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Selected information from Jimmy Corporation’s accounting records and financial statements for 2006 is as follows (amounts in millions): Cash paid to acquire equipment $18

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Selected information from Jimmy Corporation’s accounting records and financial statements for 2006 is as follows

(amounts in millions):

Cash paid to acquire equipment $18

Treasury stock purchased for cash 25

Proceeds from sale of land and buildings 45

Gain from the sale of land and buildings 26

Investment revenue received 33

Cash paid to acquire office equipment 40

On its statement of cash flows, Jimmy should report net cash outflows from investing activities of:

(A) $13 million

(B) $23 million

(C) $38 million

(D) $39 million

 
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Selected information from Phillips Corporation’s accounting records and financial statements for 2006 is as follows (in millions): Cash paid to retire bonds $30

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Selected information from Phillips Corporation’s accounting records and financial statements for 2006 is as

follows (in millions):

Cash paid to retire bonds $30

Treasury stock purchased for cash 50

Proceeds from issuance of common stock 70

Proceeds from issuance of mortgage bonds 90

Cash dividends paid on common stock 25

Cash interest paid to bondholders 35

On its statement of cash flows, Phillips should report net cash inflows from financing activities of:

(A) $20 million

(B) $55 million

(C) $70 million

(D) $105 million

 
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Samuel Co. has had taxable income of $450,000, $570,000, $760,000 and $680,000 in years 2013 through 2016, respectively.

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Samuel Co. has had taxable income of $450,000, $570,000,$760,000 and $680,000 in years 2013

through 2016, respectively. What were the equal minimum quarterly estimated tax payments for 2016 that Samuel Co. should have made in 2016 to avoid any penalty?

a. $58,000 b. $64,676 c. $57,676 d. $170,000

 
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The Milton Company takes a full year’s depreciation expense in the year of an asset’s acquisition, and no depreciation expense in the year of disposition.

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The Milton Company takes a full year’s depreciation expense in the year of an asset’s acquisition, and

no depreciation expense in the year of disposition. Data relating to one of Milton’s depreciable assets at December 31, 2017, are as follows:

Acquisition year       2013

Cost           $110,000  

Residual value       11,000

Accumulated depreciation  83,897

Estimated useful life   8 years

Using the same depreciation method as used in 2013, 2014, 2015, 2016 and 2017, how much depreciation expense should Milton record in 2018 for this asset. Hint: You will need to first determine the depreciation method that was used. There is enough information above to determine the method.

 
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