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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.

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter9: Metric-analysis Of Financial Statements
Section: Chapter Questions
Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...
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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 Operating expenses Discount allowed Doubtful debt expense Depreciation expense Loss on sale of equipment Additional information: 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 55,500 1,000 2021 $ 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 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.
Transcribed Image Text: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 Operating expenses Discount allowed Doubtful debt expense Depreciation expense Loss on sale of equipment Additional information: 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 55,500 1,000 2021 $ 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 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.
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