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Question - The following information has been compiled from the accounting records of Misha company for the year ended December 31, 20A:
Purchase of inventory 1,170,000
Purchase of Land, with the vendor financing P600,000 for 2 years 2,100,000
Purchase of plant for cash 1,500,000
Sale of plant:
Book value 300,000
Cash Proceeds 240,000
Buyback of ordinary shares 420,000
Required - What is the amount of investing net cash outflows that would be reported in the 20A statement of cash flows?
Publix Corporation purchased the net assets (asset acquisition) of Sam’s Corporation on January 1, 2012 for $600,000 and also paid $10,000 in direct acquisition costs. Prepare Publix’s general journal entry for the cash purchase of Sam’s net assets. ..
Prepare the Stockholders Equity category of the December 31, 2007, balance sheet. Assume the net income for the year was $650,000.
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