Shown below in random order is a list of balance sheet items for RedRiver Farms at September 30,2001.Land$550,000Fences and Gates (Assets)$33,570Irrigation System (Assets)Building$20,125$78,300Notes payable$16,710$530,000CashAccounts Receivable 22,365Livestock (Asset)$120,780Tractor (Asset)76,650Farm Machinery$42,970Accounts Payable $77,095Hollis Roberts CapitalProperty Taxes Payable $9,135$1,820Wages PayableInstructions: Prepare a balance sheet by using these itemsand computing the amount for Hollis Roberts Capital.

As per the double entry system of accounting, every transaction must have effect on atleast two…

Answered: Instructions: Prepare a balance sheet…

Business

Accounting

Instructions: Prepare a balance sheet by using these items and computing the amount for Hollis Roberts Capital.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 5PA: Jada Company had the following transactions during the year: Purchased a machine for $500,000 using...

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Jada Company had the following transactions during the year: Purchased a machine for $500,000 using a long-term note to finance it Paid $500 for ordinary repair Purchased a patent for $45,000 cash Paid $200,000 cash for addition to an existing building Paid $60,000 for monthly salaries Paid $250 for routine maintenance on equipment Paid $10,000 for major repairs Depreciation expense recorded for the year is $25,000 If all transactions were recorded properly, what is the amount of increase to the Property, Plant, and Equipment section of Jadas balance sheet resulting from this years transactions? What amount did Jada report on the income statement for expenses for the year?
Johnson, Incorporated, had the following transactions during the year: Purchased a building for $5,000,000 using a mortgage for financing Paid $2,000 for ordinary repair on a piece of equipment Sold product on account to customers for $1,500,600 Paid $20,000 cash to add a storage shed in the corner of an existing building Paid $360,000 in monthly salaries Paid $25,000 for routine maintenance on equipment Paid $110,000 for extraordinary repairs Depreciation expense recorded for the year is $15,000. If all transactions were recorded properly, what is the amount of increase to the Property, Plant, and Equipment section of Johnsons balance sheet resulting from this years transactions? What amount did Johnson report on the income statement for expenses for the year?
Johnson, Incorporated had the following transactions during the year: Purchased a building for $5,000,000 using a mortgage for financing Paid $2,000 for ordinary repair on a piece of equipment Sold product on account to customers for $1,500,600 Purchased a copyright for $5,000 cash Paid $20,000 cash to add a storage shed in the corner of an existing building Paid $360,000 in monthly salaries Paid $25,000 for routine maintenance on equipment Paid $110,000 for major repairs If all transactions were recorded properly, what amount did Johnson capitalize for the year, and what amount did Johnson expense for the year?
The following financial information is from Cook Company: Accounts Payable $ 55,000 Land $ 90,000 Inventory $ 10,500 Accounts Receivable $ 7,500 Equipment $ 8,000 Deferred Revenue $ 58,500 Short-Term Investments $ 20,000 Notes Receivable (due in 8 months) $ 45,500 Interest Payable $ 2,000 Patents $ 75,000 What is the total amount of property, plant, and equipment assuming the accounts above reflect normal activity?
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…
The following data are taken from the income statement and balance sheet of Freeman Machinery, Inc. Dec. 31, 2018 Jan. 1, 2018 Income statement: Net Income $385,000 Depreciation Expense 135,000 Amortization of Intangible Assets 40,000 Gain on Sale of Plant Assets 90,000 Loss on Sale of Investments 35,000 Balance sheet: Accounts Receivable $335,000 $380,000 Inventory 503,000 575,000 Prepaid Expenses 22,000 13,000 Accounts Payable (to merchandise suppliers) 379,000 410,000 Accrued Expenses Payable 180,000 155,000 page 603 Using this information, prepare a partial statement of cash flows for the year ended December 31, 2018, showing the computation of net cash flows from operating activities by the indirect method.
The following data has been taken from the Shine Machinery Inc., income statement and balance sheet: Dec. 31, Jan. 2012 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…
The following items are taken from the financial statements of Oriole Company at December 31, 2022. Land $195,800 Accounts receivable 22,500 Supplies 9,000 Cash 12,050 Equipment 83,200 Buildings 262,600 Land improvements 46,450 Notes receivable (due in 2023) 6,100 Accumulated depreciation—land improvements 13,200 Common stock 78,500 Retained earnings (December 31, 2022) 497,000 Accumulated depreciation—buildings 33,200 Accounts payable 10,200 Mortgage payable 91,950 Accumulated depreciation—equipment 18,950 Interest payable 3,100 Income taxes payable 14,600 Patents 46,800 Investments in stock (long-term) 71,300 Debt investments (short-term) 4,900 Prepare a classified balance sheet. Assume that $9,200 of the mortgage payable will be paid in 2023. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings, Equipment…
Selected accounts from Phipps Corporation’s trial balance are as follows. Phipps Corporation Trial Balance December 31 (Selected Accounts) Debit Credit Cash $50,000 Short-Term Marketable Securities 27,000 Accounts Receivable 13,000 Inventories 48,000 Other Current Assets 10,000 Land 100,000 Equipment 45,000 Accumulated Depreciation-Equipment $5,000 Goodwill 30,000 Other Intangible Assets 15,000 Prepare the assets section of the company’s balance sheet. Phipps CorporationBalance SheetDecember 31 Assets Current Assets: $Cash Property, Plant, and Equipment, Net Accounts Receivable Inventories Other Current Assets Total Current Assets $fill in the blank 11 Short-Term Marketable Securities Goodwill Other Intangible Assets Total Assets $fill in the blank 18
The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as follows: Dec. 31, 20Y3 Dec. 31, 20Y2 Assets Cash 155,000 150,000 Accounts Receivable (net) 450,000 400,000 Inventories 770,000 750,000 Investments 0 100,000 Land 500,000 0 Equipment 1,400,000 1,200,000 Accumulated Depreciation-equipment (600,000) (500,000) Total Assets 2,675,000 2,100,000 Liabilities and Stockholders’ Equity Accounts Payable 340,000 300,000 Accrued Expenses Payable 45,000 50,000 Dividends payable 30,000 25,000 Common Stock, $4 par 700,000 600,000 Paid-in Capital in Excess of par-Common Stock 200,000 175,000 Retained Earnings 1,360,000 950,000 Total Liabilities and stockholders’ equity 2,675,000 2,100,000 Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows: The investments were…
The following were extracted from the books of A. Ltd: Equipment $40,000, a Land and Building $150,000 , Cash $3, 000, Stock $2,000, Mortgage $60,000, and creditors $10,000, accruals $5,000 : a) The correct fixed assets amounts to: $190,000 $195,000 $100,000 $5,000 b) The correct current assets amounts to: $190,000 $195,000 $100,000 $5,000 c) The correct current liabilities amounts to: $75,000 $10,000 $65,000 $15,000 d) The correct long-term liability amounts to: $75,000 $10,000 $65,000 $60,000 e) The total assets amounts to: $190,000 $195,000 $250,0000 $5,000 f) The total liabilities amounts to: $60,000 $70,000 $75,000 $65,000
From the data below please complete a Balance Sheet with the appropriate sections including Fixed Assets, Current Assets, Other Assets, Long Term Liabilities, short term liabilities and Equity. Land - £ 44,300 Equipment - £45,000 Intangible asset - £3,800 Accounts Payable - £30,000 Notes Payable - £30,000 Building and Improvements - £250,000 Account Expenses - £7,100 Additional Paid in capital - £20,000 Common Stock - £10,000 Long term Liabilities - £200,000 Inventory - £15,000 Investments - £14,000 Long Term Loan - £195,000 Cash and cash - £100,000 Accounts receivable - £20,000