None Robert Company's 2009 balance sheet reported net fixed assets of$13,209,424 and accumulated depreciation of ($3,953,935). RobertCompany's 2010 balance sheet reported net fixed assets of$17,700,645 and accumulated depreciation of ($5,355,453). Whatwas the change in gross fixed assets for Robert Company between2009 and 2010?

Step 1: Define Fixed AssetsFixed assets are economic resources owned by a company that are used in…

Answered: Robert Company's 2009 balance sheet…

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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Green Forest Corp.'s 2023 income statement showed the following: profit, $291,800; depreciation expense, building, $39,000; depreciation expense, equipment, $6,590; and gain on sale of equipment, $6,200. An examination of the company's current assets and current liabilities showed that the following changes occurred because of operating activities: accounts receivable decreased $14,510; merchandise inventory decreased $42,200; prepaid expenses increased $2,990; accounts payable decreased $7,390; and other current payables increased $1,150. Use the indirect method to calculate the cash flow from operating activities. (List any deduction in cash and cash outflows as negative amounts.) GREEN FOREST CORP.'S Statement of Cash Flows Cash flows from operating activities: Adjustments to reconcile profit to net cash provided by operating activities: $ 0
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Bracewell Company reported a net income of $190,860 for 2014. Bracewell also reported a depreciation expense of $49,030 and a gain of $4,840 on the disposal of plant assets. The comparative balance sheet shows an increase in accounts receivable of $13,740 for the year, a $17,100 increase in accounts payable, and a $4,910 decrease in prepaid expenses. Prepare the operating activities section of the statement of cash flows for 2014. Use the indirect method.
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The income statement disclosed the following items for the year: Line Item Description Amount Depreciation expense $43,900 Gain on disposal of equipment 25,610 Net income 292,200 The changes in the current asset and liability accounts for the year are as follows: Line Item Description Increase (Decrease) Accounts receivable $6,840 Inventory (3,890) Prepaid insurance (1,460) Accounts payable (4,640) Income taxes payable 1,460 Dividends payable 1,020 Question Content Area a. Prepare the "Cash flows from (used for) operating activities" section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. blankStatement of Cash Flows (partial) Line Item Description Amount Amount Cash flows from (used for) operatingactivities: $Net income Adjustments to reconcile net incometo net cash flows from (used for) operating…

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