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The loss on sale of equipment 1 The three accounts shown below appear in the general ledger of Glaus Corp. during 2011. Equipment Date Debit Credit Balance Jan. 1 Balance 160,000 July 31 Purchase of equipment 70,000 230,000 Sept. 2 Cost of equipment constructed 58,000 288,000 Nov. 10 Cost of equipment sold 46,000 242,000 Accumulated Depreciation—Equipment Date Debit Credit Balance Jan. 1 Balance 71,000 Nov ...

Other / Other 06 Apr 2016

Banner Company had total operating expenses a1 Dolan Company's income statement showed revenues of $230,000 and operating expenses of $150,000. Accounts receivable decreased by $60,000 and accounts payable increased by $40,000 during the year. Instructions Compute (a) cash receipts from customers and (b) cash payments for operating expenses using the direct method. a2 Banner Company had total operating expenses of €160,00 ...

Other / Other 06 Apr 2016

The sale of equipment at less than its book value 1. If accounts receivable increase during a period, revenues on an accrual basis are ______________ than revenues on a cash basis. 2. The sale of equipment at less than its book value is a(n) ______________ of cash that is reported in the ______________ activities section. 3. Free _______________ equals cash provided by operations less capital expenditures and cash dividends. ...

Other / Other 06 Apr 2016

Trent Company prepared the tabulation 1 The following information is available for Greer Corporation for the year ended December 31, 2011: Collection of principal on long-term loan to a supplier $15,000 Acquisition of equipment for cash 10,000 Proceeds from the sale of long-term investment at book value 22,000 Issuance of ordinary shares for cash 25,000 Depreciation expense 30,000 Redemption of bonds payable at carrying (book ...

Other / Other 06 Apr 2016

Neal Company reported net income 1 Pierce Company reported net income of $180,000 for the current year. Depreciation recorded on buildings and equipment amounted to $80,000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Prepaid expenses $ 9,500 $ 5,000 Inventories 50,000 65,000 Accounts receivable 24,000 32,000 Cash 20,0 ...

Other / Other 06 Apr 2016

Loss on sale of a plant asset 1. For each of the following items, indicate by using the appropriate code letter, how the item should be reported in the statement of cash flows, using the direct method. A. Added in determining cash receipts from customers B. Deducted in determining cash receipts from customers C. Added in determining cash payments to suppliers D. Deducted in determining cash payments to suppliers E. Cash outflo ...

Other / Other 06 Apr 2016

Classify each of the following 1 Classify each of the following as a(n): A. Operating Activity B. Investing Activity C. Financing Activity _____ 1 Issuance of bonds. _____ 2. Sale of equipment. _____ 3. Amortization expense. _____ 4. Purchase of treasury shares. _____ 5. Receipt of dividends on investment. _____ 6. Purchase of land. Business Management Assignment Help, Business Management Homework help, Business Ma ...

Other / Other 06 Apr 2016

Prepare a statement of cash flows for Meenan Company 1 The financial statements of Meenan Company appear below: MEENAN COMPANY Comparative Statement of Financial Position December 31 2011 2010 Assets Property, plant, and equipment € 50,000 € 78,000 Accumulated depreciation (20,000) (24,000) Merchandise inventory 30,000 15,000 Accounts ...

Other / Other 06 Apr 2016

Calculate net cash flows from operating activities using the indirect method 1 Selected transactions for the Eldon Company are listed below. 1. Collected accounts receivable. 2. Declared and paid dividends on ordinary shares. 3. Sold long-term investments for cash. 4. Issued stock for equipment. 5. Repaid five year note payable. 6. Paid employee wages. 7. Converted bonds payable to ordinary shares. 8. Acquired long-term in ...

Other / Other 06 Apr 2016

Prepare a statement of cash flows for the year 1 A comparative statement of financial position for Mann Company appears below: MANN COMPANY Comparative Statement of Financial Position Dec. 31, 2011 Dec. 31, 2010 Assets Equipment € 60,000 €32,000 Accumulated depreciation—equipment (20,000) (14,000) Long-term investments ...

Other / Other 06 Apr 2016