Land costing $135,586 was sold for $172,229 cash. The gain on the sale was reported on...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Land costing $135,586 was sold for $172,229 cash. The gain on the sale was reported on the income statement as other income. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land? Oa. $307,815 Ob. $172,229 Oc. $36,643 Od. $135,586 Land costing $135,586 was sold for $172,229 cash. The gain on the sale was reported on the income statement as other income. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land? Oa. $307,815 Ob. $172,229 Oc. $36,643 Od. $135,586
Expert Answer:
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
Posted Date:
Students also viewed these accounting questions
-
What amount should be recorded as an asset and a liability for capital leases on the books of the lessee?
-
What amount should be accepted as equivalent, 60 days before an obligation of $1480 is due, if money can earn 6 %?
-
What amount should be recorded as the cost of a machine purchased December 31, 2014, which is to be financed by making 8 annual payments of $9,000 each beginning December 31, 2015? The applicable...
-
The following recreation demand function is for a beach: x = 4 (p/500) + q. The visitation amount is represented by x (times), the travel cost is represented by p (yen), and the water quality is...
-
Pueblo Company issued $300,000 of 5-year, 8% bonds at 98 on January 1, 2014. The bonds pay interest twice a year. Instructions (a) (1) Prepare the journal entry to record the issuance of the bonds....
-
Refer to P1.6. For any item on the balance sheet determine whether it is a current asset, a long- term (noncurrent asset), a current liability, a long- term (noncurrent) liability, or an owners...
-
The Manco Corporation has $800,000 of 6 percent bonds outstanding. There is $40,000 of unamortized discount remaining on these bonds after the July 1, 20x8, semiannual interest payment. The bonds are...
-
The adjusted trial balance for Rego Bowling Alley at December 31, 2014, contains the following accounts. Instructions (a) Prepare a classified balance sheet; assume that $15,000 of the note payable...
-
Need help with practice problem (c) Consider the solid S that is inside the sphere given by x + y + z =4 and above the cone given by z= 3x2 +3y . Specifically, S = (x, y,z) : x2 + y2+ z2
-
Deb and Jan were partners in the operation of a breakfast/lunch diner. Recent adverse decisions from the County Health Inspector relating to lapses in achieving proper water heating levels in their...
-
Explain ALM process in banks. Discuss the impacts of Positive and Negative Gaps on the profitability of a bank in different interest rates scenarios. You are required to analyze the above impact with...
-
A firm expects to sell 25,000 units of its product at $11 per unit.Net income before tax is predicted to be $60,000.If the variable costs per unit are $6 per unit, total fixed costs must be: Mar...
-
A manual assembly line produces a small appliance whose work content time = 41 min. Production rate = 41 units/hr, repositioning time = 8 sec, line efficiency = 96%, and balancing efficiency = 93%....
-
In general, what are the four roles that the agency has under the Missouri Administrative Procedure Act?
-
Hewitt Inc. has entered into an equity swap arrangement that allows it to swap a fixed interest rate of 8 percent in exchange for the rate of appreciation on the Dow Jones Industrial Average each...
-
Watch 2 videos on SQL on youtube (at your current level of understanding). Discuss what you learned in each video
-
Your colleague Trayvon has a question about how advance directives are handled in the EHR at Lakeside Hospital; he is concerned that patients end-of-life wishes are not being honored. Which committ
-
What is the mode?
-
1. Accounts Receivable has a beginning balance of $425,000 and an ending balance of $437,000. Cash collected from customers during the period was $1,263,000. Sales for the period were: (a)...
-
When transferring securities between categories under the provisions of FASB Statement No. 115, how is the transfer accounted for? At what value are the securities recorded?
-
To help you become familiar with the accounting standards, this case is designed to take you to the FASBs Web site and have you access various publications. Access the FASBs Web site at www.fasb.org....
-
Internal Control for Sales} Johnson Tires has three stores. Each store manager is paid a salary plus a bonus on the sales made by his or her store. On January 5, 2019, Kevin Samuel, manager of one of...
-
(Mutually exclusive projects) The following projects are offered to you. The annual cash flows are expected to continue forever. a. What is the IRR of each project? b. If the cost of capital is 7%,...
-
Bad Debt Expense: Percentage of Credit Sales Method} Kelly's Collectibles sells nearly half its merchandise on credit. During the past four years, the following data were developed for credit sales...
Study smarter with the SolutionInn App