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The following events apply to Gulf Seafood for the Year 1 fiscal year: The company started when it acquired $ 1 8 , 0 0
The following events apply to Gulf Seafood for the Year fiscal year: The company started when it acquired $ cash by issuing common stock. Purchased a new cooktop that cost $ cash. Earned $ in cash revenue. Paid $ cash for salaries expense. Adjusted the records to reflect the use of the cooktop. Purchased on January Year the cooktop has an expected useful life of four years and an estimated salvage value of $ Use straightline depreciation. The adjusting entry was made as of December Year Required a Record the above transactions in a horizontal statements model. b What amount of depreciation expense would Gulf Seafood report on the Year income statement? c What amount of accumulated depreciation would Gulf Seafood report on the December Year balance sheet? d Would the cash flow from operating activities be affected by depreciation in Year Complete this question by entering your answers in the tabs below. Record the above transactions in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity OA an investing activity IA a financing activity FA or net change in cash NC If the element is not affected by the event, leave the cell blank. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells will require entry.
The following events apply to Gulf Seafood for the Year fiscal year:
The company started when it acquired $ cash by issuing common stock.
Purchased a new cooktop that cost $ cash.
Earned $ in cash revenue.
Paid $ cash for salaries expense.
Adjusted the records to reflect the use of the cooktop. Purchased on January Year the cooktop has an expected useful life of
four years and an estimated salvage value of $ Use straightline depreciation. The adjusting entry was made as of
December Year
Required
a Record the above transactions in a horizontal statements model.
b What amount of depreciation expense would Gulf Seafood report on the Year income statement?
c What amount of accumulated depreciation would Gulf Seafood report on the December Year balance sheet?
d Would the cash flow from operating activities be affected by depreciation in Year
Complete this question by entering your answers in the tabs below.
Record the above transactions in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity OA an investing activity
IA a financing activity FA or net change in cash NC If the element is not affected by the event, leave the cell blank. Enter any decreases to account balances and
cash outflows with a minus sign. Not all cells will require entry.
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