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Full Download Managerial Accounting 13th Edition Warren Solutions Manual PDF Full Chapter
Full Download Managerial Accounting 13th Edition Warren Solutions Manual PDF Full Chapter
Full Download Managerial Accounting 13th Edition Warren Solutions Manual PDF Full Chapter
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CHAPTER
CHAPTERStatement
Statement
of Cash of Cash
13 13 Flows Flows
PRACTICE EXERCISES
PE 13–1A (MAN)
a. Financing d. Financing
b. Operating e. Investing
c. Operating f. Operating
PE 13–1B (MAN)
a. Investing d. Operating
b. Investing e. Operating
c. Operating f. Financing
PE 13–2A (MAN)
Net income………………………………………………………………………………… $120,400
Adjustments to reconcile net income to net cash flow
from operating activities:
Depreciation……………………………………...………………………………… 8,400
Amortization of patents………………………………...…………………………… 3,080
Loss from sale of land…………………………..………………………………… 4,480
Net cash flow from operating activities………………………..………………………$136,360
PE 13–2B (MAN)
Net income……………………………………………………………………...………… $175,000
Adjustments to reconcile net income to net cash flow
from operating activities:
Depreciation……………………………………………………..………………… 8,750
Amortization of 3,250
patents…………………………………..…………………………
Gain from sale of (18,750)
investments…………………………….………………………
Net cash flow from operating activities……………………..……………………… $168,250
13-3 13-3
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CHAPTER
CHAPTERStatement
Statement
of Cash of Cash
13 13 Flows Flows
PE 13–3A (MAN)
Net income…………………………….……………………………………………………
$207,000
Adjustments to reconcile net income to net cash flow
from operating activities:
Changes in current operating assets and liabilities:
Decrease in accounts 5,400
receivable………………………………...……………
Increase in (2,520)
inventory…………………………………..…………………………
Increase in accounts 1,980
Net cashpayable……………………………….…………………
flow from operating $211,860
activities…………………………..…………………
Note: The change in dividends payable impacts the cash paid for
dividends,
which is disclosed under financing activities.
PE 13–3B (MAN)
Net income…………………………………..………………………………………………
$160,000
Adjustments to reconcile net income to net cash flow
from operating activities:
Changes in current operating assets and liabilities:
Increase in accounts (3,600)
receivable………………………………...……………
Increase in (5,100)
inventory…………………………….………………………………
Increase in accounts 6,900
Net cashpayable………………………….………………………
flow from operating $158,200
activities………………….……………………………
Note: The change in dividends payable impacts the cash paid for
dividends,
which is disclosed under financing activities.
PE 13–4A (MAN)
Cash flows from operating activities:
Net income……………………………………….…………………… $405,000
Adjustments to reconcile net income to net cash
flow from operating activities:
Depreciation…………………………………………...……… 45,000
…
Gain on disposal of (36,900)
equipment………………………………
Changes in current operating assets and liabilities:
Decrease in accounts receivable……………………..… 25,200
Decrease in accounts (6,480)
payable……………………………
Net cash flow from operating activities……………………..… $431,820
13-4 13-4
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not be scanned,
May not copied
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CHAPTER
CHAPTERStatement
Statement
of Cash of Cash
13 13 Flows Flows
PE 13–4B (MAN)
Cash flows from operating activities:
Net income…………………………………….………………………… $280,000
Adjustments to reconcile net income to net cash
flow from operating activities:
Depreciation………………………………...…………………… 48,000
Loss on disposal of equipment……………………………..… 19,520
Changes in current operating assets and liabilities:
Increase in accounts receivable……………………………
(17,280) Increase in accounts payable……………………….………
8,960
Net cash flow from operating activities……………………...……
$339,200
PE 13–5A (MAN)
The loss on the sale of land is added to net income in the Operating Activities section.
Loss on sale of land……………………………………….…………………………… $
90,000
The purchase and sale of land is reported as part of cash flows from
investing activities as shown below.
Cash received from sale of land…………………...………………………………
180,000
Cash paid for purchase of land……………………………...………………………
(540,000)
PE 13–5B (MAN)
The gain on the sale of land is subtracted from net income in the Operating
Activities section.
Gain on sale of land………………………….……………………………………… $
(40,000)
The purchase and sale of land is reported as part of cash flows from
investing activities as shown below.
Cash received from sale of land…………………..…………………………………
240,000
Cash paid for purchase of land………………………..……………………………
(400,000)
13-5 13-5
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This adjustment and award were accepted and observed, until the
election in November, 1876, when a controversy arose as to the
result, the Republicans claiming the election of Stephen B. Packard
as Governor by about 3,500 majority, and a Republican Legislature;
and the Democrats claiming the election of Francis T. Nicholls as
Governor, by about 8,000 majority, and a Democratic Legislature.
Committees of gentlemen visited New Orleans, by request of
President Grant and of various political organizations, to witness the
count of the votes by the Returning Board. And in December, 1876,
on the meeting of Congress, committees of investigation were
appointed by the Senate and by the House of Representatives.
Exciting events were now daily transpiring. On the 1st of January,
1877, the Legislature organized in the State House without
exhibitions of violence. The Democrats did not unite in the
proceedings, but met in a separate building, and organized a
separate Legislature. Telegraphic communication was had between
the State House and the Custom House, where was the office of
Marshal Pitkin, who with the aid of the United States troops, was
ready for any emergency. About noon the Democratic members,
accompanied by about 500 persons, called at the State House and
demanded admission. The officer on duty replied that the members
could enter, but the crowd could not. A formal demand was then
made upon General Badger and other officials, by the spokesman, for
the removal of the obstructions, barricades, police, etc., which
prevented the ingress of members, which being denied, Col. Bush, in
behalf of the crowd, read a formal protest, and the Democrats
retired. Gov. Kellogg was presented by a committee with a copy of
the protest, and he replied, that as chief magistrate and conservator
of the peace of the State, believing that there was danger of the
organization of the General Assembly being violently interfered with,
he had caused a police force to be stationed in the lower portion of
the building; that he had no motive but to preserve the peace; that no
member or attache of either house will be interfered with in any way,
and that no United States troops are stationed in the capitol building.
Clerk Trezevant declined to call the House to order unless the
policemen were removed. Upon the refusal to do so, he withdrew,
when Louis Sauer, a member, called the roll, and 68 members—a full
House being 120—answered to their names. Ex-Gov. Hahn was
elected Speaker, receiving 53 votes as against 15 for Ex-Gov.
Warmoth.
The Senate was organized by Lieutenant-Governor Antoine with 19
present—a full Senate being 30—eight of whom held over, and 11
were returned by the Board. Gov. Kellogg’s message was presented to
each House.
The Democrats organized their Legislature in St. Patrick’s hall. The
Senators were called to order by Senator Ogden. Nineteen Senators,
including nine holding over, and four, who were counted out by the
board, were present.
The Democratic members of the House were called to order by
Clerk Trezevant, and 61 answered to their names. Louis Bush was
elected Speaker.
January 3d—Republican Legislature passed a resolution asking for
military protection against apprehended Democratic violence, and it
was telegraphed to the President.
On Sunday, January 8th, Gov. Kellogg telegraphed to President
Grant to the same effect.
January 8th—Stephen B. Packard took the oath of office as
Governor, and C. C. Antoine as Lieutenant-Governor, at the State
House at 1:30, in the presence of the Legislature.
January 8—Francis T. Nicholls and L. A. Wiltz to-day took the oath
of office of Governor and Lieutenant-Governor, respectively, on the
balcony of St. Patrick’s hall.
By the 11th of January both parties were waiting for the action of
the authorities at Washington. Gov. Packard to-day commissioned A.
S. Badger Major-General of the State National Guard, and directed
him to organize the first division at once. Two members of the
Packard Legislature, Mr. Barrett, of Rapides, and Mr. Kennedy, of St.
Charles, had withdrawn from that body and gone over to the Nicholls
Legislature.
Messrs. Breux, Barrett, Kennedy, Estopival, Wheeler, and Hamlet,
elected as Republicans, under the advice of Pinchback—a defeated
Republican candidate for U. S. Senator, left the Packard or
Republican, and joined the Nicholls Legislature.
On the 15th, Governor Packard, after receiving a copy of the
telegram of the President to General Augur, issued a proclamation
aimed at the “organized and armed combination and conspiracy of
men now offering unlawful and violent resistance to the lawful
authority of the State government.”
The Nicholls court issued an order to Sheriff Handy to provide the
means for protecting the court from any violence or intrusion on the
part of the adherents of “S. B. Packard, a wicked and shameless
impostor.”
Governor Packard on the 16th, in a letter to Gen. Augur,
acknowledges the receipt of a communication from his aide-de-camp
asking for assurances from him that the President’s wishes
concerning the preservation of the present status be respected, and
says that the request would have been more appropriate if made
immediately after his installation as Governor and before many of
the main branches of the Government had been forcibly taken
possession of by the opposition. He says: “I had scarcely taken the
oath of office when the White League were called to arms; the Court
room and the records of the Supreme Court of the State were forcibly
taken possession of, and various precinct police-stations were
captured in like manner by overwhelming forces. Orders had been
issued by the Secretary of War early on that day that all unauthorized
armed bodies should desist. A dispatch from yourself of the same
date to the Secretary of War, conveyed the assurances that Nicholls
had promised the disbandment of his armed forces. * * * It was my
understanding, that neither side should be permitted to interfere
with the status of the other side. Yet the day after this order was
received and the pledge given by Nicholls, a force of several hundred
armed White Leaguers repaired to the State Arsenal and took
therefrom into their own keeping five pieces of artillery, and a
garrison of armed men was placed in and around the Supreme Court
building. That on the following day, January 11, an armed company
of the White League broke into and took possession of the office of
the Recorder of Mortgages. * * * In view of all these facts it seemed to
me that to give the pledge verbally asked of me this morning would
be to sanction revolution, and by acquiescence give it the force of
accomplished fact, and I therefore declined.”
Many telegrams followed between the Secretary of War, J. Don.
Cameron, Gen’l Augur and Mr. Packard, the latter daily complaining
of new “outrages by the White League,” while the Nicholls
government professed to accord rights to all classes, and to obey the
instructions from Washington, to faithfully maintain the status of
affairs until decisive action should be taken by the National
government. None was taken, President Grant being unwilling to
outline a Southern policy for his successor in office.
Election of Hayes and Wheeler.
The troubles in the South, and the almost general overthrow of the
“carpet-bag government,” impressed all with the fact that the
Presidential election of 1876 would be exceedingly close and exciting,
and the result confirmed this belief. The Greenbackers were the first
to meet in National Convention, at Indianapolis, May 17th. Peter
Cooper of New York was nominated for President, and Samuel F.
Cary of Ohio, for Vice-President.
The Republican National Convention met at Cincinnati, June 14th,
with James G. Blaine recognized as the leading candidate. Grant had
been named for a third term, and there was a belief that his name
would be presented. Such was the feeling on this question that the
House of Congress and a Republican State Convention in
Pennsylvania, had passed resolutions declaring that a third term for
President would be a violation of the “unwritten law” handed down
through the examples of Washington, and Jackson. His name,
however, was not then presented. The “unit rule” at this Convention
was for the first time resisted, and by the friends of Blaine, with a
view to release from instructions of State Conventions some of his
friends. New York had instructed for Conkling, and Pennsylvania for
Hartranft. In both of these states some delegates had been chosen by
their respective Congressional districts, in advance of any State
action, and these elections were as a rule confirmed by the State
bodies. Where they were not, there were contests, and the right of
district representation was jeopardized if not destroyed by the
reinforcement of the unit rule. It was therefore thought to be a
question of much importance by the warring interests. Hon. Edw.
McPherson was the temporary Chairman of the Convention, and he
took the earliest opportunity presented to decide against the binding
force of the unit rule, and to assert the liberty of each delegate to vote
as he pleased. The Convention sustained the decision on an appeal.
Ballots of the Cincinnati Republican Convention, 1876:
Ballots, 1 2 3 4 5 6 7
Blaine, 285 296 292 293 287 308 351
Conkling, 113 114 121 126 114 111 21
Bristow, 99 93 90 84 82 81
Morton, 124 120 113 108 95 85
Hayes, 61 64 67 68 102 113 384
Hartranft, 58 63 68 71 69 50
Jewell, 11
Washb’ne, 1 1 3 3 4
Wheeler, 3 3 2 2 2 2
The election followed Nov. 7th, 1876, Hayes and Wheeler carrying
all of the Northern States except Connecticut, New York, New Jersey
and Indiana; Tilden and Hendricks carried all of the Southern States
except South Carolina, Florida and Louisiana. The three last named
States were claimed by the Democrats, but their members of the
Congressional Investigating Committee quieted rival claims as to
South Carolina by agreeing that it had fairly chosen the Republican
electors. So close was the result that success or failure hinged upon
the returns of Florida and Louisiana, and for days and weeks
conflicting stories and claims came from these States. The Democrats
claimed that they had won on the face of the returns from Louisiana,
and that there was no authority to go behind these. The Republicans
publicly alleged frauds in nearly all of the Southern States; that the
colored vote had been violently suppressed in the Gulf States, but
they did not formally dispute the face of the returns in any State save
where the returning boards gave them the victory. This doubtful
state of affairs induced a number of prominent politicians of both the
great parties to visit the State capitals of South Carolina, Florida and
Louisiana to witness the count. Some of these were appointed by
President Grant; others by the Democratic National Committee, and
both sets were at the time called the “visiting statesmen,” a phrase on
which the political changes were rung for months and years
thereafter.
The electoral votes of Florida were decided by the returning board
to be Republican by a majority of 926,—this after throwing out the
votes of several districts where fraudulent returns were alleged to be
apparent or shown by testimony. The Board was cited before the
State Supreme Court, which ordered a count of the face of the
returns; a second meeting only led to a second Republican return,
and the Republican electors were then declared to have been chosen
by a majority of 206, though before this was done, the Electoral
College of the State had met and cast their four votes for Hayes and
Wheeler. Both parties agreed very closely in their counts, except as to
Baker county, from which the Republicans claimed 41 majority, the
Democrats 95 majority—the returning board accepting the
Republican claim.
In Louisiana the Packard returning board was headed by J.
Madison Wells, and this body refused to permit the Democrats to be
represented therein. It was in session three weeks, the excitement all
the time being at fever heat, and finally made the following average
returns: Republican electors, 74,436; Democratic, 70,505;
Republican majority, 3,931. McEnery, who claimed to be Governor,
gave the Democratic electors a certificate based on an average vote of
83,635 against 75,759, a Democratic majority of 7,876.
In Oregon, the three Republican electors had an admitted majority
of the popular vote, but on a claim that one of the number was a
Federal office-holder and therefore ineligible, the Democratic
Governor gave a certificate to two of the Republican electors, and a
Mr. Cronin, Democrat. The three Republican electors were certified
by the Secretary of State, who was the canvassing officer by law. This
Oregon business led to grave suspicions against Mr. Tilden, who was
thereafter freely charged by the Republicans with the use of his
immense private fortune to control the result, and thereafter, the
New York Tribune, with unexampled enterprise, exposed and
reprinted the “cipher dispatches” from Gramercy, which Mr. Pelton,
the nephew and private secretary of Mr. Tilden, had sent to
Democratic “visiting statesmen” in the four disputed sections. In
1878, the Potter Investigating Committee subsequently confirmed
the “cipher dispatches” but Mr. Tilden denied any knowledge of
them.
The second session of the 44th Congress met on Dec. 5th, 1876,
and while by that time all knew the dangers of the approaching
electoral count, yet neither House would consent to the revision of
the joint rule regulating the count. The Republicans claimed that the
President of the Senate had the sole authority to open and announce
the returns in the presence of the two Houses; the Democrats plainly
disputed this right, and claimed that the joint body could control the
count under the law. Some Democrats went so far as to say that the
House (which was Democratic, with Samuel J. Randall in the
Speaker’s chair) could for itself decide when the emergency had
arrived in which it was to elect a President.
There was grave danger, and it was asserted that the Democrats,
fearing the President of the Senate would exercise the power of
declaring the result, were preparing first to forcibly and at least with
secrecy swear in and inaugurate Tilden. Mr. Watterson, member of
the House from Kentucky, boasted that he had completed
arrangements to have 100,000 men at Washington on inauguration
day, to see that Tilden was installed. President Grant and Secretary
of War Cameron, thought the condition of affairs critical, and both
made active though secret preparations to secure the safe if not the
peaceful inauguration of Hayes. Grant, in one of his sententious
utterances, said he “would have peace if he had to fight for it.” To this
end he sent for Gov. Hartranft of Pennsylvania, to know if he could
stop any attempted movement of New York troops to Washington, as
he had information that the purpose was to forcibly install Tilden.
Gov. Hartranft replied that he could do it with the National Guard
and the Grand Army of the Republic. He was told to return to
Harrisburg and prepare for such an emergency. This he did, and as
the Legislature was then in session, a Republican caucus was called,
and it resolved, without knowing exactly why, to sustain any action of
the Governor with the resources of the State. Secretary Cameron also
sent for Gen’l Sherman, and for a time went on with comprehensive
preparations, which if there had been need for completion, would
certainly have put a speedy check upon the madness of any mob.
There is a most interesting unwritten history of events then
transpiring which no one now living can fully relate without
unjustifiable violations of political and personal confidences. But the
danger was avoided by the patriotism of prominent members of
Congress representing both of the great political parties. These
gentlemen held several important and private conferences, and
substantially agreed upon a result several days before the exciting
struggle which followed the introduction of the Electoral
Commission Act. The leaders on the part of the Republicans in these
conferences were Conkling, Edmunds, Frelinghuysen; on the part of
the Democrats Bayard, Gordon, Randall and Hewitt, the latter a
member of the House and Chairman of the National Democratic
Committee.
The Electoral Commission Act, the basis of agreement, was
supported by Conkling in a speech of great power, and of all men
engaged in this great work he was at the time most suspected by the
Republicans, who feared that his admitted dislike to Hayes would
cause him to favor a bill which would secure the return of Tilden, and
as both of the gentlemen were New Yorkers, there was for several
days grave fears of a combination between the two. The result
showed the injustice done, and convinced theretofore doubting
Republicans that Conkling, even as a partisan, was faithful and far-
seeing. The Electoral Commission measure was a Democratic one, if
we are to judge from the character of the votes cast for and against it.
In the Senate the vote stood 47 for to 17 against. There were 21
Republicans for it and 16 against, while there were also 26
Democrats for it to only 1 (Eaton) against. In the House much the
same proportion was maintained, the bill passing that body by 191 to
86. The following is the text of the
“Geo. P. Rarey.”
Wilkinson Call.”
Also the following:
“Tallahassee, December 4, 1876.
“W. T. Pelton:
W. Call.”
OREGON.
“Gov. L. F. Grover:
“W. H. Effinger,
“A. Noltner,
“C. P. Bellinger.”
“We want to see you particularly on account of despatches from the East.
“William Strong,
“C. P. Bellinger,
“S. H. Reed,
“W. W. Thayer,
“C. E. Bronaugh.”
Also the following cipher despatch sent from Portland, Oregon, on
the 28th day of November, 1876, to New York City:
“Portland, November 28, 1876.
J. H. N. Patrick.
“James K. Kelly.”
Of which, when the key was discovered, the following was found to
be the true intent and meaning:
“Portland, November 28, 1876.
J. H. N. Patrick.
“James K. Kelly.”
C. E. Tilton.”
“I shall decide every point in the case of post-office elector in favor of the highest
Democratic elector, and grant certificate accordingly on morning of 6th instant.
Confidential.
Governor.”
“Funds from New York will be deposited to your credit here to-morrow when
bank opens. I know it. Act accordingly. Answer.
W. C. Griswold.”
[No signature.]
“No. How soon will Governor decide certificate? If you make obligation
contingent on the result in March, it can be done, and slightly if necessary.”
[No signature.]
“Governor all right without reward. Will issue certificate Tuesday. This is a
secret. Republicans threaten if certificate issued to ignore Democratic claims and
fill vacancy, and thus defeat action of Governor. One elector must be paid to
recognize Democrat to secure majority. Have employed three lawyers, editor of
only Republican paper as one lawyer, fee $3,000. Will take $5,000 for Republican
elector; must raise money; can’t make fee contingent. Sail Saturday. Kelly and
Bellinger will act. Communicate with them. Must act promptly.”
[No signature].
“J. H. N. Patrick.”
Kountze Bros.”
[No signature.]
“Is your matter certain? There must be no mistake. All depends on you. Place no
reliance on any favorable report from three southward. Sonetter. Answer quick.”
[No signature.]
“Glory to God! Hold on to the one vote in Oregon! I have one hundred thousand
men to back it up!
“Corse.”
Wm. P. Frye.
O. D. Conger.
E. G. Lapham.
Leave was given to Mr. Knott to present his individual views, also
to Mr. Butler (the full committee consisting of Messrs. Knott,
Lynde, Harris, of Virginia, Hartridge, Stenger, McMahon,
Culberson, Frye, Butler, Conger, Lapham.)
The question being on the resolution reported by the committee, it
was agreed to—yeas 235, nays 14, not voting 42.
The Hayes Administration.