When doing a statement of cash flows report using the indirect method, if you were provided with additional detailed inf...
When doing a statement of cash flows report using the indirect method, if you were provided with additional detailed information that there was a loss on the sale of buildings of $46,000 that occurred during the year.
What entry/entries would you add to your statement based on that information?
Use the format - (Section, add/subtract, amount) i.e. Financing Opportunities Add 15,000
Note: The transaction was posted and reflected in the balance sheet and net income.
Homework Answers
Statement of cash flows
Operating activities
Net income
Add:- Loss on sale of building $46,000
Investing activities
Add Proceeds from sale of building
(Proceedsincludes loss on sale of building too)
Please hit like. In case of doubts, please comment.
Add Answer to:
When doing a statement of cash flows report using the indirect method, if you were provided with additional detailed inf...
Help me fill in the blanks! Prepare a statement of cash flows using the indirect method....
Help me fill in the blanks! Prepare a statement of cash flows
using the indirect method.
ROJAS CORPORATION Comparative Balance Sheets December 31 2020 2019 Cash Accounts receivable Land Buildings Accumulated depreciation-buildings $10,700 23,800 26,300 70,100 (10,700) $14,500 20,800 19,600 70,100 (15,000) Total $110,000 $120,200 Accounts payable Common stock Retained earnings $11,800 75,000 23,200 $110,000 $28,300 73,400 18,500 $120,200 Total Additional information 1. Net income was $22,800. Dividends declared and paid were $18,100 2. No noncash investing and financing activities...
Question 5 When preparing the statement of cash flows under the indirect method, an appropriate procedure...
Question 5 When preparing the statement of cash flows under the indirect method, an appropriate procedure would be to subtract an increase in accounts receivable. subtract an increase in wages payable. subtract amortization expense. determine cash paid to suppliers. add a gain from the sale of a fixed asset. 1 points Question 6 Which of the following statements is incorrect, regarding the effect of depreciation on a statement of cash flows using the indirect method? Depreciation expense is not an...
When preparing a statement of cash flows on the indirect method, which of the following is...
When preparing a statement of cash flows on the indirect method, which of the following is correct? Select one: a. Proceeds from the sale of equipment should be added to net income in the operating activities section. b. A loss on the sale of land should be added to net income in the operating activities section. c. The declaration of a cash dividend should be a use of cash in the financing activities section. d. The issuance of a stock...
1. When using the indirect method to determine operating cash flows, how is the amortization of...
1. When using the indirect method to determine operating cash flows, how is the amortization of bond discount shown on the Statement of Cash Flows? A. Operating activity as an addback item B. Operating activity as a subtract from item C. Investing activity D. Financing activity E. Not reported on statement of cash flows 2. When using the indirect method to determine operating cash flows, how is the equity method investment revenue in excess of dividends received shown on the...
Create the “Operating Section”of the statement of cash flows using the indirect method(ONLYTHE OPERATING SECTION). Place...
Create the “Operating Section”of the statement of cash flows
using the indirect method(ONLYTHE
OPERATING SECTION).
Place your answer on this
page(operating section only, indirect
method).
Statement of Cash Flows - Indirect Review 2025 12.000 125.000 1.000 75.000 300.000 (20.000) 23 000 15,000 14.000 Balance Sheet - Selected Info. Cash Accounts Receivable Inventory Prepaid Insurance Property Plant & Equip Accumulated Depreciation Accounts Payable Salaries Payable Notes Payable (Short-Term) Dividends Pavable Bonds Payable Utilities Expense Salaries Expense Notes Payable (Long-Term) Common Stock...
Please help with the wrong ones, thank you! Statement of Cash Flows (Indirect Method) The Sky...
Please help with the wrong
ones, thank you!
Statement of Cash Flows (Indirect Method) The Sky Company's income statement and comparative balance sheets as of December 31 of 2019 and 2018 follow: SKY COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $800,000 Dividend Income 19,000 819,000 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 30,000 Loss on Sale of Equipment...
Statement of Cash Flows (Indirect Method) The Sky Company's income statement and comparative balance sheets as...
Statement of Cash Flows (Indirect Method) The Sky Company's income statement and comparative balance sheets as of December 31 of 2019 and 2018 follow: SKY COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $800,000 Dividend Income 19,000 819,000 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 30,000 Loss on Sale of Equipment 5,000 Gain on Sale of Investments (10,000) 654,000...
Problem 11-4B Prepare a statement of cash flows-indirect method. The income statement, blanace sheets, and additional...
Problem 11-4B Prepare a statement of cash flows-indirect method.
The income statement, blanace sheets, and additional
indormation dor Virtual Gaming Systems are provided.
Problem 11-4B Prepare a statement of cash flows-indirect method (LO11-2, 11-3, 11-4, 11-5) The income statement, balance sheets, and additional information for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 $2,450,000 7,500 2,457,500 Net sales Gain on sale of land Total revenues Expenses: Cost of goods sold Operating...
Prepare a statement of cash flows for 2020 using the indirect method. Rojas Corporation's comparative balance...
Prepare a statement of cash flows for 2020 using the indirect
method.
Rojas Corporation's comparative balance sheets are presented below. ROJAS CORPORATION Comparative Balance Sheets December 31 2020 2019 Cash Accounts receivable Land $14,900 21,500 19,700 70,100 (14,800) $111,400 $10,400 23,400 25,900 70,100 (10,700) $119,100 Buildings Accumulated depreciation-buildings Total Accounts payable Common stock Retained earnings $12,100 75,400 23,900 $111,400 $28,300 73,600 17,200 $119,100 Total Additional information: 1. Net income was $22,400. Dividends declared and paid were $15,700. 2. No noncash...
Prepare a statement of cash flows for 2016 in good form using the indirect method for...
Prepare a statement of cash flows for 2016 in good form using
the indirect method for cash flows from operating activities.
The Murdock Corporation reported the following balance sheet data for 2016 and 2015 4 20162015 Cash Available-for-sale securities (not cash $ 92,915 $ 31,355 22,500 99,000 94.000 80,850 179,000 57600 3,400 1.278,000 1,139,000 (624,000) (586,000) equivalents) Accounts receivable Inventory Prepaid insurance Land, buildings, and equipment Accumulated depreciation 0140:55 2,760 Total assets 1,045,175 $ 925,205 Accounts payable Salaries payable $88,940...
Help me fill in the blanks! Prepare a statement of cash flows
using the indirect method.
ROJAS CORPORATION Comparative Balance Sheets December 31 2020 2019 Cash Accounts receivable Land Buildings Accumulated depreciation-buildings $10,700 23,800 26,300 70,100 (10,700) $14,500 20,800 19,600 70,100 (15,000) Total $110,000 $120,200 Accounts payable Common stock Retained earnings $11,800 75,000 23,200 $110,000 $28,300 73,400 18,500 $120,200 Total Additional information 1. Net income was $22,800. Dividends declared and paid were $18,100 2. No noncash investing and financing activities...
Create the “Operating Section”of the statement of cash flows
using the indirect method(ONLYTHE
OPERATING SECTION).
Place your answer on this
page(operating section only, indirect
method).
Statement of Cash Flows - Indirect Review 2025 12.000 125.000 1.000 75.000 300.000 (20.000) 23 000 15,000 14.000 Balance Sheet - Selected Info. Cash Accounts Receivable Inventory Prepaid Insurance Property Plant & Equip Accumulated Depreciation Accounts Payable Salaries Payable Notes Payable (Short-Term) Dividends Pavable Bonds Payable Utilities Expense Salaries Expense Notes Payable (Long-Term) Common Stock...
Please help with the wrong
ones, thank you!
Statement of Cash Flows (Indirect Method) The Sky Company's income statement and comparative balance sheets as of December 31 of 2019 and 2018 follow: SKY COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $800,000 Dividend Income 19,000 819,000 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 30,000 Loss on Sale of Equipment...
Statement of Cash Flows (Indirect Method) The Sky Company's income statement and comparative balance sheets as of December 31 of 2019 and 2018 follow: SKY COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $800,000 Dividend Income 19,000 819,000 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 30,000 Loss on Sale of Equipment 5,000 Gain on Sale of Investments (10,000) 654,000...
Problem 11-4B Prepare a statement of cash flows-indirect method.
The income statement, blanace sheets, and additional
indormation dor Virtual Gaming Systems are provided.
Problem 11-4B Prepare a statement of cash flows-indirect method (LO11-2, 11-3, 11-4, 11-5) The income statement, balance sheets, and additional information for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 $2,450,000 7,500 2,457,500 Net sales Gain on sale of land Total revenues Expenses: Cost of goods sold Operating...
Prepare a statement of cash flows for 2020 using the indirect
method.
Rojas Corporation's comparative balance sheets are presented below. ROJAS CORPORATION Comparative Balance Sheets December 31 2020 2019 Cash Accounts receivable Land $14,900 21,500 19,700 70,100 (14,800) $111,400 $10,400 23,400 25,900 70,100 (10,700) $119,100 Buildings Accumulated depreciation-buildings Total Accounts payable Common stock Retained earnings $12,100 75,400 23,900 $111,400 $28,300 73,600 17,200 $119,100 Total Additional information: 1. Net income was $22,400. Dividends declared and paid were $15,700. 2. No noncash...
Prepare a statement of cash flows for 2016 in good form using
the indirect method for cash flows from operating activities.
The Murdock Corporation reported the following balance sheet data for 2016 and 2015 4 20162015 Cash Available-for-sale securities (not cash $ 92,915 $ 31,355 22,500 99,000 94.000 80,850 179,000 57600 3,400 1.278,000 1,139,000 (624,000) (586,000) equivalents) Accounts receivable Inventory Prepaid insurance Land, buildings, and equipment Accumulated depreciation 0140:55 2,760 Total assets 1,045,175 $ 925,205 Accounts payable Salaries payable $88,940...
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