On the basis, of the details of the following fixed asset account, indicate the items to be
Question:
Transcribed Image Text:
LAND 250,000 Jan. 1 Balance Feb. 5 Purchased for cash Dec. 31 Balance 900,000Oct. 30 Sold for $310,000 300,000 950,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 69% (13 reviews)
Cash flows from investing activities Sale of land 310000 ...View the full answer
Answered By
Caroline Kinuthia
Taking care of the smaller details in life has a larger impact in our general well being, and that is what i believe in. My name is Carol. Writing is my passion. To me, doing a task is one thing, and delivering results from the task is another thing. I am a perfectionist who always take things seriously and deliver to the best of my knowledge.
4.90+
1933+ Reviews
4269+ Question Solved
Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Question Posted:
Students also viewed these Managerial Accounting questions
-
On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cashflows: ACCOUNT Land ACCOUNT NO. Balance Item Credit Debit Credit Debit Date...
-
On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit...
-
On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cashflows: ACCOUNT Land ACCOUNT NO. Balance Debit Credit Debit Credit Date Item...
-
At December 31, 2020, the following information was available for Tai Lin Goods: ending inventory HK$400,000, beginning inventory HK$580,000, cost of goods sold HK$2,842,000, and sales revenue...
-
Southland Corporation's decision to produce a new line of recreational products has resulted in the need to construct either a small plant or a large plant. The decision as to which size to select...
-
The electric and magnetic fields of a particle of charge q moving in a straight line with speed v = ?c, given by (11.152), become more and more concentrated as ? ? 1, as is indicated in Fig. Choose...
-
Correlation and \(t\)-Statistics. Use the following steps to establish a relationship between the correlation coefficient and the \(t\)-statistic for the slope. a. Use algebra to check that...
-
The stock in Ivory Corporation is owned by Gold Corporation (80%) and Imelda (20%). Gold Corporation purchased its shares in Ivory nine years ago at a cost of $650,000, and Imelda purchased her...
-
Describe what is meant by manufacturing profit? The account must include, direct materials labour and expenses prime cost indirect costs (factory overheads) work in progress at start and at end ...
-
Elm Manufacturing Company (ELM) is a small manufacturer of back packs located in Rochelle, Illinois. They make three different types of Backpacks: A small backpack made for school that is designed to...
-
An analysis of the general ledger accounts indicates that delivery equipment, which cost $120,000 and on which accumulated depreciation totaled $40,000 on the date of sale, was sold for $75,000...
-
On the basis of the following stockholders equity accounts, indicate the items, exclusive of net income, to be reported on the statement of cash flows. There were no unpaid dividends at either the...
-
A long, thin, positively charged wire runs along the long central axis of a hollow conducting cylinder of length \(10 \mathrm{~m}\), inner radius \(50 \mathrm{~mm}\), and outer radius \(70...
-
An accrual-basis taxpayer sold land for $100,000 on July 1, Year 1, and received $20,000 cash and a note for $80,000. The taxpayer's basis in the asset is $60,000. What amount of gain, if any, should...
-
A corporate taxpayer's capital gains and losses are as follows: Short-term capital gain $7,000 Short-term capital loss $(43,000) Long-term capital gain $ 9,000 Long-term capital loss $(21,000) What...
-
MEMO#113 TO: Bill Bugnay FROM: M. Lasker December 1, 20XX Please issue a cheque to Barrio Fiesta for a deposit for our Christmas Party for $4000. Record this as a Deposit. (CHQ 2113)
-
Lisa owns and operates Athlete Success Limited, a closely held personal service corporation in which she provides training advice to professional athletes. Athlete Success Limited has $60,000 of...
-
How do inventory disclosures following IFRS differ from those following U.S. GAAP?
-
True Or False Inflation has no effect on the discounting of present-value awards.
-
Determine the annual percentage yield for a loan that charges a monthly interest rate of 1.5% and compounds the interest monthly.
-
Find the critical points of the function. Then use the Second Derivative Test to determine whether they are local minima, local maxima, or saddle points (or state that the test fails). f(x, y)= 4x -...
-
Josh Beach contributed land, inventory, and $24,000 cash to a partnership. The land had a book value of $65,000 and a market value of $114,000. The inventory had a book value of $60,000 and a market...
-
Jen Hall contributed a patent, accounts receivable, and $22,000 cash to a partnership. The patent had a book value of $56,000. However, the technology covered by the patent appeared to have...
-
Brandon Smithson and Lakendra Mooney formed a partnership, dividing income as follows: 1. Annual salary allowance to Mooney of $53,000. 2. Interest of 14% on each partners capital balance on January...
-
State the dividend irrelevance proposition. What are the assumptions behind this proposition? Explain why this proposition does not hold in the real world. (20 marks)
-
How many monthly withdrawals of $1,400 will an investment of $75,000 sustain if the first withdrawal is made 12 months from now and the money earns 8.4% compounded monthly
-
1. You buy a bond with 3 years left to maturity and a yield to maturity of 6% for $920. After 1 year you receive a coupon payment of $30 and sell the bond for $940. What was your rate of return on...
Study smarter with the SolutionInn App