29. Refer to Alpha's cash T-Account for 2019 shown below. egin{tabular}{|l|c|c|l|} hline multicolumn{4}{|c|}{ Alpha Industries T-Account } \ hline multicolumn{4}{|c|}{ December 31, 2019 } \ hline multicolumn{4}{|c|}{ Amounts in millions ($) } \ hline multicolumn{4}{|c|}{ Cash } \ hline Balance January 1, 2019 & 725 & & \ hline Collection from Customers & 200 & 150 & Payments to suppliers \ hline Common Stock Issued & 80 & 100 & Salaries Paid \ hline Long-term Bond Issued & 200 & 100 & Payment of rent and utilities \ hline Sale of land & 150 & 50 & Dividends Paid \ hline & & 40 & Payment of Loan Principal \ hline & & 300 & Purchase of new machine \ hline Balance December 31, 2019 & 615 & & \ hline end{tabular} For 2019, what was Alpha's cash flow from investing? A net inflow of $80 million A net outflow of $80 million A net inflow of $150 million A net outflow of $150 million
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Assume the following income statement and balance sheet information: Service revenue (all cash) $175 Operating expenses Salaries (all cash) 85 Net income $90 2020 2019 Current assets Cash $1,250 $1,600 Short-term invest. 100 200 $1,350 $1,800 Liabilities Borrowings 600 1,000 Stockholders' equity Common stock 200 300 Retained earnings 550 500 750 800 $1,350 $1,800 Other information: The short-term investments are riskless and will be converted to a known amount of cash in 60 days. Borrowings are non-current. No gain or loss occurred when common stock was repurchased. Required: 1. Calculate cash flow from operating activities. 2. Prepare the 2020 statement of changes in equity. 3. Calculate cash flow from financing activities. 4. (Appendix) Prepare a cash flow table. Show that cash effects net to a $450 outflow.
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Jan 7, 2019: Owner invested cash in the business amounting to 300,000 Jan 22, 2019: Purchased equipment for cash amounting to 50,000. Mar 31, 2019: Purchased inventories through credit amounting to 35,000. May 19, 2019: Purchased furniture amounting to 30,000. Made partial payment with cash 10,000 and incurred an accounts payable for the balance (20,000) June 11, 2019: Paid cash to the local government for business permit (9,000) July 9, 2019: Made sales of 17,000 (12,000 cash sales, 5,000 credit sales). July 30, 2019: The cost of the sales made on July 9, 2019 amounted to 8,500. Aug 23, 2019: Paid the accounts payable for May 19, 2019. Oct 15, 2019: Bought 25,000 computed with 2% discount Dec 28, 2019: Collected 2,500 from the sales on July 9, 2019. Dec 31, 2019: Paid employee 12,000. A. The following are Princess Janelle Trading Enterprises adjustments at the end of the year 2019. 1. The accounts receivable, if any, has a doubtful account of 2.5%. 2. Supplies expense is 70% of the supplies. 3. Equipment is depreciated at 10 useful years with salvage value of 5% of the book value. 4. Furniture and Fixtures are depreciated at 5 useful years with no salvage value. 5. Utilities amounted to 3, 500. 6. Unpaid salaries amounted to 2, 500. *Journalize and post the adjustments of the Janelle Trading Enterprises then prepare the adjusted trial balance using the prescribed worksheet.
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Sheridan Company had the following assets on January 1, 2022. Item Cost Purchase Date Useful Life (in years) Salvage Value Machinery $64,000 Jan. 1, 2012 10 $ 0 Forklift 23,000 Jan. 1, 2019 5 0 Truck 29,400 Jan. 1, 2017 8 3,000 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $11,300. The truck was discarded on December 31. Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2021.
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