Answered step by step
Verified Expert Solution
Question
1 Approved Answer
whqt will be the total amount reported on the Significant Noncash Investing and Financing Transactions? LazyDaz, Inc. reported the following for its 2020 financial statements.
whqt will be the total amount reported on the Significant Noncash Investing and Financing Transactions?
LazyDaz, Inc. reported the following for its 2020 financial statements. Balance Sheet Dec 31, 2020 1,256 Dec 31, 2019 782 Difference 474 Cash Accounts Receivable Allow for Doubtful Accounts 30 (3) 96 5,250 5,250 (33) (123) PP&E Land 1,980 516 63 5,127 2,496 (942) 18 8,090 (42) Accumulated Depreciation Patent Total Assets (900) 24 7,277 (15) Accounts Payable Wages Payable Unearned Revenue Interest Payable Income Tax Payable Notes Payable Bonds Payable Common Stock Retained Earnings Total Liabilities & Equity 225 2,349 3,726 1.539 8,090 225 99 276 2,250 3,450 1.371 7,277 168 Income Statement For the Year Ending Dec 31, 2020 3,750 (1.944) 1,806 (450) (3) (342) Sales Cost of Goods Sold Gross Profit Operating Expenses Wage Expense Bad Debt Expense Depreciation Expense Amortization Expense Utilities Expense Other Operating Expenses Income From Operations Other Interest Expense Gain (Loss) on Sale of Land Gain (Loss) on Sale of PP&E Income before Tax Expense Income Tax Expense Net Income (156) (471) (1.428) 378 (15) (60) 165 90 468 (204) 264 The financial notes of Lazy Daz disclose the following 2020 information: (1) Property, plant and equipment was sold for cash. The PP&E had an original cost of $1,200 and accumulated depreciation of $300. (2) Stock was issued for $360 cash. (3) Bonds of $90 were retired. (4) Land with a cost of $420 was sold. (5) There were two major noncash transactions.PP&E was acquired by issuing a $225 long-term note. Later in the year, PP&E was acquired by issuing $300 in common stock. (6) All other transactions were cash transactions Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started