Crane Inc. is a private company reporting under ASPE. The following selected account balances were reported...
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Crane Inc. is a private company reporting under ASPE. The following selected account balances were reported in Crane Inc.'s financial statements at year end: 2024 2023 Cash $18,140 $8,200 Building Equipment 697,000 615,000 322.260 278,800 Land 82.000 49.200 Accumulated depreciation-building 252,150 246,000 Accumulated depreciation-equipment 101,680 77,080 Dividends payable 5.125 2,050 Mortgage payable 446,900 479,700 Notes payable 278,800 254,200 Common shares: 46,000 shares in 2024:40,000 in 2023 661.740 561,700 Retained earnings 164,000 82.000 Cash dividends declared 20,500 8.200 Depreciation expense-buildings 20.500 34.850 Depreciation expense-equipment 40,285 22,140 Gain on sale of equipment 820 Loss on sale of building 8.200 0 interest opense 39,565 36.695 Additional information Purches 561,500 of equipment for $8.200 cash and a note payable for the remainder Equipment was also sold during the yea 3 Sold a $41,000 A Used cash to shine land and a ding Mortgag pynts and notes payable payments inchadest interest and Comhars were issued fur ca Determine the amount of any cash inflows or outflows related to investing activities in 2024. (Hint: Use T accounts to calculate the cash flows.) (Show amounts that decrease cash flow with either a-sign eg-15,000 or in parenthesis eg (15,000)) Investing Activities Purchase of Equipment Sale of Equipment Sale of Building Purchase of Land Repayment of Mortgage Note CRANE INC. Cash Flow Statement (Partial) Year Ended December 31, 2024 61500 Net Cash Provided by Investing Activities $ Question Part Score What was the amount of profit reported by Crane Inc. in 2024? Amount of profit $ Question Part Score --18 Question Part Score Determine the amount of any cash inflows or outflows related to financing activities in 2024. (Hint: Use T accounts to calculate the cash flows.) (Show amounts that decrease cash flow with either a-sign eg-15,000 or in parenthesis eg (15,000)) CRANE INC. Cash Flow Statement (Partial) > Question Part Score Identify and determine the amount of any noncash financing activities in 2024. Equipment costing $ Question Part Score -13 was acquired by paying $ cash and issuing a note payal 9 Crane Inc. is a private company reporting under ASPE. The following selected account balances were reported in Crane Inc.'s financial statements at year end: 2024 2023 Cash $18,140 $8,200 Building Equipment 697,000 615,000 322.260 278,800 Land 82.000 49.200 Accumulated depreciation-building 252,150 246,000 Accumulated depreciation-equipment 101,680 77,080 Dividends payable 5.125 2,050 Mortgage payable 446,900 479,700 Notes payable 278,800 254,200 Common shares: 46,000 shares in 2024:40,000 in 2023 661.740 561,700 Retained earnings 164,000 82.000 Cash dividends declared 20,500 8.200 Depreciation expense-buildings 20.500 34.850 Depreciation expense-equipment 40,285 22,140 Gain on sale of equipment 820 Loss on sale of building 8.200 0 interest opense 39,565 36.695 Additional information Purches 561,500 of equipment for $8.200 cash and a note payable for the remainder Equipment was also sold during the yea 3 Sold a $41,000 A Used cash to shine land and a ding Mortgag pynts and notes payable payments inchadest interest and Comhars were issued fur ca Determine the amount of any cash inflows or outflows related to investing activities in 2024. (Hint: Use T accounts to calculate the cash flows.) (Show amounts that decrease cash flow with either a-sign eg-15,000 or in parenthesis eg (15,000)) Investing Activities Purchase of Equipment Sale of Equipment Sale of Building Purchase of Land Repayment of Mortgage Note CRANE INC. Cash Flow Statement (Partial) Year Ended December 31, 2024 61500 Net Cash Provided by Investing Activities $ Question Part Score What was the amount of profit reported by Crane Inc. in 2024? Amount of profit $ Question Part Score --18 Question Part Score Determine the amount of any cash inflows or outflows related to financing activities in 2024. (Hint: Use T accounts to calculate the cash flows.) (Show amounts that decrease cash flow with either a-sign eg-15,000 or in parenthesis eg (15,000)) CRANE INC. Cash Flow Statement (Partial) > Question Part Score Identify and determine the amount of any noncash financing activities in 2024. Equipment costing $ Question Part Score -13 was acquired by paying $ cash and issuing a note payal 9
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Accounting Principles Part 3
ISBN: 978-1118306802
6th Canadian edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
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