can you explain part D more how the cash was estimated, the accumulated depreciation and property andequipmentd)Loss on disposal of property and equipment 285cash 30Accumulated Depreciation 2850Property and Equipment 0570

The part D in the given image appears to be a journal entry for the disposal of property and…

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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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Reporting Land Transactions on Statement of Cash Flows On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 919,000 Mar. 12 Purchased for cash 276,000 1,195,000 Oct. 4 Sold for $152,000 130,000 1,065,000 Item Section of Statement ofCash Flows Added or Deducted Amount Mar. 12: Purchase of fixed asset $ Oct. 4: Sale of fixed asset $ Gain on sale of fixed asset (assume the indirect method) $
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Reporting Land Transactions on Statement of Cash Flows On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 802,000 Mar. 12 Purchased for cash 257,000 1,059,000 Oct. 4 Sold for $141,000 121,000 938,000 Item Section of Statement ofCash Flows Added or Deducted Amount Mar. 12: Purchase of fixed asset $fill in the blank 3 Oct. 4: Sale of fixed asset $fill in the blank 6 Gain on sale of fixed asset (assume the indirect method) $fill in the blank 9
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Reporting Land Transactions on Statement of Cash Flows On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. Balance 868,000 Mar. 12 Purchased for cash 104,300 972,300 Oct. 4 Sold for $95,550 63,840 908,460 Section of Statement of Item Added or Deducted Amount Cash Flows Mar. 12: Purchase of fixed asset Oct. 4: Sale of fixed asset Gain on sale of fixed asset (assume the indirect method) %24 %24 %24
17 Equipment that cost 412000 and on which 191000 of accumulated depreciation has been recorded was disposed of for 181000 cash. The entry to record this event would include a ?
Question 6 USING THE FOLLOWING DATA, CALCULATE THE DOLLAR AMOUNT ($) OF TOTAL INTANGIBLE ASSETS DEPRECIATION EXPENSE-BLDG 5. SALARIES AND WAGES PAYABLE 800 LAND 200 ACCUMULATED DEPRECIATION -BUILDING 35 UNEARNED SALES REVENUE 360 SHORT TERM INVESTMENTS 93 PATENTS 69 NOTES PAYABLE 180 PREPAID LEGAL EXPENSE 18 BUILDING 990 MORTGAGE PAYABLE 510 LONG TERM NOTES RECEIVABLE 30 25 GOODWILL 18 MEDICAL SUPPLIES 720 103 LAND HELD FOR FUTURE USE BONDS PAYABLE 14 280 UNEARNED INTEREST FEES COST OF SALES 45 3. LAND HELD FOR FUTURE USE INTEREST INCOME 170 387 COPYRIGHTS INVENTORY 20 122 PREPAID ADVERTISING PENSION OBLIGATIONS 50 15 LONG TERM NOTES PAYABLE RENTAL FEES 180 10 TRADEMARK ACCRUED LIABILITIES A Moving to the next question prevents changes to this answer.
Reporting Land Transactions on Statement of Cash Flows On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 868,000 Mar. 12 Purchased for cash 104,300 972,300 Oct. 4 Sold for $95,550 63,840 908,460
Reporting Land Transactions on Statement of Cash Flows On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 1,296,000 Mar. 12 Purchased for cash 389,000 1,685,000 Oct. 4 Sold for $214,000 183,000 1,502,000 Item Section of Statement ofCash Flows Added or Deducted Amount Mar. 12: Purchase of fixed asset Investing activities section Deducted $ Oct. 4: Sale of fixed asset Investing activities section Added $ Gain on sale of fixed asset (assume the indirect method) Operating activities section Deducted $
VIOving nanges to this answer. nsanh Question 4 A gain on the sale of a long-term asset is recorded when cash proceeds are: a. less than the book value of the assets sold. b. less than the historical cost of the asset sold. C. less than the accumulated depreciation. d. greater than the book value of the asset sold.

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can you explain part D more how the cash was estimated, the accumulated depreciation and property and equipment d) Loss on disposal of property and equipment 285 cash 3 0 Accumulated Depreciation 285 0 Property and Equipment 0 570