Reporting Land Transactions on Statement of Cash FlowsOn the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows:ACCOUNT LandACCOUNT NO.BalanceDateItemDebitCreditDebitCreditJan.Balance1,078,000Mar. 12Purchased for cash367,0001,445,000Oct.Sold for $201,000172,0001,273,000Section of Statement ofAdded or DeductedAmountItemCash FlowsMar. 12: Purchase of fixed assetInvesting activities section vDeducted vOct. 4: Sale of fixed assetInvesting activities section vAdded vGain on sale of fixed asset (assume the indirect method)Operating activities section vDeductedFeedbackCheck My WorkKeep in mind that you are trying to determine what affect these transactions have on cash. What financial statement would the gain on the sale offixed asset be reported on? What affect did the gain have on this financial statement? Based on your answer what would have to be done with thegain on the statement of cash flows?PreviousNextCheck My Wonk 0 more Check My Work uses remaining.12:26

Cash flow statement: Cash flow statement is a main part of financial statement. It is prepared to…

Answered: Reporting Land Transactions on…

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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Land Transactions on the Statement of Cash Flows Veteran Corporation purchased land for $472,000. Later in the year, the company sold a different piece of land with a book value of $217,000 for $237,000. How are the effects of these transactions reported on the statement of cash flows assuming the indirect method is used? Use the minus sign to indicate cash out flows, cash payments, decreases in cash and for any adjustments, if required. If a transaction has no effect on the statement of cash flows, select "No effect" from the drop down menu and leave the amount box blank. Transactions Action Amount Gain or loss on sale of land $ Cash received from sale of land $ Cash paid for purchase of land $
Land Transactions on the Statement of Cash Flows Alpha Corporation purchased land for $451,000. Later in the year, the company sold a different piece of land with a book value of $262,000 for $291,000. How are the effects of these transactions reported on the statement of cash flows? Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required. If a transaction has no effect on the statement of cash flows, select "No effect" from the drop down menu and leave the amount box blank. Transactions Action AmountGain or loss on sale of land $fill in the blank 2Cash received from sale of land $fill in the blank 4Cash paid for purchase of land
Print Item Use the following information from Albuquerque Company's financial statements: Net income $328,000 Change in accumulated depreciation (no sale of depreciable assets this year) 26,200 Loss on sale of company truck 9,500 Determine operating net cash flows (indirect method).
A purchased B, paying $850,000 cash. The books values and fair values of acquired assets and liabilities were: Book asset - Fair Value Current assets net: $130,000 - $125,000 Property, plant, equip: 600,000 - 750,000 Liabilities: 175,000 - 175000 A would record goodwill of: A. $0. B. $150,000 C. $345,000 D. $850,000
cash flow for years 2011,2012 Calculate year to year changes (comparative) in amount and percentages on the excel file. Comment on the comparative analysis (year to year) considering material changes over time. please do not provide solution in image format thank you!
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Land Transactions on the Statement of Cash Flows Cameron Corporation purchased land for $155,000. Later in the year, the company sold a different piece of land with a book value of $68,000 for $78,000. How are the effects of these transactions reported on the statement of cash flows? Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required. If a transaction has no effect on the statement of cash flows, select "No effect" from the drop down menu and leave the amount box blank. Transactions Action Amount Gain or loss on sale of land Cash received from sale of land Added to net income Cash paid for purchase of land Deducted from net income No effect Part of cash flows from financing activities Part of cash flows from investing activities
How do I figure out how to journalize the cash flow
Land Transactions on the Statement of Cash Flows Cameron Corporation purchased land for $206,000. Later in the year, the company sold a different piece of land with a book value of $124,000 for $140,000. How are the effects of these transactions reported on the statement of cash flows? Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required. If a transaction has no effect on the statement of cash flows, select "No effect" from the drop down menu and leave the amount box blank. Transactions Action Amount Gain or loss on sale of land Cash received from sale of land Cash paid for purchase of land
Do not give image format
Interest expense Paid-in capital Accumulated depreciation Notes payable (long-term) Rent expense Merchandise inventory Accounts receivable Depreciation expense Land Retained earnings Cash Cost of goods sold Equipment Income tax expense Accounts payable Net sales $ 5,400 17,200 4,800 53,000 11,700 124,000 41,500 2,400 37,000 152,500 28,000 238,000 28,000 57,000 31,000 400,000 Required: a. Calculate the difference between current assets and current liabilities for Gary's TV at December 31, 2022. b. Calculate the total assets at December 31, 2022. c. Calculate the earnings from operations (operating income) for the year ended December 31, 2022. d. Calculate the net income (or loss) for the year ended December 31, 2022. e. What was the average income tax rate for Gary's TV for 2022? f. If $27,500 of dividends had been declared and paid during the year, what was the January 1, 2022, balance of retained earnings?

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