Sandhill Inc., is a private company reporting under ASPE. The following selected account balances were reported in Sandhill Inc.'s financial statements at year end: Cash Buildings Equipment Land Accumulated depreciation-buildings Accumulated depreciation-equipment Dividends payable Mortgage payable Notes payable Common shares: 5,500 shares in 2017; 4,100 in 2016 Retained earnings Cash dividends declared Depreciation expense-buildings Depreciation expense-equipment Gain on sale of equipment Loss on sale of building Interest expense Additional information: 2017 2016 $19,500 $9,000 855,000 745,000 407,000 353,000 105,000 60,000 310,000 297,500 135,000 101,000 6,750 3,200 549,000 589,000 345,000 314,000 544,000 415,000 211,000 112,000 30,000 14,000 27,000 40,500 48,005 26,150 1,000 0 11,500 49,250 45,150 1. Purchased $80,000 of equipment for $12,000 cash and a note payable for the remainder. Additional information: 1. 2. 3. 4. 5. Purchased $80,000 of equipment for $12,000 cash and a note payable for the remainder. Equipment was also sold during the year. Sold a building that originally cost $55,000. Used cash to purchase land and a building. Mortgage payments and notes payable payments included interest and principal amounts. 6. Common shares were issued for cash. Determine the amount of any cash inflows or outflows related to investing activities in 2017. (Show amounts that decrease cash flow with either a sign e.g. -1 parenthesis e.g. (15,000).)
Sandhill Inc., is a private company reporting under ASPE. The following selected account balances were reported in Sandhill Inc.'s financial statements at year end: Cash Buildings Equipment Land Accumulated depreciation-buildings Accumulated depreciation-equipment Dividends payable Mortgage payable Notes payable Common shares: 5,500 shares in 2017; 4,100 in 2016 Retained earnings Cash dividends declared Depreciation expense-buildings Depreciation expense-equipment Gain on sale of equipment Loss on sale of building Interest expense Additional information: 2017 2016 $19,500 $9,000 855,000 745,000 407,000 353,000 105,000 60,000 310,000 297,500 135,000 101,000 6,750 3,200 549,000 589,000 345,000 314,000 544,000 415,000 211,000 112,000 30,000 14,000 27,000 40,500 48,005 26,150 1,000 0 11,500 49,250 45,150 1. Purchased $80,000 of equipment for $12,000 cash and a note payable for the remainder. Additional information: 1. 2. 3. 4. 5. Purchased $80,000 of equipment for $12,000 cash and a note payable for the remainder. Equipment was also sold during the year. Sold a building that originally cost $55,000. Used cash to purchase land and a building. Mortgage payments and notes payable payments included interest and principal amounts. 6. Common shares were issued for cash. Determine the amount of any cash inflows or outflows related to investing activities in 2017. (Show amounts that decrease cash flow with either a sign e.g. -1 parenthesis e.g. (15,000).)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Sandhill Inc., is a private company reporting under ASPE. The following selected account balances were reported in Sandhill Inc.'s financial statements at year end:
Cash
Buildings
Equipment
Land
Accumulated depreciation-buildings
Accumulated depreciation-equipment
Dividends payable
Mortgage payable
Notes payable
Common shares: 5,500 shares in 2017; 4,100 in 2016
Retained earnings
Cash dividends declared
Depreciation expense-buildings
Depreciation expense-equipment
Gain on sale of equipment
Loss on sale of building
Interest expense
Additional information:
2017
2016
$19,500 $9,000
855,000 745,000
407,000 353,000
105,000 60,000
310,000 297,500
135,000 101,000
6,750
3,200
549,000
589,000
345,000
314,000
544,000 415,000
211,000 112,000
30,000 14,000
27,000
40,500
48,005 26,150
1,000
0
11,500
49,250
45,150
1. Purchased $80,000 of equipment for $12,000 cash and a note payable for the remainder.
Additional information:
1.
2.
3.
4.
5.
Purchased $80,000 of equipment for $12,000 cash and a note payable for the remainder.
Equipment was also sold during the year.
Sold a building that originally cost $55,000.
Used cash to purchase land and a building.
Mortgage payments and notes payable payments included interest and principal amounts.
6. Common shares were issued for cash.
Determine the amount of any cash inflows or outflows related to investing activities in 2017. (Show amounts that decrease cash flow with either a sign e.g. -1
parenthesis e.g. (15,000).)
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