ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
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Chapter 17, Problem 7BE
To determine
Introduction: The
To calculate: The cash received from the sale of equipment.
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Students have asked these similar questions
Based on the attached image. what is the correct amount of total separately disclosable items added to (deducted from) profit before tax as part of the adjustments in the cash generated from operations section according to indirect method in the statement of cash flows of Moletji Limited for the year ended 31 December 2020?
The information that follows relates to equipment owned by Headlands Limited at and enter O for the amounts. List all debit entries before credit entries.)
Cost
Accumulated depreciation to date
$10,440,000
1,160,000
Date
Account Titles and Explanation
December
Loss on Impairment
31, 2023
Expected future net cash flows (undiscounted)
8,120,000
Expected future net cash flows (discounted, value in use)
7,366,000
Accumulated Impairment Losses - Equipment
Fair value
7,192,000
December
31, 2024
Depreciation Expense
Costs to sell (costs of disposal)
58,000
Accumulated Depreciation - Equipment
Accumulated Impairment Losses - Equipment
Recovery of Loss from Impairment
Assume that Headlands will continue to use this asset in the future. As at December 31, 2023, the equipment has a remaining useful
life of four years. Headlands uses the straight-line method of depreciation.
Debit
1914000
1841500
IND
Please answer these
amount only.
Credit
1914000
1841500
Vaughn Company reported net income of $112000 for the year ended December 31, 2020. During the year, inventories decreased by
$14600, accounts payable decreased by $20500, depreciation expense was $17800 and a gain on disposal of equipment of $9500 was
recorded. Net cash provided by operating activities in 2020 using the indirect method was
O $123900.
O $105900.
O $126600.
O $114400.
Chapter 17 Solutions
ACCOUTING PRIN SET LL INCLUSIVE
Ch. 17 - Prob. 1QCh. 17 - Prob. 2QCh. 17 - Prob. 3QCh. 17 - Prob. 4QCh. 17 - Prob. 5QCh. 17 - Prob. 6QCh. 17 - 7. Why is it necessary to use comparative balance...Ch. 17 - 8. Contrast the advantages and disadvantages of...Ch. 17 - Prob. 9QCh. 17 - Prob. 10Q
Ch. 17 - Prob. 11QCh. 17 - Prob. 12QCh. 17 - Prob. 13QCh. 17 - Prob. 14QCh. 17 - Prob. 15QCh. 17 - Prob. 16QCh. 17 - Prob. 17QCh. 17 - Prob. 18QCh. 17 - Prob. 19QCh. 17 - Prob. 20QCh. 17 - Prob. 21QCh. 17 - Prob. 22QCh. 17 - Prob. 1BECh. 17 - Prob. 2BECh. 17 - Prob. 3BECh. 17 - Prob. 4BECh. 17 - Prob. 5BECh. 17 - Prob. 6BECh. 17 - Prob. 7BECh. 17 - Prob. 8BECh. 17 - BE17-9 Hinck Corporation reported net cash...Ch. 17 - BE17-10 Suppose in a recent quarter, Alliance...Ch. 17 - BE17-11 The management of Morrow Inc. is trying to...Ch. 17 - BE17-12 Suppose Columbia Sportswear Company had...Ch. 17 - Prob. 13BECh. 17 - Prob. 14BECh. 17 - Prob. 1DIECh. 17 - Prob. 2aDIECh. 17 - Prob. 2bDIECh. 17 - Prob. 3DIECh. 17 - Prob. 1ECh. 17 - E17-2 An analysis of comparative balance sheets,...Ch. 17 - Prob. 3ECh. 17 - Prob. 4ECh. 17 - Prob. 5ECh. 17 - Prob. 6ECh. 17 - Prob. 7ECh. 17 - Prob. 8ECh. 17 - Prob. 9ECh. 17 - Prob. 10ECh. 17 - Prob. 11ECh. 17 - E17-11 Suppose a recent income statement for...Ch. 17 - Prob. 13ECh. 17 - Prob. 14ECh. 17 - Prob. 1PSACh. 17 - Prob. 2PSACh. 17 - Prob. 3PSACh. 17 - Prob. 4PSACh. 17 - Prob. 5PSACh. 17 - Prob. 6PSACh. 17 - Prob. 7PSACh. 17 - P17-8A Data for Nosker Company are presented in...Ch. 17 - Prob. 9PSACh. 17 - Prob. 10PSACh. 17 - Prob. 11PSACh. 17 - Prob. 17CCCh. 17 - Prob. 2EYCTCh. 17 - Prob. 3EYCTCh. 17 - Prob. 4EYCTCh. 17 - Prob. 5EYCTCh. 17 - Prob. 7EYCTCh. 17 - Prob. 1ISTQCh. 17 - Prob. 2ISTQCh. 17 - Prob. 3ISTQCh. 17 - Prob. 4ISTQCh. 17 - Prob. 5ISTQCh. 17 - Prob. 1IFRECh. 17 - Prob. 2IFRECh. 17 - Prob. 3IFRP
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- 6. based on the images, what is the correct amount that must be disclosed as increase (decrease) in trade payables in the cash generated from operations section of the statement of cash flows of Moletji Limited for the year ended 31 December 2020?arrow_forwardWhat amount was reported on the statement of cash flows as “cash flow from sale of equipment? Blue Spruce Corp.’s income statement reported a loss on the disposal of plant assets of $4,589.arrow_forwardDuring the reporting period, a machine with an acquisition cost of 6720 euros and accumulated depreciation of 5040 euros was sold for 2000 euros. Depreciation of 672 euros was recorded during the reporting period. In the statement of cash flows prepared using the indirect method, what is the amount of depreciation in the section Cash flow from operating (business) activities as an adjustment to profit?arrow_forward
- A company reported net income of S202,500 during 2019. The company reported depreciation expense of $47,500, patent amortization of $16,250 and a $7,500 loss on the sale of equipment. Using the indirect method, how much is the company's net cash flow from operating activities?arrow_forwardpracticearrow_forwardVikarmbhaiarrow_forward
- 2. Based on the enclosed images, what is the correct amount of total non-cash items added to (deducted from) profit before tax as part of the adjustments in the cash generated from operations section according to indirect method in the statement of cash flows of Moletji Limited for the year ended 31 December 2020arrow_forwardThe net income for Crane Co. for 2022 was $305,000. For 2022, depreciation on plant assets was $65,200, and the company incurred a loss on disposal of plant assets of $27,600. Compute net cash provided by operating activities under the indirect method, assuming there were no other changes in the company's accounts. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cash Flows from Operating Activities Net Income Crane Co. Statement of Cash Flows-Indirect Method For the Year Ended December 31, 2022 Adjustments to reconcile net income to Depreciation Expense Loss on Disposal of Plant Assets v $ 65200 27,600 $ $ 305000 397800arrow_forwardFearless Flying Squirrels Company collected the following data in its accounting records in 2022: From the income statement: Depreciation expense $1,100 Loss on sale of equipment 3,100 From the comparative balance sheet: Beginning balance, equipment $12,500 Ending balance, equipment 7,900 Beginning balance, accumulated depreciation 1,900 Ending balance, accumulated depreciation 2,300 No new equipment was purchased during the year. Required: What was the cash in-flow from the sale of equipment in 2022?arrow_forward
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