On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: Date Item Debit Credit BalanceDebit BalanceCredit January 1 Balance 1,131,000 March 12 Purchased for cash 385,000 1,516,000 October 4 Sold for $211,000 181,000 1,335,000 Item Section of Statement ofCash Flows Added or Deducted Amount March 12: Purchase of fixed asset $fill in the blank 3 October 4: Sale of fixed asset $fill in the blank 6 Gain on sale of fixed asset (assume the indirect method) $fill in the blank 9
On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: Date Item Debit Credit BalanceDebit BalanceCredit January 1 Balance 1,131,000 March 12 Purchased for cash 385,000 1,516,000 October 4 Sold for $211,000 181,000 1,335,000 Item Section of Statement ofCash Flows Added or Deducted Amount March 12: Purchase of fixed asset $fill in the blank 3 October 4: Sale of fixed asset $fill in the blank 6 Gain on sale of fixed asset (assume the indirect method) $fill in the blank 9
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...
Related questions
Question
On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of
| Date | Item | Debit | Credit | Balance Debit |
Balance Credit |
|---|---|---|---|---|---|
| January 1 | Balance | 1,131,000 | |||
| March 12 | Purchased for cash | 385,000 | 1,516,000 | ||
| October 4 | Sold for $211,000 | 181,000 | 1,335,000 |
| Item | Section of Statement of Cash Flows |
Added or Deducted | Amount |
|---|---|---|---|
| March 12: Purchase of fixed asset |
|
|
$fill in the blank 3 |
| October 4: Sale of fixed asset |
|
|
$fill in the blank 6 |
| Gain on sale of fixed asset (assume the indirect method) |
|
|
$fill in the blank 9 |
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