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Cash Building Equipment Land Accumulated depreciation-building Accumulated depreciation-equipment Dividends payable Mortgage payable Notes payable Common shares: 46,000 shares in 2024: 40,000 in 2023 Retained earnings Cash dividends declared Depreciation expense-buildings Depreciation expense-equipment Gain on sale of equipment Loss on sale of building Interest expense Additional information: 2 3. 4. 5. 6. 2023 $9,000 765,000 675.000 353,700 306,000 90,000 54,000 276,750 270,000 111,600 84,600 (a) 2024 $19,910 5,625 490,500 306,000 726,300 180,000 22,500 22,500 44,215 900 9,000 43,425 2,250 526,500 279,000 616,500 90,000 1. Purchased $67,500 of equipment for $9,000 cash and a note payable for the remainder. Equipment was also sold during the year. Sold a building that originally cost $45,000. Used cash to purchase land and a building. Mortgage payments and notes payable payments included interest and principal amounts. Common shares were issued for cash. 9,000 38,250 24,300 0 0 40,275 Determine the amount of any cash inflows or outflows related to investing activities in 2024. (Hint: Use T accounts to calculat the cash flows.) (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis eg. (15,000))

Cash Building Equipment Land Accumulated depreciation-building Accumulated depreciation-equipment Dividends payable Mortgage payable Notes payable Common shares: 46,000 shares in 2024: 40,000 in 2023 Retained earnings Cash dividends declared Depreciation expense-buildings Depreciation expense-equipment Gain on sale of equipment Loss on sale of building Interest expense Additional information: 2 3. 4. 5. 6. 2023 $9,000 765,000 675.000 353,700 306,000 90,000 54,000 276,750 270,000 111,600 84,600 (a) 2024 $19,910 5,625 490,500 306,000 726,300 180,000 22,500 22,500 44,215 900 9,000 43,425 2,250 526,500 279,000 616,500 90,000 1. Purchased $67,500 of equipment for $9,000 cash and a note payable for the remainder. Equipment was also sold during the year. Sold a building that originally cost $45,000. Used cash to purchase land and a building. Mortgage payments and notes payable payments included interest and principal amounts. Common shares were issued for cash. 9,000 38,250 24,300 0 0 40,275 Determine the amount of any cash inflows or outflows related to investing activities in 2024. (Hint: Use T accounts to calculat the cash flows.) (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis eg. (15,000))

FINANCIAL ACCOUNTING
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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Pharoah Inc. is a private company reporting under ASPE. The following selected account balances were reported in Pharoah Inc.'s financial statements at year end: Cash Building Equipment Land Accumulated depreciation-building Accumulated depreciation-equipment Dividends payable Mortgage payable Notes payable Common shares: 46,000 shares in 2024: 40,000 in 2023 Retained earnings Cash dividends declared Depreciation expense-buildings Depreciation expense-equipment Gain on sale of equipment Loss on sale of building Interest expense Additional information: 1. 2. 3. 4. 5. 6. (a) A B B B B B A V Cash, January 1 Cash, December 31 DROP DOWN MENU FOR THE BOXES LABELLED: A 2024 $ 19,910 Financing Activities Investing Activities Net Cash Provided by Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Cash Used by Financing Activities Net Cash Used by Investing Activities Net Cash Used by Operating Activities Net Decrease in Cash Net Increase in Cash Operating Activities 765,000 353,700 90,000 276,750 $ 111,600 5,625 22,500 22,500 44,215 900 9,000 43,425 PHAROAH INC. Cash Flow Statement (Partial) 2023 Purchased $67,500 of equipment for $9,000 cash and a note payable for the remainder. Equipment was also sold during the year. Sold a building that originally cost $45,000. Used cash to purchase land and a building. Mortgage payments and notes payable payments included interest and principal amounts. Common shares were issued for cash. $9,000 2,250 490,500 526,500 306,000 279,000 726,300 616,500 180,000 90,000 Determine the amount of any cash inflows or outflows related to investing activities in 2024. (Hint: Use T accounts to calculate the cash flows.) (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis eg. (15,000).) 675,000 306,000 54.000 270,000 84,600 9,000 38,250 24,300 0 0 40,275 S DROP DOWN MENU FOR THE BOXES LABELLED: B Sale of Building Sale of Equipment Sale of Land Issuance of Common Shares Payment of Cash Dividends Purchase of Building Purchase of Equipment Purchase of Land Repayment of Mortgage Note Repurchase of Common Shares
Transcribed Image Text:Pharoah Inc. is a private company reporting under ASPE. The following selected account balances were reported in Pharoah Inc.'s financial statements at year end: Cash Building Equipment Land Accumulated depreciation-building Accumulated depreciation-equipment Dividends payable Mortgage payable Notes payable Common shares: 46,000 shares in 2024: 40,000 in 2023 Retained earnings Cash dividends declared Depreciation expense-buildings Depreciation expense-equipment Gain on sale of equipment Loss on sale of building Interest expense Additional information: 1. 2. 3. 4. 5. 6. (a) A B B B B B A V Cash, January 1 Cash, December 31 DROP DOWN MENU FOR THE BOXES LABELLED: A 2024 $ 19,910 Financing Activities Investing Activities Net Cash Provided by Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Cash Used by Financing Activities Net Cash Used by Investing Activities Net Cash Used by Operating Activities Net Decrease in Cash Net Increase in Cash Operating Activities 765,000 353,700 90,000 276,750 $ 111,600 5,625 22,500 22,500 44,215 900 9,000 43,425 PHAROAH INC. Cash Flow Statement (Partial) 2023 Purchased $67,500 of equipment for $9,000 cash and a note payable for the remainder. Equipment was also sold during the year. Sold a building that originally cost $45,000. Used cash to purchase land and a building. Mortgage payments and notes payable payments included interest and principal amounts. Common shares were issued for cash. $9,000 2,250 490,500 526,500 306,000 279,000 726,300 616,500 180,000 90,000 Determine the amount of any cash inflows or outflows related to investing activities in 2024. (Hint: Use T accounts to calculate the cash flows.) (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis eg. (15,000).) 675,000 306,000 54.000 270,000 84,600 9,000 38,250 24,300 0 0 40,275 S DROP DOWN MENU FOR THE BOXES LABELLED: B Sale of Building Sale of Equipment Sale of Land Issuance of Common Shares Payment of Cash Dividends Purchase of Building Purchase of Equipment Purchase of Land Repayment of Mortgage Note Repurchase of Common Shares
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