D2L Chapter 11 Homework - 30128 X | M Question 8 - Chapter 11 Homev X D2L Chapter 12 Homework - 30128 x M Question 10 - Chapter 12 Home X + X C 2 ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com... LB : YouTube Music M Gmail LG MyPima D2L D2L . Google Maps [ Others School ] Work ] STUDY All Bookmarks hapter 12 Homework 10 Required Information Part 2 of 2 Problem 12-3A (Algo) Perform vertical and horizontal analysis (LO12-1, 12-2) [The following information applies to the questions displayed below] point The balance sheets for Sports Unlimited for 2024 and 2023 are provided below. 8 03:02-0 Skipped Problem 12-3A (Algo) Part 2 2. Prepare a horizontal analysis of Sports Unlimited's 2024 balance sheet using 2023 as the base year. (Values to be deducted and decreases should be Indicated by a minus sign. Round your percentage answers to 1 decimal place.) SPORTS UNLIMITED Balance Sheets Print For the Years Ended December 31 Year Increase (Decrease) hererences 2024 2023 Amount Assets Current assets Cash 211.500 $ 40.800 Accounts receivable 99.900 50,400 Inventory 82.800 154.400 Prepaid rent 28.800 14.400 Long-term assets: Investment in bonds 108,900 16,900 Land 238.500 280.000 Equipment 206.100 202.400 Less: Accumulated depreciation (78,500) (42,400) Total assets 900.000 S 816,900 Liabilities and Stockholders' Equity Current liabilities: Accounts payable 75.800 s 88.800 Interest payable 28.800 14,400 Income tax payable 21.600 16,000 Long-term liabilities Notes payable 43.800 234,400 Stockholders' equity: Common stock 88,000 88,000 Retained earnings 242. 100 175,300 Total liabilities and stockholders' equity S 900.000 S 816,900 97 Q Search 8:56 PM ENG 7/16/2024 PRED2L Chapter 11 Hc X M Question 3 - ( X New Tab X M Question 3 - C X D2L Chapter 12 Ho X M Question 10 - X | Dashboard X + O X C 2 ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com... Q LB : YouTube Music M Gmail LG MyPima D2L D2L . Google Maps [ Others ] School Work STUDY All Bookmarks Chapter 11 Homework i 3 Brief Exercise 11-11 (Algo) Calculate net cash flows from financing activities (LO11-5) Creative Sound Systems sold investments, land, and its own common stock for $36.0 million, $14.4 million, and $38.8 million, respectively. Creative Sound Systems also purchased treasury stock, equipment, and a patent for $20.4 million, $24.4 million, and $11.4 million, respectively. 0.5/1 points awarded What amount should Creative Sound Systems report as net cash flows from financing activities? (Cash outflows should be indicated Scored with a minus sign. Round your answers to 1 decimal place. Enter your answers in millions (i.e., $10,100,000 should be entered as 10.1).) CREATIVE SOUND SYSTEMS Book Statement of Cash Flows (partial) Cash flows from financing activities Issuance of common stock 38.8 Print X References Net cash flows from financing activities $ 38.8 Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. 970 Q Search 9:00 PM ENG 7/16/2024 PRED2L Chapter 11 Hc X M Question 3 - ( X New Tab X M Question 6 - C X D2L Chapter 12 Ho X M Question 10 - X | Dashboard X + O X C 2 ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com.. Q LB : YouTube Music M Gmail LG MyPima D2L D2L . Google Maps [ Others [ School Work STUDY All Bookmarks Chapter 11 Homework 1 Exercise 11-8 (Algo) Prepare a statement of cash flows-indirect method (LO11-3, 11-4, 11-5) 6 The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: PLASMA SCREENS CORPORATION Balance Sheets 2.3/2.5 December 31, 2024 and 2023 points awarded 2024 2023 Assets Scored Current assets: Cash $111, 950 $129,000 Accounts receivable 80,800 95, 500 Inventory 102,000 86, 300 Prepaid rent 5 , 406 2, 700 Long-term assets: Book Land 515,000 515, 000 Equipment 818,000 705,006 Accumulated depreciation (435,000 282, 000) Hint Total assets $1, 198,150 $1, 251, 500 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $106,000 $91, 300 Print Interest payable 6,750 13, 506 Income tax payable 9, 400 5, 700 Long-term liabilities: Notes payable 112,500 225,000 References Stockholders equity: Common stock 735,000 735, 000 Retained earnings 228,500 181, 000 Total liabilities and stockholders equity $1, 198, 150 $1, 251, 500 Additional Information for 2024: 1. Net income is $76,000 2. The company purchases $113,000 in equipment. No equipment was sold. 3. Depreciation expense is $153,000. 4. The company repays $112,500 in notes payable. 5. The company declares and pays a cash dividend of $28,500. Q Search 9:01 PM ENG 7/16/2024 PREL Chapter 11 Ho X M Question 3 - M Question6- X D2L Chapter 12 Ho X M Question 10 X * Dashboard b L 25 ezto.mheducation.com LT | ] Tly] A4 R O i YouTube Music 1 Gmail MyPima & Google Maps [ Others [ School [J Work [J STU | V=0T BT Required: Prepare the statement of cash flows using the Indirect metnod. (Amounts to be deducted, cash outflows, and any decrease In cash should be Indicated with a minus sign.) PLASMA SCREENS CORPORAT Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities Net income 9 Adjustments to reconcile net income to net cash flows from operating activities 76,000 & Depreciation expense Q 153,000 0| Decrease in accounts receivale o 14700 @ | Increase in inventory Q (15,700, 0| Increase in prepaid rent o 2,700 @ Increase in accounts payable 2 14,700 &@ Decrease in interest payable Q| 60 Increase in income tax payable o (3,700) @ Net cash flows from operating activities s 229.550 Cash Flows from Investing Activities Purchase of equipment &| 13000 Net cash flows from investing activities Cash Flows from Financing Activities (113,000) (112,500) & (28,500) @ Payment of notes payable Payment of cash dividends Net cash flows from financing activities Net increas cash 129,000 & s 111,950 Cash at the beginning of the period Cash at the end of the period = - 9:01 PM a = & Q Search N ey D2L Chapter 11 Hc X M Question 8 - ( X New Tab X M Question 8 - C X D2L Chapter 12 Ho X M Question 10 - X | Dashboard X + O X C 2 ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com... Q LB : YouTube Music M Gmail LG MyPima D2L D2L . Google Maps [ Others School Work STUDY All Bookmarks Chapter 11 Homework 8 Problem 11-4A (Algo) Prepare a statement of cash flows-Indirect method (LO11-2, 11-3, 11-4, 11-5) The Income statement. ance sheets, and additional Information for Video Phones, Incorporated, are provided. VIDEO PHONES, INCORPORATED 279/3 Income Statement points awarded For the Year Ended December 31, 2024 Net sales $3,136,eee Scared Cost of goods sold $2, 050, 090 Operating expenses 878, 60 Depreciation expense 29 , Bee Interest expense 8, 280 16, Bee Income tax expense 1 expenses 3,831,200 Prime Net income $ 104,808 VIDEO PHONES, INCORPORATED Balance Sheets References December 31 2024 2023 Assets Current assets: $179,720 $160, 760 Accounts receivable 83, 200 62,030 Inventory 105,020 137 , Bee Prepaid rer 12,480 6.240 ong-term assets Investments 107, 020 Land 212,020 Equipment 274, 00 212, 690 Accumulated depreciation (71,408) (42,400) Total assets $902, 020 $779,600 Liabilities and Stockholders Equity Current liabilities: Accounts payable $ 67, 820 $ 83,600 Interest payable 6,200 10,40 Income tax payable 15,208 14, 20 Long-term liabilities: Notes payable 289,020 227,090 tockholders' equity: Common stock 320, 020 320, 606 Retained earnings 203, 820 125, 630 Total liabilities and stockholders' equity $902, 020 $779,600 Additional Information for 2024: 1. Purchased Investment In bonds for $107,000. 2. Sold land for $23.800. The land originally was purchased for $32,000, resulting In a $8,200 loss being recorded at the time of the sale. 3. Purchased $62,000 in equipment by issuing a $62,000 long-term note payable to the seller. No cash was exchanged In the transaction. 4. Declared and paid a cash dividend of $26,000. Required: Prepare the statement of cash flows using the Indirect method. Disclose any noncash transactions In an accompanying note. (Amounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign.) VIDEO PHONES, INCORPORATED Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities: Net income S 104,800 97 Q Search 9:11 PM ENG 7/16/2024 PRED2L Chapter 11 Hc X M Question 8 - ( X New Tab X M Question 8 - C X D2L Chapter 12 Ho X M Question 10 - X | Dashboard X + O X C 2 ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com.. Q LB : YouTube Music M Gmail LG MyPima D2L D2L Google Maps [ Others School [ Work STUDY All Bookmarks Income tax payable 15, 200 14, 200 ong-term liabilities: eferences Notes payable 289, Bee 227, Bee tockholders' equity: on stock 320, Bee 320, 090 Retained earnings 103, Bee 125,600 Total liabilities and stockholders' equity $902, Bee $779,600 Additional Information for 2024: 1. Purchased Investment In bonds for $107.000. 2. Sold land for $23,800. The land originally was purchased for $32,000, resulting in a $8.200 loss being recorded at the time of the . Purchased $62,000 in equipment by issuing a $62,000 long-term note payable to the seller. No cash was exchanged In the transaction. . Declared and paid a cash dividend of $26,000. Required: Prepare the statement of cash flows using the Indirect method. Disclose any noncash transactions In an accompanying note. (Amounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign.) VIDEO PHONES, INCORPORATED Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities Net income 5 104,800 Adjustments to reconcile net income to net cash flows from operating activities Depreciation expense 29,000 Loss (on sale of land) 8,200 Increase in accounts receivable (21,200) Decrease in inventory 32,000 Increase in prepaid rent (8,240) Decrease in accounts payable (15,200) Decrease in interest payable (4,200) Increase in income tax payable 1,000 Net cash flows from operating activities 128,160 Cash Flows from Investing Activities Purchase investment in bonds (107,000) Proceeds from sale of land 23,800 Purchase of equipment Net cash flows from investing activities (83,200) Cash Flows from Financing Activities: Payment of cash dividends S (26.000) Net cash flows from financing activities (26.000) Net increase in cash 18,960 Cash at the beginning of the period 160,760 Cash at the end of the period 179,720 Note: Noncash Activities X Grow Q Search ENG 9:12 PM NEW 7/16/2024 PRED2l Chapter 11 Ho X M Question2- X lo) IR PR D2L Chapter 12 Ho X M Question 10 - X * Dashboard b L (& ezto.mheducation.com S ] nn a (SR ) YouTube Music 1 Gmail MyPima D2L & Google Maps [ Others [ School [J Work [J ST | V=0T BT Brief Exercise 11-8 (Algo) Calculate net cash flows from investing activities (LO11-4) Creative Sound Systems sold investments, land, and its own common stock for $37.0 million, $157 million, and $41.4 million, respectively. Creative Sound Systems also purchased treasury stock, equipment, and a patent for $217 million, $257 million, and $12.7 million, respectively. What amount should the company report as net cash flows from investing activities? (Cash outflows should be indicated with a minus sign. Round your answers to 1 decimal place. Enter your answers in millions (i.e., $10,100,000 should be entered as 10.1).) Answer is complete but not entirely correct. CREATIVE SOUND SYSTEMS Statement of Cash Flows (partial) Cash flows from investing activities Sale of investments Qs 3708 sale of land 9 157@ Purchase of treasury stock D Purchase equipment 9 1@ Purchase a patent Q| 1217& Net cash flows from investing activities (7.4) 913 PM e L F Q Search = NN ]