Reporting Land Transactions 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.Balance1,113,000Mar. 12Purchased for cash 378,0001,491,000Oct.4Sold for $208,000178,0001,313,000Section of Statement ofItemCash FlowsAdded or DeductedAmountMar. 12: Purchase of fixed assetOct. 4: Sale of fixed assetGain on sale of fixed asset (assume the indirect method)

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Description: Reporting Land Transactions 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.

Statement of cash flow shows the cash outflows and cash inflows of the business entity.

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Reporting Land Transactions 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 1,113,000 Mar. 12 Purchased for cash 378,000 1,491,000 Oct. 4 Sold for $208,000 178,000 1,313,000 Section of Statement of Item Cash Flows Added or Deducted Amount Mar. 12: Purchase of fixed asset Oct. 4: Sale of fixed asset Gain on sale of fixed asset (assume the indirect method)

Reporting Land Transactions 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 1,113,000 Mar. 12 Purchased for cash 378,000 1,491,000 Oct. 4 Sold for $208,000 178,000 1,313,000 Section of Statement of Item Cash Flows Added or Deducted Amount Mar. 12: Purchase of fixed asset Oct. 4: Sale of fixed asset Gain on sale of fixed asset (assume the indirect method)

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 10E

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Reporting Land Transactions 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 802,000 Mar. 12 Purchased for cash 257,000 1,059,000 Oct. 4 Sold for $141,000 121,000 938,000 Item Section of Statement ofCash Flows Added or Deducted Amount Mar. 12: Purchase of fixed asset $fill in the blank 3 Oct. 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
Reporting Land Transactions 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 1,296,000 Mar. 12 Purchased for cash 389,000 1,685,000 Oct. 4 Sold for $214,000 183,000 1,502,000 Item Section of Statement ofCash Flows Added or Deducted Amount Mar. 12: Purchase of fixed asset Investing activities section Deducted $ Oct. 4: Sale of fixed asset Investing activities section Added $ Gain on sale of fixed asset (assume the indirect method) Operating activities section Deducted $
Reporting Land Transactions 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 868,000 Mar. 12 Purchased for cash 104,300 972,300 Oct. 4 Sold for $95,550 63,840 908,460
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