Equipment transaction and cash flow reporting

Assignment Help Accounting Basics
Reference no: EM13756144

Equipment transaction and cash flow reporting

Dec. 31, 19X4
Dec. 31, 19X3
Land
$94,000
$94,000
Equipment
652,000
527,000
Less: Accumulated depreciation
-316,000
-341,000

a. Determine the cost and accumulated depreciation of the equipment sold during 19X4.
b. Determine the selling price of the equipment sold.
c. Show how the sale of equipment would appear on a statement of cash flows prepared by using the indirect method.

Reference no: EM13756144

Questions Cloud

Prepare journal entries to record the issuance : Prepare journal entries to record the issuance of 100,000 shares of common stock at $20 per share for each of the following independent cases:
Is anything still unclear that could be clarified : What were the most compelling topics learned in course - How did participating in discussions help your understanding of the subject matter?
Discuss reasons behind nibcos decision : Case Study- NIBCO's "Big Bang": An SAP Implementation, Discuss reasons behind NIBCO's decision to implement an ERP system
Describe at least two ways the reconstruction period : Describe at least two ways the Reconstruction period may have been different if President Lincoln had not been assassinated.
Equipment transaction and cash flow reporting : Determine the cost and accumulated depreciation of the equipment sold during 19X4. Determine the selling price of the equipment sold.
What stage of career development are you currently : What stage of career development are you currently in - what do you want your future career to be and what do you still need to do or learn to progress through your current stage?
Overview of direct and indirect methods : Evaluate the comments that follow as being true or false. If the comment is false, briefly explain why.
Classification of activities : Classify each of the following transactions as arising from an operating (O), investing (I), financing (F), or noncash investing/financing (N) activity.
Exchange of common stock for a building : Why are noncash transactions, such as the exchange of common stock for a building, included on a statement of cash flows? How are these noncash transactions disclosed?

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Merger co has ten employees each of whom earns 2000 per

merger co. has ten employees each of whom earns 2000 per month and has been employed since january 1. fica social

  In a process cost system costs are tracked through a

in a process cost system costs are tracked through a series of connected manufacturing processes or departments rather

  Problem related to unrealized gain

In 2004, Parrot Company sold land to its subsidiary, Tree Corporation, for $12,000. It had a book value of $10,000. In the next year, Tree sold the land for $18,000 to an unaffiliated firm. The 2004 unrealized gain

  Computing the recognized gain

On April 1, 2004, Norcross Corporation purchased a new machine for $550,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $25,000.

  St joseph hospital has overall variable costs of 30 of

st. joseph hospital has overall variable costs of 30 of total revenue and fixed costs of 42 million per year. compute

  How much of the payment goes toward principal

Compute the required monthly payment on a $80,000 30-year, fixed-rate mortgage with a nominal interest rate of 5.80%. How much of the payment goes toward principal and interest during the first year?

  During the year linh actually used 150000 pounds of

1. forbes company uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to

  Which of the following isnt a characteristic or limitation

which of the following is not a characteristic or limitation of the kind of information that financial reporting by

  Youre to write down a 2-4 page paper describing the

youre to write down a 2-4 page paper explaining the accounting cycle and each of the ten steps. your paper should be in

  Farrell company manufactures a product that sells for 50

farrell company manufactures a product that sells for 50 per unit. farrell incurs a variable cost per unit of 30 and

  Calculate the average sale price of the preferred stock

the stockholders equity section on the december 31 2011 balance sheet of american corporation follows stockholders

  Acme co is considering two options for acquiring a new

acme co. is considering two options for acquiring a new company car. details on the two options areoption 1. lease the

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd