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Each of the following items must be considered in preparing a statement of cash flows (indirect method) for Tamarisk Inc. for the year ended December
Each of the following items must be considered in preparing a statement of cash flows (indirect method) for Tamarisk Inc. for the year ended December 31, 2017. State where each item is to be shown in the statement of cash flows, if at all.
(a) | Patent amortization for the year was $16,000. | select a section of the cash flow statement Financing ActivitiesInvesting ActivitiesNoncash Investing and Financing ActivityNot ShownOperating Activities | $enter a dollar amount | |||
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(b) | During the year, treasury stock costing $29,000 was purchased. | select a section of the cash flow statement Financing ActivitiesInvesting ActivitiesNoncash Investing and Financing ActivityNot ShownOperating Activities | $enter a dollar amount | |||
(c) | Plant assets that had cost $20,000 6 years before and were being depreciated on a straight-line basis over 10 years with no estimated scrap value were sold for $4,100. | |||||
Sale proceeds | select a section of the cash flow statement Financing ActivitiesInvesting ActivitiesNoncash Investing and Financing ActivityNot ShownOperating Activities | $enter a dollar amount | ||||
Loss on sale of plant assets | select a section of the cash flow statement Financing ActivitiesInvesting ActivitiesNoncash Investing and Financing ActivityNot ShownOperating Activities | $enter a dollar amount | ||||
(d) | The company sustained a net loss for the year of $54,000. Depreciation amounted to $30,000, and a gain of $18,000 was realized on the sale of land for $39,000 cash. | |||||
Net Loss | select a section of the cash flow statement Financing ActivitiesInvesting ActivitiesNoncash Investing and Financing ActivityNot ShownOperating Activities | $enter a dollar amount | ||||
Depreciation | select a section of the cash flow statement Financing ActivitiesInvesting ActivitiesNoncash Investing and Financing ActivityNot ShownOperating Activities | $enter a dollar amount | ||||
Gain on Sale of Land | select a section of the cash flow statement Financing ActivitiesInvesting ActivitiesNoncash Investing and Financing ActivityNot ShownOperating Activities | $enter a dollar amount | ||||
Proceeds from the Sale of Land | select a section of the cash flow statement Financing ActivitiesInvesting ActivitiesNoncash Investing and Financing ActivityNot ShownOperating Activities | $enter a dollar amount | ||||
(e) | During the year, 9,000 shares of common stock with a stated value of $10 a share were issued for $86 a share. | select a section of the cash flow statement Financing ActivitiesInvesting ActivitiesNoncash Investing and Financing ActivityNot ShownOperating Activities | $enter a dollar amount | |||
(f) | The company exchanged common stock for a 70% interest in Tabasco Co. worth $849,000. | select a section of the cash flow statement Financing ActivitiesInvesting ActivitiesNoncash Investing and Financing ActivityNot ShownOperating Activities | $enter a dollar amount |
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