Vista Company sold for $98,000 cash land originally costing $70,000. The company recorded a gain on the

Question:

Vista Company sold for $98,000 cash land originally costing $70,000. The company recorded a gain on the sale of $28,000. How is this event reported in a statement of cash flows using the indirect method?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 9781618533111

6th Edition

Authors: Michelle L. Hanlon, Robert P. Magee, Glenn M. Pfeiffer, Thomas R. Dyckman

See More Books

Question Posted: Oct 15, 2021 03:32 AM

See More Questions

The exclusion of gain on the sale of a residence applies to only one sale every two years. The taxpayer is always ineligible for the exclusion if, during the two-year period ending on the date of...
Prepare a statement of cash flows using the indirect method for the ABC Co for the year 2012. ABC Co. Balance Sheet 1/1/2012 12/31/2012 Increase/(Decrease) Cash 700,000 840,000 140,000 Marketable...
Preparing a Simple Statement of Cash Flows Using the Indirect Method Avalos Corporation is preparing its annual financial statements at December 31, 2011. Listed here are the items on its statement...
Suppose you needed a material that could absorb heat without having its temperature increase very much. Would you choose aluminum or water? Make sure your explanation uses the concept of specific...
We would like to investigate whether changes in unemployment is one of the causes of changes in poverty. Propose at least three regression models relating unemployment and poverty changes. You may...
If a company's control risk is assessed as low, the auditor needs to gather evidence on the operating effectiveness of the controls. For each of the following control activities listed as (1) - (10)...
The rise of portable electronic devices such as laptops and smart phones is made possible in part by the availability of lithium ion battery technology. Unfortunately, in some cases these batteries...
Earn Hart Corporation has outstanding 3,000,000 shares of common stock of a par value of $10 each. The balance in its retained earnings account at January 1, 2010, was $24,000,000, and it then had...
7. The full symbol of an ion of an element is 39X+? Which one of the following is the number of electrons in the ion? A. 18 B. 19 C. 20 D. 39 8. The atomic numbers of elements W, X, Y and Z are 9,...
Given the following short movie reviews, each comedy or action: labeled with a genre, ei 1. fun, couple, love, love comedy 2. fast, furious, shoot action 3. couple, fly, fast, fun, fun comedy 4....
In determining net cash flow from operating activities using the indirect method, why must we add depreciation back to net income? Give an example of another item that is added back to net income...
What separate disclosures are required for a company that reports a statement of cash flows using the indirect method?
After researching one of the following topics, write an essay of eight to ten pages evaluating the plausibility of the underlying hypothesis. 1. The existence of UFOs 2. Extraterrestrial abductions...
A company is considering whether to buy a regular or color photocopier for the office. The cost of the regular machine is $10,000, its life span is 5 years, and the company has to pay another $1,500...
1) As we keep on consuming more quantity of a commodity, how does that greater consumption of a good affects total utility and marginal utility? Answer should include the impact on BOTH total and...
What is the output of the following code? int total = 5; int sum=2; for (int number = 1; number > total; number++) { sum = sum + number; } System.out.println(sum);
Preamble Testing methods (and programs) is an important part of computer programming. One way of testing is to write an interactive driver program and you manually enter input values from your test...
Optimize 2x + 2xy +4y Subject to 4x + 4y =32
At the beginning of a 3.0-h plane trip, you are traveling due north at 192 km/h. At the end, you are traveling 240 km/h in the northwest direction (45west of north). (a) Draw your initial and final...
What can scientists learn by comparing the fossilized skeletons of extinct primates with the bones of modern species?
The use of a bank contributes significantly to good internal control over cash. Is this true? Why or why not?
(a) Cash equivalents are the same as cash. Do you agree? Explain. (b) How should restricted cash funds be reported on the balance sheet?
Match each situation with the fraud triangle factoropportunity, financial pressure, or rationalizationthat best describes it. 1. An employees monthly credit card payments are nearly 75% of their...
A Car Has A Cash Price Of $37 000. Jodie Purchases The Car On Terms. She Pays A Deposit Of $5 000 And Repays The Balance Over 5 Years In Equal Monthly Instalments Of $750. Calculate The Annual Rate...
Your boss is enthusiastic about making sustainability a top organizational priority. In a recent meeting he kept talking about nature, green practices, and resource protection. You listened and...
Why take the time for team members to learn about each others personal lives? What are the responsibilities of the team leader, and what are the most desirable skills and behaviors? What is the value...

Vista Company sold for $98,000 cash land originally costing $70,000. The company recorded a gain on the

Question:

Step by Step Answer:

Under the indirect method the 98000 cash received from the sale of ...View the full answer

Financial Accounting

Students also viewed these Business questions