The T accounts for equipment and accumulated depreciation for Pharoah Ltd. are shown here: Equipment Beg. bal. 86,000 Disposals 21,000 Acquisitions 42,000 End bal. 107,000 Accumulated Depreciation-Equipment Disposals 5,700 Beg. bal. 44,900 Depreciation 20,400 End bal. 59,600 In addition, Pharoah’s income statement reported a $1,600 loss on the disposal of equipment. What amount was reported on the statement of cash flows as “cash provided by disposal of equipment”? Cash provided by disposal of equipment $Enter the amount of cash provided by disposal of equipment
The T accounts for equipment and accumulated depreciation for Pharoah Ltd. are shown here: Equipment Beg. bal. 86,000 Disposals 21,000 Acquisitions 42,000 End bal. 107,000 Accumulated Depreciation-Equipment Disposals 5,700 Beg. bal. 44,900 Depreciation 20,400 End bal. 59,600 In addition, Pharoah’s income statement reported a $1,600 loss on the disposal of equipment. What amount was reported on the statement of cash flows as “cash provided by disposal of equipment”? Cash provided by disposal of equipment $Enter the amount of cash provided by disposal of equipment
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 6RE: Oz Corporation has the following assets at year-end: Patents (net), 26,000; Land, 50,000; Buildings,...
Related questions
Question
The T accounts for equipment and accumulated depreciation for Pharoah Ltd. are shown here:
In addition, Pharoah’s income statement reported a $1,600 loss on the disposal of equipment.
Equipment | |||
---|---|---|---|
Beg. bal. | 86,000 | Disposals | 21,000 |
Acquisitions | 42,000 |
|
|
End bal. | 107,000 |
|
Accumulated Depreciation-Equipment | |||
---|---|---|---|
Disposals | 5,700 | Beg. bal. | 44,900 |
|
|
Depreciation | 20,400 |
|
End bal. | 59,600 |
In addition, Pharoah’s income statement reported a $1,600 loss on the disposal of equipment.
What amount was reported on the statement of cash flows as “cash provided by disposal of equipment”?
Cash provided by disposal of equipment | $Enter the amount of cash provided by disposal of equipment |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning