The following three accounts appear in the general ledger of Sheffeld Corp, during 2022 Equipment Date Debit Credit Balance Jan. 1 Balance 159,400 Auly 31 Purchase of equlpment 70,400 229.800 Sept. 2 Purchase of equipment 54,700 284.500 Nov. 10 Cost of equipment sold 48.300 236.200 Accumulated Depreciation-Equipment Date Debit Credit Balance Jan. 1 Balance 70,300 Nov. 10 Accumulated depreciation on equipment sold 14.200 56,100 Dec. 31 Depreciation for year 24,600 80,700 Retained Earnings Date Debit Credit Balance Jan. 1 Balance 105,600 Aug 23 Dividends (cash dividends declared and pald) 17,800 87,800 Dec. 31 Net income 65,100 152.900 From the postings in the accounts, Indicate how the information is reported on a statement of cash flows using the indirect method. The loss on disposal of plant assets was $8.500. (Show amounts that decrease cash flow with either a- sign eg. -15,000 er in parenthesis eg. (15,000).)

The following three accounts appear in the general ledger of Sheffeld Corp, during 2022 Equipment Date Debit Credit Balance Jan. 1 Balance 159,400 Auly 31 Purchase of equlpment 70,400 229.800 Sept. 2 Purchase of equipment 54,700 284.500 Nov. 10 Cost of equipment sold 48.300 236.200 Accumulated Depreciation-Equipment Date Debit Credit Balance Jan. 1 Balance 70,300 Nov. 10 Accumulated depreciation on equipment sold 14.200 56,100 Dec. 31 Depreciation for year 24,600 80,700 Retained Earnings Date Debit Credit Balance Jan. 1 Balance 105,600 Aug 23 Dividends (cash dividends declared and pald) 17,800 87,800 Dec. 31 Net income 65,100 152.900 From the postings in the accounts, Indicate how the information is reported on a statement of cash flows using the indirect method. The loss on disposal of plant assets was $8.500. (Show amounts that decrease cash flow with either a- sign eg. -15,000 er in parenthesis eg. (15,000).)

Name: The following three accounts appear in the general ledger of Sheffiel
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Description: The following three accounts appear in the general ledger of Sheffield Corp, during 2022.EquipmentDateDebitCreditBalanceJan. 1Balance159,400July 31Purchase of equlpment70,400229,800Sept. 2Purchase of equipment54,700284,500Nov. 10Cost of equipment so

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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