Land Transactions on the Statement of Cash FlowsCameron Corporation purchased land for $206,000. Later in the year, the company sold a different piece ofland with a book value of $124,000 for $140,000.How are the effects of these transactions reported on the statement of cash flows? Use the minus sign toindicate cash outflows, cash payments, decreases in cash and for any adjustments, if required. If atransaction has no effect on the statement of cash flows, select "No effect" from the drop down menu andleave the amount box blank.TransactionsActionAmountGain or loss on sale of landCash received from sale of landCash paid for purchase of land

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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IZ Corporation purchased land for $425,000. Later in the year, the company sold a different piece of land with a book value of $225,000 for $270,000. How are the effects of these transactions reported on the statement of cash flows assuming the indirect method is used? Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required. If a transaction has no effect on the statement of cash flows, select "No effect" from the drop down menu and leave the amount box blank. Transactions Action Amount Gain on sale of land $fill in the blank 2 Cash received from sale of land $fill in the blank 4 Cash paid for purchase of land $fill in the blank 6
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Required information Use the following information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] Cash Accounts receivable. Equipment, net Land Total assets Cash Accounts receivable Equipment, net Current Year $ 12,200 63,000 62,000 100,500 $ 237,700 Express the items in common-size percents. (Round your percentage answers to one decimal place.) Land Total assets Current Year Prior Year $ 15,400 28,700 54,400 75,000 $ 173,500 % % % % 0.0 % Prior Year % % % % 100.0 %
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Land Transactions on the Statement of Cash Flows Cameron Corporation purchased land for $155,000. Later in the year, the company sold a different piece of land with a book value of $68,000 for $78,000. How are the effects of these transactions reported on the statement of cash flows? Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required. If a transaction has no effect on the statement of cash flows, select "No effect" from the drop down menu and leave the amount box blank. Transactions Action Amount Gain or loss on sale of land Cash received from sale of land Added to net income Cash paid for purchase of land Deducted from net income No effect Part of cash flows from financing activities Part of cash flows from investing activities
Match the cash flow effect with the correct transaction or event. Assume the indirect method is used. Column A 1. Purchased land for cash: Purchased land for cash 2. Issued a twenty year mortgage note for cash: Issued a twenty year mortgage note for cash 3. Increase in the inventory balance: Increase in the inventory balance 4. Resold treasury stock for cash: Resold treasury stock for cash 5. Declared cash dividends: Declared cash dividends 6. Recorded depreciation expenses for the year: Recorded depreciation expenses for the year 7. Issued long-term bonds: Issued long-term bonds 8. Repaid principal on a note payable: Repaid principal on a note payable 9. Paid cash dividends: Paid cash dividends 10. Issued common stock for land: Issued common stock for land Column B a. Not reported on the Statement of Cash Flows b. Inflow from Operating Activities c.…
Cameron Corporation purchase land for $434,000. Later in the year, the company sold a different piece of land with a book value of $182,000 for $202,000. How are the effects of these transactions Reported on the statement of cash flow is assuming the indirect method is used? Action Amount
Lamar Corporation purchased land for $160,000. Later in the year, the company sold land with a book value of $187,000 for $209,000. Show how the effects of these transactions are reported on the statement of cash flows using the indirect method. Transaction Gain on sale of land Cash received for sale of land Cash paid for purchase of land $ Amount Increase or Decrease Statement of Cash Flows Section Operating Investing Financing
How do I figure out how to journalize the cash flow
1. A company uses the indirect method to determine its cash flows from operating activities. Use the following information to determine its net cash provided or used by operating activities: Net income S15,200 Depreciation expense S10,000 Cash payment on note payable $8,000 Gain on sale of land $3,000 Increase in inventory S1,500 Increase in accounts payable $2,850

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