Reporting Land Transactions on Statement of Cash Flows
On the basis of the details of the...
Reporting Land Transactions on Statement of Cash Flows
On the basis of the details of the following fixed asset
account, indicate the items to be reported on the statement of cash
flows:
ACCOUNT Land
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit
Credit
Jan.
1
Balance
1,218,000
Mar.
12
Purchased for cash
414,000
1,632,000
Oct.
4
Sold for $228,000
195,000
1,437,000
Item
Section of Statement of
Cash Flows
Added or Deducted
Amount
Mar. 12: Purchase of fixed asset
$
Oct....
Reporting Issuance and Retirement of Long-Term Debt
On the basis of the details of the following...
Reporting Issuance and Retirement of Long-Term Debt
On the basis of the details of the following bonds payable and
related discount accounts, indicate the items to be reported in the
Financing Activities section of the statement of cash flows,
assuming no gain or loss on retiring the bonds:
ACCOUNT Bonds
Payable
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit
Credit
Jan.
1
Balance
530,000
Jan.
2
Retire bonds
106,000
424,000
June
30
Issue bonds
318,000
742,000
ACCOUNT Discount on Bond...
Reporting Issuance and Retirement of Long-Term Debt
On the basis of the details of the following...
Reporting Issuance and Retirement of Long-Term Debt
On the basis of the details of the following bonds payable and
related discount accounts, indicate the items to be reported in the
Financing Activities section of the A summary of the cash receipts
and cash payments for a specific period of time, such as a month or
a year.statement of cash flows, assuming no gain or loss on
retiring the bonds:
ACCOUNT Bonds
Payable
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit...
eporting Issuance and Retirement of Long-Term Debt
On the basis of the details of the following...
eporting Issuance and Retirement of Long-Term Debt
On the basis of the details of the following bonds payable and
related discount accounts, indicate the items to be reported in the
Financing Activities section of the statement of cash flows,
assuming no gain or loss on retiring the bonds:
ACCOUNT Bonds
Payable
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit
Credit
Jan.
1
Balance
750,000
2
Retire bonds
150,000
600,000
June
30
Issue bonds
450,000
1,050,000
ACCOUNT Discount on Bonds
Payable...
ACCOUNT Paid-In Capital in Excess of
Par-Common Stock
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit...
ACCOUNT Paid-In Capital in Excess of
Par-Common Stock
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit
Credit
Jan.
1
Balance
150,000
Apr.
2
12,500 shares issued for cash
425,000
575,000
June
30
Stock dividend
30,000
605,000
ACCOUNT Retained
Earnings
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit
Credit
Jan.
1
Balance
830,000
June
30
Stock dividend
70,000
760,000
Dec.
30
Cash dividend
95,500
664,500
Dec.
31
Net income
597,600
1,262,100
If an amount is not reported on the statement of...
Land Transactions on the Statement of Cash Flows Veteran
Corporation purchased land for $287,000. Later in...
Land Transactions on the Statement of Cash Flows Veteran
Corporation purchased land for $287,000. Later in the year, the
company sold a different piece of land with a book value of
$121,000 for $108,000. How are the effects of these transactions
reported on the statement of cash flows? Use the minus sign to
indicate cash outflows, cash payments, decreases in cash and for
any adjustments, if required. If a transaction has no effect on the
statement of cash flows, select...
The comparative balance sheet of Whitman Co. at December 31,
20Y2 and 20Y1, is as follows:...
The comparative balance sheet of Whitman Co. at December 31,
20Y2 and 20Y1, is as follows:
1
Dec. 31, 20Y2
Dec. 31, 20Y1
2
Assets
3
Cash
$918,420.00
$965,310.00
4
Accounts receivable (net)
?828,210.00
762,450.00
5
Inventories
1,268,100.00
1,162,260.00
6
Prepaid expenses
29,220.00
35,270.00
7
Land
315,170.00
479,410.00
8
Buildings
1,463,110.00
901,510.00
9
Accumulated depreciation-buildings
(409,500.00)
(383,260.00)
10
Equipment
512,060.00
454,500.00
11
Accumulated depreciation-equipment
(141,780.00)
(159,530.00)
12
Total assets
$4,783,010.00
$4,217,920.00
13
Liabilities and Stockholders’ Equity
14
Accounts payable (merchandise...
Reporting changes in
Equipment on Statement of Cash Flows
An analysis of the
general ledger accounts...
Reporting changes in
Equipment on Statement of Cash Flows
An analysis of the
general ledger accounts indicates that delivery equipment, which
cost $80,000 and on which accumulated depreciation totaled $36,000
on the date of sale, was sold for $37,200 during the year.
Using this
information, indicate the items to be reported on the statement of
cash flows.
Transaction
Section of Statement of Cash Flows
Added or Deducted
$80,000 cost of office equipment
$36,000 accumulated depreciation
$37,200 sales price
$6,800 loss...
The comparative balance sheet of Whitman Co. at December 31,
20Y2 and 20Y1, is as follows:...
The comparative balance sheet of Whitman Co. at December 31,
20Y2 and 20Y1, is as follows: 1 Dec. 31, 20Y2 Dec. 31, 20Y1 2
Assets 3 Cash $918,000.00 $964,800.00 4 Accounts receivable (net)
828,900.00 761,940.00 5 Inventories 1,268,460.00 1,162,980.00 6
Prepaid expenses 29,340.00 35,100.00 7 Land 315,900.00 479,700.00 8
Buildings 1,462,500.00 900,900.00 9 Accumulated
depreciation-buildings (408,600.00) (382,320.00) 10 Equipment
512,280.00 454,680.00 11 Accumulated depreciation-equipment
(141,300.00) (158,760.00) 12 Total assets $4,785,480.00
$4,219,020.00 13 Liabilities and Stockholders’ Equity 14 Accounts
payable (merchandise...
The statement of cash flows classifies cash receipts and cash
payments into two categories: operating activities...
The statement of cash flows classifies cash receipts and cash
payments into two categories: operating activities and nonoperating
activities.
True
False
In, Roswell Corporation, there was an increase in the land
account during the year of $48.000. Analysis reveals that the
change resulted from a cash sale of land at a cost $150.000, and a
cash purchase of land for $198.000. In the statement of cash flows,
the change in the land account should be reported in the investing
section:...