how to complete the Statement of Cash Flows ACC 122 Spring 2021 Comprehensive Project BestValue Corporation's Trial
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ACC 122 Spring 2021 Comprehensive Project BestValue Corporation's Trial Balance at December 31, 20XX is presented below. All 20XX transactions have been recorded except for the items described on the next page. Cash Accounts Receivable Inventory Debt Investments Land Buildings Equipment Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Interest Payable Unearned Rent Revenue Dividends Payable Income Tax Payable Bonds Payable Discount on Bonds Payable Common Stock ($2 par) Paid in Capital in Excess of Par-Common Stock Preferred Stock ($60 par) Paid in Capital in Excess of Par-Preferred Stock Retained Earnings Treasury Stock Cash Dividends Sales Revenue Rent Revenue Gain on Sale of Land Bad Debt Expense Interest Expense Cost of Goods Sold Depreciation Expense Other Operating Expenses Salaries and Wages Expense Income Tax Expense Total Debit 115,290 28,789 25,540 0 55,674 215,850 75,120 0 0 0 0 0 478,592 0 53,274 79,632 0 $1,127,761 $ Credit 1,077 63,306 16,048 35,278 0 54,300 0 0 0 29,200 44,580 0 0 107,904 776,068 0 0 $1,127,761 CONTINUED ON NI ACC 122 Spring 2021 Comprehensive Project BestValue Corporation's Trial Balance at December 31, 20XX is presented below. All 20XX transactions have been recorded except for the items described on the next page. Cash Accounts Receivable Inventory Debt Investments Land Buildings Equipment Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Interest Payable Unearned Rent Revenue Dividends Payable Income Tax Payable Bonds Payable Discount on Bonds Payable Common Stock ($2 par) Paid in Capital in Excess of Par-Common Stock Preferred Stock ($60 par) Paid in Capital in Excess of Par-Preferred Stock Retained Earnings Treasury Stock Cash Dividends Sales Revenue Rent Revenue Gain on Sale of Land Bad Debt Expense Interest Expense Cost of Goods Sold Depreciation Expense Other Operating Expenses Salaries and Wages Expense Income Tax Expense Total Debit 115,290 28,789 25,540 0 55,674 215,850 75,120 0 0 0 0 0 478,592 0 53,274 79,632 0 $1,127,761 $ Credit 1,077 63,306 16,048 35,278 0 54,300 0 0 0 29,200 44,580 0 0 107,904 776,068 0 0 $1,127,761 CONTINUED ON NI
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ANSWER Calculation of gain on sale of land Selling Price of land 65000 Book Value of Land 55674 Gain ... View the full answer
Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
Posted Date:
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