ACCT 6272 EXAM 12 QUESTIONS. MUST BE COMPLETE IN 3 HOURS!!!
Question 41
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- Problem 2 Statement of Cash Flows (20 points) (Must show your work to receive credit)
M & C Company reports the following changes in the accounts for year 20C:
|
Equipment |
; 28,000 |
|
Accumulated depreciation – equipment |
; -6,000 |
|
Long-term investments |
; -18,000 |
|
Prepaid expenses |
; -3,000 |
|
Inventory |
; 7,000 |
|
Accounts receivable |
; ;4,000 |
|
Cash |
; 23,000 |
|
Capital stock |
; 17,000 |
|
Retained earnings |
; 18,000 |
|
Bonds payable |
; -10,000 |
|
Accounts payable |
; 10,000 |
|
Net income |
; 33,000 |
|
Cash dividends |
; 15,000 |
|
Long-term investments that had a cost of |
; Loss 4,000 |
|
Sales |
; ;120,000 |
|
Cash balance at the beginning of the period |
; 10,000 |
Determine cash flows from operating activities using the indirect method (8 points)
Question 42
- Problem 2 Statement of Cash Flows (20 points) (Must show your work to receive credit)
M & C Company reports the following changes in the accounts for year 20C:
|
Equipment |
; 28,000 |
|
Accumulated depreciation – equipment |
; -6,000 |
|
Long-term investments |
; -18,000 |
|
Prepaid expenses |
; -3,000 |
|
Inventory |
; 7,000 |
|
Accounts receivable |
; ;4,000 |
|
Cash |
; 23,000 |
|
Capital stock |
; 17,000 |
|
Retained earnings |
; 18,000 |
|
Bonds payable |
; -10,000 |
|
Accounts payable |
; 10,000 |
|
Net income |
; 33,000 |
|
Cash dividends |
; 15,000 |
|
Long-term investments that had a cost of |
; Loss 4,000 |
|
Sales |
; ;120,000 |
|
Cash balance at the beginning of the period |
; 10,000 |
How much is cash flows from investing activities? (4 points)
Question 43
- Problem 2 Statement of Cash Flows (20 points) (Must show your work to receive credit)
M & C Company reports the following changes in the accounts for year 20C:
|
Equipment |
; 28,000 |
|
Accumulated depreciation – equipment |
; -6,000 |
|
Long-term investments |
; -18,000 |
|
Prepaid expenses |
; -3,000 |
|
Inventory |
; 7,000 |
|
Accounts receivable |
; ;4,000 |
|
Cash |
; 23,000 |
|
Capital stock |
; 17,000 |
|
Retained earnings |
; 18,000 |
|
Bonds payable |
; -10,000 |
|
Accounts payable |
; 10,000 |
|
Net income |
; 33,000 |
|
Cash dividends |
; 15,000 |
|
Long-term investments that had a cost of |
; Loss 4,000 |
|
Sales |
; ;120,000 |
|
Cash balance at the beginning of the period |
; 10,000 |
How much is cash flows from financing activities? (4 points)
Question 44
- Problem 2 Statement of Cash Flows (20 points) (Must show your work to receive credit)
M & C Company reports the following changes in the accounts for year 20C:
|
Equipment |
; 28,000 |
|
Accumulated depreciation – equipment |
; -6,000 |
|
Long-term investments |
; -18,000 |
|
Prepaid expenses |
; -3,000 |
|
Inventory |
; 7,000 |
|
Accounts receivable |
; ;4,000 |
|
Cash |
; 23,000 |
|
Capital stock |
; 17,000 |
|
Retained earnings |
; 18,000 |
|
Bonds payable |
; -10,000 |
|
Accounts payable |
; 10,000 |
|
Net income |
; 33,000 |
|
Cash dividends |
; 15,000 |
|
Long-term investments that had a cost of |
; Loss 4,000 |
|
Sales |
; ;120,000 |
|
Cash balance at the beginning of the period |
; 10,000 |
Question 45
- Problem 2 Statement of Cash Flows (20 points) (Must show your work to receive credit)
M & C Company reports the following changes in the accounts for year 20C:
|
Equipment |
; 28,000 |
|
Accumulated depreciation – equipment |
; -6,000 |
|
Long-term investments |
; -18,000 |
|
Prepaid expenses |
; -3,000 |
|
Inventory |
; 7,000 |
|
Accounts receivable |
; ;4,000 |
|
Cash |
; 23,000 |
|
Capital stock |
; 17,000 |
|
Retained earnings |
; 18,000 |
|
Bonds payable |
; -10,000 |
|
Accounts payable |
; 10,000 |
|
Net income |
; 33,000 |
|
Cash dividends |
; 15,000 |
|
Long-term investments that had a cost of |
; Loss 4,000 |
|
Sales |
; ;120,000 |
|
Cash balance at the beginning of the period |
; 10,000 |
How much is the ending cash balance? (2 points)
Question 46
- Problem 3 (20 points) (Must show your work to receive credit)
The following accounts appear in the ledger of Milroy Inc. after the books are closed at December 31, 2014.
|
Preferred stock , $100 par value, 6%, 10,000 shares authorized; |
|
|
2,000 shares issued |
$200,000 |
|
Common stock, $2 par value, 500,000 shares authorized |
400,000 |
|
Additional Paid-in Capital –Common Stock |
650,000 |
|
Retained Earnings |
950,000 |
|
Treasury Shares (10,000 common shares) |
85,000 |
|
Additional Paid –in Preferred stock |
310,000 |
- How much capital did the company raise by issuing preferred stock? (2 points)
Question 47
- Problem 3 (20 points) (Must show your work to receive credit)
The following accounts appear in the ledger of Milroy Inc. after the books are closed at December 31, 2014.
|
Preferred stock , $100 par value, 6%, 10,000 shares authorized; |
|
|
2,000 shares issued |
$200,000 |
|
Common stock, $2 par value, 500,000 shares authorized |
400,000 |
|
Additional Paid-in Capital –Common Stock |
650,000 |
|
Retained Earnings |
950,000 |
|
Treasury Shares (10,000 common shares) |
85,000 |
|
Additional Paid –in Preferred stock |
310,000 |
- How many shares of common stock were issued? What was the average issuing price? (4 points)
Question 48
- Problem 3 (20 points) (Must show your work to receive credit)
The following accounts appear in the ledger of Milroy Inc. after the books are closed at December 31, 2014.
|
Preferred stock , $100 par value, 6%, 10,000 shares authorized; |
|
|
2,000 shares issued |
$200,000 |
|
Common stock, $2 par value, 500,000 shares authorized |
400,000 |
|
Additional Paid-in Capital –Common Stock |
650,000 |
|
Retained Earnings |
950,000 |
|
Treasury Shares (10,000 common shares) |
85,000 |
|
Additional Paid –in Preferred stock |
310,000 |
- What is the current year’s dividend stipulated for the preferred shareholders? (2 points)
Question 49
- Problem 3 (20 points) (Must show your work to receive credit)
The following accounts appear in the ledger of Milroy Inc. after the books are closed at December 31, 2014.
|
Preferred stock , $100 par value, 6%, 10,000 shares authorized; |
|
|
2,000 shares issued |
$200,000 |
|
Common stock, $2 par value, 500,000 shares authorized |
400,000 |
|
Additional Paid-in Capital –Common Stock |
650,000 |
|
Retained Earnings |
950,000 |
|
Treasury Shares (10,000 common shares) |
85,000 |
|
Additional Paid –in Preferred stock |
310,000 |
- Assume no dividends were paid during the past two year. A total of $50,000 dividends to all shareholders is declared in 2014, how much would have to be paid to preferred shareholders before any dividends are paid to common shareholders? (4 points)
Question 50
- Problem 3 (20 points) (Must show your work to receive credit)
The following accounts appear in the ledger of Milroy Inc. after the books are closed at December 31, 2014.
|
Preferred stock , $100 par value, 6%, 10,000 shares authorized; |
|
|
2,000 shares issued |
$200,000 |
|
Common stock, $2 par value, 500,000 shares authorized |
400,000 |
|
Additional Paid-in Capital –Common Stock |
650,000 |
|
Retained Earnings |
950,000 |
|
Treasury Shares (10,000 common shares) |
85,000 |
|
Additional Paid –in Preferred stock |
310,000 |
- How many shares of common stock are outstanding? Use the information in Question #4, how much dividends can common shareholders receive for each share of stock in 2014? (3 points)
Question 51
- Problem 3 (20 points) (Must show your work to receive credit)
The following accounts appear in the ledger of Milroy Inc. after the books are closed at December 31, 2014.
|
Preferred stock , $100 par value, 6%, 10,000 shares authorized; |
|
|
2,000 shares issued |
$200,000 |
|
Common stock, $2 par value, 500,000 shares authorized |
400,000 |
|
Additional Paid-in Capital –Common Stock |
650,000 |
|
Retained Earnings |
950,000 |
|
Treasury Shares (10,000 common shares) |
85,000 |
|
Additional Paid –in Preferred stock |
310,000 |
- What is the cost per share of the treasury stock? (2 points)
Question 52
- Problem 3 (20 points) (Must show your work to receive credit)
The following accounts appear in the ledger of Milroy Inc. after the books are closed at December 31, 2014.
|
Preferred stock , $100 par value, 6%, 10,000 shares authorized; |
|
|
2,000 shares issued |
$200,000 |
|
Common stock, $2 par value, 500,000 shares authorized |
400,000 |
|
Additional Paid-in Capital –Common Stock |
650,000 |
|
Retained Earnings |
950,000 |
|
Treasury Shares (10,000 common shares) |
85,000 |
|
Additional Paid –in Preferred stock |
310,000 |
- As of December 31, 2015, how much is total stockholders’ equity? (3 points)
