Financial Accounting Journals And Cash Flow Statement Homework Help
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1.Journalize the following treasury stock transactions:
June 3 Reacquired 350 shares of $12 par common stockat $10 per share.
June 7 Sold 180 shares of treasury stock for $16 per share.
June 8 Sold 150 shares of treasury stock for $9 per share.
2. 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.
3.On July 1, Potts Delivery Services acquired a new truck with a list price (fair market value) of $80,000. Potts received a trade-in allowance of $15,000 on an old truck of similar type and paid cash of $65,000. The following information about the old truck is obtained from the account in the equipment ledger: cost, $60,000; accumulated depreciation on December 31, the end of the preceding fiscal year, $42,000; annual depreciation, $7,500. Assuming the exchange has commercial substance, journalize the entries to record (a) the current depreciation of the old truck to the date of trade-in and
(b) the transaction on July 1.
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4.On April 1, Clear Water Co., a water distiller, acquired new bottling equipment with a list price (fair market value) of $350,000. Clear Water received a trade-in allowance of $50,000 on the old equipment of a similar type and paid cash of $300,000. The following information about the old equipment is obtained from the account in the equipment ledger: cost, $280,000; accumulated depreciation on December 31, the end of the preceding fiscal year, $216,000; annual depreciation, $18,000. Assuming the exchange has commercial substance, journalize the entries to record
(a) the current depreciation of the old equipment to the date of trade-in and
(b) the exchange transaction on April 1.
5.On the first day of the fiscal year, a delivery truck with a list price of $90,000 was acquired in exchange for an old delivery truck and $74,500 cash. The old truck had a cost of $60,000 and accumulated depreciation of $42,000.
a. Determine the cost of the new truck for financial reporting purposes.
b. Journalize the entry to record the exchange.
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