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Using the following partial financial statements, what amount should be reported in the operating activities on...
What is reported on the statement of cash flows? Operating, investing, and financing activities of an...
What is reported on the statement of cash flows? Operating, investing, and financing activities of an entity for a period of time. All revenues and expense listed by operating, financing, and operating activity. Operating, investing, and financing activities of an entity at the balance sheet date. A detail of all incoming and outgoing cash flows of a business.
Need some help with this. don't think this is correct. Need someone to provide correct answer...
Need some help with this. don't think this is correct. Need
someone to provide correct answer alongside explanation:
Below selected information for Flint Corporation for December 31. All purchases were paid for by cash. Land was sold for cash at a loss of $4,600. Equipment with a cost of $50,000 and accumulated depreciation of $40,000 was sold for cash at a gain of $2,800. No other transactions occurred. 2018 2017 Land $105,000 $250,000 Buildings 160,000 80,000 Accumulated Depreciation Buildings 49,100...
- Flow from Operating Activities? Problem 8-5 Reconstruct Net Book Values Using Statement of L011 Cash...
- Flow from Operating Activities? Problem 8-5 Reconstruct Net Book Values Using Statement of L011 Cash Flows Centralia Stores Inc. had property, plant, and equipment, net of accumulated depreciation, of 64.459,000 and intangible assets, net of accumulated amortization, of $673,000 at December 31, 2016. The company's 2016 statement of cash flows, prepared using the indirect method, included the following items: The Cash Flows from Operating Activities section included three additions to net income: (1) Depreciation expense of $672,000 (2) Amortization...
Indirect Method - Preparing a statement of Cash Flows Kidman Corp. reported the following financial statements...
Indirect Method - Preparing a statement of Cash Flows Kidman Corp. reported the following financial statements for the year ended December 31, 2020. Balance Sheet, December 31 2019 2020 Difference Cash and cash out $72,000 $185,000 $114,000 Accounts receivable 57,000 45,000 (12,000) Merchandisinventory 93,000 177,000 B4,000 Land 60,000 12,000 (48,000) Equipment 144,000 216,000 72,000 Accumulated depreciation (36,000) 772,0001 (36,000) Total acts $390,000 $564,000 $174,000 Accounts payable $ 48,000 $54,000 $ 6,000 Notes payable, long-term 21,000 6,000 (15,000) Bonds payable 90,000...
Use the following information to answer the question: MM Stand Corporation's statement of cash flows for...
Use the following information to answer the question: MM Stand Corporation's statement of cash flows for 2017 shows the following investing activities: Proceeds from the sale of marketable securities Purchase of land Proceeds from the sale of land Net cash provided by investing activities $160,000 (250,000) 125,000 $35,000 MM Stand Corporation's income statement for 2017 includes the following: Loss on the sale of marketable securities Gain on the disposal of land $47,000 65,000 The cost of the land sold during...
on- The major classifications of activities reported in the statement of cash flows are operating, investing,...
on- The major classifications of activities reported in the statement of cash flows are operating, investing, and financing. Classify each of the transactions listed below as: 1. Operating activity-add to net income. 2. Operating activity-deduct from net income. port 3. Investing activity. 4. Financing activity. 5. Reported as significant noncash activity The transactions are as follows. Transactions Classifications of Activities Issuance of common stock (b) Purchase of land and building Redemption of bonds. (d) Sale of equipment. le) Depreciation of...
Please identify 5 errors in the following financial statements. Note: The 4 financial statements are for...
Please identify 5 errors in the following financial statements. Note: The 4 financial statements are for different companies. They are not related. You must clearly specify each financial statement name and its issue(s). Blazers Corporation Income Statement For the Years Ended December 31, 2016 and 2017 2016 2017 Service revenue 82,000 54,700 Total revenue 82,000 54,700 41,000 3,000 Expenses Operating expenses Supplies expenses Prepaid rent Salaries expenses Tcal expenses 39,500 2,900 5,900 8,000 56,300 44,000 Net Income(loss) 38,000 (1,600) 2016...
Spreadsheet and Statement The following 2016 information is available for Stewart Company: Condensed Income Statement for...
Spreadsheet and Statement The following 2016 information is available for Stewart Company: Condensed Income Statement for 2016 Sales $9,000 Cost of goods sold (6,000) Other expenses (2,000) Loss on sale of equipment (260) Gain on sale of land 400 Net income $1,140 Comparative Balance Sheets December 31, 2015 December 31, 2016 Cash $700 $1,130 Accounts receivable 450 310 Inventory 350 400 Land 300 500 Equipment 1,600 1,800 Less: Accumulated depreciation (200) (150) Total Assets $3,200 $3,990 Accounts payable $600 $750...
The following information has been reported by Laporte Inc. on its statements of financial position at...
The following information has been reported by Laporte Inc. on its statements of financial position at December 31, 2016 and 2017, and on its statement of earnings for the year ended December 31, 2017 Amounts are in millions of dollars: Statements of Financial Position 2017 Cash $ 124 Accounts receivable 51 Merchandise inventory 45 Long-term investments Property, plant, and equipment Accumulated depreciation (95) 2016 $ 85 41 49 35 247 208 (113) Total assets $ 372 $305 $ 41 20...
Blossom Corporation reported the following information (in thousands) at December 31, 2018: 2018 2017 Long-term investments...
Blossom Corporation reported the following information (in thousands) at December 31, 2018: 2018 2017 Long-term investments $150 $100 290 Land 290 Buildings 330 330 Accumulated depreciation-buildings 80 Equipment 600 360 Accumulated depreciation-equipment 200 200 Additional information: 1. Long-term investments were purchased during the year; none were sold. 2. Equipment was purchased during the year. In addition, equipment with a cost of $130 and a carrying amount of $60 was sold at a gain of $20. Prepare the investing activities section...
What is reported on the statement of cash flows? Operating, investing, and financing activities of an entity for a period of time. All revenues and expense listed by operating, financing, and operating activity. Operating, investing, and financing activities of an entity at the balance sheet date. A detail of all incoming and outgoing cash flows of a business.
Need some help with this. don't think this is correct. Need
someone to provide correct answer alongside explanation:
Below selected information for Flint Corporation for December 31. All purchases were paid for by cash. Land was sold for cash at a loss of $4,600. Equipment with a cost of $50,000 and accumulated depreciation of $40,000 was sold for cash at a gain of $2,800. No other transactions occurred. 2018 2017 Land $105,000 $250,000 Buildings 160,000 80,000 Accumulated Depreciation Buildings 49,100...
- Flow from Operating Activities? Problem 8-5 Reconstruct Net Book Values Using Statement of L011 Cash Flows Centralia Stores Inc. had property, plant, and equipment, net of accumulated depreciation, of 64.459,000 and intangible assets, net of accumulated amortization, of $673,000 at December 31, 2016. The company's 2016 statement of cash flows, prepared using the indirect method, included the following items: The Cash Flows from Operating Activities section included three additions to net income: (1) Depreciation expense of $672,000 (2) Amortization...
Indirect Method - Preparing a statement of Cash Flows Kidman Corp. reported the following financial statements for the year ended December 31, 2020. Balance Sheet, December 31 2019 2020 Difference Cash and cash out $72,000 $185,000 $114,000 Accounts receivable 57,000 45,000 (12,000) Merchandisinventory 93,000 177,000 B4,000 Land 60,000 12,000 (48,000) Equipment 144,000 216,000 72,000 Accumulated depreciation (36,000) 772,0001 (36,000) Total acts $390,000 $564,000 $174,000 Accounts payable $ 48,000 $54,000 $ 6,000 Notes payable, long-term 21,000 6,000 (15,000) Bonds payable 90,000...
Use the following information to answer the question: MM Stand Corporation's statement of cash flows for 2017 shows the following investing activities: Proceeds from the sale of marketable securities Purchase of land Proceeds from the sale of land Net cash provided by investing activities $160,000 (250,000) 125,000 $35,000 MM Stand Corporation's income statement for 2017 includes the following: Loss on the sale of marketable securities Gain on the disposal of land $47,000 65,000 The cost of the land sold during...
on- The major classifications of activities reported in the statement of cash flows are operating, investing, and financing. Classify each of the transactions listed below as: 1. Operating activity-add to net income. 2. Operating activity-deduct from net income. port 3. Investing activity. 4. Financing activity. 5. Reported as significant noncash activity The transactions are as follows. Transactions Classifications of Activities Issuance of common stock (b) Purchase of land and building Redemption of bonds. (d) Sale of equipment. le) Depreciation of...
Please identify 5 errors in the following financial statements. Note: The 4 financial statements are for different companies. They are not related. You must clearly specify each financial statement name and its issue(s). Blazers Corporation Income Statement For the Years Ended December 31, 2016 and 2017 2016 2017 Service revenue 82,000 54,700 Total revenue 82,000 54,700 41,000 3,000 Expenses Operating expenses Supplies expenses Prepaid rent Salaries expenses Tcal expenses 39,500 2,900 5,900 8,000 56,300 44,000 Net Income(loss) 38,000 (1,600) 2016...
The following information has been reported by Laporte Inc. on its statements of financial position at December 31, 2016 and 2017, and on its statement of earnings for the year ended December 31, 2017 Amounts are in millions of dollars: Statements of Financial Position 2017 Cash $ 124 Accounts receivable 51 Merchandise inventory 45 Long-term investments Property, plant, and equipment Accumulated depreciation (95) 2016 $ 85 41 49 35 247 208 (113) Total assets $ 372 $305 $ 41 20...
Blossom Corporation reported the following information (in thousands) at December 31, 2018: 2018 2017 Long-term investments $150 $100 290 Land 290 Buildings 330 330 Accumulated depreciation-buildings 80 Equipment 600 360 Accumulated depreciation-equipment 200 200 Additional information: 1. Long-term investments were purchased during the year; none were sold. 2. Equipment was purchased during the year. In addition, equipment with a cost of $130 and a carrying amount of $60 was sold at a gain of $20. Prepare the investing activities section...
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