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gogolik [260]
3 years ago
10

For each of the following items, indicate by using the appropriate code letter, how the item should be reported in the statement

of cash flows, using the direct method.
a. Declaration and payment of a cash dividend.
b. Decrease in accounts receivable during a period.
c. Conversion of bonds payable into common stock.
d. Purchase of land for cash.
e. Decrease in merchandise inventory during a period.
f. Decrease in accounts payable during a period.
g. Issuance of preferred stock for cash.
h. Sale of equipment for cash at book value.
Business
1 answer:
iren2701 [21]3 years ago
6 0

Answer and Explanation:

The cash flow statement includes three categories of operations which are listed below:

1. Operating activities: It involves those transactions that after net income impact the working capital. This will subtract the rise in current assets and a reduction in current liabilities, while adding the decline in existing assets and a rise in current liabilities.

It will manage some adjustments in working capital. In addition, the depreciation costs are added to the net income and the loss on the sale of assets is added, while the gain on the sale of assets is deducted

2. Investing activities: it tracks activities that involve purchasing and selling long-term properties. Purchase is cash outflow while selling is cash inflow

3. Financing activities: it tracks transactions that have an impact on long-term debt and equity balance of shareholders. Share issue is a cash inflow while redemption and dividend are cash outflows.

Based on this

The classification are as follows

a. Declaration and payment of a cash dividend. = Cash outflow = finance activity

b. Decrease in accounts receivable during a period. = Added to the net income

c. Conversion of bonds payable into common stock = Significant non cash investing and financing activity as it does not involved any cash transactions

d. Purchase of land for cash = Cash outflow = Investing activity

e. Decrease in merchandise inventory during a period. = Added to the net income

f. Decrease in accounts payable during a period.  = Deduct from the net income

g. Issuance of preferred stock for cash.  = Cash inflow = Financing activity

h. Sale of equipment for cash at book value. = Cash inflow = financing activity

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Everyone has seen organizations and agencies make a case for their cause on the television, newspaper and radio. We have all heard stories about how a media consultant has helped improve a political candidate's image by cleverly manipulating the press. There are many ways you can use the media to the benefit of your cause. This section introduces you to working with the media.

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3 years ago
merchandise is sold for cash. the selling price of the merchandise is $2,600, and the sale is subject to a 6% state sales tax. t
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The journal entry for the sale would include a credit to sales tax payable for $156 if the selling price of the merchandise is $2600.

The government levies a consumption tax known as a sales tax on the purchase of goods and services. At the point of sale, a standard sales tax is imposed, collected by the retailer, and paid to the government. Companies must first apply for a sales tax permit from their state's department of taxation in order to be able to collect sales tax from customers. Every time a customer makes a purchase, businesses collect sales tax, which they subsequently monthly or quarterly send to the state.

As the selling price of the merchandise is $2,600 and the state sales tax is 6%, this means that 6% of $2,600 has to be paid to the state governing body.

Sales tax = 6% of 2600

Sales tax = 6/100 × 2600

Sales tax = 0.06 × 2600

Sales tax = $156

Therefore; the entry to journalize the sale would include a credit to sales tax payable for $156 if the selling price of the merchandise is $2600.

To know more about  sales tax refer:

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