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Assume the following income statement information:
Assume that rent and salaries expenses are all paid in cash.
Required:
- Prepare the journal entry to record the amortization of leasehold improvements. What is the cash effect of this entry?
- Assume that the land was recorded at its original cost of $32 on the balance sheet at the disposal date and was sold for $14. Prepare the journal entry to record the disposal. What is the cash effect of this entry?
- Calculate the cash flow from operating activities.
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