Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. reporting land acquisition for cash and mortgage n

Reporting Land Acquisition for Cash and Mortgage Note on Statement of Cash Flows (Q.5) On...

70.2K

Verified Solution

Question

Accounting

Reporting Land Acquisition for Cash and Mortgage Note on Statement of Cash Flows (Q.5)

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 ACCOUNT NO.
Balance
Date Item Debit Credit Debit Credit
Jan. 1 Balance 317,100
Feb. 10 Purchased for cash 469,300 786,400
Nov. 20 Purchased with long-term mortgage note 637,000 1,423,400

Item Section of Statement of Cash Flows Added or Deducted Amount
Purchase of land for cash $
Purchase of land by issuing long-term mortgage note $

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Elite Apparel Inc. is considering two investment projects. Theestimated net cash flows from each...

Accounting
Q

Given the soaring price of gasoline, Ford is considering introducing a new production line of gas-electric...

Finance
Q

You are given the following LP model in algebraic form, with x1 and x2 as the decision...

Basic Math
Q

A 65 kg woman stands at the rim of a horizontal turntable having a moment of...

Physics
Q

Question 10 Which colony was not a proprietary colony O Delaware O Virginia O Pennsylvania...

Biology
Q

Which sentence uses the 25 underlined vocabulary wora incorrectly A I find great contentment in...

Biology
Q

P is the weighted average of A and B on the number line Find the...

Geometry
Q

4 A pilot is flying over a straight highway He determines the angle of depression...

Geometry
Q

If you want to earn $725.00 of simple interest at a rate of 7% in...

Basic Math
Q

Perform the multiplication and use the fundamental identities to simplify There is more than one...

Calculus
Q

Find the first derivative with respect to x.- 2x - 9y + 7y = 8dydx=

Calculus
Q

times and tasks that must be completed to create a school s yearbook Which EST...

Algebra