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Please help me correct the answers in the red boxes that I got wrong, thank you! Pharoah Inc. is a private company reporting under ASPE.
Please help me correct the answers in the red boxes that I got wrong, thank you!
Pharoah Inc. is a private company reporting under ASPE. The following selected account balances were reported in Pharoah Inc.'s financial statements at year end: Additional information: 1. Purchased $67,500 of equipment for $9,000 cash and a note payable for the remainder. 2. Equipment was also sold during the year. 3. Sold a building that originally cost $45,000. 4. Used cash to purchase land and a building. 5. Mortgage payments and notes payable payments included interest and principal amounts. 6. Common shares were issued for cash. (a) - Your answer is partially correct. Determine the amount of any cash inflows or outflows related to investing activities in 2024. (Hint: Use T accounts to calculate the cash flows.) (Show amounts that decrease cash flow with either a - sign e.g. 15,000 or in parenthesis e.g. (15,000).)Step by Step Solution
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