Homework Help is Here – Start Your Trial Now!
Business
Accounting
Exercise 12-11 (Algo) Reconstructed entries LO P3 For each of the following separate transactions: 1. Sold a building costing $35,000, with $22,000 of accumulated depreciation, for $10,000 cash, resulting in a $3,000 loss. 2. Acquired machinery worth $12,000 by issuing $12,000 in notes payable. 3. Issued 1,200 shares of common stock at par for $2 per share. 4. Long-term notes payable with a carrying value of $41,000 were retired for $49,000 cash, resulting in a $8,000 loss. (a) Prepare the reconstructed journal entry. (b) Identify the effect it has, if any, on the investing section or financing section of the statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Identify the effect it has, if any, on the investing section or financing section of the statement of cash flows. (Amounts to be deducted should be indicated by a minus sign.) Statement of Cash Flows (partial) Cash flows from investing activities Cash flows from financing activities < Required A GA $ 0 Required B

Exercise 12-11 (Algo) Reconstructed entries LO P3 For each of the following separate transactions: 1. Sold a building costing $35,000, with $22,000 of accumulated depreciation, for $10,000 cash, resulting in a $3,000 loss. 2. Acquired machinery worth $12,000 by issuing $12,000 in notes payable. 3. Issued 1,200 shares of common stock at par for $2 per share. 4. Long-term notes payable with a carrying value of $41,000 were retired for $49,000 cash, resulting in a $8,000 loss. (a) Prepare the reconstructed journal entry. (b) Identify the effect it has, if any, on the investing section or financing section of the statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Identify the effect it has, if any, on the investing section or financing section of the statement of cash flows. (Amounts to be deducted should be indicated by a minus sign.) Statement of Cash Flows (partial) Cash flows from investing activities Cash flows from financing activities < Required A GA $ 0 Required B

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please do not give solution in image format thanku 

Exercise 12-11 (Algo) Reconstructed entries LO P3 For each of the following separate transactions: 1. Sold a building costing $35,000, with $22,000 of accumulated depreciation, for $10,000 cash, resulting in a $3,000 loss. 2. Acquired machinery worth $12,000 by issuing $12,000 in notes payable. 3. Issued 1,200 shares of common stock at par for $2 per share. 4. Long-term notes payable with a carrying value of $41,000 were retired for $49,000 cash, resulting in a $8,000 loss. (a) Prepare the reconstructed journal entry. (b) Identify the effect it has, if any, on the investing section or financing section of the statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Identify the effect it has, if any, on the investing section or financing section of the statement of cash flows. (Amounts to be deducted should be indicated by a minus sign.) Statement of Cash Flows (partial) Cash flows from investing activities Cash flows from financing activities < Required A $ 69 69 $ 0 0 Required B >
Transcribed Image Text:Exercise 12-11 (Algo) Reconstructed entries LO P3 For each of the following separate transactions: 1. Sold a building costing $35,000, with $22,000 of accumulated depreciation, for $10,000 cash, resulting in a $3,000 loss. 2. Acquired machinery worth $12,000 by issuing $12,000 in notes payable. 3. Issued 1,200 shares of common stock at par for $2 per share. 4. Long-term notes payable with a carrying value of $41,000 were retired for $49,000 cash, resulting in a $8,000 loss. (a) Prepare the reconstructed journal entry. (b) Identify the effect it has, if any, on the investing section or financing section of the statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Identify the effect it has, if any, on the investing section or financing section of the statement of cash flows. (Amounts to be deducted should be indicated by a minus sign.) Statement of Cash Flows (partial) Cash flows from investing activities Cash flows from financing activities < Required A $ 69 69 $ 0 0 Required B >
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS