What is the effect of the sale on the accounting equation?
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Land, originally purchased for $27,761, is sold for $78,898 in cash. What is the effect of the sale on the
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- PA7. LO 16.3 Analysis of Forest Company's accounts revealed the following activity for its Land account, with descriptions added for clarity of analysis. How would these two transactions be reported for cash flow purposes? Note the section of the statement of cash flow, if applicable, and if the transaction represents a |cash source, cash use, or noncash transaction. Land Account balance, beginning of year Purchase of land this year, for cash Purchase of land this year, with note payable Account balance, end of year $220,000 95,000 75,000 390,000Explain the after-tax effect on cash of disposing of assets. Short answer pleasePlease help me with this accounting homework question, I am having so much trouble.
- Indicate the effect each separate transaction has on investing cash flows. (Amounts to be deducted should be indicated with a minus sign.) a. Sold a truck costing $47,000, with $24,800 of accumulated depreciation, for $10,800 cash. The sale results in a $11,400 loss. b. Sold a machine costing $13,400, with $9,400 of accumulated depreciation, for $7,800 cash. The sale results in a $3,800 gain. c. Purchased stock investments for $23,000 cash. The purchaser believes the stock is worth at least $32,800. Cash flows from investing activitiesCompute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted-average cost flow. Then, compute the income tax expense for each method. Use a vertical model to show the 2018 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.)Which two of the following would generally be regarded as non-current (or fixed) assets? a. A combine harvester b. Inventory c. Petty cash d. A plot of land e. Pens and paper
- Consider the following: Net Income Depreciation Expense Gain on Sale of Land Increase in Inventory Increase in Wages Payable Payment of Dividends Calculate the net cash provided (or used) by operating activities using the indirect method. Select one: O O O O $51,900 36,000 22,500 6,150 18,450 6,000 A. $38,100 B. $77,700 C. $107,700 D. $71,700Which of the following is NOT true? Accrual accounting requires expenses to be recorded when they are incurred, whether or not they have been paid. O Unearned revenue is a liability before it is earned. Interest paid is a financing cash outflow on the statement of cash flows. O The gain on the sale of land is determined by subtracting the original cost of the land from the cash received on the sale. Depreciation expense is never a cash outflow.Suppose your company sells services of $180 in exchange for $110 cash and $70 on account. Required: 1. Prepare the journal entry to record this transaction. 2. Identify the amount that should be reported as net cash flow from operating activities. 3. Identify the amount that would be included in net income. 4. Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2).
- Please answer with reason 59..........is the withdrawal of cash and goods by the owner of the business for his/her personal use A.Depreciation B.Drawings c.Outflow of cash D.Appreciation26.Land costing $96,832 was sold for $69,017 cash. The loss on the sale was reported on the income statement as other expense. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?Which of the following is a permanent account? Accumulated Depreciation Dividends Depreciation Expense Sales Revenue