HONRNGREN'S ACCT.+MYACCTLAB/ETEXT
11th Edition
ISBN: 9781323537909
Author: MILLER-NOBLES
Publisher: PEARSON C
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Textbook Question
Chapter 14, Problem 6QC
The Plant Assets account and
| Plant Assets | |||
| Beg. | 100,000 | ||
| Acquisitions | 428,000 | 52,500 | Disposals |
| End. | 475,500 | ||
| Accumulated Depreciation—Plant Assets | |||
| 20,000 | 12/31/2015 | ||
| Disposals | 10,500 | 34,000 | Depr. Exp. |
| 43,500 | 12/31/2016 | ||
Star Media sold plant assets at an $11,000 loss. Where on the statement of cash flows should Star Media report the sale of plant assets? How much should the business report for the sale?
- a. Financing cash flows---cash receipt of $42,000
- b. Investing cash flows -cash receipt of $53,000
- c. Investing cash flows-cash receipt of $31,000
- d. Investing cash flows ---cash receipt of $42,000
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Please answer all the parts of the below question:
At December 31, 2017, Sheffield Corporation reported the following plant assets.
Land
$ 3,798,000
Buildings
$26,660,000
Less: Accumulated depreciation—buildings
15,097,050
11,562,950
Equipment
50,640,000
Less: Accumulated depreciation—equipment
6,330,000
44,310,000
Total plant assets
$59,670,950
During 2018, the following selected cash transactions occurred.
Apr.
1
Purchased land for $2,785,200.
May
1
Sold equipment that cost $759,600 when purchased on January 1, 2011. The equipment was sold for $215,220.
June
1
Sold land for $2,025,600. The land cost $1,266,000.
July
1
Purchased equipment for $1,392,600.
Dec.
31
Retired equipment that cost $886,200 when purchased on December 31, 2008. No salvage value was received.
Prepare a tabular summary that includes the plant asset accounts and…
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…
At December 31, 2022, Swifty Company reported the following as plant assets.
Land
$ 3,980,000
Buildings
$28,210,000
Less: Accumulated depreciation—buildings
13,200,000
15,010,000
Equipment
48,670,000
Less: Accumulated depreciation—equipment
4,980,000
43,690,000
Total plant assets
$62,680,000
During 2023, the following selected cash transactions occurred.
April 1
Purchased land for $2,200,000.
May 1
Sold equipment that cost $840,000 when purchased on January 1, 2019. The equipment was sold for $504,000.
June 1
Sold land purchased on June 1, 2013 for $1,450,000. The land cost $399,000.
July 1
Purchased equipment for $2,480,000.
Dec. 31
Retired equipment that cost $491,000 when purchased on December 31, 2013.
1. Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year life and no salvage value. The equipment is…
Chapter 14 Solutions
HONRNGREN'S ACCT.+MYACCTLAB/ETEXT
Ch. 14 - The purposes of the statement of cash flows are to...Ch. 14 - The main categories of cash flow activities are a....Ch. 14 - Operating activities are most closely related to...Ch. 14 - Which item does not appear on a statement of cash...Ch. 14 - Leather Shop earned net income of 57,000 after...Ch. 14 - The Plant Assets account and Accumulated...Ch. 14 - Mountain Water Corp. issued common stock of 28,000...Ch. 14 - Prob. 8QCCh. 14 - Prob. 9AQCCh. 14 - If accrued liabilities increased during the year,...
Ch. 14 - Prob. 1RQCh. 14 - How does the statement of cash flows help users of...Ch. 14 - Describe the three basic types of cash flow...Ch. 14 - What types of transactions are reported in the...Ch. 14 - Prob. 5RQCh. 14 - Prob. 6RQCh. 14 - Explain why depreciation expense, depletion...Ch. 14 - Prob. 8RQCh. 14 - If current assets other than cash increase, what...Ch. 14 - If current liabilities increase, what is the...Ch. 14 - Prob. 11RQCh. 14 - Prob. 12RQCh. 14 - Prob. 13RQCh. 14 - Prob. 14RQCh. 14 - Prob. 15ARQCh. 14 - Prob. 16BRQCh. 14 - Describing the purposes of the statement of cash...Ch. 14 - Prob. 14.2SECh. 14 - Classifying items on the indirect statement of...Ch. 14 - Computing cash flows from operating...Ch. 14 - Prob. 14.5SECh. 14 - Prob. 14.6SECh. 14 - Prob. 14.7SECh. 14 - Prob. 14.8SECh. 14 - Prob. 14.9SECh. 14 - Prob. 14.10SECh. 14 - Preparing a statement of cash flows using the...Ch. 14 - Prob. 14.12SECh. 14 - Preparing the direct method statement of cash...Ch. 14 - Prob. 14.14SECh. 14 - Prob. 14.15SECh. 14 - Classifying cash flow items Consider the following...Ch. 14 - Prob. 14.17ECh. 14 - Prob. 14.18ECh. 14 - Prob. 14.19ECh. 14 - Prob. 14.20ECh. 14 - Prob. 14.21ECh. 14 - Prob. 14.22ECh. 14 - Prob. 14.23ECh. 14 - Prob. 14.24ECh. 14 - Prob. 14.25ECh. 14 - Prob. 14.26ECh. 14 - Prob. 14.27ECh. 14 - Prob. 14.28ECh. 14 - Prob. 14.29ECh. 14 - Prob. 14.30ECh. 14 - Using a spreadsheet to prepare the statement of...Ch. 14 - Prob. 14.32APCh. 14 - Prob. 14.33APCh. 14 - Prob. 14.34APCh. 14 - Prob. 14.35APCh. 14 - Preparing the statement of cash flows----direct...Ch. 14 - Prob. 14.37APCh. 14 - Prob. 14.38APCh. 14 - Prob. 14.39BPCh. 14 - Prob. 14.40BPCh. 14 - Prob. 14.41BPCh. 14 - Prob. 14.42BPCh. 14 - Prob. 14.43BPCh. 14 - Prob. 14.44BPCh. 14 - Using a spreadsheet to prepare the statement of...Ch. 14 - Prob. 14.46CPCh. 14 - Prob. 14.1CTDCCh. 14 - Moss Exports is having a bad year. Net income is...Ch. 14 - Details about a company's cash flows appear in a...
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