Select Transactions of SimBis Accounting Inc

question 17

Essay

Select transactions of SimBis Accounting Inc.(SAI)are listed below.SAI uses the indirect method to determine cash flows from operating activities.
1.SAI purchases a $200,000,45-day treasury bill held-for-trading investment.
2.SAI amortizes $32,000 of the discount on bonds payable.
3.At year-end SAI increases its allowance for bad debts by $10,000.
4.SAI's income tax expense totaled $40,000.Its income tax payable account increased $5,000,while its deferred income tax liability account decreased $8,000.
5.SAI acquires equipment valued at $80,000 under a finance lease.
6.SAI makes payments of $15,000 on an operating lease.
7.SAI declares and distributes a stock dividend valued at $33,000.
8.SAI declares a cash dividend of $30,000.The dividends payable account increases $15,000.
9.SAI's comprehensive income for the year totaled $200,000 consisting of $150,000 net income and $50,000 other comprehensive income.
10.SAI sells a held-to-maturity investment for $22,000.The investment's amortized cost is $20,000.
Required:
Discuss how the activities listed above would be reported in the statement of cash flows.For items with multiple reporting options,identify all available options.For items not reported on the statement of cash flows,indicate the disclosure requirements,if any.

Prepare journal entries for various transactions in a process costing system.

Compute the cost per equivalent unit for materials and conversion costs.

Construct cost reconciliation reports for processing departments.

Understand the principles and applications of process costing systems.

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Definitions:

Collaborative Learning

A teaching method that entails teams of learners collaborating to address a problem, finish an assignment, or produce an item.

Critical Thinking

The process of actively and skillfully conceptualizing, applying, analyzing, synthesizing, and evaluating information to reach an answer or conclusion.

Problem Solving

The process of working through details of a problem to reach a solution, which may involve critical thinking and creativity.

Bloom's Taxonomy

A framework for categorizing educational goals that prioritize learning objectives from simple to more complex tasks.