Date Debit Credit Balance Jan. 1 Balance 158,100 July 31 Purchase of equipment 70,300 228,400 Sept. 2 Cost of equipment constructed 54,200 282,600 Nov. 10 Cost of equipment sold 48,100 234,500 Accumulated Depreciation-Equipment Date Debit Credit Balance Jan. 1 Balance 71,500 Nov. 10 Accumulated depreciation on equipment sold 30,000 41.500 Dec. 31 Depreciation for year 24.000 65,500 Retained Earnings Debit Credit Balance Date 104,600 Jan. 1 Balance 17,200 87,400 Aug 23 Dividends (cash) 66,400 153,800 Dec. 31 Net income From the postings in the accounts, indicate how the information is reported on a statement of cash flows using the indirect meth The loss on disposal of plant assets was $4,500. (Hint: Cost of equipment constructed is reported in the investing activities sectie decrease in cash of $54,200.) (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis eg (15,000))

Date Debit Credit Balance Jan. 1 Balance 158,100 July 31 Purchase of equipment 70,300 228,400 Sept. 2 Cost of equipment constructed 54,200 282,600 Nov. 10 Cost of equipment sold 48,100 234,500 Accumulated Depreciation-Equipment Date Debit Credit Balance Jan. 1 Balance 71,500 Nov. 10 Accumulated depreciation on equipment sold 30,000 41.500 Dec. 31 Depreciation for year 24.000 65,500 Retained Earnings Debit Credit Balance Date 104,600 Jan. 1 Balance 17,200 87,400 Aug 23 Dividends (cash) 66,400 153,800 Dec. 31 Net income From the postings in the accounts, indicate how the information is reported on a statement of cash flows using the indirect meth The loss on disposal of plant assets was $4,500. (Hint: Cost of equipment constructed is reported in the investing activities sectie decrease in cash of $54,200.) (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis eg (15,000))

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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