Holmes Corporation reported the following information (in thousands) at December 31, 2015: _________________________________________ 2015 _______________ 2014 Long-term
Question:
Holmes Corporation reported the following information (in thousands) at December 31, 2015:
_________________________________________ 2015 _______________ 2014
Long-term investments ............................$150 .......................$100
Land ............................................................... 200 ........................200
Buildings ........................................................300 ........................300
Accumulated depreciation-buildings ..........90 ..........................75
Equipment ......................................................500 ........................400
Accumulated depreciation-equipment .......200 ........................200
Additional information:
1. Long-term investments were purchased during the year; none were sold.
2. Equipment was purchased during the year. In addition, equipment with a cost of $100 and a carrying amount of $50 was sold at a gain of $10.
Prepare the investing activities section of Holmes's statement of cash flows for the year?
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Step by Step Answer:
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine