O CLOSING PROCES Creating a balance sheet with asset depreciation On December 31, Johnson Company had the following list of account balances. $ 47400 Dividends $ 11100 Accounts Payable 27800 70000 Accounts Receivable Equipment Accumulated Depreciation, Buildings 46600 15800 Prepaid Rent Accumulated Depreciation, Equipment 13400 1800 Rent Expense 21000 Beginning Retained Earnings 3900 Salaries Expense 82000 Buildings 10200 Salaries Payable Capital Stock 51800 Service Revenue 89500 Cash 30100 Supplies 24400 Depreciation Expense, Buildings 6400 Supplies Expense 3500 Depreciation Expense, 3100 Equipment Required: Prepare a balance sheet on December 31. Hint: You will need to determine the net book value for equipment and buildings. You will also need to determine en Johnson Company Dalanes boot D

O CLOSING PROCES Creating a balance sheet with asset depreciation On December 31, Johnson Company had the following list of account balances. $ 47400 Dividends $ 11100 Accounts Payable 27800 70000 Accounts Receivable Equipment Accumulated Depreciation, Buildings 46600 15800 Prepaid Rent Accumulated Depreciation, Equipment 13400 1800 Rent Expense 21000 Beginning Retained Earnings 3900 Salaries Expense 82000 Buildings 10200 Salaries Payable Capital Stock 51800 Service Revenue 89500 Cash 30100 Supplies 24400 Depreciation Expense, Buildings 6400 Supplies Expense 3500 Depreciation Expense, 3100 Equipment Required: Prepare a balance sheet on December 31. Hint: You will need to determine the net book value for equipment and buildings. You will also need to determine en Johnson Company Dalanes boot D

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter1: Accounting And The Financial Statements

Section: Chapter Questions

Problem 40E: Exercise 1-40 Depreciation OBJECTIVE 0Â° Swanson Products was organized as a new business on January...

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Using the following information: A. make the December 31 adjusting journal entry for depreciation B. determine the net book value (NBV) of the asset on December 31 Cost of asset, $250,000 Accumulated depreciation, beginning of year, $80,000 Current year depreciation, $25,000
Exercise 1-40 Depreciation OBJECTIVE 0Â° Swanson Products was organized as a new business on January 1, 2019. On that date. Swanson acquired equipment at a cost of $425,000. which is depreciated at a rate of $40,000 per year. Required: Describe how the equipment and its related depreciation will be reported on the balance sheet at December 31, 2019, and on the 2019 income statement.
Problem 1-583 Arrangement of the Income Statement Parker Renovation Inc. renovates historical buildings for commercial use. During 2019. Parker had $763,400 of revenue from renovation services and $5,475 of interest income from miscellaneous investments. Parker incurred $222,900 of wages expense $135,000 of depreciation expense, $65,850 of insurance expense, $109,300 of utilities expense, $31,000 of miscellaneous expense, and $61,400 of income taxes expense. Required: Prepare a single-step income statement for Parker for 2019.
CORNERSTONE 2.1 Four statements are given below. Pewterschmidt Company values its inventory reported in the financial statements in terms of dollars instead of units Property, plant, and equipment is recorded at cost (minus any accumulated depreciation) instead of liquidation value. The accounting records of a company are kept separate from its owners. The accountant assigns revenues and expenses to specific years before preparing the financial statements. Required: Give the accounting assumption that is most applicable to each of the statements.
The following is the PT ABC Balance Sheet PT ABCTrial balance31 December 200X Debit (Rp) Credit (Rp) Office equipment 3.400.000 Accumulated Depreciation on Office Equipment 2.300.000 Building 174.500.000 Accumulated Building Depreciation 28.750.000 Adjustment Data: a. Depreciation of the Office Equipment is estimated at Rp 60,000 b. Depreciation of the building is estimated at Rp 680,000 Required: Make an adjusting entry to the account in question!
QUESTION TWO The following information relating to property plant and equipment was extracted fromthe accounting records of Fred’s Transport for year ended 28 February 2022;1. Balances at 28 February 2021:- Equipment at cost R 56 000- Accumulated depreciation: equipment R 10 860- Vehicles at cost R560 000- Accumulated depreciation: vehicles R285 360 2. The following transactions in respect of property, plant and equipment took placeduring the current financial year:2.1 An old vehicle was sold on 31 August 2021 for R144 000 cash. The cost priceof the vehicle sold was R240 000, and its accumulated depreciation amountedto R120 100 on 1 March 2021. The proceeds from the sale of the vehicle wasused to partially finance the purchase of another vehicle for R440 000 boughton 1 September 2021.2.2 On 28 February 2022 sold used equipment for R14 400 cash. The accumulateddepreciation on this equipment was R3 280 at 1 March 2021. The cost price ofthe equipment was R18 000.3. Depreciation must still…
A. Make the December 31 adjusting journal entry for depreciation.B. Determine the net book value (NBV) of the asset on December 31.• Cost of asset, $195,000• Accumulated depreciation, beginning of year, $26,000• Current year depreciation, $13,000
Question 5 The following year-end unadjusted trial balance is for Jaya as at 31 December 2018. JayaUnadjusted Trial Balance as at 31 December 2018 RM Land 610,000 Building 335,000 Accumulated Depreciation - Building Office Equipment 40,000 Accumulated Depreciation - Equipment Investment in Shares 380,000 Intangible Assets - Licensing Agreement 70,000 Supplies 41,900 Accounts Receivable 106,400 Cash 33,500 Accounts Payable Supplies Payable Long-term Note Payable Jaya , Capital Jaya , Withdrawals 90,000 Services Fees Earned Salaries Expense 213,500 Insurance Expense 25,800 Utilities Expense 32,000 Repair Expense 13,500 Interest Expense 15,000 2,006,600…
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Assignment 1 The following is the Trial Balance of Sonia HR Enterprises, a dealer in HR Software, as at 31stDecember, 2021. GHS GHSCapital 240,000Receivables and Payables 159,000 51,000Inventory 99,000Motor vehicles: (cost) 72,500Accumulated depreciation (31 December 2020) 32,500Office equipment: (cost)…
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please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) The following balances were taken from the books of Alonzo Corp. on December 31, 2025. Interest revenue $ 87,950 Accumulated depreciation—equipment $ 41,950 Cash 52950 Accumulated depreciation—buildings 29,950 Sales revenue 1,381,950 Notes receivable 156,950 Accounts receivable 151,950 Selling expenses 195,950 Prepaid insurance 21,950 Accounts payable 171,950 Sales returns and allowances 151,950 Bonds payable 101,950 Allowance for doubtful accounts 8950 Administrative and general expenses 98,950 Sales discounts 46,950 Accrued liabilities 33,950 Land 101,950 Interest expense 61,950 Equipment 201,950 Notes payable 101,950 Buildings 141,950 Loss from earthquake damage 151,950 Cost of goods…