accounting assigment.

accounting assigment. - Q1: The date below refers to Money...

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Q1: The date below refers to Money Ltd. For the year ended December 31,2011. Required For each item, identify both the dollar amount and its classification-that is, whether it would appear as a positive or a negative adjustment to net income in the calculation of cash flow from operations(using the indirect method),or as some other inflow or outflow of cash. 1. Declared a $15,000 cash dividend; paid $12,000 during the year. Dividends 15,000 Dividends payable 15,000 Dividends payable 12,000 Cash 12,000 2. Sold, for $90,000 cash, land that had cost $75,000 two years earlier. Cash 90,000 Retained earning 90,000 Land 75,000 Cash 75,000 3. Sold for cash 2,000 shares for $6 a share. Cash 2,000 Common shares 2,000 4. Bought machinery for $24,000 in exchange for a note due in 18 months. Machinery 24,000 Long-term notes payable 24,000 5. Bought a computer that had a fair value of $35,000 by giving in exchange real estate that had cost $15,000 in an earlier period. Computer 35,000 Gain on sale 20,000 Real estate 15,000 6. Equipment amortization, $18,000. Amortization expense
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This note was uploaded on 05/25/2011 for the course ACC 1215 taught by Professor Ravin during the Spring '11 term at Cambrian College.

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accounting assigment. - Q1: The date below refers to Money...

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