calc total assetsThe following information applies to questions 24-26:The following items were obtained from the records of ABC Limited for the year endedItem$000'sItem$000'sAccounts payable90Accounts receivable97Accrued expenses13Accumulated depreciation104Cash26Cost of goods sold129Depreciation expenseGeneral & admin expense1019Interest expense8Inventory89Non-current liabilities63Notes payable29Property plant & equipment608Sales320Tax51Tax payable54Total assets at 30 June 2019 is:O a. $737,000O b. $633,000O c. $716,000O d. $820,000

The balance sheet represents the financial position of the business with assets and liabilities on a…

he following information applies to questions 24-26: he following items were obtained from the records of ABC Limited for the year tem $000's Item $000's Ccounts payable 90 Accounts receivable 97 ccrued expenses 13 Accumulated depreciation 104 ash 26 Cost of goods sold 129 epreciation expense General & admin expense 10 19 nterest expense 8 Inventory 89 lon-current liabilities Notes payable 63 29 roperty plant & equipment 608 Sales 320 51 Тах рayable 54 XE

he following information applies to questions 24-26: he following items were obtained from the records of ABC Limited for the year tem $000's Item $000's Ccounts payable 90 Accounts receivable 97 ccrued expenses 13 Accumulated depreciation 104 ash 26 Cost of goods sold 129 epreciation expense General & admin expense 10 19 nterest expense 8 Inventory 89 lon-current liabilities Notes payable 63 29 roperty plant & equipment 608 Sales 320 51 Тах рayable 54 XE

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

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

See similar textbooks

Similar questions

P8-8 Part 1 Required: 1. For each of these transactions, indicate the accounts, amounts, and effects (+ for increase and for decrease) on the accounting equation. a. Required information P8-8 (Algo) Determining Financial Statement Effects of Activities Related to Various Long-Lived Assets LO8-2, 8-3, 8-6 [The following information applies to the questions displayed below.] During the current year ending on December 31, BSP Company completed the following transactions: a. On January 1, purchased a patent for $29,000 cash (estimated useful life, five years). b. On January 1, purchased the assets (not detailed) of another business for $153,000 cash, including $14,000 for goodwill. The company assumed no liabilities. Goodwill has an indefinite life. c. On December 31, constructed a storage shed on land leased from D. Heald. The cost was $29,600. The company uses straight-line depreciation. The lease will expire in six years. (Amounts spent to enhance leased property are capitalized as…
The following items were excerpted from Poeltl, Inc.'s balance sheets: December 31, 2023December 31, 2022Cash$86,300$59,000Accounts receivable65,60070,600Inventory157,000150.300Property and equipment794,500745,400Accumulated depreciation(184,000)(168,200)Accounts payable61,00050,600Wages payable20,40023,000 Poeltl's 2023 income statement showed net income of $463,000, depreciation expense of $57,000, and a gain on disposal of equipment of $16,000. On Poeltl's 2023 statement of cash flows, how much is Net Cash Provided by Operating Activities?
Topic: Non-Current Assets Held for Sale and Discontinued Operations 15. Which of the following shall be recognized by the entity in its 20x3 financial statements? Held for ale asset Impairment loss a. P1,100,000 P450,000 b. P1,000,000 P350,000 c. P750,000 P250,000 d. P0 P350,000 16. Requirement: Provide the journal entry on December 31, 20x3.
Topic: Non-Current Assets Held for Sale and Discontinued Operations 11. Which of the following shall be recognized by the entity in its 20x4 financial statements? a. Property, plant and equipment for P400,000 b. Property, plant and equipment for P1,000,000 c. Noncurrent asset held for sale for P950,000 d. Noncurrent asset held for sale for P1,000,000 18. Requirement: Provide the journal entry on December 31, 20x4.
The following information is from Lacy's Inc. $ millions Prior Fiscal Year Current Fiscal Year Net Year-End Assets Revenue Income $21,330 14,403 $18,955 $1,070 a. Compute the asset turnover ratio for the current fiscal year. b. Compute the return on assets ratio for the current fiscal year. Numerator a. Asset Turnover Ratio $ Check b. Return on Assets Ratio $ Numerator Denominator / $ Denominator / $ || Result Result
Dundee Company reported the following for the current year: Net sales Cost of goods sold Beginning balance of total assets. Ending balance of total assets Compute total asset turnover. Numerator. 1 1 $ 100,800 72,000 127,000 97,880 Total Asset Turnover Denominator: = = = Total Asset Turnover Total asset turnover times
The following are financial data taken from the annual report of Foundotos Company: Year 2 $134,448 51,981 37,154 57,504 Net sales Gross property, plant and equipment Accumulated depreciation Intangible assets (net) A. Calculate the following ratios for Year 1 and Year 2: 1. Fixed asset turnover 2. Accumulated depreciation divided-by-gross fixed assets B. What do the trends in these ratios reveal about Foundotos? Year 1 $130,060 47,744 34,180 36,276
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…
Balance sheet data for Alvarez Company on December 31, the end of two recent fiscal years, follows: Current assets Property, plant, and equipment Intangible assets Current liabilities Long-term liabilities Common stock Retained earnings Current Year Previous Year $168,720 485,070 49,210 84,360 309,320 98,420 210,900 $271,730 534,090 131,180 178,030 393,540 103,070 262,360 A Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. Round percentages to nearest "whole" number.
Shure Company reported the following assets a year – end: Financial asset held for trading 1 000 000 Goodwill 1 500 000 Prepaid insurance 50 000 Patent 2 500 000 Customer list 500 000 What amount should be reported as total intangible assets at year – end?
The net income reported on the income statement for the current year was $278,260. Depreciation recorded on fixed assets and amortization of patents for the year were $34,649, and $11,472, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: Cash Accounts receivable Inventories End a. $370,545 b. $208,919 c. $347,601 Od. $278,217 $47,146 124,126 102,601 4,506 45,924 Beginning $57,260 104,236 93,932 7,914 66,937 Prepaid expenses Accounts payable (merchandise creditors) What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?
Larkspur Limited had the following statement of financial position for the current year, 2023: Current assets Investments Property, plant, and equipment Intangible assets Other assets 1. 2. 3. 4. 5. 6. LARKSPUR LIMITED Statement of Financial Position December 31, 2023 7. 8. $109,060 70,520 173,840 The following additional information is available and provides information regarding errors in classification which need to be corrected: 26,240 31,160 $410,820 Current liabilities Long-term liabilities Shareholders' equity $79,540 139,400 191,880 $410,820 Current Assets include the following: bank account with an overdraft balance of $12,300; inventory with a FIFO cost of $71,340 and a net realizable value of $69,700; accounts receivable of $54,120 less allowance for expected credit losses of $2,460. Investments include the following: a mortgage receivable from parent company $49,200, due in 2028; FV-NI investments held for trading with a cost of $8,200 and a fair value of $9,840; FV-OCI…