question archive Jamison Corp

Jamison Corp

Subject:AccountingPrice:4.86 Bought8

Jamison Corp.'s balance sheet accounts as of December 31, 2018 and 2017 and information relating to 2018 activities are presented below.

                                                                                                                  December 31,  

                                                                                                        2018                    2017 

        Assets

        Cash $  440,000                                                                    $  200,000

        Short-term investments                                                                600,000              —

        Accounts receivable (net)                                                          1,020,000   1,020,000

        Inventory                                                                                 1,380,000   1,200,000

        Long-term investments                                                                400,000      600,000

        Plant assets                                                                             3,400,000   2,000,000

        Accumulated depreciation                                                           (900,000)  (900,000)

        Patent                                                                                        180,000     200,000

                 Total assets                                                                   $6,520,000 $4,320,000

        Liabilities and Stockholders' Equity

        Accounts payable and accrued liabilities                                  $1,660,000 $1,440,000

        Notes payable (nontrade)                                                            580,000              —

        Common stock, $10 par                                                            1,600,000   1,400,000

        Additional paid-in capital                                                              800,000      500,000

        Retained earnings                                                                   1,880,000     980,000

                 Total liabilities and stockholders' equity                           $6,520,000 $4,320,000

 

Information relating to 2018 activities:

·       Net income for 2018 was $1,500,000.

·       Cash dividends of $600,000 were declared and paid in 2018.

·       Equipment costing $1,000,000 and having a carrying amount of $320,000 was sold in 2018 for $360,000.

·       A long-term investment was sold in 2018 for $320,000. There were no other transactions affecting long-term investments in 2018.

·       20,000 shares of common stock were issued in 2018 for $25 a share.

·       Short-term investments consist of treasury bills maturing on 6/30/19.

106.    Net cash provided by Jamison's 2018 operating activities was

a.  $1,500,000.

b.  $2,120,000.

c.  $2,080,000.

d.  $2,160,000.

107.     Net cash used in Jamison's 2018 investing activities was

a.  $2,320,000.

b.  $1,820,000.

c.  $1,680,000.

d.  $1,720,000.

108.     Net cash provided by Jamison's 2018 financing activities was

a.  $480,000.

b.  $520,000.

c.  $1,080,000.

d.  $1,680,000.

 

regarding Q108 I think Common stock, $10 par     1,600,000   1,400,000 should be financing activities, but it seems like correct answer is $480000 which exclude common stock $10 par... . only considering 20,000 shares of common stock were issued in 2018 for $25 a share+note pay + dividend.

Option 1

Low Cost Option
Download this past answer in few clicks

4.86 USD

PURCHASE SOLUTION

Option 2

Custom new solution created by our subject matter experts

GET A QUOTE

rated 5 stars

Purchased 8 times

Completion Status 100%