Question: how Attempt History Current Attempt in Progress Blossom Inc. is a private company reporting under ASPE. The following selected account balances were reported in Blossom

 how Attempt History Current Attempt in Progress Blossom Inc. is a

private company reporting under ASPE. The following selected account balances were reported

in Blossom Inc's financial statements at year end: Dividends payable Mortgage payable

Notes payable 6,850549,800346,000545,000213,00031,00027,50048,1051,02011,90049,4503,300589,800315,000416,000114,00014,80040,60026,2500045,350 Common shares: 5,520 shar Retained earnings Cash dividends declared

Depreciation expense-buildings Depreciation expense-equipment Gain on sale of equipment Loss on sale

of building Interest expense [6. Ch 11.pptx a. ch-10-pptaccessi...pptx A 1. Purchased

$81,000 of equipment for $12,400 cash and a note payable for the

remainder. 2. Equipment was also sold during the year. 3. Sold a

building that originally cost $56,000. 4. Used cash to purchase land and

a building. 5. Mortgage payments and notes payable payments included interest and

how Attempt History Current Attempt in Progress Blossom Inc. is a private company reporting under ASPE. The following selected account balances were reported in Blossom Inc's financial statements at year end: Dividends payable Mortgage payable Notes payable 6,850549,800346,000545,000213,00031,00027,50048,1051,02011,90049,4503,300589,800315,000416,000114,00014,80040,60026,2500045,350 Common shares: 5,520 shar Retained earnings Cash dividends declared Depreciation expense-buildings Depreciation expense-equipment Gain on sale of equipment Loss on sale of building Interest expense [6. Ch 11.pptx a. ch-10-pptaccessi...pptx A 1. Purchased $81,000 of equipment for $12,400 cash and a note payable for the remainder. 2. Equipment was also sold during the year. 3. Sold a building that originally cost $56,000. 4. Used cash to purchase land and a building. 5. Mortgage payments and notes payable payments included interest and principal amounts. 6. Common shares were issued for cash. Determine the amount of any cashimflows or outflows related to investing activities in 2021 . (Hint: Use T accounts to calculate the cash flows) (Show amounts that decrevse cash flow with either a - sign eg. 15,000 or in parenthesis eg. (15,000) ) Purchase of Land Purchase of Building \begin{tabular}{|l|} \hline(111000) \\ \hline \end{tabular} Sale of Equipment \begin{tabular}{|l|} \hline 46500 \\ \hline \end{tabular} Net Cash Used by Investing Activities eTextbook and Media Question Part Score $(135000) X Your answer is incorrect. What was the amount of profit reported by Blossom Inc. in 2021? Amount of profit $ eTextbook and Media Determine the amount of any cash inflows or outflows related to financing activities in 2021. (Hint: Use Taccoun the cash flows.) (Show amounts that decrease cash flow with either a -sign eg. - 15,000 or in parenthesis eg. (15,000) ).) eTextbook and Media Question Part Score Identify and determine the amount of any noncash financing activities in 2021. Equipment costing $ was acquired by paying $ cash and issuing a note pay: Identify and determine the amount of any nonash financing activities in 2021. was acquired by paying $ cash and issuing a note payable for $

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!