None A compoany acquired a building, paying a portion of the purchase price in cash and issuing amortgage note payable to the seller for the balance. In a statement of cash flows, which ofthese amounts would be included in the financing activities? 1 cash payment 2 acquisitionprice 3 mortgage amount and 4 none of thre chioces

The statement of cash flow is one of the financial statements which shows the sources of cash from…

Answered: A compoany acquired a building, paying…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter13: Statement Of Cash Flows

Section: Chapter Questions

Problem 13E: Reporting land acquisition for cash and mortgage note on statement of cash flows On the basis of the...

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Reporting land acquisition for cash and mortgage note 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:
For assets acquired on credit or by installment, the cost or fair value is equal to: A. cash purchase priceB. invoice priceC. installment priceD. list price
Under PFRS 9, a financial asset shall be measured subsequently at amortized cost when: I. The business model of the entity is to hold the financial asset in order to collect contractual cash flows on specifies dates. II. The contractual cash flows are solely payment of principal and interest on the principal amount outstanding. O Il only Both I anf II O Either I orll O lonly Next
In an acquisition of assets, the acquirer must give up which of the following? A. Other Assets B. Cash C. Liability D. Any of the given
To calculate the amount realized on the sale of an asset, which of the following are part of the calculation? a) Cash received by the seller b) All of the above c) Adjusted basis of the asset sold d) Fair market value of the property received by the seller e) A & C only
Which of the following transactions is revenue expenditure? A Expenditure resulting in improvements to property B Expenditure on heat and light C Purchasing non-current assets D Repaying a bank overdraft
An amortization schedule shows Group of answer choices A)how a company amortizes an intangible asset. b)the amount of goodwill a company will report on their balance sheet. c)a summary total of all interest paid to creditors. d)all of a company’s long-term notes payable. e)None of the above
Are the following assets real or financial?a.Patentsb.Lease obligationsc.Customer goodwilld.A college educatione.A $5 bill
____ 18. The acquisition of an asset on creditA) leaves the total assets unchangedB) decreases assets and increases liabilitiesC) increases assets and liabilitiesD) increases assets and owner’s equity____ 19. The account records long-term debt of thebusiness entity for which it has pledged certainassets as securityA) notes payableB) accounts payableC) mortgage payableD) bonds payable____ 20. The accounting equationA) is used to determine the amount of liabilities owedB) is used to determine the amount of income earnedduring the periodC) shows the claims on the owner’s equity by thecreditorsD) shows the claims on the entity’s assets by both thecreditors and the owner____ 21. When the proprietor withdraws cash or otherassets, the withdrawal account isA) debitedB) creditedC) debited and creditedD) not affected____ 22. A credit entry decreases the balance ofA) owner’s equityB) assetsC) incomeD) liabilities____ 23. When an entity pays employees for theirservices, the effect is an increase…
Net book value is Select one: a. Amount of which an asset is recognized in the balance sheet after deducting any accumulated depreciation. b. Net amount which the entity expects to obtain for an asset at the end of its useful life. c. Amount of cash or cash equivalent paid or the fair value of the other consideration given to acquire an asset at the time of its acquisition or construction. d. Cost of an asset or the amount substituted for cost in the financial statements, less its residual value
When assets that have been sold and accounted for by the installment method are subsequently repossessed and returned to incentory, they should be recorded on the books at a. net realizable value b. net realizable value minus normal profit c. the amount of the installment receivable less associated deferred gross profit d. selling price
Journal entry worksheet < 2 Record amortization of the goodwill (an intangible asset with an indefinite life). Note: Enter debits before credits. Transaction b. Record entry General Journal Clear entry Debit Credit View general journal

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