The following information is for Bridgeport Real Estate:Bridgeport Real EstateBalance SheetDecember 31, 2020Cash$Accounts Payable$2480059600Prepaid Insurance30200Salaries and WagesPayable15200Accounts Receivable49500Mortgage Payable85700Inventory70100Total Liabilities160500Land Held for85800InvestmentLand118400Buildings98500Less AccumulatedOwner's Capital365300Depreciation( 7830020200)Trademark68700Total Liabilities andTotal Assets24Owner's Equity24525800525800The total dollar amount of assets to be classified as current assets isO $ 190300.O $174600.O$ 104500.O $ 260400.

Current assets are those assets in the balance sheet which are either in cash or can be converted…

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Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 6MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense...

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The following information is for Skysong Auto Supplies: SkysongReal EstateBalance SheetDecember 31, 2020 Cash $ 40000 Accounts Payable $ 128000 Prepaid Insurance 79000 Salaries and Wages Payable 45000 Accounts Receivable 98000 Mortgage Payable 155000 Inventory 143000 Total Liabilities 328000 Land Held for Investment 178000 Land 246000 Buildings $200000 Less Accumulated Depreciation Owner's Capital 739000 (55000) 145000 Trademark 138000 Total Liabilities and Owner’s Equity Total Assets $1067000 $1067000 The total dollar amount of assets to be classified as current assets is $205000. $360000. $538000. $133000.
From the following data, indicate the effect that the changes in the relevant items will have on the working capital:ParticularsJan 1, 2020Dec 31, 2020ParticularsJan 1, 2020Dec 31, 2020 Land4400068000Goodwill1300013000 Debentures2000025000Prepaid Expenses70300 Stock3000028000Bills Payable1500900 Machinery180000180000Bills Receivable30002000 Trade Creditors80005320Mortgaged Loan5000040000 Cash290009000Equity Share Capital100000120000 Long Term Investments100006250Preference Share Capital12000075000 Accrued Expenses350160Trade Debtors1900020000 Short-term Debt32205170 Your answer must indicate the overall and individual effect of changes in relevant items.
The following information relates to Samson Engineering as at 30 June 2023: RProfit for the year180 000Drawings50 000Property920 000Long-term borrowings510 000Trade receivables380 000Plant and machinery250 000Trade payables180 000Short-term borrowings260 000Fixtures and fittings90 000Inventories420 000Equity at 1 July 20221 175 000Cash45 000Motor vehicles150 000 RequiredCalculate the following:The total non-current assets The total current assetsThe total assets
Use the information below to answer questions 3, 4, 5 and 6. 2020 2021 Sales$5,300 $5,900 Depreciation750850COGS24002900Interest180196Cash200500Accts Receivables200400Notes Payable800550Long-term debt15001950Net fixed assets30003500Accounts Payable250400Inventory700900Dividend payout30%30%Tax rate35%30% What is the ROE for 2021?
In 2019, Frump Wholesale, Inc. has the following apportionment data: State Sales % Property% Payroll % Apportionment Method Apportionment Pink 10% 100% 50% Property Factor Only 100% Green 15% 0% 50% Payroll Factor Only 50% Red 30% 0% 0% Sales Factor Only 30% Lavender 15% 0% 0% Average all three factors 5% White 20% 0% 0% Highest of all three 20% Black 10% 0% 0% Lowest of all three 0% Total 100% 205% 22. True or False: State Pink’s apportionment…
*see attached What amount of interest income should be recognized by Ripple for the year ended December 31, 2020? a. 244,080b. 200,000c. 204,492d. 240,000
Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense for 2019 if the units-of-production method were used ( Note: Round your answer to the nearest dollar)? a. $179,400 b. $184,000 c. $218,400 d. $224,000
A tax declaration contains the following data: Actual use of property Residential Market value: Land P500,000 Improvement 800,000 Property: Assessment Level Basic Tax Rate Land 15% 1% Improvement 20% 1% Requirements: 1. Total real property tax assessable on the properties.
9. Calculate the assessed value (in $) and the property tax due (in $) on the property. Fair MarketValue AssessmentRate AssessedValue PropertyTax Rate PropertyTax Due $280,000 80 $ $25.60 per $1,000 $
Calculate the assessed value of the following pieces of property:Assessment rate Market Value Assessed Value 80% $210,000 ?????
you have asked to estimate the value of the subject property that has gross rental income of $130,000 and a NOI of $58,000. A summary of transaction data on three comparable market is in the table below. Sp : 650,000 750,000 450,000 Gross rental income: 100 000 150,000 75,000 NOI. : 50 000 56,000 36,000 Based on two methods that are frequently used in the Income approach your task is to estimate the value of subject property. Which method give the highest value? (Ch 10) the subject property has a rentable area of 1,500 Sqm, construction costs amount to $30/sqm. Estimated economic life of building is 50 years. Economic depreciation in terms on negative changes in the neighborhood is estimated to $1000 and based on the sales comparison approach the estimated value of the land amounts to 10,000. Current age of the building is 10 years. Based on the cost Approach your task is to estimate the value of the subject proper
Ken derived the following in the year 2021:(i) Rental surplus of $5,000 from Property 1.(ii) Rental deficit of ($6,000) from Property 2.(iii) Interest income of $12,000 from maturity of fixed deposit placement with DBS Bank, an approved bank in Singapore.(iv) Commission of $10,000 from brokering a property rental arrangement.What is Ken’s taxable income for Year of Assessment 2022? Group of answer choices a) $9,000. b) $10,000. c) $21,000. d) $27,000.

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