WileypLUS edugenw udent/mainfr.uni tice Gradebook ORION Downloadable eTextbook m

Question

WileypLUS edugenw udent/mainfr.uni tice Gradebook ORION Downloadable eTextbook ment Exercise 12-7 Your answer is partially correct. Try again. The following three accounts appear in the general ledger of Sunland Company during 2019 Equipment Date an. 1 Balance uly 31 Purchase of equipment Sept. 2 Cost of equipment constructed Nov. 10 Cost of equipment sold Debit Credit Balance 159,300 229,200 281,700 49,000 232,700 69,900 52,500 Accumulated Depreciation-Equipment Date Jan. 1 Balance Nov. 10 Accumulated depreciation on equipment sold 31,300 Debit Credit Balance 69,700 38,400 24,900 63,300 Dec. 31 Depreciation for year an. 1 Balance Aug. 23 Dividends (cash) Dc 31 Net income Debit Credit Balance 105,600 87,600 65.100 152.700 18,000

Explanation / Answer

Cash flow statement: Cash flows from Operating activities: Net income for the year 65100 Adjustment required Depreciation 24900 Loss on Sale of equipment 5200 30100 Net cash provided from Operating activities 95200 Cash flows from Investing activities: Purchase of Equipment -69900 Construction of equipment -52500 Sale of equipment (49000-31300-5200) 12500 Net cash used in Investing activities -109900 Cash flows from Financing activities: Dividend paid -18000 Net cash used in financing activities -18000

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