The accounts and balances shown below were taken from Unique Low Company's trial balance on December 31, 2021: Wages payable P150,000; Cash P250,000; Inventories P50,000; Accumulated Depreciation-PPE P100,000: Property, Plant & Equipment P500,000; Land held for future business site P900,000; Deferred income P10,000; Accounts Receivable P15,000; Owner's capital P1,455,000 how much should be reported in Unique Low Company's December 31, 2021 balance sheet as noncurrent assets? OP1,400,000 OP1,300,000 OP1,500,000 O P1,600,000

The accounts and balances shown below were taken from Unique Low Company's trial balance on December 31, 2021: Wages payable P150,000; Cash P250,000; Inventories P50,000; Accumulated Depreciation-PPE P100,000: Property, Plant & Equipment P500,000; Land held for future business site P900,000; Deferred income P10,000; Accounts Receivable P15,000; Owner's capital P1,455,000 how much should be reported in Unique Low Company's December 31, 2021 balance sheet as noncurrent assets? OP1,400,000 OP1,300,000 OP1,500,000 O P1,600,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 11E: Worksheet for Service Company Whitaker Consulting Company has prepared a trial balance on the...

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Shannon Corporation began operations on January 1, 2019. Financial statements for the years ended December 31, 2019 and 2020, contained the following errors: In addition, on December 31, 2020, fully depreciated machinery was sold for 10,800 cash, but the sale was not recorded until 2021. There were no other errors during 2019 or 2020, and no corrections have been made for any of the errors. Refer to the information for Shannon Corporation above. Ignoring income taxes, what is the total effect of the errors on the amount of working capital (current assets minus current liabilities) at December 31, 2020? a. working capital overstated by 4,200 b. working capital understated by 5,800 c. working capital understated by 6,000 d. working capital understated by 9,800
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In December 2019, Swanstrom Inc. receives a cash payment of $3,500 for services performed in December 2019 and a cash payment of S4,500 for services to be performed in January 2020. Swanstrom also receives the December utility bill for S600 but does not pay this bill until 2020. For 2019, under the accrual basis of accounting, Swanstrom would recognize: a. $8,000 of revenue and $600 of expense. b. $8,000 of revenue and $0 of expense. c. $3,500 of revenue and $600 of expense. d. $3,500 Of revenue and $0 of expense.
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Spreadsheet The following 2019 information is available for Payne Company: Partial additional information: The net income for 2019 totaled 1,600. During 2019, the company sold, for 390, equipment that cost 390 and had a book value of 300. The company sold land for 200, resulting in a loss of 40. The remaining change in the Land account resulted from the purchase of land through the issuance of common stock. Required: Making whatever additional assumptions that are necessary, prepare a spreadsheet to support the 2019 statement of cash flows for Payne.
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