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 319,900 February 10 Purchased for cash 499,000 818,900 November 20 Purchased with long-term mortgage note 663,300 1,482,200 Item Section of Statement of Cash Flows Added or Deducted Amount Purchase of land for cash $fill in the blank 3 Purchase of land by issuinglong-term mortgage note $fill in the blank 6

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 319,900 February 10 Purchased for cash 499,000 818,900 November 20 Purchased with long-term mortgage note 663,300 1,482,200 Item Section of Statement of Cash Flows Added or Deducted Amount Purchase of land for cash $fill in the blank 3 Purchase of land by issuinglong-term mortgage note $fill in the blank 6

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money

Section: Chapter Questions

Problem 9.10E

See similar textbooks

Date	Item	Debit	Credit	Balance Debit
January 1	Balance			319,900
February 10	Purchased for cash	499,000		818,900
November 20	Purchased with long-term mortgage note		663,300	1,482,200

Item	Section of Statement of Cash Flows	Added or Deducted	Amount
Purchase of land for cash			$fill in the blank 3
Purchase of land by issuing long-term mortgage note			$fill in the blank 6

Similar questions

Reporting land acquisition for cash and mortgage note on statement of cash flows On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows:
On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: Please see the attachment for details:
Classifying Items in the Statement of Cash Flows The following items are commonly reported in a statement of cash flows (indirect method presentation). For each item 1 through 20, determine (a) in which section the item is presented (operating, investing, or financing) and (b) whether the associated dollar amount is added or subtracted in the statement. (a) (b) 1. Payments of short-term debt. AnswerOperatingInvestingFinancing AnswerAddSubtract 2. Repurchases of common stock. AnswerOperatingInvestingFinancing AnswerAddSubtract 3. Purchases of property and equipment. AnswerOperatingInvestingFinancing AnswerAddSubtract 4. Sale of investments classified as long-term. AnswerOperatingInvestingFinancing AnswerAddSubtract 5. Proceeds from the issuance of common stock. AnswerOperatingInvestingFinancing AnswerAddSubtract 6. Increase in prepaid expenses and other current assets. AnswerOperatingInvestingFinancing AnswerAddSubtract 7. Acquisition for cash of a competitor.…
Common-size Balance Sheet. Explain what it is and why it is used inbusiness. Prepare common-size balance sheet for Target with the infoprovided below. Assets CashAccounts receivableInventoryOther current assetsTotal current assetsGross plant and equipmentAccumulated depreciationNet plant and equipmentLong-term investmentsGoodwill, trademarks, andother intangible assetsTotal assets $ Dec 31, 2022$20,2684,8733.2772,886$31,304$25,032-10,065$14,96711,512 32,272 $90,055
Match the individual transactions listed below with their statement of cash flows classification, using the following code: Cash inflow from operating activitiesCash outflow from operating activitiesCash inflow from investing activitiesCash outflow from investing activitiesCash inflow from financing activitiesCash outflow from financing activitiesNone of the above Payments for merchandisePayments for interestPayments for dividendsPayments for plant and equipmentPayments for bond payable retirementsPayments for marketable securitiesPayments for employeesPayments to governmentsIssuing a stock dividendCash from customersCash from issuing common shareCash from dividendsCash from sale of old buildingCash from interest
Reporting Land Acquisition for Cash and Mortgage Note on Statement of Cash Flows On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 256,200 Feb. 10 Purchased for cash 389,400 645,600 Nov. 20 Purchased with long-term mortgage note 522,900 1,168,500 Item Section of Statement of Cash Flows Added or Deducted Amount Purchase of land for cash Purchase of land by issuing long-term mortgage note
describe the steps in the preparation of direct and indirect cash fl ow statements, includinghow cash fl ows can be computed using income statement and balance sheet data;
What is unique about reporting current assets? Current assets are reported after they are converted into cash Current assets are reported in the order of their liquidity Current assets are reported net of depreciation Current assets are reported from highest to lowest
Which of the following will be reflected in the "Cash flows from operating activities" of a Statement of Cash Flows? O A. Adjustment for depreciation O B. Purchase of equipment O C. Increase or decrease in loans O D. Purchase of inventory Previous page nttps://mancosaconnectacza/mad/ouiz/attempt.php?attempt=446654&cmid=D181433&page=18%3D Tume bere to search II
Based on the following information, compute cash flows from financing activities under GAAP.Purchase of investments $ 250Dividends paid 1,200Interest paid 400Additional borrowing from bank 2,800
From the following income statement and the balance sheets, prepare a funds-flow statement: The Income Statement for the year ended 31 December 2018 shows: Amount(2) Amount(2) 15,000.00 Profit before depreciation Less: Depreciation Taxation 5,000.00 5,000.00 Dividend Transfer to reserves Balance of profit and Loss(P/L)A/e The Balance Sheet as on 31 December, 2017 and 31 December, 2018 is as follows: | Liabilitios 500.00 3,500.00 14,000.00 1,000.00 As on As on Assets As on As on 31/12/2017 31/12/2018 31/12/2017 31/12/2018 Share capital Reserves Fixed Assets 40,000.00 42,000.00 15,000.00 18,5000.00 Current Assets: P&L A/e 1,000.00 Stodk 10,000.00 15,000.00 Secured Loans 9,000.00 14,000.00 Debtors 15,000.00 21,000.00 Current Liabilities and 18,500.00 19,000.00 provisions Total Cash 2,500.00 4,000.00 67,500.00 82,500.00 67.500.00 82,500.00
M Corp. recorded a finance lease in February of Year 1 using an annuity due present value table. The company's statement of cash flows for the year ending December 31, Year 1 using the direct method will report_____? A. a cash inflow from investing activities. B. a cash outflow from financing activities. C. a cash outflow from investing activities. D. a cash inflow from operating ...