Statement of cash flows : The statement of cash flows is a statement which includes all transactions that pertain to cash inflow and outflow for a company for a given period. Given Information: The required information has been presented in the question. (a) To determine: To determine whether a plant asset costing $18,000 6½ years before and was being depreciated on a straight line basis over 10 years with no estimated scrap value and now sold for $4,000 should be included in statement of cash flows.

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Chapter 23, Problem 16Q

To determine

Introduction: Statement of cash flows: The statement of cash flows is a statement which includes all transactions that pertain to cash inflow and outflow for a company for a given period.

Given Information: The required information has been presented in the question.

(a) To determine: To determine whether a plant asset costing $18,000 6½ years before and was being depreciated on a straight line basis over 10 years with no estimated scrap value and now sold for $4,000 should be included in statement of cash flows.

To determine

(b) To determine: To determine whether an entry for 10,000 shares of common stock with a stated value of $20 a share were issued for $41 a share to be included in cash flow statement.

To determine

(c) To determine: To determine whether an uncollectible acc. receivable amount of $22,000 was written off against Allowance for Doubtful Acc. be recorded in the statement of cash flows.

To determine

(d) To determine: To determine whether there will be any effect for the company that sustained.

net loss of $50,000,

depreciation of $22,000,

a gain realized for $9,000, and

available for sale securities for $38,000 cash.

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Problem No. 2 The trial balance of Cleint Lumanao Nacho Supplies on February 10, 2025, before accepting Shila Tajonera as partner is shown as follows: Account Title Debit Credit Ato Cash reening smuo P 100,000 Accounts Receivable 250,000 Allowance for Uncollectible Accounts P 20,000 o Merchandise Inventory Equipment Accumulated Depreciation Accounts Payable Notes Payable 120,000 275,000 55,000 50,000 82,000 538,000 Lumanao, Capital Total P 745,000 P 745,000 Tajonera offered to invest cash to get a capital credit equal to one-half of Lumanao's capital after giving effect to the adjustments below. Lumanao accepted the offer. Valuation of some of the assets and liabilities of Lumanao, as agreed by the partners, are the following: • The merchandise is to be valued at P93,000. The accounts receivable is estimated to be 90% collectible. • The equipment is to be valued at P200,000. The partners also agreed that the name of the partnership will be Nacho Business. Required: 1. In the books of…

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Answer 2

Question

Chapter 23, Problem 16Q

To determine

Introduction: Statement of cash flows: The statement of cash flows is a statement which includes all transactions that pertain to cash inflow and outflow for a company for a given period.

Given Information: The required information has been presented in the question.

(a) To determine: To determine whether a plant asset costing $18,000 6½ years before and was being depreciated on a straight line basis over 10 years with no estimated scrap value and now sold for $4,000 should be included in statement of cash flows.

To determine

(b) To determine: To determine whether an entry for 10,000 shares of common stock with a stated value of $20 a share were issued for $41 a share to be included in cash flow statement.

To determine

(c) To determine: To determine whether an uncollectible acc. receivable amount of $22,000 was written off against Allowance for Doubtful Acc. be recorded in the statement of cash flows.

To determine

(d) To determine: To determine whether there will be any effect for the company that sustained.

net loss of $50,000,

depreciation of $22,000,

a gain realized for $9,000, and

available for sale securities for $38,000 cash.

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Answer 3

Question

Chapter 23, Problem 16Q

To determine

Introduction: Statement of cash flows: The statement of cash flows is a statement which includes all transactions that pertain to cash inflow and outflow for a company for a given period.

Given Information: The required information has been presented in the question.

(a) To determine: To determine whether a plant asset costing $18,000 6½ years before and was being depreciated on a straight line basis over 10 years with no estimated scrap value and now sold for $4,000 should be included in statement of cash flows.

To determine

(b) To determine: To determine whether an entry for 10,000 shares of common stock with a stated value of $20 a share were issued for $41 a share to be included in cash flow statement.

To determine

(c) To determine: To determine whether an uncollectible acc. receivable amount of $22,000 was written off against Allowance for Doubtful Acc. be recorded in the statement of cash flows.

To determine

(d) To determine: To determine whether there will be any effect for the company that sustained.

net loss of $50,000,

depreciation of $22,000,

a gain realized for $9,000, and

available for sale securities for $38,000 cash.

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Answer 4

Question

Chapter 23, Problem 16Q

To determine

Introduction: Statement of cash flows: The statement of cash flows is a statement which includes all transactions that pertain to cash inflow and outflow for a company for a given period.

Given Information: The required information has been presented in the question.

(a) To determine: To determine whether a plant asset costing $18,000 6½ years before and was being depreciated on a straight line basis over 10 years with no estimated scrap value and now sold for $4,000 should be included in statement of cash flows.

To determine

(b) To determine: To determine whether an entry for 10,000 shares of common stock with a stated value of $20 a share were issued for $41 a share to be included in cash flow statement.

To determine

(c) To determine: To determine whether an uncollectible acc. receivable amount of $22,000 was written off against Allowance for Doubtful Acc. be recorded in the statement of cash flows.

To determine

(d) To determine: To determine whether there will be any effect for the company that sustained.

net loss of $50,000,

depreciation of $22,000,

a gain realized for $9,000, and

available for sale securities for $38,000 cash.

Expert Solution & Answer

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Answer 5

Chapter 23, Problem 16Q

To determine

Introduction: Statement of cash flows: The statement of cash flows is a statement which includes all transactions that pertain to cash inflow and outflow for a company for a given period.

Given Information: The required information has been presented in the question.

(a) To determine: To determine whether a plant asset costing $18,000 6½ years before and was being depreciated on a straight line basis over 10 years with no estimated scrap value and now sold for $4,000 should be included in statement of cash flows.

To determine

(b) To determine: To determine whether an entry for 10,000 shares of common stock with a stated value of $20 a share were issued for $41 a share to be included in cash flow statement.

To determine

(c) To determine: To determine whether an uncollectible acc. receivable amount of $22,000 was written off against Allowance for Doubtful Acc. be recorded in the statement of cash flows.

To determine

(d) To determine: To determine whether there will be any effect for the company that sustained.

net loss of $50,000,

depreciation of $22,000,

a gain realized for $9,000, and

available for sale securities for $38,000 cash.

Answer 6

Chapter 23, Problem 16Q

To determine

Introduction: Statement of cash flows: The statement of cash flows is a statement which includes all transactions that pertain to cash inflow and outflow for a company for a given period.

Given Information: The required information has been presented in the question.

(a) To determine: To determine whether a plant asset costing $18,000 6½ years before and was being depreciated on a straight line basis over 10 years with no estimated scrap value and now sold for $4,000 should be included in statement of cash flows.

Answer 7

Chapter 23, Problem 16Q

To determine

Introduction: Statement of cash flows: The statement of cash flows is a statement which includes all transactions that pertain to cash inflow and outflow for a company for a given period.

Given Information: The required information has been presented in the question.

(a) To determine: To determine whether a plant asset costing $18,000 6½ years before and was being depreciated on a straight line basis over 10 years with no estimated scrap value and now sold for $4,000 should be included in statement of cash flows.

Answer 8

To determine

(b) To determine: To determine whether an entry for 10,000 shares of common stock with a stated value of $20 a share were issued for $41 a share to be included in cash flow statement.

Answer 9

To determine

(b) To determine: To determine whether an entry for 10,000 shares of common stock with a stated value of $20 a share were issued for $41 a share to be included in cash flow statement.

Answer 10

To determine

(c) To determine: To determine whether an uncollectible acc. receivable amount of $22,000 was written off against Allowance for Doubtful Acc. be recorded in the statement of cash flows.

Answer 11

To determine

(c) To determine: To determine whether an uncollectible acc. receivable amount of $22,000 was written off against Allowance for Doubtful Acc. be recorded in the statement of cash flows.

Answer 12

To determine

(d) To determine: To determine whether there will be any effect for the company that sustained.

net loss of $50,000,

depreciation of $22,000,

a gain realized for $9,000, and

available for sale securities for $38,000 cash.

Answer 13

To determine

(d) To determine: To determine whether there will be any effect for the company that sustained.

net loss of $50,000,

depreciation of $22,000,

a gain realized for $9,000, and

available for sale securities for $38,000 cash.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 23 - Prob. 1Q Ch. 23 - Prob. 2Q Ch. 23 - Prob. 3Q Ch. 23 - Prob. 4Q Ch. 23 - Prob. 5Q Ch. 23 - Prob. 6Q Ch. 23 - Prob. 7Q Ch. 23 - Prob. 8Q Ch. 23 - Prob. 9Q Ch. 23 - Prob. 10Q

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(b) To determine: To determine whether an entry for 10,000 shares of common stock with a stated value of $20 a share were issued for $41 a share to be included in cash flow statement.

(c) To determine: To determine whether an uncollectible acc. receivable amount of $22,000 was written off against Allowance for Doubtful Acc. be recorded in the statement of cash flows.

(d) To determine: To determine whether there will be any effect for the company that sustained.

net loss of $50,000,

depreciation of $22,000,

a gain realized for $9,000, and

available for sale securities for $38,000 cash.

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Chapter 23 Solutions

Concept explainers

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(b) To determine: To determine whether an entry for 10,000 shares of common stock with a stated value of $20 a share were issued for $41 a share to be included in cash flow statement.

(c) To determine: To determine whether an uncollectible acc. receivable amount of $22,000 was written off against Allowance for Doubtful Acc. be recorded in the statement of cash flows.

(d) To determine: To determine whether there will be any effect for the company that sustained. net loss of $50,000, depreciation of $22,000, a gain realized for $9,000, and available for sale securities for $38,000 cash.

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Chapter 23 Solutions

(d) To determine: To determine whether there will be any effect for the company that sustained.

net loss of $50,000,

depreciation of $22,000,

a gain realized for $9,000, and

available for sale securities for $38,000 cash.