Dec. 31, 20Y3 Dec. 31, 20Y2 Assets $ 155,000 $ 150,000 Cash ... .. Accounts receivable (net) . 450,000 400,000 750,000 Inventories 770,000 Investments 100,000 Land .... 500,000 Equipment.... Accumulated depreciation-equipment . Total assets .... 1,400,000 1,200,000 (500,000) (600,000) $2,675,000 $2,100,000 Liabilities and Stockholders' Equity $ 340,000 $ 300,000 Accounts payable .... Accrued expenses payable. Dividends payable..... Common stock, $4 par.... Paid-in capital: Excess of issue price over par-common stock...... Retained earnings....... Total liabilities and stockholders' equity..... 50,000 45,000 30,000 25,000 700,000 600,000 200,000 175,000 1,360,000 950,000 $2,675,000 $2,100,000

Dec. 31, 20Y3 Dec. 31, 20Y2 Assets $ 155,000 $ 150,000 Cash ... .. Accounts receivable (net) . 450,000 400,000 750,000 Inventories 770,000 Investments 100,000 Land .... 500,000 Equipment.... Accumulated depreciation-equipment . Total assets .... 1,400,000 1,200,000 (500,000) (600,000) $2,675,000 $2,100,000 Liabilities and Stockholders' Equity $ 340,000 $ 300,000 Accounts payable .... Accrued expenses payable. Dividends payable..... Common stock, $4 par.... Paid-in capital: Excess of issue price over par-common stock...... Retained earnings....... Total liabilities and stockholders' equity..... 50,000 45,000 30,000 25,000 700,000 600,000 200,000 175,000 1,360,000 950,000 $2,675,000 $2,100,000

Name: The comparative balance sheet of Navaria Inc. for December 31, 20Y3 an
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Description: The comparative balance sheet of Navaria Inc. for December 31, 20Y3 and 20Y2, is shown as follows:Please see the attachment for details:Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows:a. The investm

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 3.23E: Adjustment for depreciation The estimated amount of depredation on equipment for the current year is...

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Adjustment for depreciation The estimated amount of depredation on equipment for the current year is $133,000. a. How is the adjustment recorded? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease. b. If the adjustment in (a) was omitted, which items would be erroneously stated on (1) the income statement for the year and (2) the balance sheet as of December 31?
The following items were excerpted from Poeltl, Inc.'s balance sheets: December 31, 2023December 31, 2022Cash$86,300$59,000Accounts receivable65,60070,600Inventory157,000150.300Property and equipment794,500745,400Accumulated depreciation(184,000)(168,200)Accounts payable61,00050,600Wages payable20,40023,000 Poeltl's 2023 income statement showed net income of $463,000, depreciation expense of $57,000, and a gain on disposal of equipment of $16,000. On Poeltl's 2023 statement of cash flows, how much is Net Cash Provided by Operating Activities?
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is: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $70,720 $47,940 Accounts receivable (net) 207,230 188,190 Inventories 298,520 289,850 Investments 0 102,000 Land 295,800 0 Equipment 438,600 358,020 Accumulated depreciation—equipment (99,110) (84,320) Total assets $1,211,760 $901,680 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $205,700 $194,140 Accrued expenses payable (operating expenses) 30,600 26,860 Dividends payable 25,500 20,400 Common stock, $1 par 202,000 102,000 Paid-in capital: Excess of issue price over par—common stock 354,000 204,000 Retained earnings 393,960 354,280 Total liabilities and stockholders' equity $1,211,760 $901,680 The income statement for the year ended December 31, 20Y9, is as follows: Sales $2,023,898 Cost of goods sold 1,245,476 Gross profit $778,422 Operating…
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Line Item Description 20X1 20X2 Current assets: Accounts receivable $750,000 $582,500 Inventories 300,000 320,000 Current liabilities: Wages payable 700,000 515,000 Davis CompanyIncome StatementFor the Year Ended December 31, 20X2 Line Item Description Amount Amount Revenues $3,000,000 Cost of goods sold 1,920,000 Gross margin $1,080,000 Operating expenses Depreciation 270,000 Operating income $ 810,000 Other revenues and expenses Gain on sale of equipment 100,000 Interest expense 10,000 90,000 Net income $ 900,000 Required: Compute operating cash flows using the indirect method.
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