29 Jun Question 24. In the Green Company, t
Question
24. In the Green Company, the beginning and ending balances in Land were $198,000 and $240,000 respectively. During the year, land costing $45,000 was sold for $45,000 cash, and land costing $87,000 was purchased for cash. The entries in the reconciling columns of the worksheet will include a:
credit to Land $45,000 and a debit to Sale of Land $45,000 under financing activities.
credit to Land $45,000 and a debit to Sale of Land $45,000 under investing activities.
debit to Land $87,000 and a credit to Purchase of Land $87,000 under financing activities.
net debit to Land $42,000 and a credit to Purchase of Land $42,000 under investing activities.
25. For each of the following items, indicate by using the appropriate code letter, how the item should be reported in the statement of cash flows, using the indirect method.
A. Added to net income
B. Deducted from net income
C. Cash outflow—investing activity
D. Cash inflow—investing activity
E. Cash outflow—financing activity
F. Cash inflow—financing activity
G. Significant noncash investing and financing activity
1. Decrease in accounts payable during a period
2. Declaration and payment of a cash dividend.
3. Loss on sale of land.
4. Decrease in accounts receivable during a period.
5. Redemption of bonds for cash.
6. Proceeds from sale of equipment at book value.
7. Issuance of common stock for cash.
8. Purchase of a building for cash.
9. Acquisition of land in exchange for common stock.
10. Increase in merchandise inventory during a period.
26. The statement of cash flows is the only required financial statement that is not prepared from an adjusted trial balance. What are the sources of information for preparing a statement of cash flows? Explain how the accrual basis of accounting affects the statement of cash flows.
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