Report in statement of cash flows for the year, Accounting Basics

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Report in statement of cash flows for the year

On July 15, 2011, M.W. Morgan Distribution sold land for $36 million that it had purchased in 2006 for $25 million.

(a) What would be the amount(s) related to the sale that Morgan would report in its statement of cash flows for the year ended December 31, 2011, using the direct method?

b) Would the above amount differ if the company were using indirect method?

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Accounting Basics: Report in statement of cash flows for the year

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Report in statement of cash flows for the year

Reference No:- TGS054086

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Increase in average operating assets

Q : Beginning with income before income taxes

Q : Proportion between variable and fixed costs

Q : Account receivables to long term notes

Q : Report in statement of cash flows for the year

Q : Prepare the entry to record exercise of the bargain

Q : Principal and interest in monthly installments

Q : What is the effective annual interest rate

Q : Prepare entries to record the sale and leaseback

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Report in statement of cash flows for the year

Reference No:- TGS054086

Recent Questions Asked Accounting Basics

Q : Increase in average operating assets

Q : Beginning with income before income taxes

Q : Proportion between variable and fixed costs

Q : Account receivables to long term notes

Q : Report in statement of cash flows for the year

Q : Prepare the entry to record exercise of the bargain

Q : Principal and interest in monthly installments

Q : What is the effective annual interest rate

Q : Prepare entries to record the sale and leaseback

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