On July 15, 2021, M.W. Morgan Distribution sold land for $49.2 million that it had purchased in 2016 for $42.0 million. Required: What would be the amount(s) related to the sale that Morgan would report in its statement of cash flows for the year ended December 31, 2021, using the direct method? The indirect method?
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On July 15, 2021, M.W. Morgan Distribution sold land for $49.2 million that it had purchased in 2016 for $42.0 million.
Required:
What would be the amount(s) related to the sale that Morgan would report in its statement of cash flows for the year ended December 31, 2021, using the direct method? The indirect method?
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- On July 15, 2016, M.W. Morgan Distribution sold land for $35 million that it had purchased in 2011 for $22 million. What would be the amount(s) related to the sale that Morgan would report in its statement of cash flows for the year ended December 31, 2016, using the direct method? The indirect method?On July 15, 2018, M.W. Morgan Distribution sold land for $35 million that it had purchased in 2013 for$22 million. What would be the amount(s) related to the sale that Morgan would report in its statement of cashflows for the year ended December 31, 2018, using the direct method? The indirect method?Inserting into the Answer Box, prepare a statement of cash flows for the year ended December 31, 2019, using the Indirect method for Presidio, Co. Extracts from the 2019 financial records of the Presidio, Co.: Additional information: During 2019, the company sold a piece of plant equipment for cash that had originally cost $20,000. The accumulated depreciation associated with the equipment at the time of sale was $10,000. There was no gain or loss on the sale. A Long-Term Stock Investment with an original cost of $11,000 was sold. All dividends were paid in cash during the year. Copy and Paste the Statement template below INTO your Answer Box in order to complete this question in the correct format. Cash flows from operating activities: Cash flows from investing activities: Cash flows from financing activities: Net increase/<decrease> in cash & cash equivalents Beginning cash balance, January 1, 2019…
- Layla Corp. is preparing its statement of cash flows for the year ended Dec. 31, 2021 and has provided the following information: Profit before income tax Depreciation on property, plant and equipment Provision for impairment losses Unrealized foreign exchange gains Fair value adjustment gain on FA at FVTPL Fair value adjustment loss on FA at FVTOCI Fair value adjustment loss on investment property Share of profit of associate Gain on sale of FA at AC Loss on sale of equipment Gain on debt extinguishment Gain on distribution of non-cash assets to owners Interest expense Interest payable, beginning of the year Interest payable, end of the year Interest income P880,000 250,000 150,000 60,000 130,000 65,000 190,000 220,000 85,000 70,000 125,000 40,000 150,000 100,000 50,000 80,000 30,000 20,000 Interest receivable, beginning of the year Interest receivable, end of the year Income taxes paid Accounts receivable, beginning of the year Accounts receivable, end of the year Inventory,…Use the information provided below to prepare the Cash Flow Statement of Chelsea Limited for the year ended 31 December 2021 using the answer template provided (see images) Additional information: (See images)¦ Selling and administrative expenses include depreciation as follows:Depreciation on buildings R96 000Depreciation on plant and machinery R160 000¦ There were purchases but no disposals of property, plant and equipment for the financial year ended 31 December2021.¦ Total dividends for the year ended 31 December 2021 and 31 December 2020 amounted toR288 000 and R388 000 respectively.¦ Inventories on 31 December 2019 amounted to R560 000.¦ All purchases and sales of inventories were on credit.¦ The number of shares in issue was 400 000.¦ Credit terms from creditors are 90 days.The following information on selected cash transactions for 2021 has been provided by Crane Company: Proceeds from sale of land $310000 Proceeds from long-term borrowings 590000 Purchases of plant assets 210000 Purchases of inventories 1010000 Proceeds from sale of Crane common stock 350000 What is the cash provided (used) by investing activities for the year ended December 31, 2021, as a result of the above information? $310000. $380000. $1250000. $100000.
- A company reported net income of S202,500 during 2019. The company reported depreciation expense of $47,500, patent amortization of $16,250 and a $7,500 loss on the sale of equipment. Using the indirect method, how much is the company's net cash flow from operating activities?Use the information provided below to prepare the Cash Flow Statement of Alto Limited for the year ended 31 December 2022. INFORMATION The following amounts were obtained from the Statement of Comprehensive Income for the year ended 31 December 2022 and Statement of Financial Position of Alto Limited as at 31 December 2022 and 31 December 2021: Sales Cost of sales Depreciation Operating profit Interest expense Company tax for the year Property, plant and equipment (carrying value) Long-term investments Inventories Accounts receivable Prepaid expenses Cash and cash equivalents Ordinary share capital (All shares issued at R10 each) Retained earnings Non-current liabilities Accounts payable Accrued expenses Dividends payable Company tax payable 31 Dec 2022 R 11 000 000 6 500 000 750 000 1 650 000 450 000 400 000 6 250 000 350 000 2 150 000 1 700 000 200 000 500 000 3 100 000 3 000 000 3 600 000 1 100 000 100 000 200 000 50 000 31 Dec 2021 R Note: ■ Dividends paid and recommended during…Angel Corporation's accounting records and financial statements for 2021is as follows (P in millions): Cash paid to acquire machinery = P32; Retiredshare capital = P51; Proceeds from sale of land = P95; Gain from the saleof land = P50; Investment revenue received = P72; Cash paid to acquireoffice equipment = P85. In its statement of cash flows, the companyshould report net cash flows from investing activities of: A. P22 million outflowsB. P50 million outflowsC. P100 million inflowsD. P28 million inflows
- The HEYBM CORPORATION presented the following in order to aid the accountant in preparing the CFS: (December 2020) Required: Prepare a Statement of Cash Flow (how should be the Statement of Cash Flow look like) a.Net income: P200,000 b.Depreciation expense : P 25,000 c.Gain on sale of property and equipment: (P100,000) d.Decrease in trade and other receivables: P 70,000 e.Purchase of property and equipment: P200,000 f.Payment of loan from bank: P150,000 g.Ending Cash balance is 700,000.00 h.Beginning Cash is 855,00.00 Required: Prepare a Statement of Cash FlowAngel Corporation's accounting records and financial statements for 2021 is as follows (P in millions): Cash paid to acquire machinery = P32; Retired share capital = P51; Proceeds from sale of land = P95; Gain from the sale of land = P50; Investment revenue received = P72; Cash paid to acquire office equipment = P85. In its statement of cash flows, the company should report net cash flows from investing activities of: a.P22 million outflows b.P50 million outflows c.P100 million inflows d.P28 million inflowsAngel Corporation's accounting records and financial statements for 2021 is as follows: Cash paid to acquire machinery = P32 million; Retired share capital = P51 million; Proceeds from sale of land = P95 million; Gain from the sale of land = P50 million; Investment revenue received = P72 million; Cash paid to acquire office equipment = P85 million. In its statement of cash flows, the company should report net cash flows from investing activities of: a. P22 million outflows b. P50 million outflows c. P100 million inflows d. P28 million inflows