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.BalanceDebitCreditDateItemDebitCreditJanBalance1940,000Mar. 12Purchased for cash310,0001,250,000Sold for $170,000Oct.4146,0001,104,000Section of Statement ofItemAdded or DeductedAmountCash FlowsMar. 12: Purchase of fixed assetOct. 4: Sale of fixed assetGain on sale of fixed asset (assume the indirect method)

Statement of cash flows:This statement reports all the cash transactions which are responsible for…

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

See similar textbooks

Similar questions

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 Date Item Debit Credit Debit Credit Jan. Balance 868,000 Mar. 12 Purchased for cash 104,300 972,300 Oct. 4 Sold for $95,550 63,840 908,460 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) %24 %24 %24
eBook Show Me How Question Content Area Land Transactions on the Statement of Cash Flows Lagman Corporation purchased land for $310,000. Later in the year, the company sold a different piece of land with a book value of $114,000 for $81,000. 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 Loss on sale of land $fill in the blank 2 Cash received from sale of land $fill in the blank 4 Cash paid for purchase of land
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 Date Item Debit Credit Debit Credit Jan. 1 Balance 868,000 Mar. 12 Purchased for cash 104,300 972,300 Oct. 4 Sold for $95,550 63,840 908,460
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).
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!
Need Help.
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
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
eBook Show Me How Statement of Cash Flows—Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $290,780 $268,930 Accounts receivable (net) 105,340 96,590 Inventories 297,360 285,980 Investments 0 110,790 Land 152,520 0 Equipment 328,080 252,830 Accumulated depreciation—equipment (76,810) (68,180) Total assets $1,097,270 $946,940 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $198,610 $186,550 Accrued expenses payable (operating expenses) 19,750 24,620 Dividends payable 10,970 8,520 Common stock, $10 par 59,250 46,400 Paid-in capital in excess of par—common stock 222,750 128,780 Retained earnings 585,940 552,070 Total liabilities and stockholders’ equity $1,097,270 $946,940 Additional data obtained from an examination of the…
How do I figure out how to journalize the cash flow
Required Information Exercise 12-10A (Algo) Determining cash flows from Investing activities LO 12-3 [The following information applies to the questions displayed below.] The following accounts and corresponding balances were drawn from Delsey Company's Year 2 and Year 1 year-end balance sheets: Account Title Investment securities Machinery Land Other Information drawn from the accounting records: Year 2 $ 104,300 524,400 143,300 1. Delsey Incurred a $1,210 loss on the sale of Investment securities during Year 2. 2. Old machinery with a book value of $4,860 (cost of $25.120 minus accumulated depreciation of $20,260) was sold. The Income statement showed a gain on the sale of machinery of $4,670. 3. Delsey did not sell land during the year. Exercise 12-10A (Algo) Part e e. Prepare the investing activities section of the statement of cash flows. Note: Amounts to be deducted should be indicated with a minus sign. DEL SEY COMPANY Statement of Cash Flows (Investing Activities) For the Year…

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

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