The Equipment balance at 1/1/x1 is $40,000 and is $55,000 at 12/31/x1. Other information related to...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The Equipment balance at 1/1/x1 is $40,000 and is $55,000 at 12/31/x1. Other information related to the equipment account is: Equipment (cost $15,000; 40% depreciated at time of disposal) was sold for $5,000. . A long-term note for $10,000 was issued for the acquisition of equipment; Cash was paid for the acquisition of equipment. The Accumulated Depreciation - Equipment balance at 1/1/x1 is $4,500 and is $3,500 at 12/31/x1. Part A: Based on this information, please list all amounts, if any, that should appear in the Statement of Cash Flows as an inflow or outflow in the Investing Activities Section? There are two answers. Inflow or Outflow: [Select] [Select] Inflow or Outflow: [Select] [Select] v L > Amount: V Amount: Part B: Based on this information, please list all amounts, if any, that should appear in the Statement of Cash Flows as an addition to or deduction from net income in the Operating Activities Section? There are two answers. Addition or Subtraction: [Select] [Select] L Amount: Addition or Subtraction: [Select] [Select] Amount: " The Equipment balance at 1/1/x1 is $40,000 and is $55,000 at 12/31/x1. Other information related to the equipment account is: Equipment (cost $15,000; 40% depreciated at time of disposal) was sold for $5,000. . A long-term note for $10,000 was issued for the acquisition of equipment; Cash was paid for the acquisition of equipment. The Accumulated Depreciation - Equipment balance at 1/1/x1 is $4,500 and is $3,500 at 12/31/x1. Part A: Based on this information, please list all amounts, if any, that should appear in the Statement of Cash Flows as an inflow or outflow in the Investing Activities Section? There are two answers. Inflow or Outflow: [Select] [Select] Inflow or Outflow: [Select] [Select] v L > Amount: V Amount: Part B: Based on this information, please list all amounts, if any, that should appear in the Statement of Cash Flows as an addition to or deduction from net income in the Operating Activities Section? There are two answers. Addition or Subtraction: [Select] [Select] L Amount: Addition or Subtraction: [Select] [Select] Amount: "
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
The Ginsberg Co. issued 10-year bonds on April 30, YR 1. The debt has a face value of $1,000,000 and an annual stated interest rate of 8%. Interest payments are due semiannually beginning October 31,...
-
Assume that you manage a risky portfolio with an expected rate of return of 18% and a standard deviation of 28%. The T-bill rate (risk-free rate) is 7%. Your client chooses to invest 70% in the risky...
-
Jason's Corp balance sheet as of December 31, 2021, reveals the following info Preferred stock, $100 par $ 600,00 Paid-in capital in excess of par-preferred 50,000 Common stock, $1 par 300,000...
-
How do complementary assets and social complexity influence a firm's organization?
-
Referring to Figure 2.6, verify that P(A B ' ) = P(A) - P(A B) Figure 2.6 Cou sen
-
Selected condensed information (in millions) for Investments R Us Company, a public company, follows for the year ended November 30, 2017. Income from investment in...
-
Recall that Blades, the U.S. manufacturer of roller blades, generates most of its revenue and incurs most of its expenses in the United States. However, the company has recently begun exporting...
-
Bill Amends, owner of Real Estate Inc., buys and sells commercial properties. Recently, he sold land for $3,000,000 to the Blackhawk Group, a developer that plans to build a new shopping mall. In...
-
Troy Engines, Limited, manufactures a variety of engines for use in heavy equipment. The company has always produced all of the necessary parts for its engines, including all of the carburetors. An...
-
making time Inc had the following trail balance at december 31 2014 cash 5500 Account receivable 16000 allowance for doubtful accounts 25000 prepaid expenses 24500 inventory 88000 Property plant...
-
Write C++ program that accepts coefficients of a quadratic equation from the user and displays the roots. The form of the quadratic equation is: y = ax +bx+c In this task we will assume that the...
-
Potassium cyanide is a toxic substance, and the median lethaldose depends on the mass of the person or animal that ingests it.The median lethal dose of KCN for a person weighing 195 lb (88.5 kg) is...
-
Evaluate each expression. (a) log 6 = (b) 1084 1 64 Undefined ?
-
If an employee earned $ 7 2 5 this week and has contributed $ 2 7 2 1 . 4 0 to CPP so far, what will their next contribution cost likely be ?
-
What are some ethical issues by using AI such as Chat GPT in education system. Scenario which create and solve the ethical dilemmas reading using emerging technologies in the health system. Research...
-
Problem #3-Time-Cost Trade-Off Analysis (20 Points) Given the precedence diagram below, perform the following: a. Perform forward and backward pass calculations to calculate Early Start (ES). Early...
-
Decades after the event, Johnson & Johnson (J&J), the 130-year-old American multinational, is still praised for swiftly The company indicated that its response was based on the expectations set forth...
-
College Textbook Publishers Inc. has prepared income statements segmented by divisions, but management is still uncertain about actual performance. Financial information for May is given as follows:...
-
All Things Greek Inc. has three sales divisions. One of the key evaluation inputs for each division manager is the performance of his or her division based on division income. The division statements...
-
Six Flags Theme Parks Inc. operates theme parks in the United States, Mexico, and Europe. One of its first theme parks, Six Flags over Georgia, was built in the 1960s in Atlanta on a large tract of...
Study smarter with the SolutionInn App