Reporting Land Acquisition for Cash and Mortgage Note on Statement of Cash Flows 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 Jan. 1 Balance Feb. 10 Purchased for cash Nov. 20 Purchased with long-term mortgage note Item Purchase of land for cash Burchase of land by iecuing Debit Credit 479,700 637,600 Section of Statement of Cash Flows Debit 307,500 787,200 1,424,800 Credit Added or Deducted Amount

Reporting Land Acquisition for Cash and Mortgage Note on Statement of Cash Flows 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 Jan. 1 Balance Feb. 10 Purchased for cash Nov. 20 Purchased with long-term mortgage note Item Purchase of land for cash Burchase of land by iecuing Debit Credit 479,700 637,600 Section of Statement of Cash Flows Debit 307,500 787,200 1,424,800 Credit Added or Deducted Amount

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Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter13: Statement Of Cash Flows

Section: Chapter Questions

Problem 13E: Reporting land acquisition for cash and mortgage note on statement of cash flows On the basis of the...

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Reporting Land Acquisition for Cash and Mortgage Note on Statement of Cash Flows 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 272,900 Feb. I 10 Purchased for cash 393,000 665,900 Nov. 20 Purchased with long-term mortgage note 539,400 1,205,300 Item Section of Statement of Cash Flows Added or Deducted Amount Purchase of land for cash Investing activities section Deducted Purchase of land by issuing long-term mortgage note Financing activities section Investing activities section Operating activities section Separate schedule
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