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Concept explainers
(a)
Statement of
Statement of cash flow is a financial statement that shows the cash and cash equivalents of a company for a particular period of time. It shows the net changes in cash, by reporting the sources and uses of cash as a result of operating, investing, and financing activities of a company.
Type of activities reported in statement of cash flows:
Figure (1)
To Indicate: Statement presentation of transactions.
Issue of bonds payable for cash amounted to $200,000 must be reported in the Financing activities in the statement of cash flow.
(b)
To Indicate: Statement presentation of transactions.
Purchase of equipment for cash amounted to $180,000 must be reported in the Investing activities in the statement of cash flow.
(c)
To Indicate: Statement presentation of transactions.
Sale of land for cash amounted to $20,000 must be reported in the Investing activities in the statement of cash flow.
(d)
To Indicate: Statement presentation of transactions.
Payment of cash dividend amounted to $50,000 must be reported in the Financing activities in the statement of cash flow.
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Chapter 12 Solutions
Financial Accounting 8th Edition
- Abbey Co. sold merchandise to Gomez Co. on account, $35,000, terms 2/15, net 45. The cost of the merchandise sold was $24,500. Abbey Co. issued a credit memo for $3,600 of undiscounted merchandise returned which originally cost $1,700. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? A. $10,500 B. $30,772 C. $7,972 D. $31,400arrow_forwardans plzarrow_forwardWeight average method would bearrow_forward
- Fast Answer @ general Accountarrow_forwardThe 2019 annual report for Anglo-American PLC, the world's leading global mining company, shows that the firm had $41.065 billion in non-current assets and $11.670 billion in current assets. It reported $13.120 billion in current liabilities and $9.442 billion in non-current liabilities. How much was the equity of Anglo-American PLC worth? Tutor, please provide step by step correct solution to this financial accounting problem. ?!arrow_forwardSUBJECT -GENERAL ACCOUNTarrow_forward
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