Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

How to calculate for the cash receipt from equipment in investing activities? its about statement of cash flows $245,000 Ul of goods sold Salary expense

How to calculate for the cash receipt from equipment in investing activities? its about statement of cash flows image text in transcribed
image text in transcribed
$245,000 Ul of goods sold Salary expense Amortization expense Other operating expenses Interest expense Income tax expense Total expenses Net income $110,000 45,000 12,000 23,000 1,000 5.000 196.000 $49.000 2017 $18,000 35,000 25,000 140,000 (50,000) Mongolfier Company Balance Sheet As at December 31, 2018 2018 | Assets Cash $22,000 Accounts receivable 30,000 Inventory 53,000 Property, Plant & Equipment 160,000 Accumulated Amortization - PP&E (40,000) Total assets $225,000 Liabilities Accounts payable $4,000 Wages payable 2,000 Long-term note payable 84,000 Total liabilities $90,000 Shareholder's equity Common shares $42,000 Retained earnings 93,000 Total shareholder's equity $135,000 Total liabilities and shareholder's equity $225,000 $168,000 $6,000 1,000 90,000 $97,000 $17,000 54,000 $71,000 $168,000 Page 1 of 6 Page 2 of 6 sh Flow Statement 983 ditional information: ne fiscal year end for the business. a. December 31 is the fiscal year end fo b. There is no common shares retiremento C. Equipment with original book value of $32,0 d. Equipment with a fair market shares for $25,000 and paying cash for the balance ce. During 2018, the company repaid f. During 2018 the company borrowed s lent or repurchases during the year. value of $32,000 was sold for cash. 2,000 was purchased by issuing common mpany repaid $40.000 cash for long-term notes payable, borrowed $34,000 cash on a new long-term note payable. 9. Cash dividend was declared and paid during the year. n. All sales and purchases of merchandise were on credit. Required: the space provided on the next page, prepare statement of cash flows in goou i tre statement of cash flows in good form assuming tha the business uses the indirect method for cash flows from operating activities. Use the left side to show all related calculations and T-accounts used! Equipment

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

Auditing Oracle E Business Suite Common Issues

Authors: Jeffrey T. Hare

1st Edition

1329529766, 978-1329529762

More Books

Students also viewed these Accounting questions