Accounts Receivable Allowance for Doubtful Debts Inventory Prepaid Expenses Land Buildings Accumulated depreciation - buildings Equipment Accumulated depreciation - equipment Accounts Payable Accrued Expenses Sales Revenue Cost of Sales 2022 $ 20,000 2,000 80,500 60,400 100,000 750,000 337,500 300,000 104,000 17,000 37,000 80,000 50,500 27,600 200 700 2021 $ 55,500 1,000 15,000 2,000 120,000 0 $70,000 750,000 300,000 240,000 96,000 20,000 37,000 67,000 45,000 29,700 100 500 60,500 2,300 Operating expenses Discount allowed Doubtful debt expense Depreciation expense Loss on sale of equipment Additional information: 1. Hector's Pty Ltd. purchased land and $80,000 of equipment for cash during 2022. It also sold equipment for cash during 2022. 2. Land was revaluated upwards by $12,000 during 2022. Required: Prepare the operating and investing sections of the statement of cash flows for year 2022.

Accounts Receivable Allowance for Doubtful Debts Inventory Prepaid Expenses Land Buildings Accumulated depreciation - buildings Equipment Accumulated depreciation - equipment Accounts Payable Accrued Expenses Sales Revenue Cost of Sales 2022 $ 20,000 2,000 80,500 60,400 100,000 750,000 337,500 300,000 104,000 17,000 37,000 80,000 50,500 27,600 200 700 2021 $ 55,500 1,000 15,000 2,000 120,000 0 $70,000 750,000 300,000 240,000 96,000 20,000 37,000 67,000 45,000 29,700 100 500 60,500 2,300 Operating expenses Discount allowed Doubtful debt expense Depreciation expense Loss on sale of equipment Additional information: 1. Hector's Pty Ltd. purchased land and $80,000 of equipment for cash during 2022. It also sold equipment for cash during 2022. 2. Land was revaluated upwards by $12,000 during 2022. Required: Prepare the operating and investing sections of the statement of cash flows for year 2022.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

NOPAT in 2019 = $16,000Annual depreciation in 2019 = $3,000Net Fixed Assets in 2019 = $250,000Accumulated depreciation in balance sheet of 2019 = $50,000 Gross Fixed Assets in 2018 = $270,000 Net operating working capital in 2018 = $24,000 Net operating working capital in 2019 = $17,000There is no other long-term assets in the balance sheets of 2018 and 2019. When answering the question (filling in the blank), DO NOT use dollar signs, DO NOT USE commas to separate thousands, DO NOT use parenthesis to denote negative numbers, USE the negative sign in front of first digit for negative numbers, Round to the nearest dollar. What is the Free Cash Flow (FCF) for 2019?
pregunta anexa question in image
Accounting Subject step by step solutions
34 )
CURRENT PERIOD CASH FLOWS FROM OPERATING ACTIVITIES Net Profit (Loss) 9734 Adjustments to Net for Non-Cash Expenses Depreciation and Amort 15766 (Gain) Loss on Fixed Assets 0 (Increase) Decrease in Assets Accounts Receivable - Trade Other Accounts Receivable -27695 Inventory Prepaid Expenses 16962 Other Assets Increase (Decrease) in Liabilities Accounts Payable - Trade 23707 Other Liabilities 2582 Net Cash From Operations 41056 CASH FLOWS FROM INVESTING ACTIVITIES Sale (Acquisition) of Fixed As 0 Net Cash From Investing 0 CASH FLOWS FROM FINANCING ACTIVITIES Notes Payable 0 Notes Payable 0 Notes Payable 0 Net Cash From 0 Total Cash Increase (Decrease) 41056 Cash - Beginning of Period 2168786 Cash - End of Period 2209842 Cash Book Balance - End of Perio 2211141 Please Find the mistakes in this cashflow statement.
Please do not give solution in image format thanku
The following information is related to Vaughn Company for 2020. Retained earnings balance, January 1, 2020 $1,156,400 Sales Revenue 29,500,000 Cost of goods sold 18,880,000 Interest revenue 82,600 Selling and administrative expenses 5,546,000 Write-off of goodwill 967,600 Income taxes for 2020 1,467,920 Gain on the sale of investments 129,800 Loss due to flood damage 460,200 Loss on the disposition of the wholesale division (net of tax) 519,200 Loss on operations of the wholesale division (net of tax) 106,200 Dividends declared on common stock 295,000 Dividends declared on preferred stock 94,400 Vaughn Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Vaughn sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year. Partially correct answer…
The following balances are from Company A: Cash Accounts receivable Inventory Deferred Tax Asset Land Equipment Buildings Copyright Cash Flow Problem Allowance for doubtful accounts Accounts payable Dividends Payable Salaries Payable Accumulated depreciation - Equip Accumulated depreciation - Bldg Bonds payable -10% Premium on Bonds Payable Common stock APIC - CS Retained earnings Debits Credits 2014 2013 Change 201,000 225,000 (24,000) 110,000 140,000 (30,000) 205,000 175,000 30,000 15,000 10,000 5,000 175,000 100,000 75,000 65,000 40,000 25,000 300,000 180,000 120,000 8,000 12,000 (4,000) 882,000 197,000 1,079,000 6,000 9,000 90,000 84,000 50,000 40,000 42,000 65,000 9,000 4,000 60,000 25,000 125,000 250,000 7,000 14,000 75,000 25,000 264,000 90,000 351,000 276,000 1,079,000 882,000 (3,000) 6,000 10,000 (23,000) 5,000 35,000 (125,000) (7,000) 50,000 174,000 75,000 197,000 1. Buildings with a cost of $100,000 and Land with a cost of $25,000 was sold for $90,000. The book value of the…
Current Attempt in Progress Marigold Corp. reported net income of $59000 for the year ended December 31, 2021 Included in net income were depreciation. expense of $8900 and again on sale of equipment of $2100. Each of the following accounts increased during 2021 Accounts receivable $2700 Inventory $4900 Prepaid rent $7300 Available-for-sale securities $900 $5000 Accounts payable What is the amount of cash provided by operating activities for Marigold Corp. for the year ended December 31, 2021? Ⓒ$58000 Ⓒ$55900 $55000 $46700
Please avoid image in solutions thanku
cop
Kindly provide the following requirements for Problem 9-3.