1. The following information is available for Elm Tree Corporation for the year ended December 31, 2015: Collection of the principal of a long-term loan from a supplier $25,000 Purchase of equipment in cash. 12,000 Proceeds from the sale of long-term investments at book value 28,000 Issuance of common shares in cash 23,500 Payment of dividends in cash 47,250 Purchase

Sep 8, 2023

1. The following information is available for Elm Tree Corporation for the year ended December 31, 2015:

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1. The following information is available for Elm Tree Corporation for the year ended December 31, 2015: Collection of the principal of a long-term loan from a supplier $25,000 Purchase of equipment in cash. 12,000 Proceeds from the sale of long-term investments at book value 28,000 Issuance of common shares in cash 23,500 Payment of dividends in cash 47,250 Purchase
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Collection of the principal of a long-term loan from a supplier

$25,000

Purchase of equipment in cash.

12,000

Proceeds from the sale of long-term investments at book value

28,000

Issuance of common shares in cash

23,500

Payment of dividends in cash

47,250

Purchase of land through the issuance of common shares

35,000

In addition, the following information is available from the comparative statements of financial position of Elm Tree Corporation at the end of 2015 and 2014:

December 31, 2015

December 31, 2014

Money

$ 95,900

$16,000

accounts receivable

24.500

21,250

prepaid insurance

13,500

9,000

Total current assets

$ 133,900

$46,250

Accounts payable

$36,250

$33,500

Salaries to pay

5,100

8,200

Total current liabilities

$41,350

$41,700

Elm Tree Corporation reported a profit of $51,750 and recorded a depreciation expense of $19,000 in the year 2015. Using the indirect method, determine the net cash provided by operating activities for the year ended December 31, 2015

b. ADM Corporation uses the perpetual inventory system and had the following information available for 2019:

Units

Unit cost

Total cost

Ene

1

Initial inventory

15

$4.00

$ 60

20

Purchase

60

4.40

264

21

Sale

Sixty-five

Jul

25

Purchase

30

4.20

126

Oct

20

Purchase

45

4.80

216

Nov

15

Sale

75

Suppose the company uses the FIFO cost method. What was the value of inventory after the sale on November 15?

(Use unrounded numbers in your calculations, but round your final answer to the nearest cent.)

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