HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
7th Edition
ISBN: 9780136505273
Author: MILLER-NOBLES
Publisher: PEARSON
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Textbook Question
Chapter 14, Problem 6QC
The Plant Assets account and
| Plant Assets | |||
| Beg. | 100,000 | ||
| Acquisitions | 428,000 | 52,500 | Disposals |
| End. | 475,500 | ||
| Accumulated Depreciation—Plant Assets | |||
| 20,000 | 12/31/2015 | ||
| Disposals | 10,500 | 34,000 | Depr. Exp. |
| 43,500 | 12/31/2016 | ||
Star Media sold plant assets at an $11,000 loss. Where on the statement of
- a. Financing cash flows---cash receipt of $42,000
- b. Investing cash flows -cash receipt of $53,000
- c. Investing cash flows-cash receipt of $31,000
- d. Investing cash flows ---cash receipt of $42,000
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Students have asked these similar questions
At December 31, 2022, Flounder Company reported the following as plant assets.
Land
Buildings
Less: Accumulated depreciation-buildings
Equipment
Less: Accumulated depreciation-equipment
Total plant assets
April 1
May 1
June 1
$27,650,000
13,740,000
During 2023, the following selected cash transactions occurred.
July 1
Dec. 31
48,010,000
4,600,000
$3,590,000
13,910,000
43,410,000
$60,910,000
Purchased land for $2,170,000.
Sold equipment that cost $1,080,000 when purchased on January 1, 2019. The equipment was sold for $648,000.
Sold land purchased on June 1, 2013 for $1,410,000. The land cost $402,000.
Purchased equipment for $2,370,000.
Retired equipment that cost $503,000 when purchased on December 31, 2013.
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
Georgia Peach has the following information regarding the sale of its equipment:
Sales price
$8,000
Cost
$25,000
Accumulated depreciation
$19,000
Which of the following statements is true regarding how the above information would be reported on Georgia's statement of cash flows?
Group of answer choices
Loss on sale of plant asset will be $17,000
Gain on sale of plant asset will be $2,000
Depreciation expense will be $19,000
Cash received from sale of plant asset will be $25,000
Chapter 14 Solutions
HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
Ch. 14 - The purposes of the statement of cash flows are to...Ch. 14 - The main categories of cash flow activities are a....Ch. 14 - Operating activities are most closely related to...Ch. 14 - Which item does not appear on a statement of cash...Ch. 14 - Leather Shop earned net income of 57,000 after...Ch. 14 - The Plant Assets account and Accumulated...Ch. 14 - Mountain Water Corp. issued common stock of 28,000...Ch. 14 - Prob. 8QCCh. 14 - Prob. 9AQCCh. 14 - If accrued liabilities increased during the year,...
Ch. 14 - Prob. 1RQCh. 14 - How does the statement of cash flows help users of...Ch. 14 - Describe the three basic types of cash flow...Ch. 14 - What types of transactions are reported in the...Ch. 14 - Prob. 5RQCh. 14 - Prob. 6RQCh. 14 - Explain why depreciation expense, depletion...Ch. 14 - Prob. 8RQCh. 14 - If current assets other than cash increase, what...Ch. 14 - If current liabilities increase, what is the...Ch. 14 - Prob. 11RQCh. 14 - Prob. 12RQCh. 14 - Prob. 13RQCh. 14 - Prob. 14RQCh. 14 - Prob. 15ARQCh. 14 - Prob. 16BRQCh. 14 - Describing the purposes of the statement of cash...Ch. 14 - Prob. 14.2SECh. 14 - Classifying items on the indirect statement of...Ch. 14 - Classifying cash flow items Consider the following...Ch. 14 - Prob. 14.17ECh. 14 - Prob. 14.18E
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