Please help me Current Attempt in ProgressAt December 31, 2022, Sheffield Corporation reported the following plant assets.LandBuildingsLess: Accumulated depreciation-buildingsEquipmentLess: Accumulated depreciation-equipmentTotal plant assetsApr. 1May 1June 1July 1Dec. 31During 2023, the following selected cash transactions occurred.(a)CasheTextbook and MediaList of Accounts$26,670,000Save for Later21,119,175+70,840,000Purchased land for $3,896,200.Sold equipment that cost $1,062,600 when purchased on January 1, 2016. The equipment was sold for $301,070.Sold land for $2,833,600. The land cost $1,771,000.Purchased equipment for $1,948, 100.Retired equipment that cost $1,239,700 when purchased on December 31, 2013. No salvage value was received.$8,855,000Prepare a tabular summary that includes the plant asset accounts and balances shown on the December 31, 2022, balance sheet.(If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amountentered for the particular Asset, Liability or Equity item that was reduced.)$5,313,000Land5,550,82561,985,000$72,848,825+BuildingsAssets$Attempts: 0 of 21Accum. Depr. - Bldgs.(b)The parts of this question must be completed in order. This part will be available when you complete the part above.swer

The financial or tangible long-term assets of the company with a lifespan of more than a year are…

Current Attempt in Progress At December 31, 2022, Sheffield Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets $26,670,000 21,119,175 70,840,000 8,855,000 During 2023, the following selected cash transactions occurred. $5,313,000 5,550,825 61,985,000 $72,848,825 1 Purchased land for $3,896,200. Sold equipment that cost $1,062,600 when purchased on January 1, 2016. The equipment was sold for $301,070. Sold land for $2,833,600. The land cost $1,771,000. Apr. May 1 June 1 July 1 Purchased equipment for $1,948,100. Dec. 31 Retired equipment that cost $1,239,700 when purchased on December 31, 2013. No salvage value was received. Prepare a tabular summary that includes the plant asset accounts and balances shown on the December 31, 2022, balance sheet. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)

Current Attempt in Progress At December 31, 2022, Sheffield Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets $26,670,000 21,119,175 70,840,000 8,855,000 During 2023, the following selected cash transactions occurred. $5,313,000 5,550,825 61,985,000 $72,848,825 1 Purchased land for $3,896,200. Sold equipment that cost $1,062,600 when purchased on January 1, 2016. The equipment was sold for $301,070. Sold land for $2,833,600. The land cost $1,771,000. Apr. May 1 June 1 July 1 Purchased equipment for $1,948,100. Dec. 31 Retired equipment that cost $1,239,700 when purchased on December 31, 2013. No salvage value was received. Prepare a tabular summary that includes the plant asset accounts and balances shown on the December 31, 2022, balance sheet. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 55PSA

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Partially Completed Spreadsheet Hanks Company has prepared the following changes in account balances for the spreadsheet to support its 2019 statement of cash flows: Additional information: The net income was 1,300. Depreciation expense was 350, and patent amortization expense was 100. At the end of 2019, long-term investments were purchased at a cost of 1,550. Land that cost 700 was sold for 900. On December 31, 2019, bonds payable with a face value of 2,000 were issued for equipment valued at 2,300. Two hundred shares of common stock were issued at 7 per share. Forty shares of common stock were issued as a small stock dividend, the relevant market price being 5 per share. Cash dividends declared and paid totaled 600. Required: On the basis of the preceding information, complete the spreadsheet.
Gray Companys financial statements showed income before income taxes of 4,030,000 for the year ended December 31, 2020, and 3,330,000 for the year ended December 31, 2019. Additional information is as follows: Capital expenditures were 2,800,000 in 2020 and 4,000,000 in 2019. Included in the 2020 capital expenditures is equipment purchased for 1,000,000 on January 1, 2020, with no salvage value. Gray used straight-line depreciation based on a 10-year estimated life in its financial statements. As a result of additional information now available, it is estimated that this equipment should have only an 8-year life. Gray made an error in its financial statements that should be regarded as material. A payment of 180,000 was made in January 2020 and charged to expense in 2020 for insurance premiums applicable to policies commencing and expiring in 2019. No liability had been recorded for this item at December 31, 2019. The allowance for doubtful accounts reflected in Grays financial statements was 7,000 at December 31, 2020, and 97,000 at December 31, 2019. During 2020, 90,000 of uncollectible receivables were written off against the allowance for doubtful accounts. In 2019, the provision for doubtful accounts was based on a percentage of net sales. The 2020 provision has not yet been recorded. Net sales were 58,500,000 for the year ended December 31, 2020, and 49,230,000 for the year ended December 31, 2019. Based on the latest available facts, the 2020 provision for doubtful accounts is estimated to be 0.2% of net sales. A review of the estimated warranty liability at December 31, 2020, which is included in other liabilities in Grays financial statements, has disclosed that this estimated liability should be increased 170,000. Gray has two large blast furnaces that it uses in its manufacturing process. These furnaces must be periodically relined. Furnace A was relined in January 2014 at a cost of 230,000 and in January 2019 at a cost of 280,000. Furnace B was relined for the first time in January 2020 at a cost of 300,000. In Grays financial statements, these costs were expensed as incurred. Since a relining will last for 5 years, Grays management feels it would be preferable to capitalize and depreciate the cost of the relining over the productive life of the relining. Gray has decided to nuke a change in accounting principle from expensing relining costs as incurred to capitalizing them and depreciating them over their productive life on a straight-line basis with a full years depreciation in the year of relining. This change meets the requirements for a change in accounting principle under GAAP. Required: 1. For the years ended December 31, 2020 and 2019, prepare a worksheet reconciling income before income taxes as given previously with income before income taxes as adjusted for the preceding additional information. Show supporting computations in good form. Ignore income taxes and deferred tax considerations in your answer. The worksheet should have the following format: 2. As of January 1, 2020, compute the retrospective adjustment of retained earnings for the change in accounting principle from expensing to capitalizing relining costs. Ignore income taxes and deferred tax considerations in your answer.
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Investing Activities and Depreciable Assets Verlando Company had the following account balances and information available for 2019: During 2019, Verlando recorded the following transactions affecting these accounts: a. Land with a carrying value of 35,000 was sold at a loss of 6,000. b. Land and equipment were purchased with cash during the period. c. Equipment with an original cost of 20,000 that had a book value of 4,000 was written off as obsolete. d. A building with an original cost of 60,000 and accumulated depreciation of 25,000 was sold at a 23,000 gain. e. Depreciation expense and amortization expense were recorded. f. Net income for the year was 60,000. g. A patent was acquired during the year in exchange for 1,200 shares of common stock with a par value of 1 per share and a market value of 26 per share. h. Additional marketable securities wefe purchased during the year. i. Verlando Company has no notes payable in the liabilities section of its balance sheet. Required: 1. Next Level Assuming that Verlando uses the indirect method to determine operating cash flows, what is the amount of depreciation expense and amortization expense that would be added back to net income: 2. Prepare the investing activities section of the statement of cash flows for the year ended December 31, 2019. 3. Prepare the disclosure for significant noncash transactions for the statement of cash flows for the year ended December 31, 2019.
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