2 3. 4. 5. 6. (a) Issued common stock at par for $20,000. Recorded depreciation on buildings for $16,200. Pald salarles of $8,200. Issued 1,100 shares of $1 par value common stock for equipment worth $8,800. Sold equipment (cost $9,000, accumulated depreciation $6,300) for $1,080. For each transaction above, prepare the Journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries) iction Account Titles and Explanation Debit Credit

2 3. 4. 5. 6. (a) Issued common stock at par for $20,000. Recorded depreciation on buildings for $16,200. Pald salarles of $8,200. Issued 1,100 shares of $1 par value common stock for equipment worth $8,800. Sold equipment (cost $9,000, accumulated depreciation $6,300) for $1,080. For each transaction above, prepare the Journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries) iction Account Titles and Explanation Debit Credit

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter14: Statement Of Cash Flows

Section: Chapter Questions

Problem 37E: During 20X1, Craig Company had the following transactions: a. Purchased 300,000 of 10-year bonds...

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For each of the following separate transactions:Sold a building costing $31,500, with $20,600 of accumulated depreciation, for $8,600 cash, resulting in a $2,300 loss.Acquired machinery worth $10,600 by issuing $10,600 in notes payable.Issued 1,060 shares of common stock at par for $2 per share.Note payables with a carrying value of $40,300 were retired for $47,600 cash, resulting in a $7,300 loss. (a) Prepare the reconstructed journal entry. 1. Record Sale of Building 2. Record Acquisition of machinery 3. Record the issuance of common stock for cash 4. Record payment of cash to retire debit
During 20X1, Craig Company had the following transactions: a. Purchased 300,000 of 10-year bonds issued by Makenzie Inc. b. Acquired land valued at 105,000 in exchange for machinery. c. Sold equipment with original cost of 810,000 for 495,000; accumulated depreciation taken on the equipment to the point of sale was 270,000. d. Purchased new machinery for 180,000. e. Purchased common stock in Lemmons Company for 82,500. Required: 1. Prepare the net cash from investing activities section of the statement of cash flows. 2. CONCEPTUAL CONNECTION Usually, the net cash from investing activities is negative. How can Craig cover this negative cash flow? What other information would you like to have to make this decision?
E12.3 (LO 1), AP Cushenberry Corporation had the following transactions. 1. Sold land (cost $12,000) for $15,000. 2. Issued common stock at par for $20,000. 3. Recorded depreciation on buildings for $17,000. 4. Paid salaries of $9,000. 5. Issued 1,000 shares of $1 par value common stock for equipment worth $8,000. 6. Sold equipment (cost $10,000, accumulated depreciation $7,000) for $1,200. Instructions For each transaction above, (a) prepare the journal entry, and (b) indicate how it would affect the statement of cash flows using the indirect method.
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20. The comparative statements of financial position of Andant a. 689,018 position of Andan Date: Aug 20. The comparative statements of financial Co. show the following information: 20x2 AR 20x1 2,500,000 1,000,000 Buildings Accumulated depreciation PROJE (200,000) (200,000) LOCAT OWNE During 20x2, Andante Co. sold an old building with historical cost of P800,000 for P260,000 and appropriately recognized a loss of P40,000 on the sale. How much are the (1) cost of acquisitions of building and (2) depreciation expense recognized in 20x2? a. 2,300,000; 0 b. 2,300,000; 500,000 ARCHI Dear S c. 1,500,000; 0 d. 1,500,000; 200,000 Archite STOP at profes
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Presented below is information related to Cullumber Company.1. On July 6, Cullumber Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is: Land $200,000 Buildings 600,000 Equipment 400,000 Total $1,200,000 Cullumber Company gave 12,000 shares of its $100 par value common stock in exchange. The stock had a market price of $168 per share on the date of the purchase of the property.2. Cullumber Company expended the following amounts in cash between July 6 and December 15, the date when it first occupied the building. (Prepare consolidated entry for all transactions below.) Repairs to building $168,000 Construction of bases for equipment to be installed later 216,000 Driveways and parking lots 195,200 Remodeling of office space in building, including new partitions and walls 257,600 Special assessment by city on land 28,800 3. On December 20, the company paid cash…
Presented below is information related to Zonker Company. 1. On July 6, Zonker Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is: Land Buildings Equipment $0400,000 1,200,000 00 800,000 Total $2,400,000 Zonker Company gave 12,500 shares of its $100 par value common stock in exchange. The stock had a market price of $168 per share on the date of the purchase of the property. 2. Zonker Company expended the following amounts in cash between July 6 and December 15, the date when it first occupied the building. Repairs to building Construction of bases for equipment to be installed later Driveways and parking lots Remodeling of office space in building, including new partitions and walls Special assessment by city on land $105,000 135,000 122,000 161,000 18,000 3. On December 20, the company paid cash for equipment, $260,000, subject to a 2% cash discount, and freight on…