EBK COLLEGE ACCOUNTING: A CAREER APPROA
13th Edition
ISBN: 9781337516525
Author: Scott
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Chapter 12A, Problem 2P
The financial statements for Romeo and Company follow. Assume that the additional investment and the withdrawals were in the form of cash.
Required
Prepare a statement of
Check Figure
Net cash flows from operating activities, $172,000
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Chapter 12A Solutions
EBK COLLEGE ACCOUNTING: A CAREER APPROA
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- General Accounting Questionarrow_forwardI want to correct answer general accountingarrow_forwardAerospace Manufacturing recently replaced a piece of machinery at a net price of $4,000, f.o.b. destination. The replacement was necessary because the machine burned out making it inoperable. Therefore, the machine had no resale value and had to be scrapped. Aerospace's insurance policy provided for a replacement of the machine and paid the cost of the new machine directly to the manufacturer, less the deductible amount Aerospace paid to the manufacturer. The $4,000 that Aerospace paid was the amount of the deductible that it has to pay on any single claim on its insurance policy. The new machine represents the same value in use to Aerospace. The old machine originally cost $70,000. It's book value was $40,000 at the time of the burn out and had a market value of $50,800 before the burn out, based on recent transactions involving similar machinery. Freight and installation charges for the new machine cost Aerospace an additional $1,100 cash. Required a) Prepare the general journal…arrow_forward
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