Calculate any cash receipts or payments related to the property, plant, and equipment accounts in 2024.Land purchaseEquipment purchaseProceeds from disposal of equipment$$SASA$125,000 i17,000 i(37,800) The following selected account balances relate to the property, plant, and equipment accounts of Pharoah Ltd.:20242023Accumulated depreciation-buildings$336,500 $306,000Accumulated depreciation-equipment146,00096,500Depreciation expense-buildings30,50030,500Depreciation expense-equipment68,00049,500Land195,00070,000Buildings770,000770,000Equipment305,000255,000Gain on disposal (equipment)4,3000Additional information regarding 2024:1.Purchased $125,000 of land for cash.2.Purchased $83,000 of equipment for a $17,000 down payment, financing the remainder with a bank loan. Equipment wasalso sold during the year.

The cash flow statement is prepared to record the cash flow from various activities during the…

Calculate any cash receipts or payments related to the property, plant, and equipment accounts in 2024. Land purchase Equipment purchase Proceeds from disposal of equipment SA $ SA $ $ tA 125,000 i 17,000 i (37,800)

Calculate any cash receipts or payments related to the property, plant, and equipment accounts in 2024. Land purchase Equipment purchase Proceeds from disposal of equipment SA $ SA $ $ tA 125,000 i 17,000 i (37,800)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 6RE: Oz Corporation has the following assets at year-end: Patents (net), 26,000; Land, 50,000; Buildings,...

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Oo.79. Subject :- Account
Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below) The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net 2020 $ 220,000 (116,000) $ 104,000 $ 420,000 (124,000) $ 296,000 QS 12-11 (Algo) Computing investing cash flows LO P3 1. Cash received from the sale of building. 2 Depreciation expense 3 Purchase of building 2019 $ 310,000 (226,000) $ 84,000 $ 440,000 (309,000) $ 131,000 During 2020, a building with a book value of $78,000 and an original cost of $340,000 was sold at a gain of $68,000. 1. How much cash did Anders receive from the sale of the building? 2. How much depreciation expense was recorded on buildings during 2020? 3. What was the cost of buildings purchased by Anders…
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Required information [The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Balance Sheets 2019 2018 Plant assets Equipment Accumulated depreciation-Equipment $ 180,000 (100,e00) $ 80,000 $ 380,000 (100,000) $ 280,000 $ 270,000 (210,000) $ 60,000 $ 400,000 (285,000) $ 115,000 Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net During 2019, a building with a book lue of $70,000 and an original cost of $300,000 was sold at a gain of $60,000. 1. How much cash did Anders receive from the sale of the building? 2 How much denreciation evnense was recorded on buildinas during 20192 ... Chat
The following property and equipment section was obtained from a recent Abbott Laboratories 10-K. Property and equipment, at cost Land. $ 370,949 Buildings. Equipment.. Construction in progress.. 2,655,356 8,813,517 920,599 12,760,421 Less: accumulated depreciation and amortization.. Net property and equipment... 6,757,280 $ 6,003.141 Property and Equipment Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets. The following table shows estimated useful lives of property and equipment. Classification Estimated Useful Lives Buildings.. Equipment.. 10 to 50 years (average 27 years) 3 to 20 years (average 11 years) During the year, the company reported $868,808 for depreciation expense. What is Abbott Laboratories' estimated useful life of depreciable assets?
The property, plant, and equipment section of the Jasper Company's December 31, 2023, balance sheet contained the following: Property, plant, and equipment: Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Total property, plant, and equipment Machine 101 102 103 Cost $ 48,400 79,000 20,000 Date Acquired 1/1/2021 6/30/2022 9/1/2023 $ 780,000 (150,000) 147,400 Residual Value $ 6,000 7,000 2,000 ? The land and building were purchased at the beginning of 2019. Straight-line depreciation is used and a residual value of $30,000 for the building is anticipated. The equipment is comprised of the following three machines: $ 110,000 Life (in Years) 8 9 8 630,000 ? ? The straight-line method is used to determine depreciation on the equipment. On March 31, 2024, Machine 102 was sold for $54,000. Early in 2024, the useful life of machine 101 was revised to five years in total, and the residual value was revised to zero. Required: 1. Calculate the accumulated…
At December 31, 2023, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Category Plant Asset Accumulated Depreciation and Amortization Land $ 185,000 $ — Land improvements — — Buildings 2,000,000 438,502 Equipment 1,625,000 327,500 Automobiles and trucks 182,000 110,325 Leasehold improvements 236,000 118,000 Depreciation methods and useful lives: Buildings—150% declining balance; 25 years. Equipment—Straight line; 10 years. Automobiles and trucks—200% declining balance; 5 years, all acquired after 2020. Leasehold improvements—Straight line. Land improvements—Straight line. Depreciation is computed to the nearest month and residual values are immaterial. Transactions during 2024 and other information: On January 6, 2024, a plant facility consisting of land and building was acquired from King Corporation in exchange for 35,000 shares of Cord's common stock. On this date, Cord's stock had a fair value of $60 a…
Based on the information presented, what is the group or composite life of the assets?
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The information below was extracted from the books of Let Your Light Shine Enterprise: Non-current Asset Cost (GH¢) Date of Acquisition Date of Disposal Proceed from Disposal (GH¢) Machine A 30,000 03/01/15 31/08/17 18,000 Machine B 40,000 01/07/15 - - Machine C 60,000 30/09/15 01/07/17 50,000 Machine D 80,000 01/04/16 - - Additional information: a) As per the enterprise’s accounting policy, depreciation charged is pro-rated on the basis of months of use. All acquisitions and disposals are on cash basis; b) Machines A and B are depreciated at a rate of 20% on reducing balance basis while Machines C and D at 10% on straight line basis; and c) Accounts are prepared to 31st December every year. You are required to: I. Show the relevant accounts for machinery for years to 31st December, 2017; II. Show the Income statement and the statement of financial position for each of the…
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…