At December 31 Current Year Prior Year Furniture ... Accumulated depreciation-Furniture...... $132,000 $ 184,500 (88,700) (110,700)
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The following information is from Ellerby Company’s comparative
statement reports
$52,500 was sold for its book value. Compute cash received from the sale of furniture.
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- Cuevas Custom Cycles sold equipment for cash. The income statement shows a gain on the sale of $920. The net book value of the asset was $3,610. Which of the following statements describes the cash effect of the transaction? A positive cash flow of $2,690 from investing activities B positive cash flow of $4,530 from investing activities C negative cash flow of $2,690 from investing activities D negative cash flow of $4,530 from investing activitiesPatterson Company’s Depreciation Expense is $20,400 and the beginning and ending Accumulated Depreciation balances are $150,200 and $155,200, respectively. What is the cash paid for depreciation?The following information is from Ellerby Company’s comparative balance sheets. At December 31 Current Year Prior Year Furniture $ 153,000 $ 212,500 Accumulated depreciation—Furniture (95,700 ) (117,700 ) The current year income statement reports depreciation expense on furniture of $25,000. During the year, furniture costing $59,500 was sold for its book value on December 31, Current Year.Complete the general ledger accounts to calculate cash received from the sale of furniture.
- Following information relate to Hawke Ltd for the financial year ended 2020 Information provided in the images. Additional information:The loss on sale of equipment relates to an item that originally cost $80 000 and had a carrying amount of $20000 when sold.Required: Calculate the following:(a) Cash collected from customers and Cash paid to suppliers (b) Cash paid to employees for wages and salary and Cash spent on plant and equipment (c) Proceeds from sale of equipment andCash paid for insuranceThe following information is available for Bridgeport Corp. for the year ended December 31, 2022. Beginning cash balance $ 39,600 Accounts payable increase 9,405 Depreciation expense 67,650 Accounts receivable decrease 7,920 Inventory decrease 5,115 Net income 94,380 Cash received for sale of land at book value 171,600 Cash dividends paid 62,700 Income taxes payable decrease 6,435 Cash used to purchase land 133,650 Cash used to redeem bonds 108,900 Cash received from issuing stock 264,000 Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Bridgeport Corp.Statement of Cash Flows—Indirect Methodchoose the accounting period select an opening name for section one select an item…The following data are from a company's comparative balance sheets. The current year income statement reports depreciation expense on equipment of $7,200. During the year, equipment costing $21,000 was sold for its book value. At December 31 Equipment Accumulated depreciation-Equipment Compute cash received from the sale of equipment. Current Year $ 52,800 (35,480) Cost of equipment sold Accumulated depreciation at prior year-end Increase from depreciation expense Total "expected" accumulated depreciation Actual accumulated depreciation at current year-end Accumulated depreciation on sold equipment Cash received from sale of equipment at book value $ $ Prior Year $ 73,800 (44,280) 44,280 7,200 51,480 35,480 $ 21,000
- Brendon company is engaging in the buying and selling of merchandise. Based on its data the following were recovered: Cash – 50,000, Accounts Receivable – 100,000, Inventories – 70,000, Property plant and Equipment – 60,000, Accounts payable – 50,000, Note payable – 40,000, Prepaid expenses of 45,000. How much is the equity balance of the business?RahulRequired Information [The following information applies to the questions displayed below.] Portions of the financial statements for Hawkeye Company are provided below. HAWKEYE COMPANY Income Statement For the Year Ended December 31, 2824 ($ in millions) Sales Cost of goods sold Gross margin Operating expenses: Salaries Depreciation Loss on sale of land Total operating expenses Operating income Other incone (expense): Gain on sale of cash equivalents Interest expense Income before tax Income tax expense Net income HAWKEYE COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2824 and 2023 ($ in millions) Year Cash Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income tax payable Cash Flows from Operating Activities Adjustments for noncash effects: Changes in operating assets and Mablities: 2824 Net cash flows from operating activities $ 246 388 894 227 187 69 97 $ 225 183 14 S 2023 $217 487 867 268 282 57 118 $830 315 515 0 422 93…
- ces QS 12-13 (Algo) Computing cash from asset sales LO P3 CRUZ, INCORPORATED Comparative Balance Sheets 2021 At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Hages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity Sales Cost of goods sold. Gross profit $ 64,300 27,600 57,700 3,600 Beginning balance 153,200 72,600 (11,200) $ 214,600 $ 10,100 6,000 1,000 Furniture 17,100 20,600 37,700 CRUS, INCORPORATED Incone Statement For Year Ended December 31, 2021 154,700 22,200 $ 214,600 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Het income 2020 $ 16,100 34,100 64,000 2,900 117,100 82,200 (6,200) $ 193,100 $ 14,200 3,300 1,800 19,300 47,700 67,000 123,700 2,400 $…The following information is available for Falcon Mercantile for the year ended October 31, 2023: Cash 139,250 Accounts Receivable 15,000 Supplies 2,100 Equipment 27,000 Accumulated Depreciation- 6,300 Equipment Accounts Payable 21,000 Notes Payable 23,050 Owner's Ending Capital 141,400 Short-term Investments 1,000 Intangible Assets 1,500 Long-term Investments 5,900 Prepare a classified balance sheet for the year ended October 31, 2023. Use spaces to demonstrate good form.The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales $ 3,386,000 Expenses: Cost of goods sold $ 2,200,000 Operating expenses 908,000 Depreciation expense 32,000 Loss on sale of land 8,500 Interest expense 17,500 Income tax expense 53,000 Total expenses 3,219,000 Net income $ 167,000 VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 Assets Current assets: Cash $ 270,300 $ 185,900 Accounts receivable 86,500 65,000 Inventory 105,000 140,000 Prepaid rent 13,200 6,600 Long-term assets: Investments 110,000 0 Land 215,000 250,000 Equipment 280,000 215,000…
