Zimmerman Company sold land for $25,000 cash. The original cost of the land was $25,000. Which of the following accurately reflects how this event affects thecompany's horizontal financial statements model?A.C.(25,000)B. (25,000)D.Stockholders'Assets = Liabilities + Equity25,00025,00025,000(25,000)Multiple ChoiceBalance SheetOOption DOption AOption B25,000(25,000)15,000Income StatementRevenue(25,000)25,000Net- Expense = incomeStatement of CashFlows25,000InvestingActivity(25,000)InvestingActivity25,000FinancingActivity25,00025,000 InvestingActivity

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Description: Zimmerman Company sold land for $25,000 cash. The original cost of the land was $25,000. Which of the following accurately reflects how this event affects thecompany's horizontal financial statements model?A.C.(25,000)B. (25,000)D.Stockholders'Asset

Horizontal Financial Statement Model - This model expresses the Financial Statement in the…

Business

Accounting

Zimmerman Company sold land for $25,000 cash. The original cost of the land was $25,000. Which of the following accurately reflects how this event affects the company's horizontal financial statements model? A. (25,000) B. (25,000) Stockholders' Assets = Liabilities + Equity 25,000 C. 25,000 D. 25,000 (25,000) Multiple Choice Balance Sheet O Option D Option A Option B 25,000 (25,000) 15,000 Income Statement Net Statement of Cash Revenue - Expense income Flows (25,000) 25,000 25,000 Investing Activity (25,000) Investing Activity 25,000 Financing Activity 25,000 25,000 Investing Activity

Zimmerman Company sold land for $25,000 cash. The original cost of the land was $25,000. Which of the following accurately reflects how this event affects the company's horizontal financial statements model? A. (25,000) B. (25,000) Stockholders' Assets = Liabilities + Equity 25,000 C. 25,000 D. 25,000 (25,000) Multiple Choice Balance Sheet O Option D Option A Option B 25,000 (25,000) 15,000 Income Statement Net Statement of Cash Revenue - Expense income Flows (25,000) 25,000 25,000 Investing Activity (25,000) Investing Activity 25,000 Financing Activity 25,000 25,000 Investing Activity

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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Concept explainers

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.

Topic Video

Question

Zimmerman Company sold land for $25,000 cash. The original cost of the land was $25,000. Which of the following accurately reflects how this event affects the
company's horizontal financial statements model?
A.
C.
(25,000)
B. (25,000)
D.
Stockholders'
Assets = Liabilities + Equity
25,000
25,000
25,000
(25,000)
Multiple Choice
Balance Sheet
O
Option D
Option A
Option B
25,000
(25,000)
15,000
Income Statement
Revenue
(25,000)
25,000
Net
- Expense = income
Statement of Cash
Flows
25,000
Investing
Activity
(25,000)
Investing
Activity
25,000
Financing
Activity
25,000
25,000 Investing
Activity

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