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slavikrds [6]
3 years ago
14

On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flo

ws:
The reporting statement of fixed asset account is shown. The transactions are listed as follows:

Date Item Debit Credit Debit Credit
Jan. 1 Balance 885,000
Mar. 12 Purchased for cash 274,000 1,159,000
Oct. 4 Sold fo $151,000 129,000 1,030,000

Item Section of Statement of Cash Flows Added or Deducted Amount
Mar. 12: Purchase of fixed asset $
Oct. 4: Sale of fixed asset $
Gain on sale of fixed asset (assume the indirect method) $
Business
1 answer:
Brums [2.3K]3 years ago
7 0

Answer and Explanation:

The computation of the purchase of fixed assets is shown below:-

March 12 Purchase of  fixed assets = $274,000. This same is shown in the investing activities section of the cash flow statement in the negative sign

October 4 Sale of fixed assets = $151,000. This same is shown in the investing activities section of the cash flow statement in the positive sign

Gain on sale of the fixed asset is

= Sales Value - Cost of asset

= $151,000 - $129,000

= $22,000

This amount is shown in the operating activities section of the cash flow statement in the negative sign

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The correct answer is (B)

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A monopolist that practices perfect price discrimination has the same deadweight loss triangle as the single-price monopolist.
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The correct answer is the option B: False.

Explanation:

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If your business is not efficient, where will your numbers fall on the Production Possibility Frontier?
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What do individual shareholders gain when they buy shares of a company’s stock?
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Read 2 more answers
Wims, Inc., has current assets of $5,000, net fixed assets of $23,300, current liabilities of $4,450, and long-term debt of $11,
Novay_Z [31]

Answer:

a). $12,850  b.) 550

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a). Shareholder equity

The shareholder equity consists of the shareholder capital contributions plus the retained earnings. calculating the shareholder's equity is through the formula shareholder equity = total assets -total liabilities

In this case,

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Total liabilities = $4,450 + $11,000 + $15,450

Shareholder equity = $28,300 -$15,450 = $12,850

b). Net working capital

Net working capital is the difference between current assets and current liabilities. i.e., net working capital is current assets - current liabilities

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Current liabilities = $ 4,450

Net working capital; = $5,000 - $4,450= $550

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3 years ago
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