EP FINANCIAL+MANAGERIAL ACCT. >CUSTOM<
5th Edition
ISBN: 9781323590287
Author: *ST.LEO UNIV.
Publisher: PEARSON C
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Chapter C, Problem 7SE
1.
To determine
Compute the amount of plant assets acquired by P Corporation during the year.
2.
To determine
Compute the amount of payment made to notes payable by P Corporation during the year.
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Dambra Inc. provided the following information from its current-year trial balance.
Account
Debit
Credit
Loss on disposal of plant assets
$720
Dividends
810
Cost of goods sold
530,400
Selling expenses
69,450
Dividend income
$68
Advertising expense
42,550
Office salaries expense
5,720
Depreciation expense
99,680
Loss on asset impairment
3,040
Accounting and legal fees
16,310
Interest income
1,000
Unrealized loss on available-for-sale bonds before tax
400
Interest expense
1,150
Sales
745,000
Retained earnings: beginning balance
384,200
Accumulated other comprehensive loss: beginning balance
5,200
Common stock—no par: beginning balance
89,100
Dambra issued $4,900 of no-par common stock on April 1 of the current year.
Requirement
Begin by completing Dambra's single-step income statement…
Samke Limited sells new equipment and repairs equipment for their regular customers. The following information was extracted from the accounting records for the financial year ended 30 June 2021
Extracted from the Pre-Adjustment Trial Balance at 30 June 2021:
R
Fixed deposit
160 000 nie in nie Asset
Inventory: Trade goods
219 800 nie in nie Asset
Debtors control
39 090 nie in nie Asset
Machinery
224 000
Accumulated depreciation: Machinery
130 000
Long term borrowing: Finhouse
281 200 liability nie in nie
Sales
1 680 000
Debtors allowances/bad debt
17 000
Cost of sales
1 050 000
Service fee income (in respect of repair services)
297 140
Rent income
105 000
Interest income
11 200
Salaries and wages
294 640
Audit fees
30 000
Directors fees
230 000
Consumable stores
51 100
Bank charges
5 240
Travel and entertainment - Directors
15 910
Adjustments and additional…
Juneau Corporation provided the following information related to 2019.
During 2019, the following occurred:
During 2019, dividends were paid.
Long-term investments were sold for $8,750 and that amount less the gain of $5,250 was removed from the investments account.
Land was purchased for $8,750 and Juneau borrowed the money by signing a short-term note payable for that amount.
Notes payable (short-term) were also repaid.
Equipment with a historical cost of $7,000 and accumulated depreciation of $3,500 was sold for a loss.
New equipment was purchased during the year.
Bonds were issued for $5,250.
Instructions:
Prepare a statement of cash flows using the indirect method.
Chapter C Solutions
EP FINANCIAL+MANAGERIAL ACCT. >CUSTOM<
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Ch. C - Prob. 2QCCh. C - Prob. 3QCCh. C - Prob. 4QCCh. C - Prob. 5QCCh. C - Prob. 6QCCh. C - Prob. 7QCCh. C - Prob. 8QCCh. C - Prob. 9QCCh. C - Prob. 10QCCh. C - Prob. 1RQCh. C - Prob. 2RQCh. C - Prob. 3RQCh. C - Prob. 4RQCh. C - Prob. 5RQCh. C - Prob. 6RQCh. C - Prob. 7RQCh. C - If a company experienced a loss on disposal of...Ch. C - Prob. 9RQCh. C - Prob. 10RQCh. C - Prob. 11RQCh. C - Prob. 12RQCh. C - Prob. 13RQCh. C - Prob. 14RQCh. C - How does the direct method differ from the...Ch. C - Prob. 16RQCh. C - Prob. 1SECh. C - Prob. 2SECh. C - Prob. 3SECh. C - DVR Equipment, Inc. reported the following data...Ch. C - Prob. 5SECh. C - Prob. 6SECh. C - Prob. 7SECh. C - Prob. 8SECh. C - Prob. 9SECh. C - Julie Lopez Company expects the following for...Ch. C - Prob. 11SECh. C - Prob. 12SECh. C - Prob. 13SECh. C - Prob. 14SECh. C - Prob. 15SECh. C - Prob. 16ECh. C - Prob. 17ECh. C - Prob. 18ECh. C - Prob. 19ECh. C - Prob. 20ECh. C - The income statement of Boost Plus, Inc. follows:...Ch. C - Prob. 22ECh. C - Rouse Exercise Equipment, Inc. reported the...Ch. C - Use the Rouse Exercise Equipment data in Exercise...Ch. C - Prob. 25ECh. C - Prob. 26ECh. C - Prob. 27ECh. C - Prob. 28ECh. C - Prob. 29ECh. C - Prob. 30ECh. C - Prob. 31ECh. C - American Rare Coins (ARC) was formed on January 1,...Ch. C - Prob. 33APCh. C - Prob. 34APCh. C - Prob. 35APCh. C - Boundary Rare Coins (BRC) was formed on January 1,...Ch. C - Use the Rolling Hills, Inc. data from Problem...Ch. C - Prob. 38APCh. C - Classic Rare Coins (CRC) was formed on January 1,...Ch. C - Accountants for Benson, Inc. have assembled the...Ch. C - Prob. 41BPCh. C - Prob. 42BPCh. C - Prob. 43BPCh. C - Use the Sweet Valley data from Problem P14-41B....Ch. C - Prob. 45BPCh. C - Prob. 47PCh. C - Before you begin this assignment, review the Tying...Ch. C - Prob. 1DCCh. C - Prob. 1EICh. C - Details about a companys cash flows appear in a...
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