16.3 #6 E C Chegg Study | Guide Course Schedule - Homepage MNA2Cengage .., Cenga

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16.3

#6

E C Chegg Study | Guide Course Schedule - Homepage MNA2Cengage .., CengageNOVv2 × |?Outlook.com-Micrc + v ? v2.cengagenow.com/ilm/takeAssignmenttakeAssignmentMain.do?invoker-assignments&ta; sionLocator-assignment-t L] ? ?? Ch 16-3 Exercises and Problems ?Print item eBook Reporting Land Transactions on Statement of Cash Flows On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows ACCOUNT Land 1. EX.16-02.ALGO 2. EX.16-03 ACCOUNT NO 3. EX.16-04 Balance Date Jan. Mar. Oct. 4 | Sold for$146,000 Item Debit Credit DebitCredit 4. EX.16-05.ALGO Balance 831,000 5. EX. 16-06·BLANKSHEET.AL . 12 Purchased for cash 266,000 1,097,00o 6. EX.16-11 ALGO 125,000 972,000 7. EX. 16-17.ALGO Section of Statement of Item Added or Deducted Amount Cash Flows 8. PR. 16-01.ALGO Mar. 12: Purchase of fixed asset Oct. 4: Sale of fixed asset Galn on sale of fixed asset (assume the Indirect method) Check My Work 2 more Check My Work uses remalning Previous Next Progress: 6/8 items Assignment Score: 12.5% All work saved. Email Instructor Save and Exit Submit Assignment for Grading 12:54 AM Type here to search 4/7/2018 21

Explanation / Answer

Note : Gain on sales of fixed asset = Sales value - Cost = $146,000- $125,000 = $21,000

Items Section of Statement of Cash Flows Added or Deducted Amount Mar 12 : Purchase of fixed asets Investing activities section Deducted $266,000 Oct 4 : Sales of fixed asets Investing activities section Added $146,000 Gain on sales of fixed asset (assume the indirect method) Operating activities section Deducted $21,000

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