PS 1 Winter 2024

Sale of Equipment Instructions Chart of Accounts First Questions Journal Instructions Equipment was acquired at the beginning of the year at a cost of $562,500. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 9 years and an estimated residual value of $49,785. Chart of Accounts CHART OF ACCOUNTS Required: a. What was the depreciation for the first year? Round your intermediate calculations to 4 decimal places. Round the depreciation for the year to the nearest whole dollar. b. Assuming that the equipment was sold at the end of the second year for $557,317, determine the gain or loss on the sale of the equipment. c. Journalize the entry on Dec. 31 to record the sale. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a…

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Question 6 USING THE FOLLOWING DATA, CALCULATE THE DOLLAR AMOUNT ($) OF TOTAL INTANGIBLE ASSETS DEPRECIATION EXPENSE-BLDG 5. SALARIES AND WAGES PAYABLE 800 LAND 200 ACCUMULATED DEPRECIATION -BUILDING 35 UNEARNED SALES REVENUE 360 SHORT TERM INVESTMENTS 93 PATENTS 69 NOTES PAYABLE 180 PREPAID LEGAL EXPENSE 18 BUILDING 990 MORTGAGE PAYABLE 510 LONG TERM NOTES RECEIVABLE 30 25 GOODWILL 18 MEDICAL SUPPLIES 720 103 LAND HELD FOR FUTURE USE BONDS PAYABLE 14 280 UNEARNED INTEREST FEES COST OF SALES 45 3. LAND HELD FOR FUTURE USE INTEREST INCOME 170 387 COPYRIGHTS INVENTORY 20 122 PREPAID ADVERTISING PENSION OBLIGATIONS 50 15 LONG TERM NOTES PAYABLE RENTAL FEES 180 10 TRADEMARK ACCRUED LIABILITIES A Moving to the next question prevents changes to this answer.

Applying Excel 4: Total Plant Assets 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 A B Current assets Cash Short-term investments Accounts receivable, net Supplies Prepaid expenses Total current assets. Long-term investments Land www. Long-term notes receivable Investments in stocks and bonds Total long-term investments Plant assets: Equipment Accumulated Depreciation Equipment, net Total plant assets Intangible assets: Multiple Choice с =+E17-E18+F20 =SUM(E17,E18,F19) =+E17-E18+F19 D Harriet Tubman Company Balance Sheet December 31 Assets Copyrights Total assets Which formula in cell F21 accurately computes the value of total plant assets? =SUM(E17,E18,F20) $ E 33,000 26,000 46,800 (9,400) F $20.700 15,700 29,000 7,300 5,800 $78,500 59,000 37,400 37,000 74,400 8,000 $219,900

Problem 6-30A (Algo) Purchase and use of tangible asset: Three accounting cycles, double-declining- balance depreciation LO 6-1, 6-3, 6-7 The following transactions pertain to Accounting Solutions Incorporated Assume the transactions for the purchase of the computer and any capital Improvements occur on January 1 each year. Year 1 1. Acquired $55,000 cash from the issue of common stock. 2. Purchased a computer system for $24,200. It has an estimated useful life of five years and a $3,500 salvage value. 3. Pald $1,800 sales tax on the computer system. 4. Collected $39,100 In fees from clients. 5. Pald $1,150 In fees for routine maintenance to service the computers. 6. Recorded double-declining-balance depreciation on the computer system for Year 1. Complete this question by entering your answers in the tabs below. Req A Year 1 Req A Year 2 Req A Year 3 Event Year 1 1. Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and…

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View Policies Current Attempt in Progress The net income reported on the income statement for the current year was $227000. Depreciation recorded on plant assets was $35100. Accounts receivable and inventories increased by $2000 and $7500, respectively. Prepaid expenses and accounts payable decreased by $2100 and $12000 respectively. How much cash was provided by operating activities? O $242700 O $227000 O $262100 O $207500 Save for Later Attempts: 0 of 1 used Submit Answer

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HCS/380: Week 4 - Horizontal and Vertical Analysis - Academic Resources HCS/380 Ratio Calculations Select the images below to enlarge. Balance Sheet Murawski Company Balance Sheet December 31 Current Assets Investments Cash and cash equivalents Accounts receivable (net) Property, plant, and equipment Intangibles and other assets Total assets Current liabilities Inventory Prepaid expenses Total current assets Sales Revenue Murawski Company Income Statement For the Years Ended December 31 Costs and expenses Cost of goods sold Selling and Administrative expenses Interest expense Total costs and expenses 2022 Income Statement Income before income taxes $330 470 460 120 1,380 Income tax expense Net Income 10 420 530 $2,340 Long-term liabilities Stockholder's equity - common 1,030 1,040 Total liabilities and stockholder's equity $2,340 $2,210 $900 410 2022 $3,800 955 2,400 25 3,380 2021 420 126 $294 $360 400 390 160 1,310 10 380 510 $2,210 $790 380 2021 $3,460 890 2,330 20 3,240 220 66 $154…

Explore Here are some enrichment activities for you to work on to master and strengthen the basic concepts you have learned from this lesson. Enrichment Activity 1: HERE WE GO A-COUNTING! The following items are taken from the records of XYZ Company. Classify whether they are belong to the Assets, Liabilities, Owner's Equity of the business. Use for answers. sheet your separate Items: Amount: Items: Amount: 1. Merchandise Inventory P 50,000 13. Owner's Equity 2. Accounts Receivable 30,000 14. Furniture and Fixtures 6,000 3. Worthless Receivable 500 15. Accum. Dep'n- Store Bldg. 5,000 4. Prepaid Rent 8,000 16. Sales (80% cash) 200,000 5. Obsolete Merchandise 1,000 17. Accum. Dep'n F and F 600 6. Rent Expense 4,000 18. Depreciation Expense 3,300 7. Notes Receivable 10,000 19. Cash 25,000 8. Accrued Interest Receivable 200 20. Accounts Payable 20,100 9. Unused Supplies 1,200 21. Notes Payable 60,000 10. Used Supplies 800 22. Interest Income 200 11. Land 100,000 23. Mortgage Payable 1,200…

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DEVELOPMENT E-LIBRARY ZAIN HANDBOOKS Triton Corp reported net income of $207,200, including depreciation expense of $63,000. The company sold investments for $8,400 that had a cost of $25,200. Accounts receivable decreaşed $35,000 and accounts payable increased $32,200. What amount did Triton report as net cash provided by operating activities? O a. $186.200. O b. $219.200. O c. $228,200. O d. $354,200. Next pag О Help РОСОРНONЕ 10:06 AM SHOT ON POCOPHONE F1 11/3/2021

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Question 2 Base Company carried out the following transactions during Years 1 to Year 6. Year 1: January 1: Purchased equipment for $120,000 cash. It has a 10-year life, a $20,000 residual value, and will be depreciated using the straight-line method. January 1: Purchased land for $280,000 cash. October 31: Borrowed $340,000 from the bank by issuing a three-month 9% note. December 31: Accrued interest on the note of October 31. You can round to the nearest full month. December 31: A pending product liability lawsuit will more likely than not be lost. A reasonable estimate of the loss is $50,000. We accrued the contingency. December 31: Journalized depreciation on the equipment. Year 2: January 31: Repaid the October 31 note plus interest. Year 6: July 10: Traded our land (acquired in Year 1) plus $60,000 cash for a small airplane. The airplane has a market value of $380,000. September 20: Sold the equipment for $52,000 cash. Depreciation expense for Years 2…

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Chapter 16 The net income reported on the income statement for the current year was $183,000. Depreciation recorded on equipment and al building amounted to $76,500 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash 65,000 54,500 Accounts receivable (net) 75,000 72,500 Inventories 175,600 165,500 Prepaid Expenses 8,500 9,200 Accounts Payable (merchandise creditors) 75,450 70,650 8,600 Salaries Payable 11,500 a. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. b. If the direct method had been used, would the net cash flow from operating activities have been the same? Explain. $ $

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