mola Enterprises which prepares its financial statements to 31 December each year sified a disposal group as held for sale on 1 September 2010. The group was still Old on 31 December 2010. The carrying amounts of the disposal group's assets and lities are shown below; Goodwill Property, plant and equipment Inventories Financial assets Liabilities 1/9/2010 Tshs. 000' 4,800,000 10,320,000 2,040,000 3,600,000 (2,160,000) 31/12/2010 Tshs. 000' 4,560,000 9,360,000 1,920,000 4,200,000 (2,160,000) as further revealed that the fair value less costs to sell of the disposal group was 19.2 billion and Tshs. 18.0 billion at 1 September 2010 and 31 December 2010 ctively.

mola Enterprises which prepares its financial statements to 31 December each year sified a disposal group as held for sale on 1 September 2010. The group was still Old on 31 December 2010. The carrying amounts of the disposal group's assets and lities are shown below; Goodwill Property, plant and equipment Inventories Financial assets Liabilities 1/9/2010 Tshs. 000' 4,800,000 10,320,000 2,040,000 3,600,000 (2,160,000) 31/12/2010 Tshs. 000' 4,560,000 9,360,000 1,920,000 4,200,000 (2,160,000) as further revealed that the fair value less costs to sell of the disposal group was 19.2 billion and Tshs. 18.0 billion at 1 September 2010 and 31 December 2010 ctively.

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

Accounting Answer asap Group Ccc-Three Ltd has identified its non-current assets consist of three classes: goodwill, land and plant. Details of items included in each class appear below. Goodwill Total goodwill is $580,000 and no impairments have previously been recorded. $300,000 of this total relates to the purchase of Company F on 1 February 2020. The estimated fair value of this goodwill at 30 June 2021 is $350,000. The remaining $280,000 of the total goodwill relates to the purchase of Company G on 1 January 2021. The estimated recoverable amount of this goodwill at 30 June 2021 is $250,000. Land The land was acquired on 1 June 2016 for $2,100,000. The estimated market value of the land at 30 June 2021 is $2,600,000. However, if the land was sold, disposal costs of $90,000 would be incurred. Plant The plant was originally acquired for $270,000 on 1 September 2017. When purchased, the plant was considered to have a nil residual value and a 10-year useful life for both accounting…
At December 31, 2021, the following existed on the records of Chai Co..: Accumulated Depreciation: $3,970,000 Fixed Assets: $8,600,000 During the year ended September 30,2022, fixed assets with a written down value of $370,000 was sold for $490,000. The pant had originally cost $800,000. Fixed assets purchased during the year cost $1,800,000. It is the company's policy to charge a full year's depreciation in the year of acquisition of an asset and none in the year of sale. Chogiwa uses 10% rate on a straight-line basis. Compute for the net amount (book value) of fixed assets should appear in the statement of financial position as of September 30, 2022.
vd subject-Accounting
The T-accounts for Equipment and the related Accumulated Depreciation—Equipment for Luo Company at the end of 2020 are shown here. Equipment Beg. bal. 80,600 Disposals 23,800 Acquisitions 40,000 End. bal. 96,800 Accumulated Depreciation—Equipment Disposals 8,700 Beg. bal. 47,800 Depr. exp. 13,300 End. bal. 52,400 In addition, Luo’s income statement reported a loss on the disposal of plant assets of $6,100. What amount was reported on the statement of cash flows as “cash flow from sale of equipment”? (Show amount that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cash flow from sale of equipment $
Please answer question 10
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 Year-End Balance Sheets 2021 2020 Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings $ 180,000 (100,000) $ 80,000 $ 380, 000 (100,000) $ 280,000 $ 270,000 (210,000) $ 60, 000 $ 400,000 (285,000) $ 115,000 Buildings, net During 2021, equipment with a book value of $40,000 and an original cost of $210,000 was sold at a loss of $3,000. 1. How much cash did Anders receive from the sale of equipment? 2. How much depreciation expense was recorded on equipment during 2021? 3. What was the cost of new equipment purchased by Anders during 2021? 1. Cash received from the sale of equipment 2. Depreciation expense 3. Purchase of equipment
During the current year an entity sold a piece of equipment used in production. The equipment had been accounted for using the revaluation method and details of the accounts and sale are presented below: Sales price P100,000 Equipment carrying amount (net) 90,000 Revaluation surplus 20,000 Which of the following is correct regarding recording the sale? O The gain that should be recorded in profit and loss is P30,000 O The gain that should be recorded in other comprehensive income is P10,000 O The gain that should be recorded in other comprehensive income is P30,000 O The gain that should be recorded in profit and loss is P10,000; the P20,000 revaluation surplus may be transferred to retained earnings.
Broad Ltd. decided on July 1, 2023 to dispose of an asset group consisting of land and a building. An active plan of disposal is being carried out, and sale is highly probable within the following year. The assets carrying values and estimated recoverable amounts at July 1.2023 are as follows: Land Building Cost $ 600 Carrying Value Estimated Recoverable Amount $ 600 $ 1,000 3,700 $4,300 2.500 2.400 $3.100 $3.400 On December 1, 2023, the asset group sold for $3,380, net of costs to sell. Required: Prepare journal entries that are appropriate to record the information above.
Company B's December 31 Year-End Balance Sheet reveals the following: • December 31, 2020 net PPE of $865 • December 31, 2020 Accumulated Depreciation of $250 • December 31, 2021 net PPE of $770 • December 31, 2021 Accumulated Depreciation of $230 • Annual 2021 Depreciation Expense was $100 • During 2021, PPE was purchased for $560; all PPE purchases are made in cash. • During 2021, the gain of the sale of PPE was $20 What is the journal entry Company B recorded to recognize 2021 depreciation expense? Dr. Accumulated Depreciation $20 Cr. Depreciation Expense $20 Dr. Depreciation Expense $100 Cr. Accumulated Depreciation $100 Dr. Depreciation Expense $20 Cr. Accumulated Depreciation $20 Dr. Depreciation Expense $100 Cr. PPE $100
How are the electronic tax deposits transferred from the employer’s account to the IRS?
1. Compute for the carrying value of the intangible assets at December 31, 2019. 2. How much is the Net Income (Loss) of the company for the year ended December 31, 2019?
The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2023: Plant Asset Accumulated Depreciation $ 480,000 245,000 2,150,000 1,184,000 215,000 Land Land improvements Building Equipment Automobiles Transactions during 2024 were as follows: a. On January 2, 2024, equipment was purchased at a total invoice cost of $325,000, which included a $6,800 charge for freight Installation costs of $40,000 were incurred in addition to the invoice cost. b. On March 31, 2024, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $32,000. The fair value of the building on the day of the donation was $21,000. c. On May 1, 2024, expenditures of $63,000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather. The repair doesn't provide future benefits beyond those originally anticipated. d. On…