For the year ended 30 June 2022, the following information is available for X-ray Ltd:20222021Dividend receivable5,2004,400Land240,000100,000Buildings1,200,000500,000Accumulated depreciation-buildings(200,000)(150,000)Machinery45,00038,000Accumulated depreciation-machinery(13,100)(7,200)28,0000Asset revaluation surplus - landAdditional information:a) Dividend revenue for the year was $3,500.b) Depreciation expense on machinery for the year $7,500.c)Land was revalued at the end of the year. This resulted in the recognition of an assetrevaluation surplus. Land was also purchased.d) Buildings were purchased during the year. This was paid for by issuing $200,000worth of shares and the balance paid in cash.e) Machinery with a cost of $8 000 was sold for cash during the year. A gain on sale of$4,000 was recorded. New machinery was purchased for cash.f) The tax rate is 30%Required:a) Calculate net cash used in investing activities (assume the company showsdividends received in investing activities).b) Present the cash flows in the correct format.

Name: For the year ended 30 June 2022, the following information is availab
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Description: For the year ended 30 June 2022, the following information is available for X-ray Ltd:20222021Dividend receivable5,2004,400Land240,000100,000Buildings1,200,000500,000Accumulated depreciation-buildings(200,000)(150,000)Machinery45,00038,000Accumulate

Cash Flows from Investing Activities: It is part of the cash flow statement. Cash inflows or…

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For the year ended 30 June 2022, the following information is available for X-ray Ltd: 2022 2021 Dividend receivable 5,200 4,400 Land 240,000 100,000 Buildings 1,200,000 500,000 Accumulated depreciation-buildings (200,000) (150,000) Machinery 45,000 38,000 Accumulated depreciation-machinery (13,100) (7,200) Asset revaluation surplus - land 28,000 0 Additional information: a) Dividend revenue for the year was $3,500. b) Depreciation expense on machinery for the year $7,500. c) Land was revalued at the end of the year. This resulted in the recognition of an revaluation surplus. Land was also purchased. d) Buildings were purchased during the year. This was paid for by issuing $200,000 worth of shares and the balance paid in cash. e) Machinery with a cost of $8 000 was sold for cash during the year. A gain on sal $4,000 was recorded. New machinery was purchased for cash. f) The tax rate is 30% Required: a) Calculate net cash used in investing activities (assume the company shows dividends received in investing activities). b) Present the cash flows in the correct format.

For the year ended 30 June 2022, the following information is available for X-ray Ltd: 2022 2021 Dividend receivable 5,200 4,400 Land 240,000 100,000 Buildings 1,200,000 500,000 Accumulated depreciation-buildings (200,000) (150,000) Machinery 45,000 38,000 Accumulated depreciation-machinery (13,100) (7,200) Asset revaluation surplus - land 28,000 0 Additional information: a) Dividend revenue for the year was $3,500. b) Depreciation expense on machinery for the year $7,500. c) Land was revalued at the end of the year. This resulted in the recognition of an revaluation surplus. Land was also purchased. d) Buildings were purchased during the year. This was paid for by issuing $200,000 worth of shares and the balance paid in cash. e) Machinery with a cost of $8 000 was sold for cash during the year. A gain on sal $4,000 was recorded. New machinery was purchased for cash. f) The tax rate is 30% Required: a) Calculate net cash used in investing activities (assume the company shows dividends received in investing activities). b) Present the cash flows in the correct format.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 6MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense...

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