Answered

Westonci.ca offers fast, accurate answers to your questions. Join our community and get the insights you need now. Our Q&A platform offers a seamless experience for finding reliable answers from experts in various disciplines. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.

On July 15, 2021, M.W. Morgan Distribution sold land for $41.0 million that it had purchased in 2016 for $26.0 million.

Required:
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, 2021, using the direct method?

Sagot :

abiolataiwo2015

Answer:

$41.0 million

Explanation:

Calculation to determine the amount(s) related to the sale that Morgan would report in its statement of cash flows for the year ended December 31, 2021, using the direct method

DIRECT METHOD:

CASH FLOWS FROM INVESTING ACTIVITIES:

Cash proceeds received from sale of land $41.0 million

Therefore the amount(s) related to the sale that Morgan would report in its statement of cash flows for the year ended December 31, 2021, using the direct method is $41.0 million

We appreciate your visit. Hopefully, the answers you found were beneficial. Don't hesitate to come back for more information. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Get the answers you need at Westonci.ca. Stay informed with our latest expert advice.