On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: Date Item Debit Credit BalanceDebit BalanceCredit January 1 Balance 1,131,000 March 12 Purchased for cash 385,000 1,516,000 October 4 Sold for $211,000 181,000 1,335,000 Item Section of Statement ofCash Flows Added or Deducted Amount March 12: Purchase of fixed asset $fill in the blank 3 October 4: Sale of fixed asset $fill in the blank 6 Gain on sale of fixed asset (assume the indirect method) $fill in the blank 9
On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: Date Item Debit Credit BalanceDebit BalanceCredit January 1 Balance 1,131,000 March 12 Purchased for cash 385,000 1,516,000 October 4 Sold for $211,000 181,000 1,335,000 Item Section of Statement ofCash Flows Added or Deducted Amount March 12: Purchase of fixed asset $fill in the blank 3 October 4: Sale of fixed asset $fill in the blank 6 Gain on sale of fixed asset (assume the indirect method) $fill in the blank 9
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of
| Date | Item | Debit | Credit | Balance Debit |
Balance Credit |
|---|---|---|---|---|---|
| January 1 | Balance | 1,131,000 | |||
| March 12 | Purchased for cash | 385,000 | 1,516,000 | ||
| October 4 | Sold for $211,000 | 181,000 | 1,335,000 |
| Item | Section of Statement of Cash Flows |
Added or Deducted | Amount |
|---|---|---|---|
| March 12: Purchase of fixed asset |
|
|
$fill in the blank 3 |
| October 4: Sale of fixed asset |
|
|
$fill in the blank 6 |
| Gain on sale of fixed asset (assume the indirect method) |
|
|
$fill in the blank 9 |
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