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AccountingCornerstones of Financial Accounting4th Edition

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Chapter 11, Problem 42E
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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Problem 42E
Problem 43E
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Problem 47E
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Problem 50E
Problem 51E
Problem 52PSA
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Problem 57PSA
Problem 58PSA
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Problem 52PSB
Problem 53PSB
Problem 54PSB
Problem 55PSB
Problem 56PSB
Problem 57PSB
Problem 58PSB
Problem 59PSB
Problem 60.1C
Problem 60.2C
Problem 60.3C
Problem 61.1C
Problem 61.2C
Problem 61.3C
Problem 61.4C
Problem 62.1C
Problem 62.2C
Problem 62.3C
Problem 63.1C
Problem 63.2C
Problem 63.3C
Problem 63.4C
Problem 64.1C
Problem 64.2C
Problem 65.1C
Problem 65.2C
Problem 65.3C
Problem 65.4C
Problem 65.5C
Problem 65.6C
Problem 65.7C
Problem 65.8C
Problem 66.1C
Problem 66.2C
Problem 66.3C
Problem 66.4C
Problem 66.5C
Problem 67.1C
Problem 67.2C
BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
142 views

Determining Cash Flows 1from Investing Activities

Airco owns several aircraft and its balance sheet indicated the following amounts for its aircraft accounts at the end of 2019 and 2018:

Chapter 11, Problem 42E, Determining Cash Flows 1from Investing Activities Airco owns several aircraft and its balance sheet

Required:

1. Assume that Airco did not sell any aircraft during 2019. Determine the amount of depreciation expense for 2019 and the cash spent for aircraft purchases in 2019.

2. If Airco sold for cash aircraft that cost $4,100,000 with accumulated depreciation of $3,825,000 producing a gain of $193,000, determine (a) the amount of depreciation expense, (b) the cash paid for aircraft purchases in 2019, and (c) the cash inflow from the disposal of aircraft.

To determine

(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.

Assume that Airco did not sell any aircraft during 2019. Determine the amount of depreciation expense for 2019 and the cash spent for aircraft purchases in 2019.

Explanation

Prepare Equipment account and accumulated depreciation

Equipment Accounts

Particular Amount ($) Particular Amount ($)
Balance b/d
Bank a/c (Purchase) (Bal.fig)		 22,250,000
10,450,000
32,700,000		 Balance c/d 32,700,000
32,700,...
To determine

(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.

If Airco sold for cash aircraft that cost $4,100,000 with accumulated depreciation of $3,825,000 producing a gain of $193,000, determine (a) the amount of depreciation expense, (b) the cash paid for aircraft purchases in 2019, and (c) the cash inflow from the disposal of aircraft.

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