Cost of goods soldGross profitOperating expensesDepreciation expenseother expensesIncome before taxesIncome taxes expense227,500125,900$27, 20064,50091,70034, 20012,400$ 21,800Net incomeFurniture costing $67,100 is sold at its book value in 2019. Acquisitions of furniture total $55,900 cash, on which no depreciation isnecessary because it is acquired at year-end. Complete the general ledger accounts to calculate cash received from the sale offurniture.Complete the general ledger accounts to calculate cash received from the sale of furniture.FurnitureBeg. bal.End, bal.Accumulated DepreciationBeg. bal.< Prev2 of 5Next >101FnF11F12F10Lock Comparative Balance SheetsDecember 31, 201920192018AssetsCashAccounts receivable, netInventoryPrepaid expensesTotal current assets$ 69,20029,70062,2003,800164,90076,600(11,900)$229,600$ 17,20036,50068,5003,100125, 30087,800(6,700)FurnitureAccum. depreciation-FurnitureTotal assets$206,400Liabilities and EquityAccounts payableWages payableIncome taxes payableTotal current liabilitiesNotes payable (long-term)Total liabilitiesEquityCommon stock, $5 par valueRetained earningsTotal liabilities and equity$ 10,8006,4001,10018,30022,70041,000$ 15,2003,6002,00020,80053,10073,900162,90025,700$229,600127,8004,700$206,400CRUZ, INC.Income StatementFor Year Ended December 31, 2019$353,400227,500125,900SalesCost of goods soldGross profitOperating expenses< Prev2 of 5Next >8:41 AM3/29/2022FnLockInsertPrt ScF11F12DelF7F8F9F10F4F5F6F2F3&Backspace%23$4%%3D8.この田

When a capital asset is sold loss or gain from the sale is recognized by deducting the carrying…

Cost of g0od sold 227,500 125, 900 Gross profit Operating expenses Depreciation expense other expenses Income before taxes $27, 200 64,500 91,700 34, 200 Income taxes expense 12,400 Net income $ 21,800 Furniture costing $67,100 is sold at its book value in 2019. Acquisitions of furniture total $55,900 cash, on which no depreciation is necessary because it is acquired at year-end. Complete the general ledger accounts to calculate cash received from the sale of urniture. Complete the general ledger accounts to calculate cash received from the sale of furniture. Furniture Beg. bal. End. bal. Accumulated Depreciation Beg. bal. ... < Prev 2 of 5 Next >

Cost of g0od sold 227,500 125, 900 Gross profit Operating expenses Depreciation expense other expenses Income before taxes $27, 200 64,500 91,700 34, 200 Income taxes expense 12,400 Net income $ 21,800 Furniture costing $67,100 is sold at its book value in 2019. Acquisitions of furniture total $55,900 cash, on which no depreciation is necessary because it is acquired at year-end. Complete the general ledger accounts to calculate cash received from the sale of urniture. Complete the general ledger accounts to calculate cash received from the sale of furniture. Furniture Beg. bal. End. bal. Accumulated Depreciation Beg. bal. ... < Prev 2 of 5 Next >

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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Given the book values of the inventory items of a Farm A as of 31 December 2018: ITEM VALUE (P) 1 Accounts Payable 5,000 2 Machines and equipment 15,000 3 Cash-on-hand 1,500 4 Merchandise inventories 12,400 5 Remaining balance on long-term debt 8,700 6 Buildings and improvements 20,000 7 Current portion of long-term debt 1,700 8 Accrued interest payable 1,400 9 Accounts receivable 6,200 10 Mortgage payable 14,500 11 Land 50,000 12 Prepaid expenses 700 1. Construct the balance sheet of Farm A as of 31 December 2018.2. Compute for and interpret the following:a. Current ratiob. Working capitalc. Acid-test ratiod. Net capital ratioe. Networth ratiof. Debt/Asset ratiog. Debt/Equity ratio3. What can you say about the short-run and long-run financial conditions of Farm A?4. What do you think is the main limitation of the given information? Can you effectively analyze both the short-run and long-run positions of Farm A? Why or why not?
Use the following excerpts from Victrolia Company's financial information. Sales Cost of Goods Sold Operating Expenses, other than Depreciation Expense Depreciation Expense Gain on Sale of Plant Assets Net Income Cash Accounts Receivable Inventory Accounts Payable Accured Liabilities Cash Accounts Receivable Inventory Accounts Payable Accured Liabilities 2018 Income Statment Balance Sheets $455,000 (221,500) Additional Information: Plant assets were sold for $40,000; book value $16,500 Dividends of $22,000 were declared and paid (59,600) (22,000) 23,500 $175,400 Dec. 31,2018 $326,450 39,750 30,000 17.550 3,500 Dec. 31, 2017 $133.500 36,500 35,000 19,550 2,200
Arrangement of the Income Statement Powers Wrecking Service demolishes old buildings and other structures and sells the salvaged materials. During 2019, Powers had $425,000 of revenue from demolition services and $137,000 of revenue from salvage sales. Powers also had $1,575 of interest income from investments. Powers incurred $243,200 of wages expense, $24,150 of depreciation expense, $48,575 of supplies expense, $84,000 of rent expense, $17,300 of miscellaneous expense, and $43,900 of income taxes expense.
The balance sheets of HIROE Inc. showed the following at December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Equipment, less accumulated depreciation of $212,625 at December 31, 2020, and $151,875 at December 31, 2019. $273,375 $334,125 Required: a. If there have not been any purchases, sales, or other transactions affecting this equipment account since the equipment was first acquired, what is the amount of the depreciation expense for 2020? b. Assume the same facts as in part a, and assume that the estimated useful life of the equipment to HİROE Inc., is eight years and that there is no estimated salvage value. Determine: 1. What the original cost of the equipment was. 2. What depreciation method is apparently being used. 3. When the equipment was acquired. c. Assume that this equipment account represents the cost of 5 identical machines. Prepare the horizontal model and record the journal entry for the sale of the machine to calculate the gain or loss on the sale of one…
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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 insurance
15. The Lucio Corporation presented the following balances from the historical peso income statement for the year ended December 31, 2018: Sales P350,000 Cost of goods sold Depreciation - building Depreciation - equipment All other expenses Other information include: 218,000 34,000 23,000 48,000 • Merchandise available for sale came from 2017 inventory of P28,750 and 2018 purchases of P220,000. Building costing P850,000 was acquired at the end of 2015. Equipment totalled P115,000, of which P85,000 was bought at the end of 2015 and P30,000 was bought at the end of 2017. • The company uses the FIFO method of inventory valuation; average indexes for the year are used in restating inventories. General price indexes at year end are as follows: 2015 - 100 2017 - 106 2016 - 102 2018 - 112 (assume that all changes in the general price level index tool place more or less evenly during the year.) What should Lucio Corporation report as net income for the year ended December 31, 2018 restated for…
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 $…
On Pina's multiple - step income statement for 2023, income from continuing operations is: Select answer from the options below a) $17395. b) $24850. c)$40400. d) $17780.
Urgenntttt!!!! Calculate gross profit.
From the following data, prepare a profit and loss a/c and a balance sheet as on 31-3-2023. Particulars Shs. Particulars Shs. Drawings 10,000 Capital 30, 000 Purchases 30,000 Purchase returns 1,000 Sales Returns 5,000 Sales 60, 000 Carriage in 2,000 Wages outstanding 2,000 Carriage out 3, 000 Rent received 1,000 Depreciation on Plant 4,000 Reserve for doubtful 1,000 debts Plant account 20,000 Interest (Cr) 5,000 Salaries & wages 3,000 Sundry creditors 6, 000 Bad debts 2,000 Loans 38,000 Premises 20, 000 Interest 5,000 Stock 1.4.95 25,000 Sundry debtors 15,000 1,44,000 1, 44,000 Adjustment: a) Stock on 31-3-23 was Shs.40,000. A fire broke -out in the godown and destroyed stock worth Shs.5, 000. Insurance company had accepted the claim in full. b) Provide for bad debts @ 10% and provide for discount on debtors @ 5% and on creditors @ 10% c) Depreciate buildings at the rate of 15% p.a. d) Rent outstanding amounted to Shs.1,000 e) Closing stock includes samples worth of Shs.2,000. f)…