Question : 81. Cabo CorporationSelected data from the financial statements of Cabo Corporation : 1224819

 

81. Cabo CorporationSelected data from the financial statements of Cabo Corporation for the years ended December 31, 2011 and 2012, are presented below.                                                                                                                     (In thousands)

 

2012

2011

Cash and cash equivalents

$           ?

$   4,500

Total current assets (Except cash)

180,000

150,000

Income taxes paid

5,000

2,000

Interest paid

5,100

7,200

Net cash provided by operating activities

9,500

6,400

Net cash used by investing activities

5,100

6,300

Net cash provided by financing activities

1,500

7,400

Depreciation and amortization

7,000

5,000

Total stockholders’ equity

115,000

105,000

Net income

4,000

2,000

 

 

 

Refer to the information provided for Cabo Corporation, what is the amount of cash and cash equivalents at the end of 2012?

 

82. King CorporationSelected data and additional information from the records of King Corporation are presented below. 

Balance Sheet Data

2012

2011

Accounts receivable

$132,000

$165,000

Inventories

61,600

55,000

Accounts payable

41,800

77,000

Salaries payable

11,000

5,500

Equipment

121,000

77,000

Accumulated depreciation

30,800

35,200

Bonds payable

110,000

220,000

Common stock

330,000

220,000

Retained earnings

83,600

44,000

 

 

 

Income Statement Data

 

2012

Net sales

 

$1,000,000

Cost of goods sold

 

700,000

Operating expenses (Excluding depreciation expense)

 

185,000

Net income (Includes depreciation expense and gain)

 

102,400

Gain on sale of equipment

 

6,000

 

 

 

Additional information:

1.

Equipment with a cost of $45,000 and a book value of $22,000 was sold for $28,000 during 2012.

 

 

2.

Common stock was issued to retire bonds payable during 2012.

 

 

3.

The only items affecting retained earnings in 2012 were net income and dividends declared and paid.

 

 

Refer to the information provided for King Corporation, how would the transaction to retire bonds by issuing common stock be reported on the statement of cash flows for 2012 for King Corporation?

83. King CorporationSelected data and additional information from the records of King Corporation are presented below. 

Balance Sheet Data

2012

2011

Accounts receivable

$132,000

$165,000

Inventories

61,600

55,000

Accounts payable

41,800

77,000

Salaries payable

11,000

5,500

Equipment

121,000

77,000

Accumulated depreciation

30,800

35,200

Bonds payable

110,000

220,000

Common stock

330,000

220,000

Retained earnings

83,600

44,000

 

 

 

Income Statement Data

 

2012

Net sales

 

$1,000,000

Cost of goods sold

 

700,000

Operating expenses (Excluding depreciation expense)

 

185,000

Net income (Includes depreciation expense and gain)

 

102,400

Gain on sale of equipment

 

6,000

 

 

 

Additional information:

1.

Equipment with a cost of $45,000 and a book value of $22,000 was sold for $28,000 during 2012.

 

 

2.

Common stock was issued to retire bonds payable during 2012.

 

 

3.

The only items affecting retained earnings in 2012 were net income and dividends declared and paid.

 

 

Refer to the information provided for King Corporation, what amount of cash was received from customers during 2012?

 

 

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