Lamar Corporation purchased land for $147,000. Later in the year, the company sold land with a book value of $193,000 for $216,000. Show how the effects of these transactions are reported on the statement of cash flows using the indirect method. Transaction Amount Increase or Decrease Statement of Cash Flows Section Gain on sale of land Cash received for sale of land Cash paid for purchase of land image008.png

Lamar Corporation purchased land for $147,000. Later in the year, the company sold land with a book value of $193,000 for $216,000. Show how the effects of these transactions are reported on the statement of cash flows using the indirect method. Transaction Amount Increase or Decrease Statement of Cash Flows Section Gain on sale of land Cash received for sale of land Cash paid for purchase of land image008.png

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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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X company uses the indirect method to determine its cash flows from operating activities. Determine its net cash provided or used by operating activities, using the following information. Depreciation expense Net income Increase in inventory Cash payment on note payable Gain on sale of land Increase in accounts payable $100,000 $182,000 $18.000 $50.000 $30,000 $48.500 a. $282,500 provided by operating activities. b. $232,500 provided by operating activities. c. $182,500 provided by operating activities. d. $318,500 provided by operating activities.
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What is the statement of cash flows for this? Revenues = $304000 COGS = 164000 Depreciation = 24000 Other expenses = 28000 Loss of sale on land = 20000 Net income = 68000
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