On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. Balance 1,013,000 Mar. 12 Purchased for cash 304,000 1,317,000 Oct. 4 Sold for $167,000 143,000 1,174,000 Section of Statement of Item Cash Flows Added or Deducted Amount Mar. 12: Purchase of fixed asset Oct. 4: Sale of fixed asset Gain on sale of fixed asset (assume the indirect method)

On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. Balance 1,013,000 Mar. 12 Purchased for cash 304,000 1,317,000 Oct. 4 Sold for $167,000 143,000 1,174,000 Section of Statement of Item Cash Flows Added or Deducted Amount Mar. 12: Purchase of fixed asset Oct. 4: Sale of fixed asset Gain on sale of fixed asset (assume the indirect method)

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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Reporting Land Transactions on Statement of Cash Flows On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Debit Credit Date Item Debit Credit Jan Balance 1 940,000 Mar. 12 Purchased for cash 310,000 1,250,000 Sold for $170,000 Oct. 4 146,000 1,104,000 Section of Statement of Item Added or Deducted Amount Cash Flows Mar. 12: Purchase of fixed asset Oct. 4: Sale of fixed asset Gain on sale of fixed asset (assume the indirect method)
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