The T-accounts for Equipment and the related Accumulated Depreciation-Equipment for Pharoah Company at the end of 2017 are shown here.EquipmentBeg. bal.Acquisitions207,760 Disposals57,134108,035End. bal.258,661Accum. Depr.-Equipment13,245 Beg. bal.Depr. exp.Disposals115,56731,164End. bal.133,486In addition, Pharoah Company's income statement reported a loss on the disposal of plant assets of $9,090. What amount was reported on the statement of cash flows as "cash flow from sale of equipment"? (Show amountsthat decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).)Cash flow from sale of equipment

Cash flow from investment activities encompasses all the activities which result in a change in the…

Answered: The T-accounts for Equipment and the…

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 60E

See similar textbooks

Similar questions

The T-accounts for Equipment and the related Accumulated Depreciation—Equipment for Skysong, Inc. at the end of 2022 are shown here. Equipment Beg. bal. 60,000 Disposals 16,500 Acquisitions 31,200 End. bal. 74,700 Accum. Depr.—Equipment Disposals 3,825 Beg. bal. 33,375 Depr. exp. 9,000 End. bal. 38,550 In addition, Skysong, Inc.’s income statement reported a loss on the disposal of plant assets of $2,625. What amount was reported on the statement of cash flows as “cash flow from sale of equipment”? (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
The t accounts for equipment and the related accumulated depreciation-equipment for Goldstone Co. at the end of 2022 are shown here. Equipment Beg. Bal. $80000. Displ $22000 Acqutn $41600 Ending Bal $99600 Accum Dep-Eqpt Displ. $5100. Beg bal. $44500 Dep. Ex. $12000 End. Bal. $51400 In addition, Goldstone's income statement reported a loss on the disposal of plant assets of $3500. What amount was reported on the statement of cash flows as "cash flow from sale of equipment"? Calculate free cash flow
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 $
The T-accounts for Equipment and the related Accumulated Depreciation—Equipment for Vaughn Manufacturing at the end of 2022 are shown here. Equipment Beg. bal. 100,000 Disposals 27,500 Acquisitions 52,000 End. bal. 124,500 Accum. Depr.—Equipment Disposals 6,375 Beg. bal. 55,625 Depr. exp. 15,000 End. bal. 64,250 In addition, Vaughn Manufacturing’s income statement reported a loss on the disposal of plant assets of $4,375. What amount was reported on the statement of cash flows as “cash flow from sale of equipment”? (Show amounts 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 $enter cash flow from sale of equipment in dollars
The T-accounts for Equipment and the related Accumulated Depreciation—Equipment for Luo Company at the end of 2020 are shown here. Equipment Beg. bal. 79,200 Disposals 20,700 Acquisitions 44,800 End. bal. 103,300 Accumulated Depreciation—Equipment Disposals 8,700 Beg. bal. 43,600 Depr. exp. 14,300 End. bal. 49,200 In addition, Luo’s income statement reported a loss on the disposal of plant assets of $6,000. What amount was reported on the statement of cash flows as “cash flow from sale of equipment”? (Show 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 $
Assume that Yousuf & Sons company purchased equipment for OMR 12000 on 31st December 2014. The company charging OMR 2400 depreciation per annum by following straight-line depreciation method. The company charged total depreciation till 31December 2017 is OMR 7200 and the company decided to sell this equipment for OMR 3500 on 31st Mar2018. Find out the profit or loss on sale of equipment and pass the journal entry in the books of Yousuf& Sons Company. a. Dr Cash A/C OMR 3500 Dr Accumulated depreciation OMR 7800 Dr Loss on sale of equipment OMR 700 and Equipment A/c OMR 12000 b. Dr Cash A/C OMR 3500 Dr Accumulated depreciation OMR 7800 and Cr Equipment A/C 11300 c. None of the given options d. Dr Cash OMR 3500 Dr Accumulated depreciation OMR 7200 Dr Loss on sale of Equipment OMR 1300 and Cr Equipment A/C 12000
Assume that Yousuf & Sons company purchased equipment for OMR 12000 on 31st December 2014. The company charging OMR 2400 depreciation per annum by following straight-line depreciation method. The company charged total depreciation till 31December 2017 is OMR 7200 and the company decided to sell this equipment for OMR 3500 on 31st Mar2018. Find out the profit or loss on sale of equipment and pass the journal entry in the books of Yousuf& Sons Company. a. Dr Cash A/C OMR 3500 Dr Accumulated depreciation OMR 7800 Dr Loss on sale of equipment OMR 700 and Equipment A/c OMR 12000 b. Dr Cash A/C OMR 3500 Dr Accumulated depreciation OMR 7800 and Cr Equipment A/C 11300 c. None of the given options d. Dr Cash OMR 3500 Dr Accumulated depreciation OMR 7200 Dr Loss on sale of Equipment OMR 1300 and Cr Equipment A/C 12000 Clear my choice
Day SA acquired the following assets in January 2017. Equipment, estimated service life, 5 years; residual value, P15,000 P465,000Building, estimated service life, 30 years; no residual value P780,000 The equipment has been depreciated using the sum-of-the-years'-digits method for the first 3 years for financial reporting purposes. In 2020, the company decided to change the method of computing depreciation to the straight-line method for the equipment, but no change was made in the estimated service life or residual value. It was also decided to change thetotal estimated service life of the building from 30 years to 40 years, with no change in the estimated residual value. The building is depreciated on the straight-line method. Requireda. Prepare the journal entry to record depreciation expense for the equipment in 2020.b. Prepare the journal entry to record depreciation expense for the building in 2020. (Round to nearest peso.)
Day SA acquired the following assets in January 2017. Equipment, estimated service life, 5 years; residual value, P15,000 P465,000 Building, estimated service life, 30 years; no residual value P780,000 The equipment has been depreciated using the sum-of-the-years'-digits method for the first 3 years for financial reporting purposes. In 2020, the company decided to change the method of computing depreciation to the straight-line method for the equipment, but no change was made in the estimated service life or residual value. It was also decided to change the total estimated service life of the building from 30 years to 40 years, with no change in the estimated residual value. The building is depreciated on the straight-line method. Required Prepare the journal entry to record depreciation expense for the equipment in 2020. Prepare the journal entry to record depreciation expense for the building in 2020. (Round to nearest peso.)
The following information was extracted from the accounting records of DilataLtd on 30 June 2020: Land at cost (note 1). R 1 000 000Factory and office buildings at cost (note 1 and 2). ? Machinery and equipment (note 3). R3 000 000Motor vehicles (note 4). R 645 715 Accumulated depreciation: - Factory and office buildings ?- Machinery and equipment (30 June 2019). ( R1 080 000) - Motor vehicles (30 June 2019). R235 715 Additional information Dilata Ltd acquired and occupied the land on which both the factory and office buildings were erected on 1 July 2017 at an amount of R1 000 000. The land was revalued for the first time on 29 June 2020 by Mr King, an independent sworn appraiser at a fair value of R1 500 000. The factory…
The following information was extracted from the accounting records of Dilata Ltd on30 June 2020:Dr/(Cr)RLand at cost (note 1) 1 000 000Factory and office buildings at cost (note 1 and 2) ?Machinery and equipment (note 3) 3 000 000Motor vehicles (note 3) 645 715Accumulated depreciation:- Factory and office buildings ?- Machinery and equipment (30 June 2019) (1 080 000)- Motor vehicles (30 June 2019) (235 715)Additional information1. Dilata Ltd acquired and occupied the land on which both the factory and office buildingswere erected on 1 July 2017 at an amount of R1 000 000. The land was revalued for thefirst time on 29 June 2020 by Mr King, an independent sworn appraiser at a fair value of R1 500 000. The factory building was constructed on the land on 1 August 2017, andcompleted and available for use on 1 January 2018. The cost of this factory building amounted to R2 400 000.2. After expansion of operations, an office building was built. The office building was completed and available…
Mr A is the owner of All Stars General Dealer Below is the asset register of All Stars General Dealer ASSET CATEGORY COST PRICE DATE PURCHASED DEP METHOD RATE OF DEPRECIATION Photocopier Equipment 5000 1 March 2017 Straight line 10% Machine Machinery 20000 30 Sept 2018 Diminishing Balance 20% Hilux Bakkie Vehicle 200000 1 December 2019 Diminishing Balance 25% Furniture Furniture 80000 1 July 2016 Straight line 33.33% Required: The depreciation for all fixed assets for the year ending 31 March 2021 Journalise the depreciation at 31 March 2021 Draw up and balance the following ledger accounts as at 31 March 2021: Equipment Vehicles Furniture Calculate the carrying value of all assets as at 31 March 2021

SEE MORE QUESTIONS

Recommended textbooks for you

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

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

Publisher:

Cengage Learning

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

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

Publisher:

Cengage Learning

Financial Accounting: The Impact on Decision Make…

Accounting

ISBN:

9781305654174

Author:

Gary A. Porter, Curtis L. Norton

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS