Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jan 13, 2021

During the year, Hockey Corporation sold equipment with a net book value of $6,200 for $9,400. It also purchased equity securities for $8,700. Net income

During the year, Hockey Corporation sold equipment with a net book value of $6,200 for $9,400. It also purchased equity securities for $8,700. Net income for the year is $23,500. There were no other transactions conducted during the period.

Requirements:

a. What is the gain or loss on the sale of equipment?

b. What are Hockey's operating and investing cash flows?

Use the indirect method.

Step by Step Solution

★★★★★

3.45 Rating (148 Votes )

There are 3 Steps involved in it

Step: 1

a Sale value of Equipment 9400 Book value of Equipment 6200 Gain on ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost management a strategic approach

Authors: Edward J. Blocher, David E. Stout, Gary Cokins

5th edition

73526940, 978-0073526942

More Books

Students explore these related Accounting questions

Question

During the year, Blaylock Company sold equipment with a book value of $280,000 for $380,000(original purchase cost of $480,000). New equipment was purchased. Blaylock provided the following...

Answered: 3 weeks ago

Question

During the year, Blaylock Company sold equipment with a book value of $140,000 for $190,000 (original purchase cost of $240,000). New equipment was purchased. Blaylock Company provided the following...

Answered: 3 weeks ago

Question

During the year, Swasey Company sold equipment with a book value of $560,000 for $760,000 (original purchase cost of $960,000). New equipment was purchased. Swasey provided the following comparative...

Answered: 3 weeks ago

Question

discusses how a reseller can service both a consumer and an industrial market from the same store location. Provide an example of a retailer and detail the differences in their marketing activities.

Answered: 3 weeks ago

Question

Solve the differential equation. a. y' = xe-sin x - y cos x b. 2yey2y' = 2x + 3x

Answered: 3 weeks ago

Question

What are two of the most important social forces influencing our society at this point in history and how do these forces affect the agents of socialization?

Answered: 3 weeks ago

Question

What are the (a) parameters in a multiple regression model? (b) regression coefficients in a multiple regression model? (c) regression slopes in a multiple regression model?

Answered: 3 weeks ago

Question

Consider Managerial Practice and the discussion of Steinways approach to achieving top quality. To get a better idea of the craft oriented production process. Visit www.stelnwacom/factorytours.html....

Answered: 3 weeks ago

Question

a) What is the role of chemical analogs in separations, radiopharmacy and or radiodetection? b) What are the analogs to Cs-137, Sr-85 and Pu-239 (in relation to environmental behavior/mobility and/or...

Answered: 3 weeks ago

Question

Determine if s1 = -0.755+2.05i lies on the root locus given that the open loop transfer function is ()=(+1)/(+2)(32+2+1) If so, what is the value of K for s1 to be the closed loop pole?

Answered: 3 weeks ago

Question

If there IS more than one answer, Select "None" if applicable the In exact form. than one ansiver, separate them With commas.

Answered: 3 weeks ago

Question

SB (Algo) Calculating Equivalent Units, Cost per Equivalent Unit, Reconciling the Cost of Work in Process [LO 3-2, 3-4] [The following information applies to the questions displayed below.] Silver...

Answered: 3 weeks ago

Question

What does De Soto mean by "strong, innovative economic markets"? A. These are markets that use existing technology to produce new goods and services. B. These are markets that are profitable for...

Answered: 3 weeks ago

Question

Using the Federal Rules of Evidence. What would be a given analysis of this scenario? On an open stretch of a two-lane highway in Nevada Jay Gadsby, traveling eastbound in a red Z -car with racing...

Answered: 3 weeks ago

Question

A hedger is short spot and long futures. Today, spot is 4.40 and the June future is 5.00. A bit later, spot goes to 5.00 and the June future goes to 5.10. What has happened to basis in this period?...

Answered: 3 weeks ago

Question

The EICAS CRTs (cathode ray tubes) are: Group of answer choices Identical Directly powered from the battery bus Cooled by AC-powered fans All the above Only b and c

Answered: 3 weeks ago

Question

An RO system consists of one pressure vessel with 6 - membrane elements in series as shown Use the given data to calculate the required design variables: Given Data Feed Salinity = 3 8 6 0 0 m g L...

Answered: 3 weeks ago

Question

The following information is for Montreal Gloves Inc. for the year 2020: Manufacturing costs Number of gloves manufactured Beginning inventory $ 3,016,700 311,000 pairs 0 pairs Sales in 2020 were...

Answered: 3 weeks ago

Question

General Hospital leases its diagnostic equipment from Normed Leasing, which is also responsible for maintaining the equipment. Recently the hospitals MRI machine needed repair and physicians were...

Answered: 3 weeks ago

Question

Depreciation expenses have no effect on cash flows and, therefore, are not relevant in capital expenditure analysis. Do you agree? Why or why not?

Answered: 3 weeks ago

Question

Richport Company manufactures products that often require specification changes or modifications to meet customer needs. Consequently, Richport employs a job costing system for its operations....

Answered: 3 weeks ago

Question

3. The concordance for schizophrenia is greater for dizygotic twins than for siblings. What is a likely explanation? 4. The fact that adopted children who develop schizophrenia usually have...

Answered: 3 weeks ago

Question

5. What is the season-of-birth effect?

Answered: 3 weeks ago

Question

4. What are the effects of SSRIs?

Answered: 3 weeks ago

Previous Question Next Question