Additional information regarding 2024: 1. Net income was $56,000. 2. A gain of $8,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year. 3. 4. A gain on disposal of $40,000 was recorded when an old building was sold for $54,000 cash. A new building was purchased for $366,000 and depreciation expense on buildings for the year was $55,000. Equipment costing $64,000 was purchased while a loss of $7,000 was recorded on equipment that was sold for $5,000. The equipment that was sold late in the year had accumulated depreciation of $16,000. 5. The company took out $207,000 of new bank loans during the year. 6. Dividends were declared and paid and no common shares were bought back by the company.

Additional information regarding 2024: 1. Net income was $56,000. 2. A gain of $8,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year. 3. 4. A gain on disposal of $40,000 was recorded when an old building was sold for $54,000 cash. A new building was purchased for $366,000 and depreciation expense on buildings for the year was $55,000. Equipment costing $64,000 was purchased while a loss of $7,000 was recorded on equipment that was sold for $5,000. The equipment that was sold late in the year had accumulated depreciation of $16,000. 5. The company took out $207,000 of new bank loans during the year. 6. Dividends were declared and paid and no common shares were bought back by the company.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter7: Fixed Assets, Natural Resources, And Intangible Assets

Section: Chapter Questions

Problem 7.3.4MBA

See similar textbooks

Similar questions

PQ16.05 A company has the following assets: Buildings and Equipment, less accumulated depreciation of $5,000,000 Patents Trademarks Land $25,000,000 2,400,000 10,000,000 12,000,000 Goodwill 2,000,000 Cash 8,000,000 The total amount reported under Property, Plant, and Equipment would be??
I would like question 11 answered
rr
i would like question 12 answered please
sanjay
h
How to solve this
Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets April 1 May 1 June 1 Tig as platit assets. July 1 Dec. 31 $29,770,000 During 2023, the following selected cash transactions occurred. 12,500,000 47,890,000 4,870,000 $4,360,000 17,270,000 43,020,000 $64,650,000 Purchased land for $2,030,000. Sold equipment that cost $1,110,000 when purchased on January 1, 2019. The equipment was sold for $666,000. Sold land purchased on June 1, 2013 for $1,490,000. The land cost $391,000. Purchased equipment for $2,580,000. Retired equipment that cost $489,000 when purchased on December 31, 2013.
Problem 17-10 (AICPA Adapted) P7,000,000.. of the acquired net assets was P6,000,000. The excess of cost over carrying amount was attributed i. an identifiable intangible asset which was undervalued investee's statement of financial positión and which had . remaining useful life of ten years. on The investee reported net income of P1,800,000 for the current year and paid cash dividend of P600,000 on the ordinary shares. What is the carrying amount of the investment in associate at year-end? a. 6,780,000 b. 7,140,000 c. 7,000,000 d. 6,900,000
PQ16.08 Equipment that cost $144,000 and on which $120,000 of accumulated depreciation has been recorded was disposed of for $36,000 cash. The entry to record this event would include ??
The balance sheet of Alpha Ltd on 31/12/21 is the following ASSETS Plot of land Building Depreciation Vehicle Depreciation. Furniture Depreciation Participations Total fixed assets. Goods Goods in pledge Customers Downpayment to suppliers Prepaid expenses Available Funds Circulating Assets Total assets 31/12/2021 40.000 200.000 -40.000 80.000 -75.000 95.000 -72.000 85.000 313.000 60.000 20.000 30.000 20.000 20.000 107.000 257.000 570.000 31/12/2022 Liabilities Equity (stock price 3€) Statutory Reserves Premium Reserve New result Total Foreign Capitals Long term Loan Bills payable Suppliers Loan with pledged goods Customers' downpayments Expenses payables Prepaid revenues Total Predictions Total liabilities 31/12/2021 180.000 60.000 20.000 -30.000 230.000 120.000 40.000 50.000 14.000 20.000 30.000 20.000 294.000 46.000 570.000 During the use of 2022, the following transactions took place. Sale of goods with value EUR 80,000 and cost EUR 35,000, 80% of them paid by cash and the rest with…
1. How much is the depreciation expense for the fiscal year ended June 30, 20x9? 2. How much is the revaluation surplus on December 31, 20x8? 3. How much is the carrying amount of the equipment on June 30, 20x9?