Question

vDuring 2021 equipment was sold for $74,000. This equipment cost $112,000 and had a book value...

vDuring 2021 equipment was sold for $74,000. This equipment cost $112,000 and had a book value of $69,700. Accumulated depreciation for equipment was $323,300 at 12/31/20 and $306,200 at 12/31/21.

Complete the cash flow statement below: (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Partial Statement of Cash Flows (Indirect Method)
                                                          December 31, 2021For the Quarter Ended December 31, 2021For the Year Ended December 31, 2021

Cash flows from operating activities

                                                          Sale of EquipmentPurchase of EquipmentDepreciation ExpenseLoss on Sale of EquipmentGain on Sale of Equipment

$

                                                          Purchase of EquipmentGain on Sale of EquipmentSale of EquipmentLoss on Sale of EquipmentDepreciation Expense

Cash flows from investing activities

                                                          Loss on Sale of EquipmentPurchase of EquipmentDepreciation ExpenseSale of EquipmentGain on Sale of Equipment

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The current sections of Flint Corporation’s balance sheets at December 31, 2021 and 2022, are presented...
The current sections of Flint Corporation’s balance sheets at December 31, 2021 and 2022, are presented here. Flint Corporation’s net income for 2022 was $215,900. Depreciation expense was $35,700. 2022 2021 Current assets    Cash $52,700 $ 75,650    Accounts receivable 72,250 58,650    Inventory 66,300 52,700    Prepaid expenses 14,450 16,150 Total current assets $205,700 $203,150 Current liabilities    Accrued expenses payable $ 5,100 $ 13,600    Accounts payable 74,800 61,200 Total current liabilities $79,900 $ 74,800 Prepare the net cash provided by operating activities...
During 2018 equipment was sold for $79,000. This equipment cost $128,300 and had a book value...
During 2018 equipment was sold for $79,000. This equipment cost $128,300 and had a book value of $67,700. Accumulated depreciation for equipment was $339,100 at 12/31/17 and $314,200 at 12/31/18. compute cash flow statement
1. Martinez Corporation had January 1 and December 31 balances as follows. 1/1/17 12/31/17 Inventory $78,000...
1. Martinez Corporation had January 1 and December 31 balances as follows. 1/1/17 12/31/17 Inventory $78,000 $93,000 Accounts payable 59,000 66,000 For 2017, cost of goods sold was $486,000. Compute Martinez’s 2017 cash payments to suppliers. Cash payments to suppliers $ 2. In 2017, Grouper Corporation had net cash provided by operating activities of $552,000, net cash used by investing activities of $1,057,000, and net cash provided by financing activities of $573,000. At January 1, 2017, the cash balance was...
The three accounts shown below appear in the general ledger of Cullumber Corp. during 2021. Equipment...
The three accounts shown below appear in the general ledger of Cullumber Corp. during 2021. Equipment Date Debit Credit Balance Jan. 1 Balance 163,200 July 31 Purchase of equipment 71,400 234,600 Nov. 10 Cost of equipment sold 50,000 184,600 Accumulated Depreciation—Equipment Date Debit Credit Balance Jan. 1 Balance 72,400 Nov. 10 Accumulated depreciation on equipment sold 30,600 41,800 Dec. 31 Depreciation for year 28,600 70,400 Retained Earnings Date Debit Credit Balance Jan. 1 Balance 107,100 Aug. 23 Dividends (cash) 14,300...
On July 15, 2021, M.W. Morgan Distribution sold land for $32.0 million that it had purchased...
On July 15, 2021, M.W. Morgan Distribution sold land for $32.0 million that it had purchased in 2016 for $27.0 million. Required: What would be the amount(s) related to the sale that Morgan would report in its statement of cash flows for the year ended December 31, 2021, using the direct method? The indirect method? Direct Method ($ in millions)    Indirect Method ($ in millions)   
On June 1, 2021, Duncan Inc. purchased equipment for $74,000. The equipment had an estimated life...
On June 1, 2021, Duncan Inc. purchased equipment for $74,000. The equipment had an estimated life of ten years, an estimated residual value of $8,000, and was expected to be used to produce 150,000 units over its life. During 2021, the equipment was used to produce 11,000 units and during 2022 it was used to produce 19,000 units. Assume the company employs the units of production method of depreciation. Calculate the amount of accumulated depreciation on the equipment shown in...
An analysis of the general ledger accounts indicates that equipment, with an original cost of $200,000...
An analysis of the general ledger accounts indicates that equipment, with an original cost of $200,000 and accumulated depreciation of $170,000 on the date of sale, was sold for $20,000 during the year. Using this information, indicate the items to be reported on the statement of cash flows using the indirect method. Cash flows from operating activities: $ Cash flows from investing activities: $
Fama Corp sold some plant assets during 2020 for $265,000. The original cost to Fama of...
Fama Corp sold some plant assets during 2020 for $265,000. The original cost to Fama of these assets was $1,830,000. The accumulated depreciation on these particular assets was $1,350,000 at December 31, 2019, and was $1,500,000 at the time of the sale in 2020. Fama uses the indirect method for its statement of cash flows. In reconciling net income to cash flows from operations, what is the net effect (i.e., addition or subtraction) stemming from these plant assets for the...
Larkspur Corporation had the following 2020 income statement. Sales revenue $220,000 Cost of goods sold 131,000...
Larkspur Corporation had the following 2020 income statement. Sales revenue $220,000 Cost of goods sold 131,000 Gross profit 89,000 Operating expenses (includes depreciation of $23,000) 46,000 Net income $43,000 The following accounts increased during 2020: Accounts Receivable $12,000, Inventory $12,000, Accounts Payable $12,000. Prepare the cash flows from operating activities section of Larkspur’s 2020 statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)...
On the basis of the following data for Breach Co. for the current and preceding years...
On the basis of the following data for Breach Co. for the current and preceding years ended December 31, prepare a statement of cash flows using the indirect method. Assume that equipment costing $25,000 was purchased for cash and no long-term assets were sold during the period. Stock was issued for cash-3,200 shares at par. Net income for the current year was $76,000. Cash dividends declared and paid were $13,000. Current Year Prior Year Assets Cash $ 170,000    $74,000    Accounts...