FREE Trial

Vinson Co. sold a machine that cost $74,000 and had a book value of $44,000 for $50,000. Data from Vinson's comparative balance sheets are: Instructions What four items should be shown on a statement of cash flows (indirect method) from

Vinson Co. sold a machine that cost $74,000 and had a book value of $44,000 for $50,000. Data from Vinson's comparative balance sheets are:

Vinson Co. sold a machine that cost $74,000 and had


Instructions

What four items should be shown on a statement of cash flows (indirect method) from this information? Show your calculations.

Transcribed Image Text:

Machinery Accumulated 12/31/2008 12/31/2007 S800,000 S690,000 190,000 136,000

This problem has been solved!


Do you need an answer to a question different from the above? Ask your question!
  • Tutor Answer

Preparation of Amount should come in Cash flow Plant And Equipment Ac …View the full answer


answer-question
Related Book For  answer-question
Financial Accounting The Impact on Decision Makers

Financial Accounting The Impact on Decision Makers

ISBN: 978-1285182964

9th edition

Authors: Gary A. Porter, Curtis L. Norton

See More Books
Posted Date: May 06, 2013 05:24:30
See More Questions

Students also viewed these Managerial Accounting questions

Q:
The finance manager of the client company has recently resigned and is now employed as an Audit Senior, and he is now part of the audit team. Which of the following threats to objectivity does the...
A:
ANS OPTION d IS CORRECT BOTH 1 2 EXPLANATION Selfreview......
Q:
A machine that cost $ 400,000 has an estimated residual value of $ 40,000 and an estimated useful life of 20,000 machine hours. The company uses units- of- production depreciation and ran the machine...
A:
Machinery original cost 400000 Accumulated Depreci......
Q:
A company has a machine that cost $ 21,000 when acquired at the beginning of Year 1. It had a 10- year useful life and a $ 1,000 estimated residual value. Toward the end of Year 5, the company...
A:
Understatement of Year 1 income 21000 2000 19000 cr Overst......
Q:
Simplify each expression. Assume that all variables represent nonzero real numbers. (xy-3)-2
A:
To simplify the expression xy32 we can apply the distributiv......
Q:
Hedging a Foreign Currency Commitment-Effects on Income On October 1, 2013. Ellis Corporation agreed to sell 50,000 electric motors to a Swiss customer for 500,000 swiss francs (CHF). Delivery is to...
A:
a November 30 2013 Exchange loss 21000 Investment in forward contract 21000 To record decline in val......
Q:
Using the following probability tree: P(A B) .2 B .4 .8 B' Start .3 B .6 .7 B'
A:
Click to View...
Q:
Terri, age 16, is a dependent of her parents. During 2022, Terri earned $5,000 in interest income and $3,000 from part-time jobs. a. What is Terris taxable income? b. How much of Terris income is...
A:
a b c The parental election cannot be made because T......
Q:
What is conceptually the most defensible method for allocating support-department costs? Why?
A:
The reciprocal method is theoretically the m......
Q:
A long-time client called you to let you know they are the single ticket winner of the Georgia Mega Millions Lottery and have won the $430,000,000 prize! Your client must choose one of these two...
A:
Dear Client Firstly congratulations on your lottery win To guide you in making an informed decision......
Q:
The proposed rates were not in the range the CEO expected given the pricing analysis. The CEO has asked the pricing actuary to verify the total projected loss cost excluding potential large storm...
A:
Loss Projection and Pricing of P C Insurance You work with the pricing actuary at Cash for Claims a large PropertyCasualty insurer The CEO has some questions based on the most recent pricing analysis......
Q:
Prepare a Statement of Cash flows on the basis of the following data for Gateway & Company for the current year (20XX) and the preceding year end. Additional Ledger Information: *Purchased new...
A:
Computation of Cash flow statement Indirect Method Gateway Company Cash flow Statement Indirect Meth......
Q:
The accountant for Earth Institute, Inc. determined the cash flow for several transactions to be as follows: Payment to pay off notes payable .................................$175,000 Proceeds from...
A:
Calculation of Cash flow from financing activities Partic......
Q:
A text display displays 24 rows of 80 characters on a 640-pixel by 480-pixel 15-inch monitor. Assuming four spaces for horizontal space between each row of characters, how big are the characters in...
A:
Answer 1 Read address form PC Go to address Read Instruction Read the number that needs to be stored......
Q:
If a company needs to know the cost and profitability of projects as they are completed, which costing should it use? Multiple Choice Standard costing. Actual costing. Normal costing. Reduced...
A:
The detailed answer for the above question is provided below If a company needs to know the cos......
Q:
A client has a cash value account worth $50,000, $15,000 of which is attributable to growth. They currently have a loan outstanding equal to 20% of the cash value and just now received $5,000 in...
A:
To calculate the tax liability if the client surrenders the policy we need to consider the tax treat......
Q:
Write a Python program that verifies the formula with the help of the Python Math library. Note that the library trigonometric functions act on the angles in radians. Your program should perform the...
A:
It seems like you want to write a Python program that converts angles from degrees to radians an......
Q:
Use the table below to answer the following questions. Maturity Feb 2020 Feb 2021 Feb 2022 Price 97.123 94.770 92.424 Maturity Feb 2023 Feb 2024 Feb 2025 Price 90.066 87.528 85.410
A:
Question What is the quoted yield on the Feb 2021 STRIPS Solution Quoted Yield Face Value......
Q:
Latisha wants to get $4,000 to pay for her college tuition now. She qualifies for a loan with a level annual effective discount rate of 3.5% a) How much will she have to pay if the loan term is six...
A:
To calculate how much Latisha will have to pay for her college tuition loan and the annual effective......
Q:
Write the element of H in the form a 1 + a 2 i + a 3 j + a 4 k for a i R. i 2 j 3 kji 5
A:
i 2 j......
Q:
Determine the center and radius of each circle. Sketch each circle. 4x 2 + 4y 2 9 = 16y
A:
To determine the center and radius of the circle we need to rewrite the equation in......
Q:
What is the major distinction? (a) Between revenues and gains and (b) Between expenses and losses?
A:
a b The major distinction between revenues and gains or expenses and losses depends on the......
Q:
What are the advantages and disadvantages of the single-step income statement?
A:
Operating items are the expenses and revenues which relate directly to the principa......
Q:
What is the basis for distinguishing between operating and non-operating items?
A:
Operating items are the expenses and revenues which relate directly to the principa......
Q:
Garza Company expects to have a cash balance of $46,000 on January 1, 2010. Relevant monthly budget data for the first 2 months of 2010 are as follows. Collections from customers: January $85,000,...
A:
GARZA COMPANY Cash Budget For the Two Months Ending February 28 201......
Q:
Merrick Company expects to have a cash balance of $46,000 on January 1, 2012. These are the relevant monthly budget data for the first two months of 2012. 1. Collections from customers: January...
A:
MERRICK COMPANY Cash Budget For the Two Months Ending Februar......
Q:
Ming Company expects to have a cash balance of $46,000 on January 1, 2012. Relevant monthly budget data for the first 2 months of 2012 are as follows. Collections from customers: January $85,000,...
A:
MING COMPANY Cash Budget For the Two Months Ending February 29 2012......
Q:
A gas turbine power plant operates on a simple Brayton cycle with air as the working fluid having a pressure ratio of 8. The compressor efficiency is 80% and its inlet conditions are 100 kPa and 300...
A:
Calculate Collapse All Initialize Parma Study Stat......
Q:
Acme Corporation (a U.S. company located in Sarasota, Florida) has the following import/ export transactions in 2013: March 1 Bought inventory costing 50,000 pesos on credit. May 1 Sold 60 percent of...
A:
Inventory and Cost of Goods Sold are reported at the spot ra......
Q:
Ivy Company purchased land and a building on January 1, 2017. Management's best estimate of the value of the land was $100,000 and of the building $250,000. However, management told the accounting...
A:
It is likely that management requested this accounting treatment to boo......
Q:
Dennis sells short 100 shares of ARC stock at $20 per share on January 15, 2022. He buys 200 shares of ARC stock on April 1, 2022, at $25 per share. On May 2, 2022, he closes the short sale by...
A:
Dennis has engaged in a short sale against the box because although he did not own substantially ide......
Q:
Newgen Products Inc., a wholesaler of office products, was organized on February 20 of the current year, with an authorization of 75,000 shares of 2% preferred stock, $50 par and 400,000 shares of...
A:
Date 20Feb Cash Common Stock 150000 shares x 15 Issued 150000 shares......
Q:
Suppose Snow Whiteboards Inc. anticipates the following sales in units over the next four months. December 25,500 27,500 31,500 28,500 Snow's maintains an ending inventory of two times the following...
A:
a Calculate the number of units to be produced for September October and November as follows Given S......
Q:
A torsion member is made by placing a circular tube inside a square tube, as shown, and joining their ends by rigid end-plates. The tubes are made of the same material and have the same constant wall...
A:
The detailed......
Q:
Adams, Loomis, and Vogt, three law students who have joined together to open a law practice, are struggling to manage their cash flow. They havent yet built up sufficient clientele and revenues to...
A:
Suggestions to improve cash management practices for A......
Q:
During October, Eastern Light Company experiences the following transactions in establishing a petty cash fund. Oct. 1 A petty cash fund is established with a check for $100 issued to the petty cash...
A:
Oct 1 Petty Cash 10000 Cash 10000 31 Postage......
Q:
A manufacturer of disposable washcloths/wipes told a retailer that sales for this product category closely correlated with sales of disposable diapers. The retailer thought he would check this out...
A:
The basic rule in correlation is Correlation does not mean causation Just because two va......
Q:
The discount yield on a 94-day T-bill is 1.13%. What is the price of the $1,000 T-bill?
A:
Value of T Bill 100 1......
Q:
Assume that C(x) is in dollars and x is the number of units produced and sold. For the total-cost function C(x) = 0.01x +0.5x + 50, find AC and C'(x) when x = 80 and Ax = 1. AC = $ (Simplify your...
A:
n ol at 001 m 05m 50 And AC on......
Q:
Discuss the salient points of TESU's academic honesty policy and why they are important for ethical and legal research. Identify a single source you found while looking through the databases want to...
A:
Thomas Edison State University TESU is known for upholding a robust academic honesty policy that emphasizes the importance of integrity honesty and re......
Q:
Good X and good Y both use a common input Z for production. Assume downward-sloping demand curves and upward-sloping supply curves for all these goods and input. Suppose now we have Py = 17 and Qy =...
A:
The detailed answer for the above question is provided below The correct answer is B 1518 Explanatio......
Q:
Socratic reasoning is one of the foundations of ethics. a) What are the two interrelated pieces of the Socratic Method? b) What were the three questions that Aristotle would ask when using this...
A:
1 The Socratic Method a foundational aspect of ethics consists of two interrelated pieces a Elenchus This is the process of asking and answering questions to stimulate critical thinking and uncover co......
Q:
Think about your relationship with technology. Has technology been a time-saver, or have its benefits made your work and personal life even more stressful? Do you have extra time as a result of using...
A:
ANSWER For instance smartphones computers and other gadgets have improved accessibility and producti......
Q:
What is the ideal number of children to have? This question was asked on the Sullivan Statistics Survey I. Draw a dot plot of the variable Children from theSullivanStatsSurveyI data set at...
A:
There are several similarities in the distribution of the ideal number......
Q:
Garza Company expects to have a cash balance of $46,000 on January 1, 2010. Relevant monthly budget data for the first 2 months of 2010 are as follows. Collections from customers: January $85,000,...
A:
GARZA COMPANY Cash Budget For the Two Months Ending February 28 201......
Q:
Merrick Company expects to have a cash balance of $46,000 on January 1, 2012. These are the relevant monthly budget data for the first two months of 2012. 1. Collections from customers: January...
A:
MERRICK COMPANY Cash Budget For the Two Months Ending Februar......
Q:
Ming Company expects to have a cash balance of $46,000 on January 1, 2012. Relevant monthly budget data for the first 2 months of 2012 are as follows. Collections from customers: January $85,000,...
A:
MING COMPANY Cash Budget For the Two Months Ending February 29 2012......
Q:
A gas turbine power plant operates on a simple Brayton cycle with air as the working fluid having a pressure ratio of 8. The compressor efficiency is 80% and its inlet conditions are 100 kPa and 300...
A:
Calculate Collapse All Initialize Parma Study Stat......
Q:
Acme Corporation (a U.S. company located in Sarasota, Florida) has the following import/ export transactions in 2013: March 1 Bought inventory costing 50,000 pesos on credit. May 1 Sold 60 percent of...
A:
Inventory and Cost of Goods Sold are reported at the spot ra......
Q:
Ivy Company purchased land and a building on January 1, 2017. Management's best estimate of the value of the land was $100,000 and of the building $250,000. However, management told the accounting...
A:
It is likely that management requested this accounting treatment to boo......
Q:
Dennis sells short 100 shares of ARC stock at $20 per share on January 15, 2022. He buys 200 shares of ARC stock on April 1, 2022, at $25 per share. On May 2, 2022, he closes the short sale by...
A:
Dennis has engaged in a short sale against the box because although he did not own substantially ide......
Q:
Newgen Products Inc., a wholesaler of office products, was organized on February 20 of the current year, with an authorization of 75,000 shares of 2% preferred stock, $50 par and 400,000 shares of...
A:
Date 20Feb Cash Common Stock 150000 shares x 15 Issued 150000 shares......
Q:
Suppose Snow Whiteboards Inc. anticipates the following sales in units over the next four months. December 25,500 27,500 31,500 28,500 Snow's maintains an ending inventory of two times the following...
A:
a Calculate the number of units to be produced for September October and November as follows Given S......
Q:
A torsion member is made by placing a circular tube inside a square tube, as shown, and joining their ends by rigid end-plates. The tubes are made of the same material and have the same constant wall...
A:
The detailed......
Q:
Adams, Loomis, and Vogt, three law students who have joined together to open a law practice, are struggling to manage their cash flow. They havent yet built up sufficient clientele and revenues to...
A:
Suggestions to improve cash management practices for A......
Q:
During October, Eastern Light Company experiences the following transactions in establishing a petty cash fund. Oct. 1 A petty cash fund is established with a check for $100 issued to the petty cash...
A:
Oct 1 Petty Cash 10000 Cash 10000 31 Postage......
Q:
A manufacturer of disposable washcloths/wipes told a retailer that sales for this product category closely correlated with sales of disposable diapers. The retailer thought he would check this out...
A:
The basic rule in correlation is Correlation does not mean causation Just because two va......
Q:
The discount yield on a 94-day T-bill is 1.13%. What is the price of the $1,000 T-bill?
A:
Value of T Bill 100 1......
Q:
Assume that C(x) is in dollars and x is the number of units produced and sold. For the total-cost function C(x) = 0.01x +0.5x + 50, find AC and C'(x) when x = 80 and Ax = 1. AC = $ (Simplify your...
A:
n ol at 001 m 05m 50 And AC on......
Q:
Discuss the salient points of TESU's academic honesty policy and why they are important for ethical and legal research. Identify a single source you found while looking through the databases want to...
A:
Thomas Edison State University TESU is known for upholding a robust academic honesty policy that emphasizes the importance of integrity honesty and re......
Q:
Good X and good Y both use a common input Z for production. Assume downward-sloping demand curves and upward-sloping supply curves for all these goods and input. Suppose now we have Py = 17 and Qy =...
A:
The detailed answer for the above question is provided below The correct answer is B 1518 Explanatio......
Q:
Socratic reasoning is one of the foundations of ethics. a) What are the two interrelated pieces of the Socratic Method? b) What were the three questions that Aristotle would ask when using this...
A:
1 The Socratic Method a foundational aspect of ethics consists of two interrelated pieces a Elenchus This is the process of asking and answering questions to stimulate critical thinking and uncover co......
Q:
Think about your relationship with technology. Has technology been a time-saver, or have its benefits made your work and personal life even more stressful? Do you have extra time as a result of using...
A:
ANSWER For instance smartphones computers and other gadgets have improved accessibility and producti......
Q:
What is the ideal number of children to have? This question was asked on the Sullivan Statistics Survey I. Draw a dot plot of the variable Children from theSullivanStatsSurveyI data set at...
A:
There are several similarities in the distribution of the ideal number......
Internal Quality Systems Auditing 1st Edition - ISBN: 1570744076 - Free Book