1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
In margin buying you borrow shares to sell now and buy back the shares later and return those. True or False
kotegsom [21]

Answer:

False

Explanation:

When you buy on margin you are borrowing money from your broker in order to purchase securities. The advantage of buying on margin is that you can purchasing a larger amount of stocks, but that also increases the risk of your investment as well as the potential returns.

7 0
3 years ago
Our company sells flat screen tvs to retailers for $1,000. The total fixed costs for plant operation is $60,000. It costs us $70
Sedbober [7]

Answer:

<h3><em><u>i</u></em><em><u> </u></em><em><u>d</u></em><em><u>o</u></em><em><u>n</u></em><em><u>'</u></em><em><u>t</u></em><em><u> </u></em><em><u>k</u></em><em><u>n</u></em><em><u>o</u></em><em><u>w</u></em><em><u> </u></em><em><u>i</u></em><em><u> </u></em><em><u>h</u></em><em><u>a</u></em><em><u>v</u></em><em><u>e</u></em><em><u> </u></em><em><u>n</u></em><em><u>o</u></em><em><u> </u></em><em><u>a</u></em><em><u>n</u></em><em><u>s</u></em><em><u>w</u></em><em><u>e</u></em><em><u>r</u></em><em><u> </u></em><em><u>t</u></em><em><u>o</u></em></h3>

Explanation:

<em>s</em><em>o</em><em>r</em><em>r</em><em>y</em><em> </em><em>a</em><em>g</em><em>a</em><em>i</em><em>n</em><em> </em><em>i</em><em> </em><em>n</em><em>e</em><em>e</em><em>d</em><em> </em><em>a</em><em>n</em><em>s</em><em>w</em><em>e</em><em>r</em><em> </em><em>t</em><em>o</em><em>o</em><em>,</em><em>a</em><em>n</em><em>y</em><em>o</em><em>n</em><em>e</em>

4 0
2 years ago
Which style of interaction might seem to be the only way for couples whose backgrounds are completely irreconcilable to survive?
Andrej [43]

The style of interaction might seem to be the only way for couples whose backgrounds are completely irreconcilable to survive is obliteration style.

Some couples will try the obliteration fashion. In this situation, each partner tries to erase or obliterate their authentic cultures and create a brand new “subculture” with new beliefs, values, and behaviors.

Style of interaction for an intercultural couple in which both companions try and erase their character cultures.

Culture is a prime component that transforms passionate love into romantic love. Cultural values and traditional behaviors affect the expressions and reports of love and transfer passionate love as primarily based on a sexual attraction into romantic love as an idealized and culturally affected manner of loving.

Learn more about obliteration style here brainly.com/question/17134967

#SPJ4

6 0
1 year ago
On January 1, 2015, Brooks Inc. borrows $90,000 from a bank and signs a 5% installment note requiring four annual payments of $2
Black_prince [1.1K]

Answer:

The journal entry which is to be recorded for the first installment payment on the note is shown below:

Explanation:

The journal entry is as on December 31, 2015

 Interest Expense A/c.................Dr  $4,500

Notes Payable A/c.......................Dr  $20,881

              Cash A/c..............................Cr   $25,381

Working Note:

Interest expense = Borrowed amount × 5%

= $90,000  × 5%

= $4,500

Note Payable = Cash - Interest expense

= $25,381 - $4,500

= $20,881

5 0
3 years ago
In 2019, Jonathan pays real estate taxes of $18,000 and New York State income taxes of $17,000. Assuming he itemizes, what deduc
-Dominant- [34]

Answer: $28,000

Explanation:

Jonathan can deduct both the real estate taxes and the state income taxes but the Tax Cuts and Jobs Act cut the deduction one can claim on State and Local taxes to $10,000 from 2018 to 2025.

The total deduction Jonathan can claim is therefore:

= Real estate taxes + Capped state income tax

= 18,000 + 10,000

= $28,000

6 0
3 years ago
Other questions:
  • Consider the following balance sheet for the Wahoo Bank. Use it to answer the two questions that follow. Use a required reserve
    11·1 answer
  • A credit to a liability accounta.indicates an increase in the amount owed to creditors.b.indicates a decrease in the amount owed
    13·2 answers
  • The following transactions occur for the Panther Detective Agency during the month of July:
    12·1 answer
  • What can a speaker do to ensure that they are respectful of their audience, especially when speaking to a skeptical audience or
    8·1 answer
  • Think through the SWOT analysis and think about your personal product offering. Focus on the specific value you would bring to t
    9·1 answer
  • As a discipline, Governance is most closely related to:
    12·1 answer
  • Which method of backing up digital photographs involves physical storage of files?
    13·1 answer
  • Why is tikto* a cool app
    6·1 answer
  • What fortnite divsion r u in on arena im in division 6 drop ur name
    14·2 answers
  • Does increasing average payment period decrease operating cycle
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!