Increase in the land account, Accounting Basics

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Increase in the land account

In Shannon Company, there was an increase in the land account during the year of $48,000. Analysis reveals that the change resulted from a cash sale of land at a cost $110,000, and a cash purchase of land for $158,000. In the statement of cash flows, the change in the land account should be reported in the investment section:

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Accounting Basics: Increase in the land account

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Accounting Basics: Increase in the land account

Reference No:- TGS053212

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Explain independent agency of government

Q : Quick ratio and fixed assets turnover ratio

Q : Income tax for financial reporting book purposes

Q : Determining the dividend per share of company

Q : Increase in the land account

Q : Why growth rates-developed nations lower than poorer nations

Q : Acceptable substitute for a qualified or adverse opinion

Q : Acceptable substitute for a qualified or adverse opinion

Q : Expecting identical operating results

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Increase in the land account

Reference No:- TGS053212

Recent Questions Asked Accounting Basics

Q : Explain independent agency of government

Q : Quick ratio and fixed assets turnover ratio

Q : Income tax for financial reporting book purposes

Q : Determining the dividend per share of company

Q : Increase in the land account

Q : Why growth rates-developed nations lower than poorer nations

Q : Acceptable substitute for a qualified or adverse opinion

Q : Acceptable substitute for a qualified or adverse opinion

Q : Expecting identical operating results

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