A company has the following assets: Buildings and Equipment, less accumulated depreciation of $5,000,000 $25,000,000 Copyrights 2,400,000 Patents 10,000,000 Land 12,000,000 What is the total PPE balance?
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- A company has the following assets: Buildings and Equipment, less accumulated depreciation of (P4,000,000) P23,500,000 Patents 1,400,000 Trademarks 10,000,000 Land 12,000,000 Goodwill 2,000,000 Cash 7,500,000 The total amount reported under Property, Plant, and Equipment would be?Tori Co has the following extracted information in its statement of profit or loss and statement of financial position for the years ended 31 December 20X3 and 31 December 20X2. Statement of profit or loss extract 31 December 20X3 $000 Depreciation 3,000 Loss on disposal of asset 1,500 Tax 900 Statement of financial position extract 31 December X3 31 December X2 $000 $000 Property plant and equipment 27,000 32,000 Intangible assets 13,000…Green Farms, Inc. had sales of $500,000, cost of goods sold of $180,000, selling and administrative expense of $70,000, and operating profit of $90,000. What was the value of depreciation expense? a.$230,000 b.None of these c.Less than $170,000 d.$170,000
- Study the following material and independent transactions below: Transaction 1 Dr Accumulated depreciation $ 100,000 Dr Accounts receivable (a related company) $ 4,900,000 Cr Buildings $ 2,600,000 Cr Gain on disposal of buildings $ 2,400,000 Transaction 2 Dr Sales returns $ 2,000,000 Dr Inventory $ 1,000,000 Cr Accounts receivable $ 2,000,000 Cr Cost of sales $ 1,000,000 Required: For each of the transactions above: Describe the transaction represented by the double entry; Describe two (2) audit assertions contained in the transaction that would be of interest to the auditor; and Describe two (2) substantive audit procedures the auditor will need to perform in order to verify these assertions.The amount to be reported as expenses (excluding depreciation) in Seri’s income statement is A. P60,000 B. P100,000 C. P65,000 D. P67,000At 30 June 2022, Boxes Ltd reported the following assets. Land $100 000 Plant $500 000 Accumulated Depreciation (100 000) Goodwill 16 000 Inventories 80 000 Cash 4 000 All assets are measured using the cost model. At 30 June 2022, the recoverable amount of the entity, considered to be a single CGU, was $544 000. For the period ending 30 June 2023, the depreciation charge on plant was $36 800. If the plant had not been impaired the charge would have been $50 000.. At 30 June 2023, the recoverable amount of the entity was calculated to be $26 000 greater than the carrying amount of the assets of the entity. As a result, Boxes Ltd recognised a reversal of the previous year’s impairment loss. The journal entry relating to impairment reversal is a. Reversal of impairment is not allowed b. Accum. impairment losses – Land Dr 5…
- The net book value of a company's non-current assets was $200,000 at 1 August 20X8. During the year ended 31 July 20X9, the company sold non-current assets for $25,000 on which it made a loss of $5,000. The depreciation charge for the year was $20,000. What was the net book value of non-current assets at 31 July 20X9? A $150,000 B $155,000 C $160,000 D $180,000A company has the following three assets with the information provided:($ in millions) Equipment Land Building Book value $8 $20 $12 Estimated total future cash flows 6 35 14 Fair value 5 30 10Determine the amount of the impairment loss, if any. a. $0. b. $5 million. c. $10 million. d. $3 million.YSA Inc. provided the following information on December 31, 2021: Cash 5,000,000 Financial assets at fair value through profit or loss, including cost of P500,000 of YSA Inc. 2,500,000 Accounts receivable 3,000,000 Inventory 1,000,000 Land 30,000,000 Equipment 10,000,000 Accumulated depreciation - equipment 6,000,000 Building 40,000,000 Accumulated depreciation - building 14,000,000 Furniture and Fixtures 15,000,000 Accumulated depreciation - Furniture and Fixtures 3,900,000 Accounts payable, after deducting debit balances in supplier's accounts amounting to P200,000 4,500,000 Accrued expenses payable 500,000 Bonds payable, due December 31, 2022 3,500,000 Discount on bonds payable 500,000 Deferred tax liability 300,000 Dividends payable 400,000 Credit balances of customers' accounts 50,000 Share dividend payable 200,000 15% note payable issued on July 1, 2020, maturing on July 1, 2022 6,000,000 20% note payable issued on August 31, 2020, maturing on August 31, 2021 3,000,000…
- The equipment of ABC Co. has a historical cost of ₱500,000 and an accumulated depreciation of ₱120,000. How much is the carrying amount of the equipment?Un Company sold office equipment with a cost of $42,880 and accumulated depreciation of $39,583 for $5,010. Required What is the book value of the asset at the time of sale? What is the amount of gain or loss on the disposal? How would the sale affect net income (increase, decrease, no effect) and by how much? How would the sale affect the amount of total assets shown on the balance sheet (increase, decrease, no effect) and by how much? How would the event affect the statement of cash flows (inflow, outflow, no effect) and in what section?The ending net book value of Property, Plant & Equipment (PP&E) in year 1 and year 2 are $500,000 and $430,000 respectively on Company A's balance sheet. The company's depreciation expense in year 2 is $90,000. What is Company A's net capital expenditure?