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The following three accounts appear in the general ledger of Pronghorn Corp. during 2025. Date Jan. 1 July 31 Sept. 2 Nov. 10 Date Jan. 1 Nov. 10 Dec. 31 Date Jan. 1 Aug. 23 Balance Purchase of equipment Purchase of equipment Cost of equipment sold Balance Balance Equipment Accumulated depreciation on equipment sold Depreciation for year Dividends (cash) Debit Accumulated Depreciation-Equipment Retained Earnings 122,500 92,750 Debit 28,000 Debit 24,500 Credit 85,750 Credit 49,000 Credit Balance 280,000 402,500 495,250 409,500 Balance 124,250 96,250 145,250 Balance 183,750 159,250

The following three accounts appear in the general ledger of Pronghorn Corp. during 2025. Date Jan. 1 July 31 Sept. 2 Nov. 10 Date Jan. 1 Nov. 10 Dec. 31 Date Jan. 1 Aug. 23 Balance Purchase of equipment Purchase of equipment Cost of equipment sold Balance Balance Equipment Accumulated depreciation on equipment sold Depreciation for year Dividends (cash) Debit Accumulated Depreciation-Equipment Retained Earnings 122,500 92,750 Debit 28,000 Debit 24,500 Credit 85,750 Credit 49,000 Credit Balance 280,000 402,500 495,250 409,500 Balance 124,250 96,250 145,250 Balance 183,750 159,250

FINANCIAL ACCOUNTING
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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Aug. 23 Dec. 31 Dividends (cash) Net income Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities :: Depreciation Expense From the postings in the accounts, indicate how the information is reported by preparing a partial statement of cash flows using the indirect method. The loss on disposal of plant assets was $14,000. (Show amounts that decrease cash flow with either a-sign eg -15,000 or in parenthesis e.g. (15,000).) PRONGHORN CORP. Statement of Cash Flows (Partial) - Indirect Method For the Year Ended December 31, 2025 : Cash Flows from Investing Activities Sale of Equipment 24,500 Purchase of Equipment 126,000 : 100,700 159,250 285,250 Lol ||
Transcribed Image Text:Aug. 23 Dec. 31 Dividends (cash) Net income Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities :: Depreciation Expense From the postings in the accounts, indicate how the information is reported by preparing a partial statement of cash flows using the indirect method. The loss on disposal of plant assets was $14,000. (Show amounts that decrease cash flow with either a-sign eg -15,000 or in parenthesis e.g. (15,000).) PRONGHORN CORP. Statement of Cash Flows (Partial) - Indirect Method For the Year Ended December 31, 2025 : Cash Flows from Investing Activities Sale of Equipment 24,500 Purchase of Equipment 126,000 : 100,700 159,250 285,250 Lol ||
The following three accounts appear in the general ledger of Pronghorn Corp. during 2025. Date Jan. 1 July 31 Sept. 2 Nov. 10 Date Jan. 1 Nov. 10 Dec. 31 Date Jan. 1 Aug. 23 Balance Purchase of equipment Purchase of equipment Cost of equipment sold Balance Balance Equipment Accumulated depreciation on equipment sold Depreciation for year Dividends (cash) Debit Accumulated Depreciation-Equipment Retained Earnings 122,500 92,750 Debit 28,000 Debit 24,500 Credit 85,750 Credit 49,000 Credit Balance 280,000 402,500 495,250 409,500 Balance 124,250 96,250 145,250 Balance 183,750 159,250
Transcribed Image Text:The following three accounts appear in the general ledger of Pronghorn Corp. during 2025. Date Jan. 1 July 31 Sept. 2 Nov. 10 Date Jan. 1 Nov. 10 Dec. 31 Date Jan. 1 Aug. 23 Balance Purchase of equipment Purchase of equipment Cost of equipment sold Balance Balance Equipment Accumulated depreciation on equipment sold Depreciation for year Dividends (cash) Debit Accumulated Depreciation-Equipment Retained Earnings 122,500 92,750 Debit 28,000 Debit 24,500 Credit 85,750 Credit 49,000 Credit Balance 280,000 402,500 495,250 409,500 Balance 124,250 96,250 145,250 Balance 183,750 159,250
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