In Accounting, how would you record paying $40,000 cash for land
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In Accounting, how would you record paying $40,000 cash for land
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- Assume that a company purchases land for $1,000,000, paying $400,000 cash and borrowing the remainder with a long-term note payable. How should this transaction be reported on a statement of cash flows?Identify the letter for the principle or assumption from A through F in the blank space next to situation that it best explains or justifies: _________If $51,000 cash is paid to buy land, the land is reported on the buyer’s balance sheet at $51,000.if cash 1350000, Purchased additional printing machine worth 75000, 75% of the amount were recorded as credit while the remaining 25% paid in cash. Find the current balance of cash
- 7: Purchased a building with a market value of $ 120 comma 000$120,000, and land with a market value of $ 24 comma 000$24,000. The business paid $ 45 comma 000$45,000 cash and signed a note payable to the bank for the remaining amount I'm confused as too which is credit and how to add the answer to the balance sheet etc.Land, originally purchased for $27,761, is sold for $78,898 in cash. What is the effect of the sale on the accounting equation?1.In the books of accounts of Mr. Majid, the following items are given: Cash OMR 12,000; Commission received OMR 2,000; Furniture OMR 20,000; Land OMR 16,000 Wages Paid in advance OMR 6000 ; Accounts payable OMR 20,000; Long term loan OMR 16,000 ; Capital OMR 16,000 Rent paid OMR 2,000 ; Additional Capital OMR 2,000 A. Arrange the above items as Assets, Liabilities, Revenue and Expenses. B. Apply the items into an accounting equation and prove that accounting equation is always equal.
- Let us assume that Mr. Amir starts a business called Amir Enterprises on 1st January, 2021 and invests cash of RO. 20,000 as his capital. Amir Enterprise’s purchases machinery worth RO. 1,000 paid 35% in cash and remaining on credit. The company purchased goods worth RO. 5,000. Paid RO. 2,000 cash and balance on credit The company made a sale of RO. 2800 (cost being RO 3000) on credit basis The company took loan of RO. 10,000 from Bank Muscat . Mr. Amir withdrew RO. 1,000 from the business for his personal use You need to record the above transactions in an equation form. Q2Select any five financial transactions of your choice and make journal entries for the same. Q3 There are three types of organizations namely manufacturing, services and trading sectors, choose any one organization from each sector of your choice and name 5 Assets, Liabilities, Expenses and revenue from them.Complete the columns to show the effect of the following transactions: Transaction Asset Liability Capital (a) Bought a motor Van on credit $500 (b) Repaid by cash a loan owed to P Smith $1,000 (c) Bought goods for $150 paying by cheque (d) The owner puts a further $5,000 cash into the business (e) A debtor returns to us $80 goods. we agree to make an allowance for them (f) Bought goods on credit $220 (g) The owner takes out $100 cash for his personal use.The cash account balance of FDNACCT came from the following: From clients for service rendered, P361,000, From clients for services to be rendered, P23,000 From a bank loan, P102,000, and From additional investment of the owner, P174,000. How much is the income of the business?
- what is the correcting entry for... cash revenue amounting to $20,000The land was purchased during the year for RO 60,000 and sold during the year for RO 25000 . The income statement reported a loss on sale of land in the amount of RO 2,000. All transactions related to land account was cash transactions. These transactions would be shown in the statement of cash flows as: Select one: a. RO 27,000 cash received by investing activities, and RO 60,000 cash paid for investing activities b. RO 25,000 cash received by investing activities, and RO 60,000 cash paid for investing activities c. RO 23,000 cash received by investing activities, and RO 60,000 cash paid for investing activities d. RO 60,000 cash received by investing activities, and RO 25,000 cash paid for investing activitieseBook Show Me How Land Transactions on the Statement of Cash Flows IZ Corporation purchased land for $500,000. Later in the year, the company sold a different piece of land with a book value of $250,000 for $280,000. How are the effects of these transactions reported on the statement of cash flows assuming the indirect method is used? Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required. If a transaction has no effect on the statement of cash flows, select "No effect" from the drop down menu and leave the amount box blank. Transactions Action Amount Gain on sale of land $fill in the blank 2 Cash received from sale of land $fill in the blank 4 Cash paid for purchase of land $fill in the blank 6