Determine the missing Land balance.
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Accounting Equation:
The accounting equation indicates that a company's total assets are equal to the sum of its liabilities plus the amount of equity held by its shareholders.
This exact equation on a company balance sheet is considered the foundation of the double-entry accounting system.
Balance sheet:
Balance is one of the main financial statements which is prepared at the end of the accounting period. It helps in presenting the financial position of the business on a particular date. It is based on the accounting equation where,
Assets = Liabilities + Equity
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- A SE company has on its books for its proved property: P/P- tangible assets $50,000 Well and E&F $220,000 Accumulated DD&A $32,000 If the entire proved property is sold for $220,000, what will be any gain or loss? AccouintingA company has the following three assets with the information provided:($ 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.The following statements was extracted from the books of ShafNita Sdn. Bhd. at 31 December2019 and 2020. ShafNita Sdn. Bhd. Statement of Financial Position as at 31 December2019 2020RM RM RM RM Non Current AssetsBuilding 100,000 100,000Fixtures less accumulated depreciation 3,600 4,000Van less accumulated depreciation 7,840 14,800111,440 118,800 Current AssetInventory 11,200 24,800Trade account receivable 12,800 16,400Bank 1,800 -Cash 440 400 26,240 41,600Total assets 137,680 160,400Finance by:Capital account:Balance at 1 January 74,080 105,080Add: Net profit for the year 70,400 42,320Cash introduced - 20,000144,480 167,400Less: Drawings (39,400) (43,200)105,080 124,200 Non Current LiabilitiesLoan (repayable in 10 years time) 20,000 30,000Current LiablitiesAccount Payable 12,600 6,012Bank overdraft - 188Retained earnings 32,600 36,200Total liabilities and equity 137,680 160,400 Additional information at 31 December 2020: Fixtures bought in 2020 cost RM800. Van bought in 2020 cost…
- Dr.Cr.(GH₵)(GH₵)Stated capital310Income surplus at 1 January 2017456Inventory at 1 January 2017236Turnover1,468Purchases856Salaries46Directors salaries (admin expense)116Land & building at cost550Plant & equipment at cost578Land & building- accumulated depreciation as at 1 January 2017154Plant & equipment –accumulated depreciation as at 1 January 2017266Bank interest received6Sundry expenses56Trade receivables110Trade payables122Accruals42Cash at bank43Dividends paid36Administrative expenses183Interest paid142,8242,824The following information is also relevant:(1) Inventory at 31st December 2017 is GH₵256(2) The tax liability for the year is estimated to be 20% of the profit before tax.4(3) The original cost of land and buildings is made up of GH₵100 land and GH₵450 buildings. Buildings are used in administration and depreciation is charged on a straight line basis over the estimated useful life of 50 years.(4) Plant & equipment are used in distribution and…Determine the missing amount: cash$239,186;short term investment$353,700;acct receiv$504,944;inventory? Prepaid exp$83,259;total current asset$1,594927; property&equipment? what is the inventory amount and property& equipment amount?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…
- The following balance sheets have been prepared on December 31, Year 13 for Albert Corp. and Becky Inc.Balance Sheets Albert & Becky Cash $30,000 & $50,000Accounts Receivable $180,000 & $100,000Inventory $70,000 & $30,000Investment in Becky $100,000Property, Plant and Equipment* $600,000 & $140,000Accumulated Depreciation ($280,000) & ($40,000)Total Assets $700,000 & $280,000 * Includes landCurrent Liabilities $120,000 & $30,000Long-Term Debt $400,000 & $20,000Common shares $90,000 & $40,000Retained Earnings $90,000 & $190,000Liabilities and Equity $700,000 & $280,000Additional Information: Albert uses the cost method to account for its 50% interest in Becky, which it acquired on January 1, Year 10 for $100,000. On that date, Becky's retained earnings were $20,000 and common shares $40,000. The acquisition differential was fully amortized by the end of Year 13. Albert sold Land to Becky during Year 12 and recorded a $15,000 gain on the…Required information Skip to question [The following information applies to the questions displayed below.] Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $2,470,000. Harding paid $735,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $777,000; Building, $2,310,000 and Equipment, $1,533,000. (Round percentages to two decimal places: ie .054 = 5%). What journal entry would be used to record the purchase of the above assets? Multiple Choice Land 777,000 Building 2,310,000 Equipment 1,533,000 Cash 4,620,000 Land 777,000 Building 2,310,000 Equipment 1,533,000 Cash 735,000 Notes payable 3,885,000 Land 777,000 Building 2,310,000 Equipment 1,533,000 Cash 1,735,000 Notes payable 735,000 Gain on purchase of long-term assets 2,150,000 Land 419,900…Entity R measures its non-current assets using the revaluation model. At 30 June 20x2, Entity R purchased a property for R100 000. The property was revalued at 30 June 20x6 to R250 000. The latest valuation report, dated 30 June 20x8, values the building at R95 000. Entity R has adjusted the building shown in non-current assets at 30 June 20x8.Calculate the debit entry in Entity R’s financial statements for the year ended 30 June 20x8
- The following are Statement of Financial Position and Statement of ComprehensiveIncome of Lala Electronics Sdn. Bhd.Table 3: Statement of Financial Position and Statement of Comprehensive Income of Lala Electronics Sdn. Bhd. Lala Electronics Sdn. Bhd. Statement of Financial Position as at 31/12/2020Non-Current Asset: RM RMInvestment 270,000Fixed Assets at cost 1,596,000Accumulated Depreciation (857,000)Net Book Value 739,000Current Asset:Cash 178,000Account Receivable 678,000Inventory 1,329,000Prepaid Expenses 56,000 2,241,000Total assets 3,250,000Current Liabilities:Account Payable 148,000Interest Payable 36,000Income Taxes Payable 448,000Other Accrued Liabilities 191,000Total Current Liabilities 823,000Long Term Liabilities:Bank Loan 631,000Total Liabilities 1,454,000Equity:Capital 782,000Appropriate Profit (RetainedEarnings) 1,014,000 1,796,0003,250,000Lala Electronics Sdn. Bhd. Statement of Comprehensive Income for the year ended 31/12/2020RM RM Sales 3,992,000(-) COGS…Refer to the following data of OCT2023CPACompany: Assets to be realized 1,375,000Assets acquired 825,000 Liabilities liquidated 1,875,000Assets realized 1,200,000Liabilities not liquidated 1,700,000 Assets not realized 1,375,000Llabilities assumed 1,625,000Llabilities to be liquidated 2,250,000 Supplementary charges 3,125,000 Supplementary credits 2,800,000 Compute the beginning cash balance assuming that the ending balance of ordinary share and retained earnings are P1,200,000 and (400,000), respectivelyA purchased B, paying $850,000 cash. The books values and fair values of acquired assets and liabilities were: Book asset - Fair Value Current assets net: $130,000 - $125,000 Property, plant, equip: 600,000 - 750,000 Liabilities: 175,000 - 175000 A would record goodwill of: A. $0. B. $150,000 C. $345,000 D. $850,000