![Brief Exercise 21-8 Sale of land [LO21-3, 21-4, 21-5] On July 15, 2018, M.W. Morgan Distribution sold land for $40.5 million](http://img.homeworklib.com/questions/cd3584c0-88d5-11eb-823e-87f04dd6d048.png?x-oss-process=image/resize,w_560)
![Brief Exercise 21-8 Sale of land [LO21-3, 21-4, 21-5] On July 15, 2018, M.W. Morgan Distribution sold land for $40.5 million](http://img.homeworklib.com/questions/cd989a20-88d5-11eb-9fa9-5bb32644c6eb.png?x-oss-process=image/resize,w_560)
Homework Answers
1) direct method
| Cash inflow from investing activities | 40.50 |
2) Indirect method
| Operating activities: Negative adjustment to net income | -7.5 |
| Cash inflow from investing activities | 40.5 |
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Brief Exercise 21-8 Sale of land [LO21-3, 21-4, 21-5] On July 15, 2018, M.W. Morgan Distribution...
On July 15, 2018, M.W. Morgan Distribution sold land for $42.5 million that it had purchased...
On July 15, 2018, M.W. Morgan Distribution sold land for $42.5 million that it had purchased in 2013 for $31.0 million. 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, 2018, using the direct method? The indirect method? Complete this question by entering your answers in the tabs below. Direct Method Indirect Method What would be the amount(s) related to the sale that Morgan...
Brief Exercise 21-7 Installment note [LO21-3, 21-6] On January 1, 2018, the Merit Group issued to...
Brief Exercise 21-7 Installment note [LO21-3, 21-6] On January 1, 2018, the Merit Group issued to its bank a $54 million, five-year installment note to be paid in five equal payments at the end of each year. Installment payments of $14.245 million annually include interest at the rate of 10.0%. What would be the amount(s) related to the note that Merit would report in its statement of cash flows for the year ended December 31, 2018? ($ in millions) Cash...
Brief Exercise 21-10 Financing activities (LO21-6] Carter Containers sold marketable securities, land, and common stock for...
Brief Exercise 21-10 Financing activities (LO21-6] Carter Containers sold marketable securities, land, and common stock for $29.0 million, $19.0 million, and $35.0 million, respectively. Carter also purchased treasury stock, equipment, and a patent for $15.0 million. $19.0 million, and $14.4 million, respectively. What amount should Carter report as net cash from financing activities? (Amounts to be deducted should be Indicated with a minus sign. Enter your answers in mllllons rounded to 1 decimal place (I.e., 5,500,000 should be entered as...
Exercise 21-31 Statement of cash flows;Indirect method [LO21-4, 21-5, 21-6, 21-8] Appendix A Comparative balance sheets...
Exercise 21-31 Statement of cash flows;Indirect method [LO21-4, 21-5, 21-6, 21-8] Appendix A Comparative balance sheets for 2018 and 2017. a statement of income for 2018, and additional information from the accounting records of Red, Inc., are provided below. RED, INC. Comparative Balance Sheets December 31, 2018 and 2017 ($ in millions) 2018 2017 Assets Cash $ 37 $ 136 Accounts receivable 229 135 Prepaid insurance 12 Inventory 291 178 Buildings and equipment 386 353 Less: Accumulated depreciation (122) (243)...
Exercise 21-31 Statement of cash flows;indirect method [LO21-4, 21-5, 21-6, 21-8] Appendix A Comparative balance sheets...
Exercise 21-31 Statement of cash flows;indirect method [LO21-4, 21-5, 21-6, 21-8] Appendix A Comparative balance sheets for 2018 and 2017, a statement of income for 2018, and additional information from the accounting records of Red, Inc., are provided below. RED, INC. Comparative Balance Sheets December 31, 2018 and 2017 ($ in millions) 2018 2017 Assets Cash $ 25 $ 112 Accounts receivable 180 133 Prepaid insurance 8 4 Inventory 287 176 Buildings and equipment 402 351 Less: Accumulated depreciation (120...
Problem 21-5 Statement of cash flows; direct method [LO21-3, 21-8] Comparative balance sheets for 2018 and...
Problem 21-5 Statement of cash flows; direct method [LO21-3, 21-8] Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 2018 2017 Assets Cash $ 560 $ 370 Accounts receivable 710 370 Inventory 860 440 Land 700 670 Building 900 900 Less: Accumulated depreciation (200 )...
Required Information Exercise 21-32 Statement of cash flows;T-account method [LO21-8] Appendix B (The following information applies...
Required Information Exercise 21-32 Statement of cash flows;T-account method [LO21-8] Appendix B (The following information applies to the questions displayed below.] Comparative balance sheets for 2018 and 2017. a statement of income for 2018, and additional information from the accounting records of Red, Inc., are provided below. RED, INC. Comparative Balance Sheets December 31, 2018 and 2017 ($ in millions) 2018 2017 Assets Cash $ 20,3 $160.8 Accounts receivable 138.9 9 . Prepaid insurance 7.2 3.2 Inventory 295.0 171.0 Buildings...
Problem 21-14 (Algo) Statement of cash flows; Indirect method; Ilmited Information [LO21-4, 21-8] The comparative balance...
Problem 21-14 (Algo) Statement of cash flows; Indirect method; Ilmited Information [LO21-4, 21-8] The comparative balance sheets for 2021 and 2020 are given below for Surmise Company. Net income for 2021 was $80 million. SURMISE COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) 2021 2e2e $ 58 106 Assets Cash Accounts receivable Less: Allowance for uncollectible accounts Prepaid expenses Inventory Long-term investment Land Buildings and equipment Less: Accumulated depreciation Patent $ 55 89 (24) 19 132...
Agee Technology, Inc., issued 9% bonds, dated January 1, with a face amount of $2,000 million on July 1, 2018, at a pri...
Agee Technology, Inc., issued 9% bonds, dated January 1, with a face amount of $2,000 million on July 1, 2018, at a price of $1,980 million. For bonds of similar risk and maturity, the market yield is 10%. Interest is paid semiannually on June 30 and December 31. Prepare the journal entry to record interest at the effective interest rate at December 31. What would be the amount(s) related to the bonds that Agee would report in its statement of...
21) Which of the following would be added to net income when determining cash flows 21)...
21) Which of the following would be added to net income when determining cash flows 21) from operating activities under the indirect method? A) A decrease in accounts receivable C) A gain on the sale of land dsb B) A decrease in accounts payable. D) An increase in prepaid expenses. 22) Which of the following would NOT be a component of cash flows from investing 22) activities? A) Purchase of equipment B) Purchase of investment securities. C) Sale of land...
On July 15, 2018, M.W. Morgan Distribution sold land for $42.5 million that it had purchased in 2013 for $31.0 million. 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, 2018, using the direct method? The indirect method? Complete this question by entering your answers in the tabs below. Direct Method Indirect Method What would be the amount(s) related to the sale that Morgan...
Brief Exercise 21-10 Financing activities (LO21-6] Carter Containers sold marketable securities, land, and common stock for $29.0 million, $19.0 million, and $35.0 million, respectively. Carter also purchased treasury stock, equipment, and a patent for $15.0 million. $19.0 million, and $14.4 million, respectively. What amount should Carter report as net cash from financing activities? (Amounts to be deducted should be Indicated with a minus sign. Enter your answers in mllllons rounded to 1 decimal place (I.e., 5,500,000 should be entered as...
Exercise 21-31 Statement of cash flows;Indirect method [LO21-4, 21-5, 21-6, 21-8] Appendix A Comparative balance sheets for 2018 and 2017. a statement of income for 2018, and additional information from the accounting records of Red, Inc., are provided below. RED, INC. Comparative Balance Sheets December 31, 2018 and 2017 ($ in millions) 2018 2017 Assets Cash $ 37 $ 136 Accounts receivable 229 135 Prepaid insurance 12 Inventory 291 178 Buildings and equipment 386 353 Less: Accumulated depreciation (122) (243)...
Required Information Exercise 21-32 Statement of cash flows;T-account method [LO21-8] Appendix B (The following information applies to the questions displayed below.] Comparative balance sheets for 2018 and 2017. a statement of income for 2018, and additional information from the accounting records of Red, Inc., are provided below. RED, INC. Comparative Balance Sheets December 31, 2018 and 2017 ($ in millions) 2018 2017 Assets Cash $ 20,3 $160.8 Accounts receivable 138.9 9 . Prepaid insurance 7.2 3.2 Inventory 295.0 171.0 Buildings...
Problem 21-14 (Algo) Statement of cash flows; Indirect method; Ilmited Information [LO21-4, 21-8] The comparative balance sheets for 2021 and 2020 are given below for Surmise Company. Net income for 2021 was $80 million. SURMISE COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) 2021 2e2e $ 58 106 Assets Cash Accounts receivable Less: Allowance for uncollectible accounts Prepaid expenses Inventory Long-term investment Land Buildings and equipment Less: Accumulated depreciation Patent $ 55 89 (24) 19 132...
Agee Technology, Inc., issued 9% bonds, dated January 1, with a face amount of $2,000 million on July 1, 2018, at a price of $1,980 million. For bonds of similar risk and maturity, the market yield is 10%. Interest is paid semiannually on June 30 and December 31. Prepare the journal entry to record interest at the effective interest rate at December 31. What would be the amount(s) related to the bonds that Agee would report in its statement of...
21) Which of the following would be added to net income when determining cash flows 21) from operating activities under the indirect method? A) A decrease in accounts receivable C) A gain on the sale of land dsb B) A decrease in accounts payable. D) An increase in prepaid expenses. 22) Which of the following would NOT be a component of cash flows from investing 22) activities? A) Purchase of equipment B) Purchase of investment securities. C) Sale of land...
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