000; beginning balance in accounts receivable of $14,000; and ending balance in accounts receivable of $6,000. Compute (a) accounts receivable turnov

> At its prior year-end, VPN Co. reported current assets of $60,000 and current liabilities of $55,000. Deter- mine how each of the following transactions would increase, decrease, or have no effect on total current assets, total current liabilities, and t

> Pritchett Co. reported the following year-end data: cash of $15,000; short-term investments of $5,000; accounts receivable (current) of $8,000; inventory of $20,000; prepaid (current) assets of $6,000; and total current liabilities of $20,000. Compute th

> You are to devise an investment strategy to enable you to accumulate $1,000,000 by age 65. Start by making some assumptions about your salary. Next, compute the percent of your salary that you will be able to save each year. If you will receive any lump-

> Express the items from QS 13-5 in common-size percent’s.