Question: in fairfield company, there was a decrease in the land account during the year of $48,000. Analysis reveals that the change resulted from a cash

in fairfield company, there was a decrease in the land account during the year of $48,000. Analysis reveals that the change resulted from a cash sale of land at a cost $110,000, and a cash purchase of land for $62,000. in the statement of cash flows, the change in land account should be reported in the investment section as a

net sale of land $48,000. purchase of land $62,000 sale of land $(110,000) purchase of land ($62,000) C. sale of land $110,000. d. net decrease of land, $48,000

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!

Question 1 All of the following statements about free cash flow are false except: Significant free cash flow indicates less potential to finance new investments. Significant free cash flow indicates...

Investing activitie will increse with a decrease in . A ) long term payable. B ) current lisbilities. C ) non - current assets. D ) capital expenditures. Cline Company issued ordinary shares for...

4 7 . On July 4 , 2 0 2 1 , Bonita Mining Company purchased the mineral rights to a granite deposit for $ 1 5 5 0 0 0 0 . It is estimated that the recoverable granite will be 4 0 0 0 0 0 tons. During...

In Stretch Company, there was an increase in the land account during the year of $48,000. Analysis reveals that the change resulted form a cash sale of land at cost $110,000, and a cash purchase of...

(show notes) Jean's Vegetable Market had the following transactions during 2014: 1. Issued $70,000 of par value common stock for cash . 2. Repaid a 6 year note payable in the amount of $19,000. 3....

1.These are selected account balances on December 31, 2017: Land (location of the corporations office building) $400,000, Land held for investment $600,000, Office Building $2,900,000, Inventory...

ANSWER THE FOLLOWING MULTIPLE-CHOICE QUESTIONS (30 x 3.33 points) (Please, show your work in quantitative questions) 1. A primary objective of the statement of cash flows is to show the income or...

1. In Shannon Company, there was an increase in the land account during the year of $48,000. Analysis reveals that the change resulted from a cash sale of land at a cost $110,000, and a cash purchase...

In Coronado Company, there was an increase in the land account during the year of $43000. Analysis reveals that the change resulted from a cash sale of land at cost $114600, and a cash purchase of...

Multiple Choice Question 106 In Coronado Company, there was an increase in the land account during the year of $43000. Analysis reveals that the change resulted from a cash sale of land at cost...

An article by J. J. Pignatiello, Jr. and J. S. Ramberg in the Journal of Quality Technology (Vol. 17, 1985, pp. 198- 206) describes the use of a replicated fractional factorial to investigate the...

? ? Comprehensive Problem Cost Volume Profit Analysis Based in Italy, Datura, Ltd., is an international importer-exporter of pottery with distribution centers in the United States, Europe, and...

Which of the following audit procedures would least likely result in the discovery of repairs and maintenance expenses inappropriately capitalized as assets? vouching amounts recorded as repairs and...

Find the radius of gyration of a plate covering the region bounded by x=3, x=5, y=0, and y=4 with respect to the y-axis.

=+What is our leadership style like?

=+What are our core competencies or competitive advantages?

=+What is our voice as a brand, and what is the voice of our community?