PS 1 Winter 2024

Sale of Equipment Instructions Chart of Accounts First Questions Journal Instructions Equipment was acquired at the beginning of the year at a cost of $562,500. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 9 years and an estimated residual value of $49,785. Chart of Accounts CHART OF ACCOUNTS Required: a. What was the depreciation for the first year? Round your intermediate calculations to 4 decimal places. Round the depreciation for the year to the nearest whole dollar. b. Assuming that the equipment was sold at the end of the second year for $557,317, determine the gain or loss on the sale of the equipment. c. Journalize the entry on Dec. 31 to record the sale. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a…

Comprehensive Problem The following were taken from the books of Amihan Company: Long-term Payable Notes Payable Property. Plant and Equipment Accounts Receivable Accounts Payable Accumulated Depreciation Cash Owner's Capital Unearned Income Notes Receivable Prepaid Expenses Accrued Expenses Inventory Intangible Assets P 500,000 120.000 750,000 56.000 65,000 100,000 77,000 c. Prepaid Expenses is current. d. Date of SFP, December 31, 2020 ? 15.345 244.000 56.700 37,890 157,840 124,500 OUTPUT 1 Prepare a classified SFP given the following additional information: (ACCOUNT FORM) SFP a. Notes Payable is due 6 months from now. b. Notes Receivable is collectible 9 months from now.

Answer d and e

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Applying Excel 4: Total Plant Assets 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 A B Current assets Cash Short-term investments Accounts receivable, net Supplies Prepaid expenses Total current assets. Long-term investments Land www. Long-term notes receivable Investments in stocks and bonds Total long-term investments Plant assets: Equipment Accumulated Depreciation Equipment, net Total plant assets Intangible assets: Multiple Choice с =+E17-E18+F20 =SUM(E17,E18,F19) =+E17-E18+F19 D Harriet Tubman Company Balance Sheet December 31 Assets Copyrights Total assets Which formula in cell F21 accurately computes the value of total plant assets? =SUM(E17,E18,F20) $ E 33,000 26,000 46,800 (9,400) F $20.700 15,700 29,000 7,300 5,800 $78,500 59,000 37,400 37,000 74,400 8,000 $219,900

Problem 6-30A (Algo) Purchase and use of tangible asset: Three accounting cycles, double-declining- balance depreciation LO 6-1, 6-3, 6-7 The following transactions pertain to Accounting Solutions Incorporated Assume the transactions for the purchase of the computer and any capital Improvements occur on January 1 each year. Year 1 1. Acquired $55,000 cash from the issue of common stock. 2. Purchased a computer system for $24,200. It has an estimated useful life of five years and a $3,500 salvage value. 3. Pald $1,800 sales tax on the computer system. 4. Collected $39,100 In fees from clients. 5. Pald $1,150 In fees for routine maintenance to service the computers. 6. Recorded double-declining-balance depreciation on the computer system for Year 1. Complete this question by entering your answers in the tabs below. Req A Year 1 Req A Year 2 Req A Year 3 Event Year 1 1. Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and…

Current Attempt in Progress The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. d. e b C f R m h L J k L n 0. p. Money borrowed to pay building contractor (signed a note) Payment for construction from note proceeds Cost of land fill and clearing Delinquent real estate taxes on property assumed by purchaser Premium on 6-month insurance policy during construction Refund of 1-month insurance premium because construction completed early Architect's fee on building Cost of real estate purchased as a plant site (land $201.700 and building $54,400) Commission fee paid to real estate agency Installation of fences around property Cost of razing and removing building Proceeds from salvage of demolished building Interest paid during construction on money borrowed for construction Cost of parking lots and driveways Cost of trees and shrubbery planted (permanent in nature)…

V Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable Accounts receivable Accrued liabilities Cash $34,989 66,770 6,185 17,598 39,822 89,571 98,246 70,130 Intangible assets Inventory Long-term investments Long-term liabilities Notes payable (short-term) Property, plant, and equipment Prepaid expenses Temporary investments Based on the data for Harding Company, what is the amount of working capital? Oa. $608,269 Ob. $149,965 Oc. $212,546 Od. $959,971 21,407 609,357 1,088 37,519

Question Content Area Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $33,234 Accounts receivable 67,995 Accrued liabilities 6,510 Cash 22,738 Intangible assets 35,347 Inventory 83,390 Long-term investments 101,069 Long-term liabilities 79,156 Notes payable (short-term) 27,161 Property, plant, and equipment 689,074 Prepaid expenses 2,037 Temporary investments 30,842 Based on the data for Harding Company, what is the quick ratio (rounded to one decimal place)? a.3.1 b.0.8 c.1.8 d.15.4

File Edit Vew Go Tools Window Help ASSIGNMENIT NO.1 BUSS 104.pdf (page Question 3: KLM Co. had the following information in 2020: 32000 15000 Issuance of common stock Payment of dividends Bank loan repaid Purchase of equipment Issuance of bonds payable Sale of long Term Assets Decrease in Accounts receivable Purchase of short term investment Increase of prepaid expenses Purchase of land Net Profit 21000 55000 29000 24000 17000 12000 15000 50000 37800 Depreciation Amortization 18500 9500

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HCS/380: Week 4 - Horizontal and Vertical Analysis - Academic Resources HCS/380 Ratio Calculations Select the images below to enlarge. Balance Sheet Murawski Company Balance Sheet December 31 Current Assets Investments Cash and cash equivalents Accounts receivable (net) Property, plant, and equipment Intangibles and other assets Total assets Current liabilities Inventory Prepaid expenses Total current assets Sales Revenue Murawski Company Income Statement For the Years Ended December 31 Costs and expenses Cost of goods sold Selling and Administrative expenses Interest expense Total costs and expenses 2022 Income Statement Income before income taxes $330 470 460 120 1,380 Income tax expense Net Income 10 420 530 $2,340 Long-term liabilities Stockholder's equity - common 1,030 1,040 Total liabilities and stockholder's equity $2,340 $2,210 $900 410 2022 $3,800 955 2,400 25 3,380 2021 420 126 $294 $360 400 390 160 1,310 10 380 510 $2,210 $790 380 2021 $3,460 890 2,330 20 3,240 220 66 $154…

10 Problems ed Ok • wm ances Financial data for Joel de Paris, Incorporated, for last year follow: Joel de Paris, Incorporated Balance Sheet Assets Cash Accounts receivable Inventory Plant and equipment, net Investment in Buisson, S.A. Land (undeveloped) Total assets Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity Total liabilities and stockholders' equity Joel de Paris, Incorporated Income Statement NO Sales Operating expenses Net operating income Interest and taxes: Interest expense Tax expense Net Income $ 122,000 205,000 #3 $ 4,260,000 3,627,000 640,200 327,000 $ 313,200 4 *5 eztomheducation.com Beginning Balance % $ 138,000 342,000 570,000 870,000 410,000 246,000 $ 2,576,000 The company paid dividends of $218,200 last year. The "Investment in Buisson, S.A," on the balance sheet represents an investment in the stock of another company. The company's minimum required rate of return of 15% Send Required: 1. Compute the company's average…

DEVELOPMENT E-LIBRARY ZAIN HANDBOOKS Triton Corp reported net income of $207,200, including depreciation expense of $63,000. The company sold investments for $8,400 that had a cost of $25,200. Accounts receivable decreaşed $35,000 and accounts payable increased $32,200. What amount did Triton report as net cash provided by operating activities? O a. $186.200. O b. $219.200. O c. $228,200. O d. $354,200. Next pag О Help РОСОРНONЕ 10:06 AM SHOT ON POCOPHONE F1 11/3/2021

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Chapter 16 The net income reported on the income statement for the current year was $183,000. Depreciation recorded on equipment and al building amounted to $76,500 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash 65,000 54,500 Accounts receivable (net) 75,000 72,500 Inventories 175,600 165,500 Prepaid Expenses 8,500 9,200 Accounts Payable (merchandise creditors) 75,450 70,650 8,600 Salaries Payable 11,500 a. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. b. If the direct method had been used, would the net cash flow from operating activities have been the same? Explain. $ $

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QUESTION ONE   The financial year of Company X starts from 1st. May every year. On 17th July 2022, X. ltd acquired the following non-current assets:   Note: Land worth sh.990,000 (being part of 1,480,000) was acquired in cash, no land is on finance lease.   The company's policy is to charge depreciation at the following rates:   Cash/On Credit On Finance lease Hire Purchase Plant & Machinery 250,000 460,000 900,000 Land & Buildings 1,480,000 720,000 - Furniture 860,000 950,000 230,000 Motor vehicles 960,000 870,000 125,000 Other Fixtures & Fittings 654,000 620,000 860,000          Rate Land Nil Buildings 10 % on cost Plant and machinery 7% on reducing balance method. Motor vehicles, Fixtures & Fittings & Furniture  12% on reducing balance method.   A proportionate charge is made in the year of purchase, sale, or revaluation of an asset.   The following transactions took place:   On 14th December 2022, the company decided to revalue its Land & buildings up to…

Question 1 of 13 Current Attempt in Progress Suppose the following selected condensed data are taken from a recent balance sheet of Bob Evans Farms (in millions of dollars Cash Accounts receivable Inventory Other current assets Total current assets Total current liabilities Working capital Compute working capital and the current ratio. (For working capital, enter answer in millions of dollars. If answer is negative enter it with a negative sign preceding the number e.g.-15.2 or in parentheses eg. (15.2). Round current ratio to 2 decimal places, e.g. 0.78:1) Current ratio $ $31.2 21.1 28.2 25.9 eTextbook and Media $106.4 $190.0