Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. can i get some feedback with this problem? land

Can I get some feedback with this problem? Land Transactions on the...

70.2K

Verified Solution

Question

Accounting

Can I get some feedback with this problem?

image

Land Transactions on the Statement of Cash Flows Easterly Corporation purchased land for $436,000. Later in the year, the company sold a different piece of land with a book value of $279,000 for $304,000. How are the effects of these transactions reported on the statement of cash flows assuming the indirect method is used? Use the minus sign to indicate cash out flows, cash payments, decreases in cash and for any adjustments, if required. If a transaction has no effect on the statement of cash flows, select "No effect" from the drop down menu and leave the amount box blank. Transactions Action Amount Gain or loss on sale of land Deducted from net income Cash received from sale of land Part of cash flows from investing activities $ Cash paid for purchase of land Part of cash flows from investing activities Feedback Check My Work Property, plant and equipment are considered noncurrent assets. Recall the definitions of each section of the statement of cash flows. What type of an affect would a gain or loss have on the statement of cash flows? Learning Objective 3

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Geometry
1.2K views

In order to determine the effect that caffeinated beverage C would have on sleep researchers...

Accounting
1.2K views

What are the pros/cons of cyber classes verus traditional classes?

Electrical Engineering
1.2K views

1) What is the main element used in modern battery technology, explain? and what makes a...

Biology
1.2K views

Term Photosystem Photosystem I Photosystem II Antenna proteins Reaction center Light harvesting complex Photon Definition...

Biology
1.2K views

The history of the early modern era in Western Europe included the development of all...

Algebra
1.2K views

Infinite Geometric Series Find the sum of the infinite geometric series if possible 1 1...

Accounting
1.2K views

Pregunta 3 En el ao 1, la Compaa A tiene la siguiente informacin en...

Accounting
1.2K views

The standard costs and actual costs for direct materials for the manufacture of 2,640 actual...

Accounting
1.2K views

Wet Pets Inc. makes 100-gallon plexiglass aquariums. They reported the following financial information for last...

Accounting
1.2K views

Which of the following is true about the preemption right given to the landlord? ...

Accounting
1.2K views

Prentice Hall's Federal Taxation 2015(Individuals) Your client, Connie, won $12,000 in a football office pool....

Finance
1.2K views

The standard deviation of monthly changes in the spot price of live cattle is 1.1...