Cost of goods sold Gross profit Operating expenses Depreciation expense Rent expense Salaries expense Other operating expenses Net income ther Information (796,138) 701,862 (24,300) (26,380) (252,800) (256,420) $ 141,962 Purchased land for $114,600. Purchased new equipment for $97,000. Sold old equipment that cost $133,190 with accumulated depreciation of $114,890 for $18,300 cash. Issued common stock for $46,000. equired repare the statement of cash flows for 2017 using the indirect method. (Amounts to be deducted and cash outflows hould be indicated by a minus sign.) CAMPBELL CORPORATION Statement of Cash Flows For the Year Ended December 31, Year 2

Cost of goods sold Gross profit Operating expenses Depreciation expense Rent expense Salaries expense Other operating expenses Net income ther Information (796,138) 701,862 (24,300) (26,380) (252,800) (256,420) $ 141,962 Purchased land for $114,600. Purchased new equipment for $97,000. Sold old equipment that cost $133,190 with accumulated depreciation of $114,890 for $18,300 cash. Issued common stock for $46,000. equired repare the statement of cash flows for 2017 using the indirect method. (Amounts to be deducted and cash outflows hould be indicated by a minus sign.) CAMPBELL CORPORATION Statement of Cash Flows For the Year Ended December 31, Year 2

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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Required Information [The following information applies to the questions displayed below.] Portions of the financial statements for Hawkeye Company are provided below. HAWKEYE COMPANY Income Statement For the Year Ended December 31, 2824 ($ in millions) Sales Cost of goods sold Gross margin Operating expenses: Salaries Depreciation Loss on sale of land Total operating expenses Operating income Other incone (expense): Gain on sale of cash equivalents Interest expense Income before tax Income tax expense Net income HAWKEYE COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2824 and 2023 ($ in millions) Year Cash Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income tax payable Cash Flows from Operating Activities Adjustments for noncash effects: Changes in operating assets and Mablities: 2824 Net cash flows from operating activities $ 246 388 894 227 187 69 97 $ 225 183 14 S 2023 $217 487 867 268 282 57 118 $830 315 515 0 422 93…
ces QS 12-13 (Algo) Computing cash from asset sales LO P3 CRUZ, INCORPORATED Comparative Balance Sheets 2021 At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Hages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity Sales Cost of goods sold. Gross profit $ 64,300 27,600 57,700 3,600 Beginning balance 153,200 72,600 (11,200) $ 214,600 $ 10,100 6,000 1,000 Furniture 17,100 20,600 37,700 CRUS, INCORPORATED Incone Statement For Year Ended December 31, 2021 154,700 22,200 $ 214,600 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Het income 2020 $ 16,100 34,100 64,000 2,900 117,100 82,200 (6,200) $ 193,100 $ 14,200 3,300 1,800 19,300 47,700 67,000 123,700 2,400 $…
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Basco Company sold office furniture for $40,000 cash. Th furniture cost $58,000 and had accumulated depreciation through the date of sale totaling $37,000. The company will recgonize. A. a loss of $19,000. B. a gain of $19,000. C. a gain of $21,000. D. a loss of $21,000. thanks for appreciated aittae ijteiyje
Equipment originally costing $95,000 has accumulated depreciation of $30,000. If the equipment is sold for $55,000, the company should record a. No gain or loss.b. A gain of $10,000.c. A loss of $10,000.d. A loss of $40,000.