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Cornerstones of Financial Accounti...
Determining Cash Flows from Investing Activities
Burns Company’s 2019 and 2018 balance sheets presented the following data for equipment:
During 2019, equipment costing $41,000 with accumulated depreciation of $36,700 was sold for cash, producing a $3,200 gain.
Required:
1. Calculate the amount of depreciation expense for 2019.
2. Calculate the amount of cash spent for equipment during 2019.
3. Calculate the amount that should be included as a cash inflow from the disposal of equipment.
(a)
Introduction:
Income from investing activities is a thing on the income articulation that reports the total change in an organization’s money position coming about because of speculation additions or misfortunes and changes coming about because of sums spent on interests in capital resources, for example, plant and equipment.
To compute:
Calculate the amount of depreciation expense for 2019.
Prepare Equipment account and accumulated depreciation
Equipment Accounts
| Particular | Amount ($) | Particular | Amount ($) |
| Balance b/d Gain on sale of Equipment Bank a/c (Purchase) |
262,000 3200 104000 369,200 |
Bank a/c (sale) Accumulated Depreciation Balance c/d |
7,50... |
(b)
Introduction:
Income from investing activities is a thing on the income articulation that reports the total change in an organization’s money position coming about because of speculation additions or misfortunes and changes coming about because of sums spent on interests in capital resources, for example, plant and equipment.
To compute:
Calculate the amount of cash spent for equipment during 2019.
(c)
Introduction:
Income from investing activities is a thing on the income articulation that reports the total change in an organization’s money position coming about because of speculation additions or misfortunes and changes coming about because of sums spent on interests in capital resources, for example, plant and equipment.
To compute:
Calculate the amount that should be included as a cash flow inflow from the disposal of equipment.
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