4. How much was paid for new equipment purchased during the year? $260,000 $285,000 $295,000 $320,000 5. What was the selling price for the motor vehicle that was sold? $15,000 $25,000 $30,000 $85,000
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USE THE FOLLOWING DATA FOR QUESTIONS 4 & 5
Chris Ronaldo operates a business operator in Porto Listo. The following data was
obtained for the year 2013
Non-current Assets January December
Equipment at book value 640,000 840,000
Motor Vehicle at book value 750,000 940,000
Transactions during the year:
- Equipment with book value of 35 000 was sold at a profit of 12,000
Depreciation charges for equipment was 25,000
- Motor vehicle with book value of 40,000 was sold for a loss of 10,000
- Depreciation charges for motor vehicle was 30,000
4. How much was paid for new equipment purchased during the year?
- $260,000
- $285,000
- $295,000
- $320,000
5. What was the selling price for the motor vehicle that was sold?
- $15,000
- $25,000
- $30,000
- $85,000
Step by step
Solved in 2 steps
- A company purchased a building twenty years ago for $150,000. The building currently has an appraised market value of $235,000. The company reports the building on its balance sheet at $235,000. What concept or principle has been violated? A. separate entity concept B. recognition principle C. monetary measurement concept D. cost principleChris Ronaldo operates a business operator in Porto Listo. The following data was obtained for the year 2013 Non-current Assets January December Equipment at book value 640,000 840,000 Motor Vehicle at book value 750,000 940,000 Transactions during the year Equipment with book value of 35 000 was sold at a profit of 12,000 Depreciation charges for equipment was 25,000 Motor vehicle with book value of 40,000 was sold for a loss of 10,000 Depreciation charges for motor vehicle was 30,000 How much was paid for new equipment purchased during the year? $260,000 $285,000 $295,000 $320,000Chris Ronaldo operates a business operator in Porto Listo. The following data was obtained for the year 2013 Non-current Assets January December Equipment at book value 640,000 840,000 Motor Vehicle at book value 750,000 940,000 Transactions during the year Equipment with book value of 35 000 was sold at a profit of 12,000 Depreciation charges for equipment was 25,000 Motor vehicle with book value of 40,000 was sold for a loss of 10,000 Depreciation charges for motor vehicle was 30,000 Question : How much was paid for new equipment purchased during the year? $260,000 $285,000 $295,000 $320,000
- The following balances appeared in the general ledger of Umzinto Traders on 01 March 2012, the beginning of the financial year: R Vehicles 300 000 Accumulated depreciation on vehicles 140 000 Equipment 130 000 Accumulated depreciation on equipment 75 000 Additional information A new vehicle, cost price R160 000, was purchased on credit on 01 December 2012. Equipment with a cost price of R10 000, was sold for cash on 31 August 2012 for R2 000. The accumulated depreciation on the equipment sold amounted to R7 000 on 01 March 2012. Depreciation is calculated on equipment at 10% per annum on cost. Depreciation is calculated on vehicles at 20% per annum on the diminishing balance. Prepare the following note to the financial statements as at 28 February 2013: Property, plant and equipmentAssume that all transactions except #6 and #10 are cash transactions.1. Acquired $15,000 cash by issuing common stock. 2. Paid $2,000 for materials that were used to make products. All products started weduring the period.3. Paid $1,200 salaries of selling and admin. employees.4. Paid $3,000 wages to production workers.5. Paid $2,800 for furniture used in selling and admin. offices.6. Recognized depreciation on office furniture purchased in Event 5. The furniture wa1, had a $400 estimated salvage value and a four year useful life.7. Paid $4,500 for manufacturing equipment.8. Recognized depreciation on the equipment purchased in Event 7. The equipment vJan. 1, had a $1,500 estimated salvage value and a three year useful life.9. Sold inventory to customers for $7,500 cash.10. The inventory in Event 9 cost $4,000 to make.BALANCE SHEET Brock Company makes candy. During the most recent accounting period Brock paid $5,500 for raw materials, $6,500 for labor, and $7,000 for overhead costs…Jing Company was started on January 1, Year 1 when it issued common stock for $31,000 cash. Also, on January 1, Year 1 the company purchased office equipment that cost $15,500 cash. The equipment was delivered under terms FOB shipping point, and transportation cost was $1,600. The equipment had a five-year useful life and a $6,000 expected salvage value. Assume that Jing Company earned $19,800 cash revenue and incurred $12,500 in cash expenses in Year 3. Using straight-line depreciation and assuming that the office equipment was sold on December 31, Year 3 for $9,800, what is the amount of net income or (loss) appearing on the December 31, Year 3 income statement?
- Compute for total assets if the owner's initial contribution for opening a business is P150,000. Three months later, he made an additional investment of P200,000. During the 2nd quarter of the fiscal year, the business spent P100,000 to buy equipment for the business. Within the normal operations of the business, total revenues amounted to P500,000. The business did not incur any present obligations.Please, prepare one step income statement. What is net income? Sales revenues 185 000 Cost of goods sold 75 000 Commission expense 8000 Office supplies expense 3500 Interest revenues 7000 Office equipment expense 2500 Advertising expense 4500 Interest expense 650 Loss from lawsuit 2500 Gain on sales of assets ? Additional information: a) Company sells old asset for 15 000 euro. Over the years, the cost of the asset was depreciated on the company's accounting records (10 500) euro.)kingbird, inc.had the following transactions. 1.sold land(cost$8320) for $10400.2. Issued common stock at par for $22900. 3.record depreciation on buildings for $12100.4.paid salaries of $6500.5. Issued $1000 of $1 par value common stock for equipment worth $9700.6. Sold equipment (cost $13400,accumulate depreciation $9380) for $1608 (a) for each transaction above, prepare the journal entry
- Analyze each of the following transactions by showing its effects on the accounting equation—specifically, identify the accounts and amounts (including + or −) for each. January 1 Purchased equipment for $33,000 cash. Estimated useful life is six years and salvage value is $7,920. January 2 Paid $6,600 cash to install automated controls on equipment. This betterment did not impact useful life or salvage value. August 15 Paid $260 cash for minor repair costs to equipment.The following Statement of Financial Position is related to Jeff Berhad. Additional information: (1) During the year, depreciation for machinery is RM22,750. Machinery with a net value of RM2,760 was disposed at a profit of RM2,000. (2) Depreciation for office equipment during the year is RM5,520. Office equipment with cost of RM24,300 was sold for RM18,780. Loss on disposal of office equipment is RM2,760. (3) The net profit before tax is RM41,770. Tax charge for the year is RM17,250. (4) The cash dividends declared were RM26,910. In addition, the company received cash from issuance of share capital and debenture during the year. Required: (a) Based on the above information, prepare the Statement of Cash Flows for the year ended 31 December 2020 for Jeff Berhad using the indirect method. (b) Based on your understanding, discuss which method is the better way to present the Statement of Cash Flows: Direct Method or Indirect Method?The following data has been taken from the Shine Machinery Inc., income statement and balance sheet: Dec. 31, Jan. Jan. 1,2013 “Income statement: Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... . .$375,000 Depreciation Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 115,000 Amortization of Intangible Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,000 Gain on Sale of Plant Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ….. 91,000 Loss on Sale of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . …. . 34,000 Balance sheet: Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...$345,000…