Crane Inc. is a private company reporting under ASPE. The following selected account balances were reported in Crane Inc's financ statements at year end: Cash Building Equipment Land Accumulated Accumulated 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. depreciation-building depreciation-equipment 4. 5. 6. (a) 2024 $ 18,140 697,000 $ 322,260 82,000 252,150 101,680 5,125 446,900 278,800 661,740 164,000 20,500 20,500 40,285 820 8,200 39,565 2023 $8,200 615,000 278,800 49,200 246,000 77,080 CRANE INC. Cash Flow Statement (Partial) 2,050 479,700 254,200 561,700 82,000 8,200 34,850 22,140 0 0 Purchased $61,500 of equipment for $8,200 cash and a note payable for the remainder. Equipment was also sold during the year. Sold a building that originally cost $41,000. 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. 36,695 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 e.g. (15,000).)
Crane Inc. is a private company reporting under ASPE. The following selected account balances were reported in Crane Inc's financ statements at year end: Cash Building Equipment Land Accumulated Accumulated 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. depreciation-building depreciation-equipment 4. 5. 6. (a) 2024 $ 18,140 697,000 $ 322,260 82,000 252,150 101,680 5,125 446,900 278,800 661,740 164,000 20,500 20,500 40,285 820 8,200 39,565 2023 $8,200 615,000 278,800 49,200 246,000 77,080 CRANE INC. Cash Flow Statement (Partial) 2,050 479,700 254,200 561,700 82,000 8,200 34,850 22,140 0 0 Purchased $61,500 of equipment for $8,200 cash and a note payable for the remainder. Equipment was also sold during the year. Sold a building that originally cost $41,000. 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. 36,695 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 e.g. (15,000).)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Crane Inc. is a private company reporting under ASPE. The following selected account balances were reported in Crane 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)
2024
$ 18,140
697,000
322,260
82,000
$
252,150
101,680
5,125
820
8,200
2023
$8,200
615,000
278,800
49,200
39,565
246,000
446,900 479,700
278,800
254,200
661,740
164,000
20,500
20,500
40,285
77,080
2.050
561,700
CRANE INC.
Cash Flow Statement (Partial)
82,000
8,200
34,850
22,140
0
0
Purchased $61,500 of equipment for $8,200 cash and a note payable for the remainder.
Equipment was also sold during the year.
Sold a building that originally cost $41,000.
Used cash to purchase land and a building.
36,695
Mortgage payments and notes payable payments included interest and principal amounts.
Common shares were issued for cash.
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 e.g. (15,000).)
$
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