ACCT 312 Week 6 Homework E21-14, E21-21, P21-4

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ACCT 312 Week 6 Homework E21-14, E21-21, P21-4
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ACCT 312 Week 6 Homework E21-14, E21-21, P21-4

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ACCT 312 Week 6 Homework E21-14, E21-21, P21-4

E21-14

In preparation for developing its statement of cash flows for the year ended December 31, 2013, Millennium Solutions, Inc., collected the following information ($ in millions):

Required:1. In Millennium’s statement of cash flows, what were net cash inflows (or outflows) from investing activities for 2013?2. In Millennium’s statement of cash flows, what were net cash inflows (or outflows) from financing activities for 2013?

E21-21

The income statement and a schedule reconciling cash flows from operating activities to net income are provided below ($ in 000s) for Peach Computers.

Required:1. Calculate each of the following amounts for Peach Computers:a. Cash received from customers during the reporting period.b. Cash paid to suppliers of goods during the reporting period.c. Cash paid to employees during the reporting period.d. Cash paid for insurance during the reporting period.e. Cash paid for income taxes during the reporting period.2. Prepare the cash flows from operating activities section of the statement of cash flows (direct method).

P21-4

The comparative balance sheets for 2013 and 2012 and the statement of income for 2013 are given below for Dux Company. Additional information from Dux’s accounting records is provided also.

Additional information from the accounting records:a. A building that originally cost $40,000, and which was three-fourths depreciated, was sold for $7,000.b. The common stock of Byrd Corporation was purchased for $5,000 as a long-term investment.c. Property was acquired by issuing a 13%, seven-year, $30,000 note payable to the seller.d. New equipment was purchased for $15,000 cash.e. On January 1, 2013, bonds were sold at their $25,000 face value.f. On January 19, Dux issued a 5% stock dividend (1,000 shares). The market price of the $10 par value common stock was $14 per share at that time.g. Cash dividends of $13,000 were paid to shareholders.h. On November 12, 500 shares of common stock were repurchased as treasury stock at a cost of $8,000.Required:Prepare the statement of cash flows of Dux Company for the year ended December 31, 2013. Present cash flows from operating activities by the direct method.(You may omit the schedule to reconcile net income to cash flows from operating activities.)