Need help with this question Consecutive balance sheets of Crow Ltd showed the followingbalances:30 June 2019 30 June 2018Land$850,000Asset revaluation surplus $150,000$500,000During the year ended 30 June 2019, the land was revalued upwardsby $150,000, and $120,000 was borrowed to acquire land.What was the value of land purchased for cash?a $270,000b. $200,000c. $80,000d. $355,000e. $350,000

Step 1: Introduction to Property, Plant and EquipmentProperty, plant, and equipment refers to those…

Answered: Consecutive balance sheets of Crow Ltd…

Fundamentals Of Financial Management, Concise Edition (mindtap Course List)

10th Edition

ISBN:9781337902571

Author:Eugene F. Brigham, Joel F. Houston

Publisher:Eugene F. Brigham, Joel F. Houston

Chapter3: Financial Statements, Cash Flow, And Taxes

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PROBLEM: Consecutive balance sheets of Cow Ltd showed the following balances: 30 June 2021 30 June 2020 Land $850,000 Asset revaluation surplus $150,000 $500,000 During the year ended 30 June 2021, the land was revalued upwards by $150,000, and $120,000 was borrowed to acquire land. What was the value of land purchased for cash?
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Below is Company A's balance sheet at the end of 2022. What is the gross profits of Company A? 2022 AmountNet sales$1,000.0Variable operating costs 770.0Fixed operating costs 50.0Depreciation and 50.0Interest30.0Taxes20.0Preferred dividends5.0Common dividends25.0 amortization Group of answer choices $130 $230 $180 $1,000
A comparative balance sheet for Carter Fuel Injection Systems, Inc. appears below:Carter Fuel Injection Systems, Inc.Comparative Balance SheetDec. 31, 2020 Dec. 31, 2019AssetsCash $ 34,000 $11,000Accounts receivable 25,000 13,000Inventory 18,000 17,000Prepaid expenses 11,000 9,000Long-term investments -0- 17,000Equipment 55,000 33,000Accumulated depreciation—equipment (20,000) (15,000)Total assets $123,000 $85,000Liabilities and Stockholders' EquityAccounts payable $ 27,000 $ 7,000Bonds payable 35,000 45,000Common stock 31,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $123,000 $85,000Additional information:1. Net income for the year ending December 31, 2020 was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. No equipment was sold during 2020.HINT: depreciation expense must be determined. Notice in #4 it states no equipment was “sold”during…
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Comparative balance sheet accounts of Riverbed Company are presented below. RIVERBED COMPANYCOMPARATIVE BALANCE SHEET ACCOUNTSAS OF DECEMBER 31 Debit Balances 2020 2019 Cash $69,300 $51,100 Accounts Receivable 154,900 130,000 Inventory 75,600 60,700 Debt investments (available-for-sale) 54,500 85,100 Equipment 70,600 48,100 Buildings 146,000 146,000 Land 40,200 24,700 Totals $611,100 $545,700 Credit Balances Allowance for Doubtful Accounts $10,100 $7,900 Accumulated Depreciation—Equipment 20,900 13,900 Accumulated Depreciation—Buildings 37,300 28,200 Accounts Payable 66,100 60,600 Income Taxes Payable 12,100 10,000 Long-Term Notes Payable 62,000 70,000 Common Stock 310,000 260,000 Retained Earnings 92,600 95,100 Totals $611,100 $545,700 Additional data: 1.…
Rodriquez Corporation’s comparative balance sheets are presented below: RODRIQUEZ CORPORATIONComparative Balance SheetsDecember 31 2020 2019 Cash $16,500 $17,400 Accounts receivable 25,300 22,100 Investments 20,150 15,850 Equipment 59,950 69,850 Accumulated depreciation—equipment (13,850 ) (10,300 ) Total $108,050 $114,900 Accounts payable $14,850 $11,150 Bonds payable 10,600 30,100 Common stock 49,500 45,500 Retained earnings 33,100 28,150 Total $108,050 $114,900 Additional information: 1. Net income was $18,550. Dividends declared and paid were $13,600. 2. Equipment which cost $9,900 and had accumulated depreciation of $1,600 was sold for $3,300. 3. No noncash investing and financing activities occurred during 2020. Prepare a statement of cash flows for 2020 using the…
Suppose you collected the following information of ABC corp. from the financial statements published in 2019. Entry Total Current Assets 14050001206000 Current Liabilities Notes Payable Earning before Interest and Taxes Depreciation Capital expenditures Tax rate Select one: @a. 1279990X b. 187578 0c Estimate the Free Cash Flow available for ABC corp. at the end of 2019. 60030 2019 d. 1092412 e 30 2018 602000 571500 476990 457912 97680 159000 -30000 40%
1 Chapter : Cash Flow Preparation
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