Reporting Land Transactions on Statement of Cash Flows On the basis of the details of the following
Question:
Reporting Land Transactions on Statement of Cash Flows On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 962,000 Mar. 12 Purchased for cash 327,000 1,289,000 Oct. 4 Sold for $180,000 154,000 1,135,000 Item Section of Statement of Cash Flows Added or Deducted Amount Mar. 12: Purchase of fixed asset Investing activities section Deducted $ Oct. 4: Sale of fixed asset Investing activities section Added $ Gain on sale of fixed asset (assume the indirect method) Operating activities section Deducted $
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren