Ivanhoe Enterprises engaged in the following activities during the year: . Purchased 100 shares of Monk Industries for $43,000 Sold 50 shares of Hinson Healthcare for $6,000 Purchased new equipment costing $85,000 for $17,000 cash and a $68,000 note payable Sold equipment with a book value of $57,000 for $51,000

Ivanhoe Enterprises engaged in the following activities during the year: . Purchased 100 shares of Monk Industries for $43,000 Sold 50 shares of Hinson Healthcare for $6,000 Purchased new equipment costing $85,000 for $17,000 cash and a $68,000 note payable Sold equipment with a book value of $57,000 for $51,000

Name: Ivanhoe Enterprises engaged in the following activities during the ye
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: Ivanhoe Enterprises engaged in the following activities during the year:●●Purchased 100 shares of Monk Industries for $43,000Sold 50 shares of Hinson Healthcare for $6,000Purchased new equipment costing $85,000 for $17,000 cash and a $68,000 note pa

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

10. STU Company provided the following information for the current year: Purchased a building for P1,200,000. Signed a mortgage with the seller for P800,000 and paid cash for the remainder. Sold a land with cost of P1,500,000 at a loss of P275,000. Purchased a patent for P1,000,000. Issued ordinary shares worth P650,000 and paid cash for the balance. Borrowed P550,000 under a long-term loan agreement. Used the cash from the loan proceeds as follows: P150,000 for purchase of additional inventory, P300,000 to pay cash dividend, and P100,000 to increase the cash balance. What amount should be reported as net cash provided by/used from investing activities in the statement of cash flows? (Indicate if provided or used)
On January 1, 20x4, Gold Company purchased a computer with an expected economic life of five years. On January 1, 20x6, Gold sold the computer to TLK Corporation and recorded the following entry Consolidation Worksheet Entries Cash Accumulated Depreciation Computer Equipment Gain on Sale of Equipment Debit Credit 39,000 16,000 40,000 15,000 TLK Corporation holds 60 percent of Gold's voting shares. Gold reported net income of $ 45,000 including the gain on the sale of equipment, and TLK reported income from its own operations of $ 85,000 for 20x6. There is no change in the estimated economic life of the equipment as a result of the intercompany transfer Consolidated net income for 20X6 will be Multiple Choice O O $130,000 $120,000 $112,000. $106,000
Stuart Manufacturing Company was started on January 1, year 1, when it acquired $89,000 cash by issuing common stock. Stuart immediately purchased office furniture and manufacturing equipment costing $32,000 and $40,000, respectively. The office furniture had an eight-year useful life and a zero salvage value. The manufacturing equipment had a $4,000 salvage value and an expected useful life of six years. The company paid $12,000 for salaries of administrative personnel and $21,000 for wages to production personnel. Finally, the company paid $26,000 for raw materials that were used to make inventory. All inventory was started and completed during the year. Stuart completed production on 10,000 units of product and sold 8,000 units at a price of $9 each in year 1. (Assume that all transactions are cash transactions and that product costs are computed in accordance with GAAP.) Required a. Determine the total product cost and the average cost per unit of the inventory produced in year 1.…
Stein Books Inc. sold 2,300 finance textbooks for $220 each to High Tuition University in 20X1. These books cost $200 to produce. Stein Books spent $12,500 (selling expense) to convince the university to buy its books.Depreciation expense for the year was $15,800. In addition, Stein Books borrowed $100,000 on January 1, 20X1, on which the company paid 14 percent interest. Both the interest and principal of the loan were paid on December 31, 20X1. The publishing firm’s tax rate is 30 percent.Prepare an income statement for Stein Books.
Do not give answer in image
Zuba Inc has $25,700 in cash with the issue of common stock dated Jan 1, Year 1. The proceeds was used to purchase equipment for $25,700 and had a salvage value of $4,500 with 4 years life. In the beginning of 5th year, equipment was being sold for $4,980 for cash Revenue: ($) Year1=7,480 Year2=7,980 Year3=8,180 Year4=6,980 Year5=0 Required: (For each of the Five Years) A.Income Statement for each of the five years B.Statement of changes in Stockholder’s equity for each of the five years
Jing Company was started on January 1, Year 1 when it issued common stock for $31,000 cash. Also, on January 1, Year 1 the company purchased office equipment that cost $15,500 cash. The equipment was delivered under terms FOB shipping point, and transportation cost was $1,600. The equipment had a five-year useful life and a $6,000 expected salvage value. Assume that Jing Company earned $19,800 cash revenue and incurred $12,500 in cash expenses in Year 3. Using straight-line depreciation and assuming that the office equipment was sold on December 31, Year 3 for $9,800, what is the amount of net income or (loss) appearing on the December 31, Year 3 income statement?
Stein Books Inc. sold 2,000 finance textbooks for $270 each to High Tuition University in 20X1. These books cost $240 to produce, Stein Books spent $12,500 (selling expense) to convince the university to buy Its books. Depreciation expense for the year was $15,600. In addition, Stein Books borrowed $108,000 on January 1, 20X1, on which the company paid 18 percent Interest. Both the Interest and principal of the loan were paid on December 31, 20X1. The publishing firm's tax rate is 30 percent. Prepare an income statement for Stein Books. Stein Books Inc. Income Statement For the Year Ending December 31, 20X1 $ LA $ $ $ 0 0 0 10
Plant acquisitions for selected companies are as follows.1. Sarasota Corporation purchased a company car by making a $4,680 cash down payment and signing a 1-year, $20,800, 10% note payable. The purchase was recorded as follows. Automobiles 27,560 Cash 4,680 Notes Payable 20,800 Interest Payable 2,080 2. As an inducement to locate its new branch office in the city of Greenwood Acres, Ivanhoe Co. received land and a building from the city at no cost. The appraised value of the land was $52,000. The appraised value of the building was $182,000. Since it paid nothing for the land and building, Ivanhoe Co. made no journal entry to record the transaction.3. Bonita Corporation purchased warehouse shelving for $104,000, terms 1/10, n/30. At the purchase date, Bonita intended to take the discount. Therefore, it made no entry until it paid for the acquisition. The entry was: Warehouse fixtures 104,000 Cash…
Dillard Company starts the year with $10,000 in its cash account, $10,000 in its equipment account, $3,000 in accumulated depreciation and $17,000 in its retained earnings account. During the year Dillard sells the equipment for $6530. After the sale of equipment is recorded, the retained earnings account will have a balance of $________.
The Bomb Pop Corporation sold ice cream equipment for $17,200. The equipment was originally purchased for $38,000, and depreciation through the date of sale totaled $23,000. Record the sale of the equipment.
Franklin Manufacturing Company was started on January 1, year 1, when it acquired $81,000 cash by issuing common stock. Franklin immediately purchased office furniture and manufacturing equipment costing $7,700 and $24,900, respectively. The office furniture had an eight-year useful life and a zero salvage value. The manufacturing equipment had a $3,600 salvage value and an expected useful life of three years. The company paid $11,200 for salaries of administrative personnel and $15,500 for wages to production personnel. Finally, the company paid $16,110 for raw materials that were used to make inventory. All inventory was started and completed during the year. Franklin completed production on 4,900 units of product and sold 3,970 units at a price of $15 each in year 1. (Assume that all transactions are cash transactions and that product costs are computed in accordance with GAAP.) Required a. Determine the total product cost and the average cost per unit of the inventory produced in…