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Indicate the effect each separate transaction has on investing cash flows. (Amounts to be deducted should...
I dont know why I didnt post the full question ? a. Sold a truck costing...
I dont know why I didnt post the full question ?
a. Sold a truck costing $47.000, with $24.800 of accumulated depreciation for $10.800 cash. The sale results in a $11.400 loss. b. Sold a machine costing $13,400, with $9.400 of accumulated depreciation for $7.800 cash The sale results in a $3,800 gain, c. Purchased stock investments for $17.400 cash. The purchaser believes the stock is worth at least $32.800. ch QS 12-9 Computing investing cash flows LO P3 Indicate...
Identify the effect it has.. For each of the following separate transactions: 1. Sold a building...
Identify the effect it has..
For each of the following separate transactions: 1. Sold a building costing $30,000, with $20,000 of accumulated depreciation, for $8,000 cash, resulting in a $2,000 loss. 2. Acquired machinery worth $10,000 by issuing $10,000 in notes payable. 3. Issued 1,000 shares of common stock at par for $2 per share. 4. Note payables with a carrying value of $40,000 were retired for $47,000 cash, resulting in a $7,000 loss. (a) Prepare the reconstructed journal entry....
Identify the effect it has...what did I do wrong and what's correct? For each of the...
Identify the effect it has...what did I do wrong and what's
correct?
For each of the following separate transactions: 1. Sold a building costing $30,000, with $20,000 of accumulated depreciation, for $8,000 cash, resulting in a $2,000 loss. 2. Acquired machinery worth $10,000 by issuing $10,000 in notes payable. 3. Issued 1,000 shares of common stock at par for $2 per share. 4. Note payables with a carrying value of $40,000 were retired for $47,000 cash, resulting in a $7,000...
Exercise 12-8 Cash flows from investing activities LO P3 a. Equipment with a book value of...
Exercise 12-8 Cash flows from investing activities LO P3 a. Equipment with a book value of $82,500 and an original cost of $167,000 was sold at a loss of $33,000. b. Paid $106,000 cash for a new truck. c. Sold land costing $310,000 for $430,000 cash, yielding a gain of $120,000. d. Long-term investments in stock were sold for $91,400 cash, yielding again of $15,500 Use the above information to determine cash flows from investing activities. (Amounts to be deducted...
Prepare a statement of cash flows using the indirect method. (Amounts to be deducted should be...
Prepare a statement of cash flows using the indirect method.
(Amounts to be deducted should be indicated with a minus sign.
The comparative balance sheets and income statements for Gypsy Company follow. Balance Sheets As of December 31 Year 2 Year 1 Assets Cash $23,553 2,102 6,590 2,848 1,261 6,178 42,224 (16,430) 8,762 Accounts receivable Inventory Equipment Accumulated depreciation-equipment 19,644 (8,879) 18,102 Land $61,112 Total assets 44,843 Liabilities and equity Accounts payable (inventory) Long-term debt Common stock 2,619 4,231 6,461...
QS 16-12 Computing cash flows from investing LO P3
QS 16-12 Computing cash flows from investing LO P3 Sale of short-term stock investments$6,000Cash collections from customers16,000Purchase of used equipment5,000Depreciation expense2,000Compute cash flows from investing activities using the above company information. (Amounts to be deducted should be indicated by a minus sign.)
Investing and Financing Cash Flows The following information was obtained from Melville Company's comparative balance sheet....
Investing and Financing Cash Flows The following information was obtained from Melville Company's comparative balance sheet. End of Year Beginning of Year Cash $19,000 $9,000 Accounts receivable 50,000 35,000 Inventory 55,000 49,000 Prepaid rent 6,000 8,000 Long-term investments 21,000 32,000 Plant assets 140,000 106,000 Accumulated depreciation (42,000) (32,000) Accounts payable 24,000 22,000 Income tax payable 4,000 6,000 Common stock 127,000 92,000 Retained earnings 106,000 91,000 Capital expenditures 15,200 Assume that Melville Company’s income statement showed depreciation expense of $10,000, a...
Preparing a Statement of Cash Flows (Direct Method) Rainbow Company's income statement and comparative balance sheets...
Preparing a Statement of Cash Flows (Direct Method) Rainbow Company's income statement and comparative balance sheets follow. RAINBOW COMPANY Income Statement For Year Ended December 31, 2018 Sales $750,000 Dividend Income 15,000 Total Revenue 765,000 Cost of Goods Sold $440,000 Wages and Other Operating Expenses 130,000 Depreciation Expense 39,000 Patent Amortization Expense 7,000 Interest Expense 13,000 Income Tax Expense 44,000 Loss on Sale of Equipment 5,000 Gain on Sale of Investments (3,000) 675,000 Net Income $90,000 RAINBOW COMPANY Balance Sheets...
Exercise 12-8 Cash flows from investing activities LO P3
Equipment with a book value of $81,000 and an original cost of $166,000 was sold at a loss of $36,000.Paid $118,000 cash for a new truck.Sold land costing $315,000 for $400,000 cash, yielding a gain of $85,000.Long-term investments in stock were sold for $97,000 cash, yielding a gain of $14,000.Use the above information to determine cash flows from investing activities. (Amounts to be deducted should be indicated with a minus sign.)
Exercise 12-7 Cash flows from investing activities LO P3 a. Equipment with a book value of...
Exercise 12-7 Cash flows from investing activities LO P3 a. Equipment with a book value of $81,500 and an original cost of $164,000 was sold at a loss of $32,000. b. Paid $100,000 cash for a new truck. c. Sold land costing $325,000 for $405,000 cash, yielding a gain of $80,000. d. Long-term investments in stock were sold for $92,100 cash, yielding a gain of $14,000. Use the above information to determine this company's cash flows from investing activities. (Amounts...
I dont know why I didnt post the full question ?
a. Sold a truck costing $47.000, with $24.800 of accumulated depreciation for $10.800 cash. The sale results in a $11.400 loss. b. Sold a machine costing $13,400, with $9.400 of accumulated depreciation for $7.800 cash The sale results in a $3,800 gain, c. Purchased stock investments for $17.400 cash. The purchaser believes the stock is worth at least $32.800. ch QS 12-9 Computing investing cash flows LO P3 Indicate...
Identify the effect it has..
For each of the following separate transactions: 1. Sold a building costing $30,000, with $20,000 of accumulated depreciation, for $8,000 cash, resulting in a $2,000 loss. 2. Acquired machinery worth $10,000 by issuing $10,000 in notes payable. 3. Issued 1,000 shares of common stock at par for $2 per share. 4. Note payables with a carrying value of $40,000 were retired for $47,000 cash, resulting in a $7,000 loss. (a) Prepare the reconstructed journal entry....
Identify the effect it has...what did I do wrong and what's
correct?
For each of the following separate transactions: 1. Sold a building costing $30,000, with $20,000 of accumulated depreciation, for $8,000 cash, resulting in a $2,000 loss. 2. Acquired machinery worth $10,000 by issuing $10,000 in notes payable. 3. Issued 1,000 shares of common stock at par for $2 per share. 4. Note payables with a carrying value of $40,000 were retired for $47,000 cash, resulting in a $7,000...
Exercise 12-8 Cash flows from investing activities LO P3 a. Equipment with a book value of $82,500 and an original cost of $167,000 was sold at a loss of $33,000. b. Paid $106,000 cash for a new truck. c. Sold land costing $310,000 for $430,000 cash, yielding a gain of $120,000. d. Long-term investments in stock were sold for $91,400 cash, yielding again of $15,500 Use the above information to determine cash flows from investing activities. (Amounts to be deducted...
Prepare a statement of cash flows using the indirect method.
(Amounts to be deducted should be indicated with a minus sign.
The comparative balance sheets and income statements for Gypsy Company follow. Balance Sheets As of December 31 Year 2 Year 1 Assets Cash $23,553 2,102 6,590 2,848 1,261 6,178 42,224 (16,430) 8,762 Accounts receivable Inventory Equipment Accumulated depreciation-equipment 19,644 (8,879) 18,102 Land $61,112 Total assets 44,843 Liabilities and equity Accounts payable (inventory) Long-term debt Common stock 2,619 4,231 6,461...
Preparing a Statement of Cash Flows (Direct Method) Rainbow Company's income statement and comparative balance sheets follow. RAINBOW COMPANY Income Statement For Year Ended December 31, 2018 Sales $750,000 Dividend Income 15,000 Total Revenue 765,000 Cost of Goods Sold $440,000 Wages and Other Operating Expenses 130,000 Depreciation Expense 39,000 Patent Amortization Expense 7,000 Interest Expense 13,000 Income Tax Expense 44,000 Loss on Sale of Equipment 5,000 Gain on Sale of Investments (3,000) 675,000 Net Income $90,000 RAINBOW COMPANY Balance Sheets...
Exercise 12-7 Cash flows from investing activities LO P3 a. Equipment with a book value of $81,500 and an original cost of $164,000 was sold at a loss of $32,000. b. Paid $100,000 cash for a new truck. c. Sold land costing $325,000 for $405,000 cash, yielding a gain of $80,000. d. Long-term investments in stock were sold for $92,100 cash, yielding a gain of $14,000. Use the above information to determine this company's cash flows from investing activities. (Amounts...
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