FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Zenith Corporation sells some of its used store fixtures. The acquisition cost of the fixtures is $13,732, and the
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- Please give me answerarrow_forwardCuevas Custom Cycles sold equipment for cash. The income statement shows a gain on the sale of $920. The net book value of the asset was $3,610. Which of the following statements describes the cash effect of the transaction? A positive cash flow of $2,690 from investing activities B positive cash flow of $4,530 from investing activities C negative cash flow of $2,690 from investing activities D negative cash flow of $4,530 from investing activitiesarrow_forwardPatterson Company’s Depreciation Expense is $20,400 and the beginning and ending Accumulated Depreciation balances are $150,200 and $155,200, respectively. What is the cash paid for depreciation?arrow_forward
- Creative Sound Systems sold investments, land, and its own common stock for $36.0 million, $15.6 million, and $41.2 million, respectively. Creative Sound Systems also purchased treasury stock, equipment, and a patent for $21.6 million, $25.6 million, and $12.6 million, respectively. What amount should the company report as net cash flows from investing activities? (List cash outflows and any decrease in cash as negative amounts. Round your answers to 1 decimal place. Enter your answers in millions (i.e., $10,100,000 should be entered as 10.1).) CREATIVE SOUND SYSTEMS Statement of Cash Flows (partial) Cash flows from investing activities Net cash flows from investing activities 0.0arrow_forwardUse the following company information to calculate net cash provided or used by investing activities. (a) Long-term investments were sold for $51,000 cash, yielding a gain of $22,150. (b) Paid $72,000 cash for new machinery. (c) Sold land costing $34,000 for $40,000 cash, yielding a $6,000 gain. (d) Equipment with a book value of $195,000 and an original cost of $320,000 was sold at a loss of $27,000. Statement of Cash Flows (partial) Cash flows from investing activitiesarrow_forwardDuring 2023, Bird Company sold a building with a book value of $162.093 for proceeds of $179.332. The company also sold long-term investments for proceeds of $33.521. The company purchased land and a new building for $365,175 by signing a long-term note payable. No other transactions impacted long-term asset accounts during 2023. Instructions Compute net cash flows from investing activities.arrow_forward
- Wildhorse Company reported a loss of $1586 for the sale of equipment for cash. The equipment had a cost of $39040 and accumulated depreciation of $35990. How much will Wildhorse report in the cash flows from investing activities section of its statement of cash flows?arrow_forwardIZ Corporation purchased land for $400,000. Later in the year, the company sold a different piece of land with a book value of $200,000 for $240,000. How are the effects of these transactions reported on the statement of cash flows?arrow_forward
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