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1.
Concept Introduction:
The statement of cash flows is one of the four financial statements; income statement,
To calculate:the cash received from sale of equipment.
2.
Concept Introduction:
The statement of cash flows is one of the four financial statements; income statement, balance sheet, statement of owner’s equity, and statement of cash flows. The statement of cash flows is prepared to know the cash flow position of the business. The statement shows cash flows under three different types of business activities; operating activities, investing activities, and financing activities.
To calculate:the
3.
Concept Introduction:
The statement of cash flows is one of the four financial statements; income statement, balance sheet, statement of owner’s equity, and statement of cash flows. The statement of cash flows is prepared to know the cash flow position of the business. The statement shows cash flows under three different types of business activities; operating activities, investing activities, and financing activities.
To calculate:the cost of the new equipment purchase in the year 2018.
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Chapter 12 Solutions
Gen Combo Ll Financial Accounting: Information For Decisions; Connect Ac
- The plant assets section of the comparative balance sheets of Anders Company is reported below. 1. 2. 3. ANDERS COMPANY Comparative Balance Sheets Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net 2018 Cash received from the sale of building Depreciation expense Purchase of building $ 295,000 (146,000) $ 149,000 $ 495,000 2017 $ 385,000 (256,000) $ 129,000 $ 515,000 (354,000) (169,000) $ 326,000 $ 161,000 During 2018, a building with a book value of $93,000 and an original cost of $415,000 was sold at a gain of $83,000. 1. How much cash did Anders receive from the sale of the building? 2. How much depreciation expense was recorded on buildings during 2018? 3. What was the cost of buildings purchased by Anders during 2018?arrow_forwardAt December 31, 2022, Culver Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings June Equipment Less: Accumulated depreciation-equipment During 2023, the following selected cash transactions occurred. (a) Total plant assets Apr. 1 Purchased land for $2,785,200. May 1 1 1 Sold equipment that cost $759,600 when purchased on January 1, 2016. The equipment was sold for $215,220. Sold land for $2.025,600. The land cost $1,266,000. July Purchased equipment for $1,392,600. Dec. 31 Retired equipment that cost $886,200 when purchased on December 31, 2013. No salvage value was received. Bal. $ $26,690,000 Cash 15,097,050 Land 50,640,000 6,330,000 $3,798,000 Prepare a tabular summary that includes the plant asset accounts and balances shown on the December 31, 2022, balance sheet. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the…arrow_forwardGlobal Positioning Net purchased equipment on January 1, 2018, for $15,233. Suppose Global Positioning Net sold the equipment for $11,000 on December 31, 2020. Accumulated Depreciation as of December 31, 2020, was $10,155. Journalize the sale of the equipment, assuming straight-line depreciation was used. First, calculate any gain or loss on the disposal of the equipment. Market value of assets received Less: Book value of asset disposed of Cost Less: Accumulated Depreciation Gain or (Loss)arrow_forward
- help mearrow_forwardAutry Company uses the straight-line depreciation method, and reports the information below for its plant assets below: Cost: $850,000. Annual depreciation expense: $50,000. Accumulated depreciation expense: $200,000. Required: a. Compute the analytical measures of plant age for Autry Company b. What information is useful to determine an estimated point of plant asset replacement in a forecast of future cash flows? c. Will the analytical measures of plant age impact (be included) an analyst's forecast in this case?arrow_forwardFranco Company uses IFRS and owns property, plant, and equipment with a historical cost of $5,000,000. At December 31, 2016, the company reported a valuation reserve of $690,000. At December 31, 2017, the property, plant, and equipment was appraised at $5,325,000. The valuation reserve will show what balance at December 31, 2017?(a) $365,000.(b) $325,000.(c) $690,000.(d) $0.arrow_forward
- At December 31, 2022, Flounder Company reported the following as plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets April 1 May 1 June 1 $27,650,000 13,740,000 During 2023, the following selected cash transactions occurred. July 1 Dec. 31 48,010,000 4,600,000 $3,590,000 13,910,000 43,410,000 $60,910,000 Purchased land for $2,170,000. Sold equipment that cost $1,080,000 when purchased on January 1, 2019. The equipment was sold for $648,000. Sold land purchased on June 1, 2013 for $1,410,000. The land cost $402,000. Purchased equipment for $2,370,000. Retired equipment that cost $503,000 when purchased on December 31, 2013.arrow_forwardInformation related to plant assets, natural resources, and intangibles at the end of 2019 for Dent Company is as follows: buildings $1,100,000, accumulated depreciation—buildings $600,000, goodwill $410,000, coal mine $500,000, and accumulated depletion—coal mine $108,000.Prepare a partial balance sheet of Dent Company for these items. (List Property, Plant and Equipment in order of Coal Mine and Buildings.)arrow_forwardOn its December 31, 2017, balance sheet, Calgary Industries reports equipment of $465,000 and accumulated depreciation of $93,000. During 2018, the company plans to purchase additional equipment costing $99,000 and expects depreciation expense of $39,500. Additionally, it plans to dispose of equipment that originally cost $51,500 and had accumulated depreciation of $7,500. The balances for equipment and accumulated depreciation, respectively, on the December 31, 2018 budgeted balance sheet are:arrow_forward
- Information related to plant assets, natural resources, and intangibles at the end of 2020 for Metlock, Inc. is as follows: buildings $1,190,000, accumulated depreciation—buildings $650,000, goodwill $450,000, coal mine $500,000, and accumulated depletion—coal mine $110,000.Prepare a partial balance sheet of Metlock, Inc. for these items. (List Property, Plant and Equipment in order of Coal Mine and Buildings.)arrow_forwardAt December 31, 2025, Blue Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets During 2026, the following selected cash transactions occurred. Apr. May June Date 1 Purchased land for $3,335,200. 1 Sold equipment that cost $909,600 when purchased on January 1, 2019. The equipment was sold for $257,720. 1 Sold land for $2,425,600. The land cost $1,516,000. July 1 Purchased equipment for $1,667,600. Dec. 31 Retired equipment that cost $1,061,200 when purchased on December 31, 2016. No salvage value was received. April 1 $26,520,000 11,934,000 60,640,000 7,580,000 May 1 Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and then post 2026 transactions.) Blue uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated…arrow_forwardAn analysis of changes in selected balance sheet accounts of Johnson Corporation shows the following for the current year: Plant and Equipment accounts: Debit entries to asset accounts Credit entries to asset accounts Debit entries to accumulated depreciation accounts (resulting from sale of plant assets) Credit entries to accumulated depreciation accounts (representing depreciation for the current year) $ 154,000 $ 115,000 $ 88,000 Johnson's income statement for the current year includes a $11,000 loss on disposal of plant assets. All payments and proceeds relating to purchase or sale of plant assets were in cash. Select one: $ 104,000 Total cash proceeds received by Johnson from sales of plant assets during the current year amounted to: a. $104,000. b. $208,000. c. $219,000. d. $16,000.arrow_forward
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
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