a. Equipment with a book value of $79,500 and an original cost of $169,000 was sold at a loss of $31,000. b. Paid $118,000 cash for a new truck. c. Sold land costing $310,000 for $425,000 cash, yielding a gain of $115,000. d. Stock investments were sold for $92,800 cash, yielding a gain of $14,750. Use the above information to determine cash flows from investing activities. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from investing activities $ 0

a. Equipment with a book value of $79,500 and an original cost of $169,000 was sold at a loss of $31,000. b. Paid $118,000 cash for a new truck. c. Sold land costing $310,000 for $425,000 cash, yielding a gain of $115,000. d. Stock investments were sold for $92,800 cash, yielding a gain of $14,750. Use the above information to determine cash flows from investing activities. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from investing activities $ 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following is the Statement of Financial Position and the Statement of Income for Kaminsky Ltd. Kaminsky Ltd Statement of Financial Position As at December 31, 2020 2020 2019 Assets Cash 24,700 $ 41,750 Accounts receivable 188,500 183,400 Allowance for doubtful accounts (15,000) (16,500) FVTOCI investments 260,000 200,000 FVTPL investments 60,000 80,000 Inventory Prepaid insurance 184,000 161,000 18,000 16.000 665,650 150,000 1,480,000 -580,000 S 1,400,000 $ 1,050,000 $ 2,120,200 $ 1,715,650 $ 720,200 $ Land 400,000 Buildings and equipment Accumulated depreciation 1,650,000 -650,000 Liabilities and Shareholders' Equity Short-term bank loan 22,000 5000 103,600 16,750 Accounts payable Unearned revenues Тах рayable Dividends payable 119,300 20,400 19,900 25,000 16,600 30,000 $ 187,250 S $ 800,000 $ 1,124,950 186,300 Common shares 800,000 Retained earnings 747,350 -18,000 1,529,350 $ 2,120,200 $ 1,715,650 AOC- FVTOCI investments 8,000 1,932,950 Kaminsky Ltd Statement of Income for the…
Green Farms, Inc. had sales of $500,000, cost of goods sold of $180,000, selling and administrative expense of $70,000, and operating profit of $90,000. What was the value of depreciation expense? a.$230,000 b.None of these c.Less than $170,000 d.$170,000