None a. Equipment with a book value of $79,500 and an original cost of $170,000 was sold at a loss of $36,000.b. Paid $112,000 cash for a new truck.c. Sold land costing $310,000 for $420,000 cash, yielding a gain of $110,000.d. Stock investments were sold for $91,400 cash, yielding a gain of $14,000.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

Preparation of partial statement of cash flow as follows:Resultant values:

Answered: a. Equipment with a book value of…

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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Macey Co. exchanged a piece of equipment that had cost $40,000 (now 75% depreciated) for a truck with a current appraised value of $15,000. Macey Co. gave the other company the piece of equipment and $8,000. Macey Co. should record a. a $3,000 lossb. the truck at $18,000c. a gain of $11,000d. the truck at $23,000
33.-Zenith Corporation sells some of its used store fixtures. The acquisition cost of the fixtures is $13,409, and the accumulated depreciation on these fixtures is $7,395 at the time of sale. The fixtures are sold for $3,700. The value of this transaction in the investing section of the statement of cash flows is a.$6,014 b.$2,314 c.$13,409 d.$3,700
1. Four years ago ABB purchased an asset for $300,000 with an estimated salvage of $60,000. Depreciation was $60,000 per year. The following annual gross incomes and expenses were recorded. The asset was sold for $60,000 after 4 years. (a) Tabulate the cash flows by hand after an effective 32% tax rate is applied. Use the format of Table 17–3. (b) Continue the table above and calculate the net income (NI) estimates. Year of ownership 1 2 3 4 $ 80,000 - 20,000 150,000 -40,000 100,000 -50,000 Gross income, 120,000 -30,000 Expenses, $
Solve question b, please
Kendall Corners Inc. recently reported net income of $2.9 million and depreciation of $700,000. What was its net cash flow? Assume it had no amortization expense. Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000. Round you answer to the nearest dollar.
Slipper Company sold a productive asset, a machine, for cash. It originally cost Slipper $20,000. The accumulated depreciation at the date of disposal was $15,000. A gain on the disposal of $2,000 was reported. What was the asset's selling price?
Given the following information for O'Hara Marine Co., calculate the depreciation expense: sales = $67,000; costs = $34,500; addition to retained earnings = $8,300; dividends paid = $2,320; interest expense = $2,650; tax rate = 21 percent. (Do not round intermediate calculations and round your answer to the nearest whole dollar amount, e.g., 32.) What is the depreciation expense?
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Consider the following financial information and answer the questions that follow: Sales : $250,000 Costs : $134,000 Depreciation : $10,200 Operating expenses : $6,000 Interest expenses : $20,700 Taxes : $18,420 Dividends : $10,600 Addition to Retained Earnings : $50,080 Long term debt repaid : $9,300 New Equity issued : $8,470 New fixed assets acquired : $15,000You are required to: i) Calculate the operating cash flow ii) Calculate the cash flow to creditors iii) Calculate the cash flow to shareholders iv) Calculate the cash flow from assets v) Calculate net capital spending vi) Calculate change in NWC Show all computations
The loss on the cash sale of equipment was $20,125 (details in b). Sold equipment costing 591,875, with accumulated depreciation of $45,125, for $26, 625 cash. Purchased equipment costing $111,375 by paying $60,000 cash and signing a long- term notes payable for the balance. Paid $52,125 cash to reduce the long-term notes payable. Issued 4,000 shares of common stock for $20 cash per share. Declared and paid cash dividends of $53, 100. Required: 1. Prepare a complete statement of cash flows using the indirect method for the current year.
kk. Subject :- Accounting
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