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Category > Accounting Posted 15 Sep 2017 My Price 7.00

Beal Inc

Items 1 through 3 are based on the following:

The differences in Beal Inc.’s balance sheet accounts at December 31, 2006 and 2005, are presented below.

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Increase (Decrease)

Assets

  

Cash and cash equivalents

$ 120,000

Available-for-sale securities

300,000

Accounts receivable, net

--

Inventory

80,000

Long-term investments

(100,000)

Plant assets

700,000

Accumulated depreciation

--
 

$1,100,000

Liabilities and Stockholders’ Equity

  

Accounts payable and accrued liabilities

$ (5,000)

Dividends payable

160,000

Short-term bank debt

325,000

Long-term debt

110,000

Common stock, $10 par

100,000

Additional paid-in capital

120,000

Retained earnings

290,000
 

$1,100,000

The following additional information relates to 2006:

  • Net income was $790,000.
  • Cash dividends of $500,000 were declared.
  • Building costing $600,000 and having a carrying amount of $350,000 was sold for $350,000.
  • Equipment costing $110,000 was acquired through issuance of long-term debt.
  • A long-term investment was sold for $135,000. There were no other transactions affecting long-term investments.
  • 10,000 shares of common stock were issued for $22 a share.

In Beal’s 2006 statement of cash flows,

Net cash provided by operating activities was

  1. $1,160,000
  2. $1,040,000
  3. $ 920,000
  4. $ 705,000

Net cash used in investing activities was

  1. $1,005,000
  2. $1,190,000
  3. $1,275,000
  4. $1,600,000

Net cash provided by financing activities was

  1. $ 20,000
  2. $ 45,000
  3. $150,000
  4. $205,000

Answers

Maurice Tutor
(5)
Status NEW Posted 15 Sep 2017 08:09 AM My Price 7.00

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