When the amount paid for land is 36,000 and the amount paid expenses is 10,000 the balance in total assets after transactions (b)
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When the amount paid for land is 36,000 and the amount paid expenses is 10,000 the balance in total assets after transactions (b)
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- Land costing $40,631 was sold for $79,720 cash. The gain on the sale was reported on the income statement as other income. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?26.Land costing $96,832 was sold for $69,017 cash. The loss on the sale was reported on the income statement as other expense. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?Land, originally purchased for $27,468, is sold for $76,089 in cash. What is the effect of the sale on the accounting equation?
- Land costing $41,838 was sold for $87,212 cash. The gain on the sale was reported on the income statement as “Other revenue.” On the statement of cash flows, what amount should be reported as an investing activity from the sale of land? a.$87,212 b.$129,050 c.$45,374 d.$41,838Land costing $41,155 was sold for $77,036 cash. The gain on the sale was reported on the income statement as other income. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land? Select the correct answer. -$41,155 -$118,191 -$77,036 -$35,881Using the extract below, calculate the amount oftotal current assets and type your amount in the space provided below Account Name Amount Cash $10,000 Buildings $75.000 Accounts payable $25,000 Loans payable within one year $15.000 Account receivables $55.000 Plant and equipment $30,000 Inventories $60.000 Revenue received in advance $120.000
- If the company records revenue at a point in time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? A. 5,100,000 C. 250,000B. 500,000 D. 100,000The 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 activitiesRosewood Corporation purchased land for $110,000 by making a cash payment of $36,000 and promising to pay the remaining amount in a later accounting period. What is the net effect of this transaction on Rosewood's accounting equation? A.Assets increase by $110,000 and liabilities decrease by $74,000. B.Assets and liabilities increase by $74,000. C. Assets increase by $110,000 and liabilities decrease by $36,000. D.Assets and equity increase by $74,000.
- Use the following information to answer the following 4 questions. Accounts payable 20,000 Cash 55,000 Interest Expense 20,000 Salary payable 1,000 Drawings 2,000 Share capital 8,000 Accounts receivable 30,000 Loans payable(>1yr) 110,000 Bank Charges 70 Property,plant and equipment 200,000 Accumulated depreciation 5,000 Inventory 20,000 Supplies 6,000 1.Use the information above to calculate current assets. 2.Use the information above to calculate current liabilities. 3.Calculate shareholders equity before the end of year entires are calculated. 4.At year end,Elliott counted the office supplies on hand,which amounted to $1500.The firm had $900 of supplies on hand at the start of the year, and had purchased $600 of supplies during the year.What was the total office supplies expense for the year?Which of the following statements is true? A. Tangible assets lack physical substance. B. Tangible assets will be consumed in a year or less. C. Tangible assets have physical substance. D. Tangible assets will be consumed in over a year.Jones Enterprises was started when it acquired $4,800 cash from creditors and $7,200 from owners. The company immediately purchased land that cost $10,000. Record the events under an accounting equation. After all events have been recorded, Jones’s obligations to creditors represent what percent of total assets?