Sunland Company had net income for 2021 of $2960000. Additional information is as follows: Depreciation of plant assets $1204000 Amortization of intangibles 244000 Increase in accounts receivable 418000 Increase in accounts payable 546000 Sunland's net cash provided by operating activities for 2021 was $4536000. $4280000. $2656000. $4408000.
Q: The net income for Meher Co. for 2022 was $280,000. Fo1 " 22, depreciation on plant assets was…
A: Cash flow generated from operating activities is a part of cash flow statement. Cash flow statement…
Q: Please answer all the parts of the below question: At December 31, 2017, Sheffield Corporation…
A: DATE PARTICULARS L.F. DEBIT CREDIT April 1 Land account Dr. To cash {being land…
Q: The following information is provided from the financial statements of Circus Ltd: 2019 €000 2018…
A: Cash flow statement is a statement which is prepared to find out the cash comes in and goes out , by…
Q: At December 31, 2020, Flint Company reported the following as plant assets. Land $ 3,770,000…
A:
Q: 2021?
A: Financial assets at fair value through profit or loss, including cost of P500,000 of YSA Inc.…
Q: Maple Group Ltd Income Statement Year Ended December 31,2020 Revenues and gains: 499,000 11,800…
A:
Q: Rhonda Company reported $70,000 of net income for 2020. During the year, machinery costing $10,000…
A: The cash flow statement is an essential part of the financial statements of the organization. It is…
Q: During the reporting period, a machine with an acquisition cost of 6720 euros and accumulated…
A: Operating activities section: Under indirect method, net income would be adjusted for any non cash…
Q: On January 1, 2019, Israel Corp. has equipment having a useful life of 10 years with the following…
A: The amount by which an asset's carrying value exceeds its recoverable value is known as an…
Q: The adjusted account balances of UTV Corp. for the year ended December 31, 2020 are as follows: Cash…
A: Balance sheet: A balance sheet is a statement of assets, liability, and equity. It is prepared after…
Q: YOU CAN DO IT Corporation has equipment with a carrying value of 450,000 on December 31, 2021. The…
A: Solution: Impaired asset is an assets which is having market value less than the value listed on…
Q: The net income for Adcock Co. for 2011 was $280000. For 2011, depreciation on plant asset was…
A: Cash flows from operating activities: These are the cash produced by the normal business operations.
Q: The net income for Sunland Co. for 2022 was $282,900. For 2022, depreciation on plant assets was…
A: The cash flow statement shows cash inflow and outflow from the business activities. Operating…
Q: Kela Corporation reports net income of $550,000 that includes depreciation expense of $77,000. Also,…
A: Note: Amount borrowed through notes payable will be included under cash flow from financing…
Q: These are the books of Riya Distributers as at 28 February 2021. Equipment R20 000, Accumulated…
A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…
Q: On 1 November 2020, Bermuda Ltd acquired all the assets and liabilities (other than cash) of…
A: Goodwill / (Capital Reserve) = Purchase Consideration - Fair Value of Net Identifiable Assets
Q: cumulated depreciation - Buildings
A: Journal entries are formatted in a consistent manner. A correctly prepared journal entry will have…
Q: At December 31, 2020, Flint Company reported the following as plant assets. Land $ 3,770,000…
A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…
Q: Hello, Can I get a detailed explanation on how to determine the adjusting entries for depreciation…
A: The following calculations are done for Grand Company.
Q: The net income reported on the income statement for the current year was $80,100. Depreciation…
A: Cash flows from (used for) investing activities = -Purchase of equipment - Purchase of land
Q: Cleopatra's Boutique Inc reported net income of $73.000 for 2022 included in the income statement…
A: Cash flow from operating activities indicates the cash inflow or outflow transactions related to the…
Q: Please help
A: Cash flow from Operating activity: Net Income $112000 Adjustment to reconcile net income to…
Q: The assets and liabilities of ABC were summarized as follows: Cash P66,000; Inventories P198,000;…
A: A business combination occurs when an entity acquires control over an organization. Asset purchases…
Q: What amount should be reported as current liabilities as of December 31, 2021?
A: Current liabilities are those short-term liability which is paid within the duration of one year. It…
Q: At December 31, 2022, Ayayai Corporation reported the following plant assets. Land $…
A: Record journal entries for the transactions as shown below:
Q: A company's transactions for the year ended 31 December 2020, included the following: Purchase of…
A: 1. Dividend Paid of RO 300000 comes under financing activity . 2. Issued 800 shares of common stock…
Q: SME Company SME provided the following information about the preparation of a statement of cash…
A: Statement of Cash Flows: It is a part of financial statement that shows inflows and outflows of the…
Q: The net income for 2020 for Won Hae Na Corp. was P3,520,000. Additional data are as follows:…
A: Statement of cash flows: All cash in and outflows are shown in the statement of cash flows. It tells…
Q: On 1 November 2020, Bermuda Ltd acquired all the assets and liabilities (other than cash) of…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: The net income for Bramble Co. for 2022 was $332,200. For 2022, depreciation on plant assets was…
A: The cash flow statement is part of the financial statements of the company. It is prepared at the…
Q: The net cash provided by operating activities in Marigold Corp.'s statement of cash flows for 2021…
A: Net income for 2021 = net cash provided by operating activities - depreciation on plant assets -…
Q: Blue Spruce Photography reported net income of $92,000 for 2022. Included in the income statement…
A: Cash flow statement is the statement that provides the details regarding the funds and the usage of…
Q: The December 31, 2021 and 2020 comparative financial statements of Galley Company showed equipment…
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…
Q: The following information on selected cash transactions for 2021 has been provided by Crane Company:…
A: Explanation: The Cashflow statement is one of the financial statements. There are two types of cash…
Q: At December 31, 2020, Flint Company reported the following as plant assets. Land $ 3,770,000…
A: The fixed assets are the assets which are used by the business for long run of period.
Q: Using this information, indicate the items to be reported on the statement of cash flows.
A:
Q: What amount should the company report as depreciation expense for 2021
A: Depreciation is the reduction in the value of asset due to its normal use and tear and wear. It is…
Q: CQ Photography reported net income of $103,000 for 2022. Included in the income statement were…
A: Cash flow from operating activities refers to the cash movement from the business operations as in…
Q: What amount should be reported as noncurrent assets as of December 31, 2021?
A: Non-current assets are those assets of the company which is held by them for a period of more than…
Q: Presented below is information related to equipment owned by Sunland Company at December 31, 2020.…
A: Recovery of impairment loss = Fair value on December 31, 2021 - Fair value on December 31, 2020 =…
Q: At December 31, 2017, Arnold Corporation reported the following plant assets. Land $ 3,000,000…
A: Depreciation :— The monetary value of an asset decreases over time due to use, wear and tear or…
Q: During 2019, ABC Co. sold for P21,000 some of its plant assets costing P150,000 and having…
A: The Question has covered the concept of Cash Flow Statement. In the Cash Flow Statement, There are…
Q: If Sheffield Corp. realizes a loss of $9500 on a cash sale of office equipment having a book value…
A: Cash received from investing activities = Book value - Loss on sale of office equipment
Q: The net income reported on the income statement for the current year was $22700O. Depreciation…
A: Cash flows from operating activities: It is a section of Statement of cash flow that explains the…
Q: 8,540,000 Fair value 5,856,0
A: Journal Entries: are the first recording of any transaction in the books of accounts. These entries…
Q: Mercury Inc. reported net income of $100,000 for 2020. In addition, the income statement reported…
A: A cash flow statement is the one prepared by the company to depict the position of cash and cash…
Q: At December 31, 2020, Tamarisk, Inc. reported the following as plant assets. Land $…
A: Journal: Recording of a business transactions in a chronological order.
Q: At December 31, 2020, Tamarisk, Inc. reported the following as plant assets. Land $ 3,670,000…
A: Journal: Recording of a business transactions in a chronological order.
Q: Live Corporation has equipment with a carrying value of 450,000 on December 31, 2021. The following…
A: The question is related to Impairment of Assets. The Impairment Loss is Excess of Carrying Amount…
Sunland Company had net income for 2021 of $2960000. Additional information is as follows:
| $1204000 | |
| Amortization of intangibles | 244000 |
| Increase in |
418000 |
| Increase in accounts payable | 546000 |
Sunland's net cash provided by operating activities for 2021 was
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 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.During 20X1, Craig Company had the following transactions: a. Purchased 300,000 of 10-year bonds issued by Makenzie Inc. b. Acquired land valued at 105,000 in exchange for machinery. c. Sold equipment with original cost of 810,000 for 495,000; accumulated depreciation taken on the equipment to the point of sale was 270,000. d. Purchased new machinery for 180,000. e. Purchased common stock in Lemmons Company for 82,500. Required: 1. Prepare the net cash from investing activities section of the statement of cash flows. 2. CONCEPTUAL CONNECTION Usually, the net cash from investing activities is negative. How can Craig cover this negative cash flow? What other information would you like to have to make this decision?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.
- 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?Determining Cash Flows from Investing Activities Burns Companys 2019 and 2018 balance sheets presented the following data for equipment: During 2019, equipment costing $41,000 with accumulated depreciation of $36,700 was sold for cash, producing a $3,200 gain. Required: 1. Calculate the amount of depreciation expense for 2019. 2. Calculate the amount of cash spent for equipment during 2019. 3. Calculate the amount that should be included as a cash inflow from the disposal of equipment.Assets Acquired by Exchange Bremer Company made the following exchanges of assets during 2019: 1. Acquired a more advanced machine worth 10,000 by paying 2,000 cash and giving up a machine that had originally cost 40,000 and has a book value of 12,000, 2. Acquired a building worth 55,000 by paying 5,000 cash and giving up a piece of land that had originally cost 35,000. 3. Acquired a more advanced machine worth 20,000 by paying 5,000 cash and giving up a machine that had originally cost 13,000 and has a book value of 11,000. 4. Acquired a car by giving up a truck that had originally cost 20,000, has a book value of 15,000, and has a blue book value of 16,800. In addition, the company received 1,000 cash. Required: Prepare Bremers journal entry for each exchange. Assume all exchanges were determined to have commercial substance.
- At December 31, 2022, Ayayai Corporation reported the following plant assets. Land $ 3,003,000 Buildings $26,510,000 Less: Accumulated depreciation—buildings 11,936,925 14,573,075 Equipment 40,040,000 Less: Accumulated depreciation—equipment 5,005,000 35,035,000 Total plant assets $52,611,075 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,202,200. May 1 Sold equipment that cost $600,600 when purchased on January 1, 2016. The equipment was sold for $170,170. June 1 Sold land for $1,601,600. The land cost $1,001,000. July 1 Purchased equipment for $1,101,100. Dec. 31 Retired equipment that cost $700,700 when purchased on December 31, 2013. No salvage value was received. Journalize the transactions. Ayayai uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful life and no salvage…The net income for Adcock Co. for 2011 was $280000. For 2011, depreciation on plant asset was $70000, and the company incurred a loss on sale of plant asset of $12000. Compute net cash provided by operating activities under the indirect method?Blue Spruce Photography reported net income of $92,000 for 2022. Included in the income statement were depreciation expense of $5,500, patent amortization expense of $3,200, and a gain on disposal of plant assets of $1,800. Blue Spruce Photography's comparative balance sheets show the following balances. 12/31/22 12/31/21 Accounts receivable $19,400 $25,400 Accounts payable 8,400 5,200 Calculate net cash provided by operating activities for Blue Spruce Photography. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
- Lovell Company reported the following information related to its long-term assets: Property, plant, and equipment, beginning balance $230,000 Property, plant, and equipment, ending balance 260,000 Accumulated depreciation, beginning balance 81,000 Accumulated depreciation, ending balance 79,000 Depreciation expense 9,500 In addition, the company disclosed that it sold equipment with a historical cost of $25,000 for $21,000. Using this information, compute cash paid for property, plant, and equipment.YSA Inc. provided the following information on December 31, 2021: Cash 5,000,000 Financial assets at fair value through profit or loss, including cost of P500,000 of YSA Inc. 2,500,000 Accounts receivable 3,000,000 Inventory 1,000,000 Land 30,000,000 Equipment 10,000,000 Accumulated depreciation - equipment 6,000,000 Building 40,000,000 Accumulated depreciation - building 14,000,000 Furniture and Fixtures 15,000,000 Accumulated depreciation - Furniture and Fixtures 3,900,000 Accounts payable, after deducting debit balances in supplier's accounts amounting to P200,000 4,500,000 Accrued expenses payable 500,000 Bonds payable, due December 31, 2022 3,500,000 Discount on bonds payable 500,000 Deferred tax liability 300,000 Dividends payable 400,000 Credit balances of customers' accounts 50,000 Share dividend payable 200,000 15% note payable issued on July 1, 2020, maturing on July 1, 2022 6,000,000 20% note payable issued on August 31, 2020, maturing on August 31, 2021 3,000,000…The net income for Sunland Co. for 2022 was $282,900. For 2022, depreciation on plant assets was $68,300, and the company incurred a loss on disposal of plant assets of $27,600.Compute net cash provided by operating activities under the indirect method, assuming there were no other changes in the company’s accounts.
