In a recent balance sheet, Microsoft Corporation reported Property, Plant, and Equipment of $27,804 million and Accumulated Depreciation of $14,793 million.a. What was the book value of the fixed assets?b. Would the book value of Microsoft’s fixed assets normally approximate their market values?
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In a recent balance sheet, Microsoft Corporation reported Property, Plant, and Equipment of $27,804 million and
a. What was the book value of the fixed assets?
b. Would the book value of Microsoft’s fixed assets normally approximate their market values?
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- On its latest balance sheet, a firm had $2,993,000,000 in net property, plant and equipment, $626,000,000 in other long-term assets, $1,158,000,000 in total current liabilities, $1,019,000,000 in total long-term liabilities and $4,387,000,000 in total owners’ equity. What were total current assets equal to?The following data has been taken from the Shine Machinery Inc., income statement and balance sheet: Dec. 31, Jan. Jan. 1,2013 “Income statement: Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... . .$375,000 Depreciation Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 115,000 Amortization of Intangible Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,000 Gain on Sale of Plant Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ….. 91,000 Loss on Sale of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . …. . 34,000 Balance sheet: Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...$345,000…The following data are taken from the income statement and balance sheet of Freeman Machinery, Inc. Dec. 31, 2018 Jan. 1, 2018 Income statement: Net Income $385,000 Depreciation Expense 135,000 Amortization of Intangible Assets 40,000 Gain on Sale of Plant Assets 90,000 Loss on Sale of Investments 35,000 Balance sheet: Accounts Receivable $335,000 $380,000 Inventory 503,000 575,000 Prepaid Expenses 22,000 13,000 Accounts Payable (to merchandise suppliers) 379,000 410,000 Accrued Expenses Payable 180,000 155,000 page 603 Using this information, prepare a partial statement of cash flows for the year ended December 31, 2018, showing the computation of net cash flows from operating activities by the indirect method.
- The following balance sheets have been prepared on December 31, Year 13 for Albert Corp. and Becky Inc.Balance Sheets Albert & Becky Cash $30,000 & $50,000Accounts Receivable $180,000 & $100,000Inventory $70,000 & $30,000Investment in Becky $100,000Property, Plant and Equipment* $600,000 & $140,000Accumulated Depreciation ($280,000) & ($40,000)Total Assets $700,000 & $280,000 * Includes landCurrent Liabilities $120,000 & $30,000Long-Term Debt $400,000 & $20,000Common shares $90,000 & $40,000Retained Earnings $90,000 & $190,000Liabilities and Equity $700,000 & $280,000Additional Information: Albert uses the cost method to account for its 50% interest in Becky, which it acquired on January 1, Year 10 for $100,000. On that date, Becky's retained earnings were $20,000 and common shares $40,000. The acquisition differential was fully amortized by the end of Year 13. Albert sold Land to Becky during Year 12 and recorded a $15,000 gain on the…The following data has been taken from the Shine Machinery Inc., income statement and balance sheet: Dec. 31, Jan. 2012 Jan. 1, 2013 Income statement: Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... . .$375,000 Depreciation Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 115,000 Amortization of Intangible Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,000 Gain on Sale of Plant Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ….. 91,000 Loss on Sale of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . …. . 34,000 Balance sheet: Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...$345,000…This year, Amalgamated Industries reported depreciation expense of $785,000 on its income statement while reporting Net Fixed Assets of $2,145,000 on its balance sheet. Last year, it reported depreciation expense of $680,000 and net fixed assets of $1,800,000. What was Net Capital Spending this year?
- Kerch Co. had beginning net fixed assets of $216,558, ending net fixed assets of $211,722, and depreciation of $40,471. During the year, the company sold fixed assets with a book value of $8,038. How much did the company purchase in new fixed assets? Multiple Choice $43,673 $41,510 $35,635 $32,433 $34,327The following are the Statements of Financial Position of Yomi Limited for the years ended December 31, 2015 and 2016. Non-current assets 2016 GH¢ 2015 GH¢ Land 560,000 300,000 Building & equipment 2,000,000 1,900,000 2,560,000 2,200,000 Accumulated depreciation (800,000) (770,000) 1,760,000 1,430,000 Long term investments 50,000 25,000 Total Non-current assets 1,810,000 1,455,000 Current assets Inventory 300,000 320,000 Trade receivables 410,000 460,000 Cash & cash equivalents 30,000 50,000 Prepaid 20,000 15,000 Total current assets 760,000 845,000 Total assets 2,570,000 2,300,000 Equity & Non-current liabilities Equity share capital (GH¢2 par value) 200,000 160,000 Share premium 710,000 550,000 Retained earnings 670,000 620,000 Bonds 500,000 800,000 Long term loan notes 150,000 - Total…Clark Corporation reported beginning net fixed assets of $94,150, ending net fixed assets of $103,626, accumulated depreciation of $49,133, net sales of $212,722, and depreciation expense of $12,315. Required: Compute Clark Corporation's fixed asset turnover ratio and the average age of its fixed assets.
- SA Inc. provided the following information on December 31, 2021: Cash 5,000,000 Financial assets at fair value through profit or loss, including cost of P500,000 of YSA Inc. 2,500,000 Accounts receivable 3,000,000 Inventory 1,000,000 Land 30,000,000 Equipment 10,000,000 Accumulated depreciation - equipment 6,000,000 Building 40,000,000 Accumulated depreciation - building 14,000,000 Furniture and Fixtures 15,000,000 Accumulated depreciation - Furniture and Fixtures 3,900,000 Accounts payable, after deducting debit balances in supplier's accounts amounting to P200,000 4,500,000 Accrued expenses payable 500,000 Bonds payable, due December 31, 2022 3,500,000 Discount on bonds payable 500,000 Deferred tax liability 300,000 Dividends payable 400,000 Credit balances of customers' accounts 50,000 Share dividend payable 200,000 15% note payable issued on July 1, 2020, maturing on July 1, 2022 6,000,000 20% note payable issued on August 31, 2020, maturing on August 31, 2021 3,000,000 Estimated…SA Inc. provided the following information on December 31, 2021: Cash 5,000,000 Financial assets at fair value through profit or loss, including cost of P500,000 of YSA Inc. 2,500,000 Accounts receivable 3,000,000 Inventory 1,000,000 Land 30,000,000 Equipment 10,000,000 Accumulated depreciation - equipment 6,000,000 Building 40,000,000 Accumulated depreciation - building 14,000,000 Furniture and Fixtures 15,000,000 Accumulated depreciation - Furniture and Fixtures 3,900,000 Accounts payable, after deducting debit balances in supplier's accounts amounting to P200,000 4,500,000 Accrued expenses payable 500,000 Bonds payable, due December 31, 2022 3,500,000 Discount on bonds payable 500,000 Deferred tax liability 300,000 Dividends payable 400,000 Credit balances of customers' accounts 50,000 Share dividend payable 200,000 15% note payable issued on July 1, 2020, maturing on July 1, 2022 6,000,000 20% note payable issued on August 31, 2020, maturing on August 31, 2021 3,000,000 Estimated…Account MNO Corporation had the following information regarding its fixed assets: Beginning of the year: $500,000Additions during the year: $100,000Disposals during the year: $50,000Accumulated depreciation at the beginning of the year: $200,000Depreciation expense for the year: $50,000Calculate the net book value of fixed assets at the end of the year.