LMN Company's T account for long-term available-for-sale investments at the end of 20x7 is as follows: In
Question:
In addition, LMN Company's income statement shows a loss on the sale of investments of $13,000. Compute the amounts to be shown as cash flows from investing activities and show how they are to appear in the statement of cash flows.
Transcribed Image Text:
INVESTMENTS Beg. Bal. 76,000Sales Purchases 116,000 es78,000 End. Ba 114,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 86% (15 reviews)
Calculation of Cash Flows from Investing Activities of LMN Company for the year en...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Principles of Accounting
ISBN: 978-0618736614
10th edition
Authors: Belverd Needles, Marian Powers, Susan Crosson
Question Posted:
Students also viewed these Cost Accounting questions
-
Wilma Companys T account for long-term available-for-sale investments at the end of 2014 follows. In addition, Wilmas income statement shows a loss on the sale of investments of $13,000. Compute the...
-
CUD Company's T account for long-term available-for-sale investment at the end of 2010 is as follows: In addition, CUD Company's income statement shows a loss on the sale of investments of $26,000....
-
The T accounts for plant and accumulated depreciation for CUD Company at the end of 2010 are as follows: In addition, CUD company's income statement shown a gain on sale of plant assets of $17,600....
-
Suppose that a 20-year bond pays $4 coupon once a year, and its yield rate is 6%. The bond has write-down of $0.49 for the first year. Calculate the write-down amount for the third year. Round the...
-
On January 1, 2010, Company P purchased 100 percent of the outstanding voting shares of Company S in the open market for $80,000 cash. On that date, the separate balance sheets (summarized) of the...
-
Biological reduction of pyruvic acid, catalyzed by the enzyme lactate dehydrogenase, gives (+)-lactic acid, represented by the Fischer projection shown. What is the configuration of (+)-lactic acid...
-
An aircraft cruises at a Mach number of 2.0 at an altitude of \(15 \mathrm{~km}\). Inlet air is decelerated to a Mach number of 0.4 at the engine compressor inlet. A normal shock occurs in the inlet...
-
Past records indicate that the probability of online retail orders that turn out to be fraudulent is 0.08. Suppose that, on a given day, 20 online retail orders are placed. Assume that the number of...
-
Nike had sales of $36.362 billion in 2018. Suppose you expected its sales to grow at a rate of 12% in 2019, but then slow by 1% per year to the long-run growth rate that is characeristic of the...
-
First Trax Company manufactures snowboards. Its standard cost information follows. First Trax has the following actual results for the month of June: Number of units produced and sold...
-
The condensed single-step income statement for the year ended December 31, 20Ã9, of Sunderland Chemical Company, a distributor of farm fertilizers and herbicides, appears as follows: Selected...
-
The T accounts for plant assets and accumulated depreciation for LMN Company at the end of 20Ã7 are as follows: In addition, LMN Company's income statement shows a gain on sale of plant assets...
-
Describe servant leadership and explain how it differs from other theories of leadership.
-
For a given sand sample, laboratory tests show emax = 0.41, emin = 0.25, and Gs = 2.72. An in-situ test indicates that the relative density of the sand is approximately 65%. Estimate the in situ dry...
-
The premium rate for this new product would benefit the most from: A. A high deductible B. Flat copays on all services C. Requesting the hospitals to accept a one percent price concession on this...
-
The term "cost" in health care can mean all of the following EXCEPT: A. The amount paid for a service B. The amount a patient owes C. The amount paid on an invoice for a supply D. The amount paid to...
-
If you are investing $10,000 in a mutual fund that charges a sales load, and when you look at your statement you see your beginning balance is $9,425. How much was the sales load (as a percent of...
-
what do you think about this? Hello zuleyka, great explaination for your post and well detailed. l must say that each yield has it's own purpose, and is different from each other like you stated but...
-
The following account balances were taken from the adjusted trial balance for Shaw Messenger Service, a delivery service firm, for the fiscal year ended April 30, 20Y1: Prepare an income statement. $...
-
Wimot Trucking Corporation uses the units-of-production depreciation method because units-of-production best measures wear and tear on the trucks. Consider these facts about one Mack truck in the...
-
Develop a brief answer to each of the following questions: 1. What role does the internal audit department play in internal control? 2. What role does a bank reconciliation play in internal control...
-
Match the following items with the related statements below: a. Company environment b. Risk assessment c. Information and communication d. Control activities e. Monitoring 1. The company has an...
-
Alina Sadofsky, who operates a small grocery store, has established the following policies with regard to the checkout cashiers: 1. Each cashier has his or her own cash drawer, to which no one else...
-
E3-20 (Algo) Analyzing, Recording, and Evaluating the Effects of Income Statement Transactions [LO 3-3, LO 3-4, LO 3-5] [The following information applies to the questions displayed below.] MyBnB...
-
Required information [The following information applies to the questions displayed below.] The following data reports on the July production activities of the Molding department at Ash Company....
-
Question 1 Vieux Enterprise's total overhead costs at various levels of activity follow: Month Machine- Hours Total Overhead Costs April 70,000 $198,000 May 100,000 270,000 June 80,000 222,000 July...
Study smarter with the SolutionInn App