By how much did Declan's Designs' Accumulated Depreciation increase during 2022? Please do not provide the net change in Accumulated Depreciation, but instead provide the gross annual increase to Accumulated Depreciation. Question 3 options: $1,000 $4,000 $3,000 $2,000 ASSETS12/31/202112/31/2022For the Year EndingCurrent Assets12/31/2022Cash and Cash EquivalentsAccounts Receivable, NetMerchandise InventoryTotal Current Assets$90,00097,000400,000587,000$294,000101,000475,000870,000Sales RevenueCGSGross MarginSG&A$225,000(16,000)209,000(22,000)187.00062,000600,000$1,249,00070,000600,000$1,540,000Operating IncomeInterest ExpenseLoss on Sale of PPEPre-Tax IncomeIncome Tax ExpenseNet IncomePPE, NetGoodwill, Net(12,000)(5,000)170,000(7,000)$163,000Total AssetsLIABILITIES & SHAREHOLDERS' EQUITYCurrent LiabilitiesAccounts PayableInterest PayableDividends PayableTotal Current Liabilities26,0003,00020,00049,00017,0005,00010,00032,000Additional Information regarding Declan's Designs' 12/31/22 financials:Mortgage PayableLong-Term Bank LoanTotal LiabilitiesPROPERTY, PLANT & EQUIPMENTPPE is shown net accumulated depreciation. Accumulated depreciation was $18,000 at the beginning ofthe year and $20,000 at the end of the year. Depreciation expense for the year was $3,000, which isincluded in SG&A. New PPE was bought during the year for $22,000 (in cash).500,000500,000200,000732,000549,000Shareholder's EquityPreferred StockCommon StockAdditional Paid in CapitalRetained EarningsTotal Shareholder's EquityNote: You may use the worksheet provided on the last page to help you prepare the Cash Flow Statement.Hint #1: The most recent year is not always in the left column.8,00054,000638,000700,00010,00060,000738,000808,000Hint #2: Evaluate changes in gross PPE separate from changes in accumulated depreciation. Recall grossPPE less accumulated depreciation equals net PPE.Hint #3: Never "plug" the annual change in gross PPE. Separately evaluate the increase in gross PPE(capital expenditures) from the annual decrease in gross PPE (sale of PPE).Total Liabilities &Shareholders' Equity$1,249,000$1,540,000Hint #4: The total change in cash due to stock issuances/repurchases is the sum of the change in commonstock (stated par value) and additional paid in capital (APIC).Hint #5: Dividends declared (the decrease in RE) is not the same as dividends paid (the decrease individends payable). To find dividends paid, set up your dividends payable account with the beginning andending balances from the balance sheet. Increase dividends paid by the amount of dividends declared.Then plug for the decrease in dividends payable (which represents dividends paid).

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Description: By how much did Declan's Designs' Accumulated Depreciation increase during 2022? Please do not provide the net change in Accumulated Depreciation, but instead provide the gross annual increase to Accumulated Depreciation. Question 3 options: $1,000

Depreciation is a reduction in the value of asset due to its normal usage. It is a non-cash activity…

Business

Accounting

By how much did Declan's Designs' Accumulated Depreciation increase during 2022? Please do not provide the net change in Accumulated Depreciation, but instead provide the gross annual increase to Accumulated Depreciation. Question 3 options: $1,000 $4,000 $3,000 $2,000

By how much did Declan's Designs' Accumulated Depreciation increase during 2022? Please do not provide the net change in Accumulated Depreciation, but instead provide the gross annual increase to Accumulated Depreciation. Question 3 options: $1,000 $4,000 $3,000 $2,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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