Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the 2019 accounting records of pape transport reve

The 2019 accounting records of Pape Transport reveal these transactions and events. ...

60.1K

Verified Solution

Question

Accounting

The 2019 accounting records of Pape Transport reveal these transactions and events.
Payment of interest $70,466 Payment of salaries and wages $373,470
Cash sales 338,237 Depreciation expense - vehicles 112,746
Receipt of dividend revenue 126,839 Proceeds from sale of vehicles 5,721,849
Payment of income tax 84,559 Purchase of vehicles for cash 155,025
Profit 267,771 Loss on sale of vehicles 21,140
Payments for inventory 683,521 Payment of operating expenses 197,305
Payment for land 521,449 Retained earnings at the start of the year 507,500
Collection of accounts receivable 1,374,089 Retained earnings at the end of the year 531,100
Required
a) Prepare the cash flows from operating activities section for the year ended 31 December 2019 using the direct method.
b) How much was the payment of dividends?
c) During the year equipment was sold, and the company recorded a profit on sale of equipment in the income statement of $5,200.
This equipment cost $50,500 originally and had a carrying amount of $6,500 at the time of sale.
What were the proceeds from the sale of the equipment?

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

Q

In the blank space provided for each type of “accounting change”or “transaction correction” listed...

Accounting
Q

all persons mentioned below are New Zealand taxresidents unless otherwise stated. All taxpayers have...

Accounting
Q

How do we interpret a confidence interval?

Basic Math
Q

1. For the four different types of nerves found in the sympathetic division of the ANS,...

Medical Sciences
Q

Which part of the plotstructure does the followingsection of Stephen Crane's "A Great Mistake" fall...

Biology
Q

What is the measure of XY N 55 Y

Geometry
Q

Deandre is playing a carnival game He is blindfolded while he throws a dart at...

Basic Math
Q

Sullivan's Island Company began operating a subsidiary in a foreigJanuary 1,2020 $ 2.20=1 Pound ...

Accounting
Q

Structuring a Keep-or-Drop Product Line Problem Shown below is a segmented income statement for Hickory...

Accounting
Q

87. What are the implications of IFRS adoption for investors, analysts, and other stakeholders?

Accounting
Q

A gift of $8000 to a city grew to $6,000,000 in 200 years. At what...

Finance
Q

Pronghorn Corporation agrees on January 1, 2020, to lease equipment from Packers, Inc. for 3...

Accounting