During the period, Sanchez Company sold some excess equipment at a loss. The following information was...
During the period, Sanchez Company sold some excess equipment at a loss. The following information was collected from the company’s accounting records: From the Income Statement Depreciation expense $ 920 Loss on sale of equipment 2,900 From the Balance Sheet Beginning equipment 20,600 Ending equipment 10,200 Beginning accumulated depreciation 1,990 Ending accumulated depreciation 1,770 No new equipment was bought during the period. Required: 1. For the equipment that was sold, determine its original cost, its accumulated depreciation, and the cash received from the sale. (Use the equipment and accumulated depreciation T-accounts to infer the book value of the equipment sold.)
For the equipment that was sold, determine its original cost, its accumulated depreciation, and the cash received from the sale. (Use the equipment and accumulated depreciation T-accounts to infer the book value of the equipment sold.)
Cost of Equipment....
Accumulated Depreciation....
Cash received from sale....
2. Sanchez Company uses the indirect method for the Operating Activities section of the cash flow statement. What amount related to the sale would be added or subtracted in the computation of Net Cash Flows from Operating Activities? (Input the amount as positive value.)
3. What amount related to the sale would be added or subtracted in the computation of Net Cash Flows from Investing Activities? (Input the amount as positive value.)
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During the period, Sanchez Company sold some excess equipment at
a loss. The following information was...
During the period, Sanchez Company sold some excess equipment at a loss. The following information was...
During the period, Sanchez Company sold some excess equipment at
a loss. The following information was collected from the company’s
accounting records:
During the period, Sanchez Company sald some excess equipment at a loSs The following infomation was collected from the company's accounting records From the Income Statcmcnt Deprecistion expense Lo88 on 8sle of equipment From the Balanca Shaet Baginning equipment Ending equipmeri Beginning accumulated depreciation Ending accumulatad dapraclation 5 920 20.400 11.300 1,870 1,730 No new equpment was bought...
a. Equipment with a book value of $81,000 and an original cost of $164,000 was sold at a loss of $36,000. b. Paid $109,...
a. Equipment with a book value of $81,000 and an original cost of $164,000 was sold at a loss of $36,000. b. Paid $109,000 cash for a new truck. c. Sold land costing $325,000 for $425,000 cash, yielding a gain of $100,000. d. Long-term investments in stock were sold for $91,400 cash, yielding a gain of $16,250. Use the above information to determine this company's cash flows from investing activities. (Amounts to be deducted should be indicated with a minus...
Cash Flows from Investing Activities During the year, Swasey Company sold equipment with a book value...
Cash Flows from Investing Activities During the year, Swasey Company sold equipment with a book value of $560,000 for $760,000 (original purchase cost of $960,000). New equipment was purchased. Swasey provided the following comparative balance sheets: Swasey Company Comparative Balance Sheets At December 31, 20X1 and 20x2 20X1 20X2 Long-Term Assets: Plant and equipment $4,400,000 $4,300,000 Accumulated depreciation (2,400,000) (2,540,000) Land 2,000,000 2,875,000 Required: Calculate the investing cash flows for the current year. Use a minus sign to indicate a...
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Sale of Equipment Prepare the journal entry for the following transactions: (1) Geysler Company sold some old equipment that initially cost $30,000 and had $25.000 of accumulated depreciation and received cash in the amount of $3,000. General Journal Description Debit Credit Cash Accumulated depreciation
During the period, Sanchez Company sold some excess equipment at
a loss. The following information was collected from the company’s
accounting records:
During the period, Sanchez Company sald some excess equipment at a loSs The following infomation was collected from the company's accounting records From the Income Statcmcnt Deprecistion expense Lo88 on 8sle of equipment From the Balanca Shaet Baginning equipment Ending equipmeri Beginning accumulated depreciation Ending accumulatad dapraclation 5 920 20.400 11.300 1,870 1,730 No new equpment was bought...
a. Equipment with a book value of $81,000 and an original cost of $164,000 was sold at a loss of $36,000. b. Paid $109,000 cash for a new truck. c. Sold land costing $325,000 for $425,000 cash, yielding a gain of $100,000. d. Long-term investments in stock were sold for $91,400 cash, yielding a gain of $16,250. Use the above information to determine this company's cash flows from investing activities. (Amounts to be deducted should be indicated with a minus...
Cash Flows from Investing Activities During the year, Swasey Company sold equipment with a book value of $560,000 for $760,000 (original purchase cost of $960,000). New equipment was purchased. Swasey provided the following comparative balance sheets: Swasey Company Comparative Balance Sheets At December 31, 20X1 and 20x2 20X1 20X2 Long-Term Assets: Plant and equipment $4,400,000 $4,300,000 Accumulated depreciation (2,400,000) (2,540,000) Land 2,000,000 2,875,000 Required: Calculate the investing cash flows for the current year. Use a minus sign to indicate a...
Cash Flows from Investing Activities During the year, Murray Company sold equipment with a book value of $125,000 for $175,000 (original purchase cost of $225,000). New equipment was purchased Murray provided the following comparative balance sheets: Murray Company Comparative Balance Sheets At December 31, 20X1 and 20X2 20X1 20X2 Long-Term Assets Plant and equipment $1,000,000 $1,025,000 Accumulated depreciation (500,000) (525,000) Land 500,000 724,750 Required: Calculate the investing cash flows for the current year. Use a minus sign to indicate a...
iment-take&inprogress-false Cash Flows from Investing Activities During the year, Swasey Company sold equipment with a book value of $560,000 for $760,000 (original purchase cost of $960,000). New equipment was purchased. Swasey provided the following comparative balance sheets: Swasey Company Comparative Balance Sheets At December 31, 20X1 and 20X2 20X1 20X2 Long-Term Assets: Plant and equipment $4,400,000 $4,300,000 (2,400,000) (2,540,000) Accumulated depreciation 2,875,000 2,000,000 Land Required: Calculate the investing cash flows for the current year. Use a minus sign to indicate...
Prepare a Statement of Cash Flow REMEMBER THE PROPER FORMAT OE THIS STATEMENT IS TO BALANCE TO ASH AND CASH EQUIVALENTS. Nissen Ltd's comparative balance sheet information at December 31, 2011 and 2010. and is mcome stlatement for the year ended December 31, 2011, are as folows Nissen Ltd. Balance Sheet Information December 31 Net 2011 Change 2010 Cash $ 40,000 S 20,800 S 19,200 14,400 Cash equivalents Accounts receivable.. Inventory 6,400 8,000 31,200 69,600 42,400 73,600 25,600 95,200 Long-term...
QUESTION #3 Statement of Cash Flow REMEMBER THE PROPER FORMAT OF THIS STATEMENT IS TO BALANCE CASH AND CASH EQUIVALENTS. Lanni Ltd.'s comparative balance sheet information at December 31, 2011 and 2010, and its income stan year ended December 31, 2011, are as follows: Lanni Ltd. Comparative Balance Sheet Information December 31 Net 2011 2010 Change Cash... $ 35,000 5 18,200 $ 16,800 Cash equivalents .................. 12,600 7,000 5,600 Accounts receivable....... 64,400 27,300 37,100 Inventory .......................... 83,300 60,900 22,400 Long-term...
Sale of Equipment Prepare the journal entry for the following transactions: (1) Geysler Company sold some old equipment that initially cost $30,000 and had $25.000 of accumulated depreciation and received cash in the amount of $3,000. General Journal Description Debit Credit Cash Accumulated depreciation
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