X Company reports these account balances on December 31, 2021Accounts PayableAccounts ReceivableAccumulated depreciationCashDrawingsOperating ExpensesEquipmentGoodwill$450,000150.000180.000600,00080.000300.000Service RevenueOwner 's capitalUnearned Service Revente680,00090.000500.000720.00050,000 Refer to the above data. In a trial balance prepared on December 31, 2021, thetotal debit column is: *O $2,080,000O $1,900,000$1,820,000O None of the above

The assets and expenses normally have debit balances, while the liabilities, capital, provisions,…

X Company reports these account balances on December 31, 2021 Accounts Payable Accounts Receivable Accumulated depreciation $450,000 150,000 180.000 Cash 600.000 Drawings Operating Expenses Equi pment 80.000 300.000 680.000 Goodwill 90.000 500.000 720.000 50,000 Service Revenue Owner's capital Unearned Service Revenue

X Company reports these account balances on December 31, 2021 Accounts Payable Accounts Receivable Accumulated depreciation $450,000 150,000 180.000 Cash 600.000 Drawings Operating Expenses Equi pment 80.000 300.000 680.000 Goodwill 90.000 500.000 720.000 50,000 Service Revenue Owner's capital Unearned Service Revenue

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 4MCQ

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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
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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.
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