29 Jun Question Lowry Landscapes had net income of $50,000 for 2
Question
Lowry Landscapes had net income of $50,000 for 2010.
Land was sold for $40,000, of which $3,000 was a gain.
The beginning cash balance was $53,000, and the ending
cash balance was $151,000. Depreciation expenses were
$11,000. Prepare a statement of cash flows for the year
ended December 31, 2010, for Lowry Landscapes using the
indirect method.
13. Prepare the general journal entries for the following transactions:
Jan. 2, 2011 Purchased land with a building on it for $750,000. The land is worth $300,000. Paid $150,000 cash down and signed a mortgage payable for the balance.
)
Dec. 31, 2011 Depreciation is computed using the straight-line method. The estimated salvage value of the building is $75,000 and has an estimated life of 20 years.
July 1, 2012 The building and land are sold for $825,000 cash.
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