As the Accountant at O'Donnell Industries,you Are Responsible for Preparing

question 21

Essay

As the accountant at O'Donnell Industries,you are responsible for preparing the cash flow statement.You have decided to prepare the statement using the direct method and have gathered the following data from the accounting records:
Acquisition of equipment by issuing
Cash received from sale of property,plant,and equipment,
Prepare the operating activities section of the cash flow statement using the direct method for the year ended December 31,2017.

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Definitions:

Tangible Property

Property that has physical substance and can be touched, such as land, buildings, or goods.

Bank Accounts

Financial accounts maintained by individuals or businesses in a banking institution for the purpose of managing money.

Takings Clause

A clause in the Fifth Amendment of the U.S. Constitution requiring that when government uses its power to take private property for public use, it must pay the owner just compensation, or fair market value, for the property.

Condemnation

The legal process by which government or a legal entity takes private property for public use, with compensation to the owner.