24 Chapter 10 Long-Term Assets: Fixed and Intangible Itscussion (1)estions O'Neil Office Supplies has a fleet of automobiles and trucks for use by salespersons and for delivery of office supplies and equipment. Collins Auto Sales Co. has automobiles and trucks for sale. Under what caption would the automobiles and trucks be reported in the balance sheet of (a) O'Neil Office Supplies and (b) Collins Auto Sales Co.?

24 Chapter 10 Long-Term Assets: Fixed and Intangible Itscussion (1)estions O'Neil Office Supplies has a fleet of automobiles and trucks for use by salespersons and for delivery of office supplies and equipment. Collins Auto Sales Co. has automobiles and trucks for sale. Under what caption would the automobiles and trucks be reported in the balance sheet of (a) O'Neil Office Supplies and (b) Collins Auto Sales Co.?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

LO 2 Cash + Land Assets + Exercise 8-6A Allocating costs for a basket purchase Jourdan Company purchased a restaurant building, land, and equipment for $700,000 cash. The appraised value of the assets was as follows: Land Building Equipment Total Building + Equip. Required a. Compute the amount to be recorded on the books for each of the assets. b. Record the purchase in a horizontal statements model like the following one. $160,000 400,000 240,000 $800,000 = Liab. + Equity Rev. Exp. c. Prepare the general journal entry to record the purchase. = Net Inc. Cash Flow
QUESTION 4 Cullumber Company owns delivery equipment that cost $53,800 and has accumulated depreciation of $27,300 as of July 30, 2020. On that date, Cullumber disposes of this equipment. For parts b- d below, enter D for debit or C for credit in the first box and the amount in the second box. a. What is the net book value of the equipment on July 30, 2020? b. Assume Cullumber scraps the equipment as having no value on July 30. What is the gain or loss, if any, that Cullumber should recognize? c. Assume Cullumber sells the equipment for $37,200 cash on July 30. What is the gain or loss, if any, that Cullumber should recognize? d. Assume Cullumber sells the equipment for $18,000 cash on July 30. What is the gain or loss, if any, that Cullumber should recognize?
only need d and e , thanks
Jones Co. recently sold a piece of equipment. Which of the following journal entries would be most appropriate for recording the sale? O Debit to cash O Credit to Loss on Sale O Credit to Accumulated Depreciation O Debit to Equipment
hdr4
Brief Exercise 8-5 (Algo) Effect of the disposal of plant assets on the financial statements LO 8-5 Mix & Match Company sold office equipment with a cost of $48,600 and accumulated depreciation of $33,000 for $28,000 cash. Required: a. What is the amount of gain or loss on the disposal? b. How would the sale affect net income (increase, decrease, no effect)? c. How would the sale affect the amount of total assets shown on the balance sheet (increase, decrease, no effect)? d. How would the event affect the statement of cash flows (inflow, outflow, no effect)? a. b. Effect of sale on net income c. Effect of sale on total assets d. Effect of sale on statement of cash flows
6
ngageNOWv2 | Online teachin X CengageNOWv2 |Online teachin X + com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocat Asset turnover A company reports the following: Sales $1,102,500 Average total assets (excluding long-term investments) 787,500 Determine the asset turnover ratio. If required, round your answer to one decimal place. Check My Work All work saved. Email in
Problem No. 7 Use the following information for the next three (3) questions: During your audit of AACA Company, you have identified several transactions by the client related to its fixed assets acquisitions below. The company used a single account, Property and equipment, to record the transactions: Property and equipment Acquisition price of land and building P960,000 Options taken out on several pieces of property 16,000 List price of machinery purchased 318,400 Freight on machinery purchased including insurance of P1,000 4,000 Repair to machinery resulting from damage during shipment 1,480 Cost of removing old machinery 4,500 Driveways and sidewalks 102,000 Building remodeling 400,000 Utilities paid since acquisition of building 20,800 P1,827,180 Based on property tax assessments, which are believed to fairly represent values involved, the building is worth thrice as much as the land.…
S-14 Computing the asset turnover ratio Biagas Company had net sales revenue of $55,600,000 for the year ended May 31, 2018. Its beginning and ending total assets were $52,800,000 and $98,500,000, respec- tively. Determine Biagas's asset turnover ratio for year ended May 31, 2018.
K Exercise 8-12A (Algo) Effect of the disposal of plant assets on the financial statements LO 8-5 Un Company sold office equipment with a cost of $37,110 and accumulated depreciation of $32,541 for $6,720. Required a. What is the book value of the asset at the time of sale? b. What is the amount of gain or loss on the disposal? c. How would the sale affect net income (increase, decrease, no effect) and by how much? d. How would the sale affect the amount of total assets shown on the balance sheet (increase, decrease, no effect) and by how much? e. How would the event affect the statement of cash flows (increase, decrease, no effect) and in what section? a. Book value b. Gain (loss) on sale c. Net income would d. Total assets would e. Effect on statement of cash flows e. Section Prey 7 of 11 Next >
I need help with this question