Jan. 1 Balance 158,400 July 31 Purchase of equipment 69,500 227,900 Sept. 2 Purchase of equipment 54,100 282,000 Nov. 10 Cost of equipment sold 50,800 231,200 Accumulated Depreciation-Equipment Date Debit Credit Balance Jan. 1 Balance 71,200 Nov. 10 Accumulated depreciation on equipment sold 16,500 54,700 Dec. 31 Depreciation for year 24,900 79,600 Date Jan. 1 Balance Aug. 23 Dividends (cash) Dec. 31 Net income Retained Earnings Debit Credit Balance 104,800 17,100 87,700 68,000 155,700 From the postings in the accounts, indicate how the information is reported on a statement of cash flows using the indirect method. The loss on disposal of plant assets was $8,800. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) CRANE CORP Statement of Cash Flows (Partial) - Indirect Method Adjustments to reconcile net income to

Jan. 1 Balance 158,400 July 31 Purchase of equipment 69,500 227,900 Sept. 2 Purchase of equipment 54,100 282,000 Nov. 10 Cost of equipment sold 50,800 231,200 Accumulated Depreciation-Equipment Date Debit Credit Balance Jan. 1 Balance 71,200 Nov. 10 Accumulated depreciation on equipment sold 16,500 54,700 Dec. 31 Depreciation for year 24,900 79,600 Date Jan. 1 Balance Aug. 23 Dividends (cash) Dec. 31 Net income Retained Earnings Debit Credit Balance 104,800 17,100 87,700 68,000 155,700 From the postings in the accounts, indicate how the information is reported on a statement of cash flows using the indirect method. The loss on disposal of plant assets was $8,800. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) CRANE CORP Statement of Cash Flows (Partial) - Indirect Method Adjustments to reconcile net income to

Name: Jan. 1BalanceJuly 31Purchase of equipment69,500158,400227,900Sept. 2P
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Description: Jan. 1BalanceJuly 31Purchase of equipment69,500158,400227,900Sept. 2Purchase of equipment54,100282,000Nov. 10Cost of equipment sold50,800231,200DateJan. 1BalanceAccumulated Depreciation-EquipmentDebitCreditBalance71,20054,70024,90079,600Nov. 10 Accu

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter7: Fixed Assets, Natural Resources, And Intangible Assets

Section: Chapter Questions

Problem 7.4MBA

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