Reporting Land Acquisition for Cash and Mortgage Note on Statement of Cash FlowsOn the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows:ACCOUNT LandACCOUNT NO.BalanceDateItemDebitCreditDebitCreditJan.Balance229,100Feb.10Purchased for cash371,100600,200Nov. 20Purchased with long-term mortgage note486,2001,086,400ItemSection of Statement of Cash FlowsAdded or DeductedAmountPurchase of land for cashPurchase of land by issuinglong-term mortgage note

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Description: Reporting Land Acquisition for Cash and Mortgage Note on Statement of Cash FlowsOn the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows:ACCOUNT LandACCOUNT NO.BalanceDateItem

This question deals with the statement of cashflow. Statement of cashflow indicates the cash inflow…

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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 229,100 Feb. 10 Purchased for cash 371,100 600,200 Nov. 20 Purchased with long-term mortgage note 486,200 1,086,400 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

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 229,100 Feb. 10 Purchased for cash 371,100 600,200 Nov. 20 Purchased with long-term mortgage note 486,200 1,086,400 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

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter15: Statement Of Cash Flows

Section: Chapter Questions

Problem 13E

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