Question
Reporting Land Transactions on Statement of Cash Flows On the basis of the details of the following fixed asset account, indicate the items to be
Reporting Land Transactions on Statement of Cash Flows
On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows:
| ACCOUNT Land | ACCOUNT NO. | |||||||||
| Balance | ||||||||||
| Date | Item | Debit | Credit | Debit | Credit | |||||
| Jan. | 1 | Balance | 946,000 | |||||||
| Mar. | 12 | Purchased for cash | 322,000 | 1,268,000 | ||||||
| Oct. | 4 | Sold for $176,000 | 151,000 | 1,117,000 |
| Item | Section of Statement of Cash Flows | Added or Deducted | Amount |
| Mar. 12: Purchase of fixed asset | Financing activities sectionInvesting activities sectionOperating activities sectionNot on statement | AddedDeductedNot applicable | $fill in the blank 3 |
| Oct. 4: Sale of fixed asset | Financing activities sectionInvesting activities sectionOperating activities sectionNot on statement | AddedDeductedNot applicable | $fill in the blank 6 |
| Gain on sale of fixed asset (assume the indirect method) | Financing activities sectionInvesting activities sectionOperating activities sectionNot on statement | AddedDeductedNot applicable | $fill in the blank 9 |
Reporting Land Transactions on Statement of Cash Flows
On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows:
| ACCOUNT Land | ACCOUNT NO. | |||||||||
| Balance | ||||||||||
| Date | Item | Debit | Credit | Debit | Credit | |||||
| Jan. | 1 | Balance | 946,000 | |||||||
| Mar. | 12 | Purchased for cash | 322,000 | 1,268,000 | ||||||
| Oct. | 4 | Sold for $176,000 | 151,000 | 1,117,000 |
| Item | Section of Statement of Cash Flows | Added or Deducted | Amount |
| Mar. 12: Purchase of fixed asset | Financing activities sectionInvesting activities sectionOperating activities sectionNot on statement | AddedDeductedNot applicable | $fill in the blank 3 |
| Oct. 4: Sale of fixed asset | Financing activities sectionInvesting activities sectionOperating activities sectionNot on statement | AddedDeductedNot applicable | $fill in the blank 6 |
| Gain on sale of fixed asset (assume the indirect method) | Financing activities sectionInvesting activities sectionOperating activities sectionNot on statement | AddedDeductedNot applicable | $fill in the blank 9 |
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Audit Of The Drug Enforcement Administrations Controls Over Seized And Collected Drugs
Authors: Office Of Inspector General, U.S. Department Of Justice, Penny Hill Press
1st Edition
1537075683, 978-1537075686
