Required information[The following information applies to the questions displayed below.]The plant assets section of the comparative balance sheets of Anders Company is reported below.ANDERS COMPANYComparative Balance Sheets20192018Plant assetsEquipmentAccumulated depreciation-Equipment$ 180,000(100,000)$ 270,000(210,000)$ 60,000$ 400,000(285,000)Equipment, net$ 80,000BuildingsAccumulated depreciation-Buildings$ 380, еее(100,000)$ 280,000Buildings, net$ 115,000ing 2019, equipment with a book value of $40,000 and an originartost of $210,000 was sold at a loss of $3,000.low much cash did Anders receive from the sale of equipment?Low much denreciationano w rocorded a nouinnmant c ring 0102< Prev8.9.of 14Next >10 畫墨$ 180,000(100, өөө)$80,000$ 270,000(210, еее)$ 60,000$ 400,000(285,000)$ 115,000EquipmentAccumulated depreciation-EquipmentEquipment, netBuildingsAccumulated depreciation-Buildings$ 380,000(100, eее)$ 280,000Buildings, netDuring 2019, equipment with a book value of $40,000 and an original cost of $210,000 was sold at a loss of $3,000.1. How much cash did Anders receive from the sale of equipment?2. How much depreciation expense was recorded on equipment during 2019?3. What was the cost of new equipment purchased by Anders during 2019?Cash received from the sale of equipment2. Depreciation expense1.3. Purchase of equipment< Prev8.6.of 14Next >

To determine the cash received from the sale of the asset we will use the book value figure of the…

The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Balance Sheets 2019 2018 Plant assets Equipment Accumulated depreciation-Equipment $ 180,000 (100, еее) $ 80,000 Equipment, net Buildings Accumulated depreciation-Buildings $ 270,000 (210, еее) $ 60,000 $ 400,000 (285,000) $ 115,000 $ 380, еее (100, еее) $ 280,000 Buildings, net

The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Balance Sheets 2019 2018 Plant assets Equipment Accumulated depreciation-Equipment $ 180,000 (100, еее) $ 80,000 Equipment, net Buildings Accumulated depreciation-Buildings $ 270,000 (210, еее) $ 60,000 $ 400,000 (285,000) $ 115,000 $ 380, еее (100, еее) $ 280,000 Buildings, net

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

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 6RE: Oz Corporation has the following assets at year-end: Patents (net), 26,000; Land, 50,000; Buildings,...

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Oz Corporation has the following assets at year-end: Patents (net), 26,000; Land, 50,000; Buildings, 175,000; Accumulated Depreciation: Buildings, 57,500; Investment in Held-to-Maturity Bonds, 12,000; Equipment, 95,000; and Accumulated Depreciation: Equipment, 25,000. Prepare the property, plant, and equipment section of Ozs year-end balance sheet.
[The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets 2021 2020 Plant assets Equipment $ 290,000 $ 380,000 Accumulated depreciation—Equipment (144,000) (254,000) Equipment, net $ 146,000 $ 126,000 Buildings $ 490,000 $ 510,000 Accumulated depreciation—Buildings (166,000) (351,000) Buildings, net $ 324,000 $ 159,000 QS 12-11 (Algo) Computing investing cash flows LO P3 During 2021, a building with a book value of $92,000 and an original cost of $410,000 was sold at a gain of $82,000. How much cash did Anders receive from the sale of the building? How much depreciation expense was recorded on buildings during 2021? What was the cost of buildings purchased by Anders during 2021?
Presented below is information related to plant assets, natural resources, and intangibles at year end on December 31, 2021, for Pronghorn Company: Buildings $1,255,000 Goodwill 700,000 Patents 500,000 Coal Mine 510,000 Accumulated Depreciation—Bldg. 646,000 Accumulated Depletion 294,000 1 .Prepare a partial balance sheet for Pronghorn Company that shows how the above listed items would be presented. (List Property, Plant and Equipment in order of Buildings and Coal Mine.)
Required information Skip to question [The following information applies to the questions displayed below.]The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets 2021 2020 Plant assets Equipment $ 200,000 $ 290,000 Accumulated depreciation—Equipment (108,000) (218,000) Equipment, net $ 92,000 $ 72,000 Buildings $ 400,000 $ 420,000 Accumulated depreciation—Buildings (112,000) (297,000) Buildings, net $ 288,000 $ 123,000 During 2021, equipment with a book value of $44,000 and an original cost of $230,000 was sold at a loss of $3,800. 1. How much cash did Anders receive from the sale of equipment?2. How much depreciation expense was recorded on equipment during 2021?3. What was the cost of new equipment purchased by Anders during 2021?
If you are told that LSJ Company’s plant property and equipment value at 12/31/2023 is $750,000 of the company’s total assets of $1,000,000 …Apply your vertical analysis skills and calculate what percentage the PPE represents of total assets.
The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets 2021 2020 Plant assets Equipment $ 300,000 $ 390,000 Accumulated depreciation—Equipment (148,000) (258,000) Equipment, net $ 152,000 $ 132,000 Buildings $ 500,000 $ 520,000 Accumulated depreciation—Buildings (172,000) (357,000) Buildings, net $ 328,000 $ 163,000 During 2021, a building with a book value of $94,000 and an original cost of $420,000 was sold at a gain of $84,000. 1. How much cash did Anders receive from the sale of the building?2. How much depreciation expense was recorded on buildings during 2021?3. What was the cost of buildings purchased by Anders during 2021?
Required information Skip to question [The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Balance Sheets 2017 2016 Plant assets Equipment $ 180,000 $ 270,000 Accum. Depr.—Equipment (100,000 ) (210,000 ) Equipment, net $ 80,000 $ 60,000 Buildings $ 380,000 $ 400,000 Accum. Depr.—Buildings (100,000 ) (285,000 ) Buildings, net $ 280,000 $ 115,000 During 2017, equipment with a book value of $40,000 and an original cost of $210,000 was sold at a loss of $3,000. 1. How much cash did Anders receive from the sale of equipment?
Required information Skip to question [The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Balance Sheets 2017 2016 Plant assets Equipment $ 180,000 $ 270,000 Accum. Depr.—Equipment (100,000 ) (210,000 ) Equipment, net $ 80,000 $ 60,000 Buildings $ 380,000 $ 400,000 Accum. Depr.—Buildings (100,000 ) (285,000 ) Buildings, net $ 280,000 $ 115,000 During 2017, equipment with a book value of $40,000 and an original cost of $210,000 was sold at a loss of $3,000. 1. How much cash did Anders receive from the sale of equipment? 2. How much depreciation expense was recorded on equipment during 2017? 3. What was the cost of new equipment purchased by Anders during 2017?
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 information below was extracted from the books of Let Your Light Shine Enterprise: Non-current Asset Cost (GH¢) Date of Acquisition Date of Disposal Proceed from Disposal (GH¢) Machine A 30,000 03/01/15 31/08/17 18,000 Machine B 40,000 01/07/15 - - Machine C 60,000 30/09/15 01/07/17 50,000 Machine D 80,000 01/04/16 - - Additional information: a) As per the enterprise’s accounting policy, depreciation charged is pro-rated on the basis of months of use. All acquisitions and disposals are on cash basis; b) Machines A and B are depreciated at a rate of 20% on reducing balance basis while Machines C and D at 10% on straight line basis; and c) Accounts are prepared to 31st December every year. You are required to: I. Show the relevant accounts for machinery for years to 31st December, 2017; II. Show the Income statement and the statement of financial position for each of the…
The draft balance sheet of Tere Corporation as of December 31, 2019 reported the net property, plant and equipment at P110,000,000. Details of the amount follow: Land at cost P10,000,000Building at cost P50,000,000Less accumulateddepreciation at 12/31/18 (20,000,000) 30,000,000Plant at cost 94,500,000Less accumulateddepreciation at 12/31/18 (24,500,000) 70,000,000 110,000,000The following matters are relevant:• On 30 June 2019, Tere terminated the production of one of its product lines. From this date, the plant used to manufacture the product has been actively marketed at an advertised price of P4.2 million which is considered realistic. Assume that this plant qualified as held for sale in accordance withPFRS 5. It is…
The T-accounts for Equipment and the related Accumulated Depreciation—Equipment for Oriole Company at the end of 2022 are shown here. Equipment Beg. bal. 75,600 Disposals 21,800 Acquisitions 45,500 End. bal. 99,300 Accumulated Depreciation—Equipment Disposals 5,000 Beg. bal. 44,700 Depr. exp. 11,500 End. bal. 51,200 In addition, Oriole’s income statement reported a loss on the disposal of plant assets of $4,000. What amount was reported on the statement of cash flows as “cash flow from sale of equipment”? (Show an amount that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cash flow from sale of equipment $