Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Create a Cash flow using the indirect method on a excel form Prepare journal entry and determine effect on cash flows. E17.3 (LO 1), AP

image text in transcribed

Create a Cash flow using the indirect method on a excel form

Prepare journal entry and determine effect on cash flows. E17.3 (LO 1), AP Cushenberry Corporation had the following transactions. 1. Sold land (cost $12,000 ) for $15,000. 2. Issued common stock at par for $20,000. 3. Recorded depreciation on buildings for $17,000. 4. Paid salaries of $9,000. 5. Issued 1,000 shares of $1 par value common stock for equipment worth $8,000. 6. Sold equipment (cost $10,000, accumulated depreciation $7,000 ) for $1,200. Instructions For each transaction above, (a) prepare the journal entry, and (b) indicate how it would affect the statement of cash flows using the indirect method

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

blur-text-image

Step: 3

blur-text-image

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

Introduction To Accounting

Authors: Peter Scott

2nd Edition

0198849966, 978-0198849964

More Books

Students also viewed these Accounting questions

Question

A study based on

Answered: 1 week ago