Below is selected information taken from the balance sheet of Huy Corporation as of 1 Land Machines Gross P, P&E Accumulated Depreciation Net P, P&E Depreciation expense 12/31/05 34 years 14 years 7 years 2 years $100,000 80,000 180,000 25,000 155,000 12/21/06 $100,000 70,000 170,000 10,000 $160,000 $5,000 The average age of Huy's depreciable assets as of 2006 is:

Below is selected information taken from the balance sheet of Huy Corporation as of 1 Land Machines Gross P, P&E Accumulated Depreciation Net P, P&E Depreciation expense 12/31/05 34 years 14 years 7 years 2 years $100,000 80,000 180,000 25,000 155,000 12/21/06 $100,000 70,000 170,000 10,000 $160,000 $5,000 The average age of Huy's depreciable assets as of 2006 is:

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

YSA Inc. provided the following information on December 31, 2021: Cash 5,000,000 Financial assets at fair value through profit or loss, including cost of P500,000 of YSA Inc. 2,500,000 Accounts receivable 3,000,000 Inventory 1,000,000 Land 30,000,000 Equipment 10,000,000 Accumulated depreciation - equipment 6,000,000 Building 40,000,000 Accumulated depreciation - building 14,000,000 Furniture and Fixtures 15,000,000 Accumulated depreciation - Furniture and Fixtures 3,900,000 Accounts payable, after deducting debit balances in supplier's accounts amounting to P200,000 4,500,000 Accrued expenses payable 500,000 Bonds payable, due December 31, 2022 3,500,000 Discount on bonds payable 500,000 Deferred tax liability 300,000 Dividends payable 400,000 Credit balances of customers' accounts 50,000 Share dividend payable 200,000 15% note payable issued on July 1, 2020, maturing on July 1, 2022 6,000,000 20% note payable issued on August 31, 2020, maturing on August 31, 2021 3,000,000…
Flubber Products has current assets of $60,000 and total assets of $340,000. The firm’ssales are $700,000. Flubber’s interest expense is $25,000. All assets are classified asbeing either current assets or fixed assets. Flubber’s fixed asset turnover is?
The comparative balance sheet of Gus Company at December 31, 2024 and 2023 appears below:Assets:12/31/202412/31/2023Cash$ 53,000 $ 120,000 Accounts receivable (net)37,000 48,000 Inventories108,500 100,000 Equipment573,200 450,000 Accumulated depreciation-equipment (142,000) (176,000) $629,700 $542,000 Liabilities & Stockholders Equity: Accounts payable$ 62,500 $ 43,800 Bonds payable, due June 20240 100,000 Common stock, $10 par335,000 285,000 Paid-in capital in excess of par - Common stock74,000 55,000 Retained earnings 158,200 58,200 $629,700 $542,000 The income statement for the year ended December 31, 2024 appears below:Sales $625,700 Cost of merchandise sold 340,000 Gross profit 285,700 Operating expenses (includes $26,000 depreciation expense) 94,000 Operating Income 191,700 Interest expense 6,000Income before income tax 185,700 Income tax 60,700 Net income $125,000 Also in 2024, fully depreciated equipment costing $60,000 was scrapped at no salvage…
The owners of a company are planning to sell the business to new interests. The cumulative net earnings for the past 4 years were P6,000,000 including casualty loss of P200,000. The current value of net assets of the company was P16,000,000. Goodwill is determined by capitalizing average earnings at 8%. What is the amount of goodwill? a. P1.450.000 b. P1.550.000 c. P2,215.000 d. P3.375.000
Clark Corporation reported beginning net fixed assets of $94,150, ending net fixed assets of $103,626, accumulated depreciation of $49,133, net sales of $212,722, and depreciation expense of $12,315. Required: Compute Clark Corporation's fixed asset turnover ratio and the average age of its fixed assets.
Additional information (a) The entity sold some tangible non-current assets, which had a net book value of $200 million. The cost of sales figure includes a loss of $10 million on this disposal. (b) Cost of sales is arrived at after charging depreciation on the tangible non-current assets of $42 million. (c) Dividends paid during the year were $55,000. IMPORTANT: if your answer is 100,000 for this question please write 100 and IGNORE 000 while writing answer. If you write answer with 000 it will be marked as incorrect Find cashflow from Operations
This is the consolidated journal entries. How do we come to the accumulated depreciation of 25,000 ?
1.Record the following transactions in a general journal Amount(KD) Date Description 1/1/2020 Being capital bought in by owner in the business amounting to KD 30000 1/1/2020 Purchase of a High pressure system for KD 5000 which has a useful life of 5 years 1/1/2020 Purchase of a vaccum cleaner for KD 210 which has a useful life of 7 years 1/1/2020 Purchase of a Oil seperation unit for KD 2000 which has a useful life of 4 years, which helps in seperating oil and water. 1/1/2020 Purchase of a water tank for KD 200 which has a useful life of 10 years 1/1/2020 Purchase of a generator for power backup for KD 350 which has a useful life of 10 years 1/1/2020 Purchase of a drainage unit for KD 400 which has a useful life of 4 years 1/1/2020 Purchase of a upholestery cleaner for KD 150 which has a useful life of 5 years 1/1/2020 Purchase of…