Accounting Property and equipment, at cost, consisted of the following: December 31,                                                                2017                                    2018 Gross property and equipment: Land                                                                                 $ 22,058.38                       $ 30,850.93 Equipment                                                                         37,411.98                           48,949.37 Other assets                                                                   1,451.47                               1,566.73 Construction in progress                                            5,859.76                               9,469.74 Gross property and equipment                                 66,781.59                            90,836.47 Total accum dep and amort                                       23,255.12                            29,867.63 Total property and equipment, net…

P10.5A Journalise a series of equipment transactions related to purchase, sale, retirement, and depreciation At December 31, 2021. Grand Regency Limited reported the following as Non-current tangible assets: 4,000,000 16,400,000 June 11 July 1 Dec. 31 Land Buildings Less: Accumulated depreciation - buildings Equipment Less: Accumulated depreciation - equipment Total plant assets During 2022, the following selected cash transactions occurred. April 1 Purchased land for R2,130,000. May 1 (b) (c) (d) 28,500,000 12,100,000 48,000,000 5,000,000 Required: (a) 43,000,000 £63,400,000 Sold equipment that cost R750,000 when purchased on January 1, 2018. The equipment was sold for R450,000. Sold land purchased on June 1, 2012 for R1,500,000. The land cost R400,000. Purchased equipment for R2,500,000. Retired equipment that cost R500,000 when purchased on December 31, 2012. No salvage value was received. Prepare general journal entries the above transactions. The company uses straight-line…

Record the entry for additional depreciation expense on revaluation of equipment due to conversion from U.S. GAAP to IFRS. Note: Enter debits before credits.           Date Account Title Debit Credit 12/31/2021

Concord Corp's statement of financial position at the end of 2022 included the following items: Current assets Land Buildings Equipment Accumulated depreciation-buildings Accumulated depreciation equipment Intangible assets-patents. Total 1 2 3. 4. 5. The following information is available for the 2023 fiscal year: 6. 7. 8. 5. 6. 7. 8 9. $1,265,000 (a) 30,100 1,210,000 330,000 (141,000) (12,200) 40,200 $2.722,100 December 31, 2023 Concord prepares financial statements in accordance with IFRS. Assets Current liabilities Bonds payable Common shares Retained earnings Concord Corp. Statement of Financial Position Total $1,128,100 Net income was $409,000. Interest paid is treated as an operating activity. Equipment (cost of $21.600 and accumulated depreciation of $8,080) was sold for $10,800. Depreciation expense was $4.150 on the building and $9,160 on equipment. Amortization expense on a patent was $3,110. 1,221,000 Current assets other than cash increased by $33,000. Current liabilities…

Comparative Analysis: Under Armour, Inc., versus Columbia Sportswear Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com. Required: With regard to depreciation methods: a. What depreciation method does Under Armour use? What depreciation method does Columbia use? b. What are the typical useful lives of each companys operating assets? c. What effect will the useful lives have on the companys financial statements?

Balance Sheet and Notes Listed here in random order are Wicks Construction Limiteds balance sheet accounts and related ending balances as of December 31, 2019: Additional information: 1. The company reports on the balance sheet the total amount for inventories and the net book value of property, plant, and equipment, with the related details for each account disclosed in notes. 2. The straight line method is used to depreciate buildings, machinery, and equipment, based upon their cost and estimated residual values and lives. A breakdown of property, plant, and equipment shows the following: land at a cost of 32,000, buildings at a cost of 182,400 and a net book value of 120,200, machinery at a cost of 63,900, and related accumulated depreciation of 18,600, and equipment (40% depreciated) at a cost of 53,000. 3. Patents are amortized on a straight line basis directly to the Patent account. 4. Inventories are listed at the lower of cost or market value using an average cost. The inventories include raw-materials, 22,200; work in process, 34,700; and finished goods, 41,600. 5. Common stock has a 10 par value per share, 12,000 shares are authorized, and 6,280 shares have been issued. 6. Preferred stock has a 100 par value per share, 1,000 shares are authorized, and 400 shares have been issued. 7. The investment in bonds is carried at the original cost, which is the face value, and is being held to maturity. 8. Short-term investments in marketable securities were purchased at year-end. 9. The bonds payable mature on December 31, 2024. 10. The company attaches a 1-year warranty on all the products it sells. Required: 1. Prepare Wicks Constructions December 31, 2019, balance sheet (including appropriate parenthetical notations). 2. Prepare notes to accompany the balance sheet that itemize company accounting policies; inventories; and property, plant, and equipment. 3. Next Level Compute the current ratio and the quick ratio. How do these two ratios provide different information about the companys liquidity? Why are these ratios useful?

Balance Sheet Presentation The following information relates to the assets of Westfield Semiconductors as of December 31, 2019. Westfield uses the straight-line method for depreciation and amortization. Required: Use the information above to prepare the property, plant, and equipment and intangible assets portions of a classified balance sheet for Westfield.

The T-accounts for Equipment and the related Accumulated Depreciation-Equipment for Pharoah Company at the end of 2017 are shown here. Equipment Beg. bal. Acquisitions 207,760 Disposals 57,134 108,035 End. bal. 258,661 Accum. Depr.-Equipment 13,245 Beg. bal. Depr. exp. Disposals 115,567 31,164 End. bal. 133,486 In 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 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

Question 1 Glowing Incorporation closes its accounts on March 31 annually. Below is an extract of its balance sheet as at March 31, 2014. Non-Current Assets Useful Life Net Book Value Residual Value Buildings 40 Years $2,000 Machinery 10 Years $53,626 $6,500 (130,000 machine hours) Fixtures and Fittings 8 Years $30,600 $4,250 It is the policy of the company to charge depreciation expense as follows: Buildings Straight Line Method Machinery Units of Activity Method Fixtures and Fittings Declining Balance Method Additional information: 1. The assets above were purchased as follows: Non-Current Assets Date of Purchase Purchase Price Buildings April 1, 2010 $80,000 Machinery January 31, 2011 $65,000 Fixtures and Fittings May 1, 2013 $34,000 2. Actual machine hours used in the production process is 4,200 hours