On July 15, 2021, M.W. Morgan Distribution sold land for $49.6 million that it had purchased...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On July 15, 2021, M.W. Morgan Distribution sold land for $49.6 million that it had purchased in 2016 for $37.0 million. Required: What would be the amount(s) related to the sale that Morgan would report in its statement of cash flows for the year ended December 31, 2021, using the direct method? The indirect method? Complete this question by entering your answers in the tabs below. Indirect Method Direct Method What would be the amount(s) related to the sale that Morgan would report in its statement of cash flows for the year ended December 31, 2021, using the direct method? (List any cash outflows with a minus sign. Enter your answers in millions rounded to 1 decimal place (1.e., 5,500,000 should be entered as 5.5).) Cash inflow from operating activities ($ in millions) On July 15, 2021, M.W. Morgan Distribution sold land for $49.6 million that it had purchased in 2016 for $37.0 million. Required: What would be the amount(s) related to the sale that Morgan would report in its statement of cash flows for the year ended December 31, 2021, using the direct method? The indirect method? Complete this question by entering your answers in the tabs below. Indirect Method Direct Method What would be the amount(s) related to the sale that Morgan would report in its statement of cash flows for the year ended December 31, 2021, using the direct method? (List any cash outflows with a minus sign. Enter your answers in millions rounded to 1 decimal place (1.e., 5,500,000 should be entered as 5.5).) Cash inflow from operating activities ($ in millions)
Expert Answer:
Answer rating: 100% (QA)
Direct method In millions Cash inflow from investing activitie... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
Students also viewed these general management questions
-
On July 15, 2021, M.W. Morgan Distribution sold land for $40.5 million that it had purchased in 2016 for $33.0 million. Required: What would be the amount(s) related to the sale that Morgan would...
-
On January 1, 2021, Cameron Inc. bought 30% of the outstanding common stock of Lake Construction Company for $420 million cash, giving Cameron the ability to exercise significant influence over...
-
A new CEO was hired to revive the floundering Heirloom Watch Corporation. The company had endured operating losses for several years, but confidence was emerging that better times were ahead. The...
-
A horizontal cross section of a concrete bridge pier is a regular hexagon (six sides, all equal in length, and all internal angles are equal), each side of which is 2.50 m long. If the height of the...
-
The random variable x takes on the values 1, 2, and 3 with probabilities (1 + 3k) / 3, (1 + 2k) / 3, and (0.5 + 5k) / 3, respectively. a) Find the appropriate value of k b) Find the mean variance of...
-
Boyd Docker has just rented space in a strip mall. In this space, he will open a photography studio, to be called SnapShot! A friend has advised Boyd to set up a double- entry set of accounting...
-
Match the accounting term with the corresponding definition. 1. Accumulated depreciation 2. Adjusted trial balance 3. Adjusting entry 4. Book value 5. Contra- account 6. Depreciation 7. Long-term...
-
The 2010 oil spill in the Gulf of Mexico caused the oil firm BP and the U. S. government to greatly increase purchases of boat services, various oil-absorbing materials, and other goods and services...
-
Sunny Beach Resort is a family-friendly budget resort. Management has projected 14,800 room rentals for the year, based on the 60-room resort. The capital invested in the motel is $1,500,000. The...
-
Formulate a linear program which can be used to generate a comprehensive plan for the whole Far Eastern operations. Clearly define every variable used in your formulation. Start your report with an...
-
You have been given the choice to reduce your mortgage interest rate for each point received by the lender at closing you decided to give points, on a $500,000 loan, how much money will you be...
-
The following is the trend of PSEI monthly values: Axis Title 1. 1,600.00 1,400.00 1,200.00 1,000.00 800.00 600.00 400.00 200.00 0.00 Required: PSEI y= 5.0896x+614.29 1 6...
-
Given the following project network and baseline information below, complete the form to develop a status report for the project at the end of period 4 and the end of period 8. 0 A 2 0 2 2 2 O Task A...
-
What is the importance of internal analysis in an organization and how can it help identify key areas to improve its competitiveness?
-
Raul Salazar has just started the 4th grade. He was referred to the school's multidisciplinary team because of reports of difficulties in school, such as not following instructions and not completing...
-
Swan Bank has assets of $32.92 billion. The bank estimates total risk-weighted assets of $14.64 billion. Assuming Basel III requirements, how much ( $millions ) must be CET1 capital out of Swan...
-
what does organizational productivity mean in regard to effectiveness and efficiency? How does organizational culture affect organizational effectiveness? please cite reference.
-
Nitrogen monoxide reacts with hydrogen as follows: 2NO(g)+ H2(g) N2O(g) + H2O(g) The rate law is [H2]/ t = k[NO]2[H2], where k is 1.10 107 L2/(mol2s) at 826oC. A vessel contains NO and H2 at...
-
On December 31, 2021, Interlink Communications issued 6% stated rate bonds with a face amount of $100 million. The bonds mature on December 31, 2051. Interest is payable annually on each December 31,...
-
The December 31, 2021, year-end inventory balance of the Raymond Corporation is $210,000. You have been asked to review the following transactions to determine if they have been correctly recorded....
-
On June 30, 2021, Fly-By-Night Airlines leased a jumbo jet from Boeing Corporation. The terms of the lease require Fly-By-Night to make 20 annual payments of $400,000 on each June 30. Generally...
-
How does the transistor width-to-length ratio affect the small-signal voltage gain of a common-source amplifier?
-
Sketch a simple common-source amplifier circuit and discuss the general ac circuit characteristics (voltage gain and output resistance).
-
How does the body effect change the small-signal equivalent circuit of the MOSFET?
Study smarter with the SolutionInn App