Question: On January 1 2013 Shelton Company had a balance of

On January 1, 2013, Shelton Company had a balance of $325,000 in its Land account. During 2013, Shelton sold land that had cost $106,500 for $132,000 cash. The balance in the Land account on December 31, 2013, was $285,000.

Required
a. Determine the cash outflow for the purchase of land during 2013.
b. Prepare the investing activities section of the 2013 statement of cash flows.




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  • CreatedOctober 12, 2013
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