|1. Sold plant assets costing $25,000, with accumulated depreciation of $12,000. Income Statement: Gain on sale of plant assets: $7,000 2. Issued preferred stock for cash. 3. Retired the mortgage by issuing common stock 4. Declared and paid cash dividend of ? Net income: 149,000 |5. Purchased plant assets by issuing a note payable, $50,000 |6. Purchased plant assets for cash of ? 7. Depreciation and amortization expense is part of operating expenses. Ending Beginning Plant assets 700,000 (288,000) (250,000)| 116,000 815,000 Accumulated depreciation Patent 102,000 Notes payable Mortgage payable Preferred stock Additional paid-in capital-preferred Common stock Retained earnings 50,000 300,000 350,000 80,000 700,000 93,000 400,000 44,000

|1. Sold plant assets costing $25,000, with accumulated depreciation of $12,000. Income Statement: Gain on sale of plant assets: $7,000 2. Issued preferred stock for cash. 3. Retired the mortgage by issuing common stock 4. Declared and paid cash dividend of ? Net income: 149,000 |5. Purchased plant assets by issuing a note payable, $50,000 |6. Purchased plant assets for cash of ? 7. Depreciation and amortization expense is part of operating expenses. Ending Beginning Plant assets 700,000 (288,000) (250,000)| 116,000 815,000 Accumulated depreciation Patent 102,000 Notes payable Mortgage payable Preferred stock Additional paid-in capital-preferred Common stock Retained earnings 50,000 300,000 350,000 80,000 700,000 93,000 400,000 44,000

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

HELP ME
a) Calculate the non-current asset additions for the year{Hint: you will need to complete a T account to reconcile the movement in the net bookvalue of the non-current asset balance. The additions will be the unexplained movement} b) Prepare the operating activities and investing activities sections of the Statement of cashflows for the year ended 30 June 2021 c) Using your answer to part b) comment on the quality of the business’s profits
Prepare a statement of cashflow( Direct method) The balance sheet provided by the title is only part of the balance sheet, so the final calculated Asset may not be equal to Equity and Liabilities, but it does not affect the preparation of the cash flow statement.
Blossom Ltd. Statement of Financial Position December 31 Assets 2024 2023 Cash $29,000 $0 Accounts receivable 27,000 38,000 Inventory 34,000 57,000 Land 96,000 108,000 Buildings 528,000 262,000 Accumulated depreciation-buildings (71,000) (102,000) Equipment 74,000 38,000 Accumulated depreciation-equipment (15,000) (8,000) Total assets $702,000 $393,000 Liabilities and Shareholders' Equity Bank indebtedness $0 $8,000 Accounts payable 46,000 27,000 Income tax payable Interest payable 3,000 2,000 6,000 7,000 Dividends payable 3,000 1,000 Bank loan payable-current portion 30,000 17,000 Bank loan payable-non-current portion 364,000 208,000 Common shares 198,000 90,000 Retained earnings 52,000 33,000 Total liabilities and shareholders' equity $702,000 $393,000 Additional information regarding 2024: A gain of $8,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year. 1. Net income was $56,000. 2. 3. 4. A gain on disposal of $40,000 was recorded when…
Question Content Area The following information relates to the Maxwell Company for 2020: Gain on sale of land $800 Bond payable premium amortization 300 Decrease in accounts payable 700 Increase in prepaid expenses 100 Net income 9,400 Purchased equipment 15,000 Increase in salaries payable 400 Proceeds from sale of land 7,000 Decrease in inventories 2,100 Payment of dividends 1,600 Depreciation expense 1,000 Required: Compute net cash provided by operating activities for the Maxwell Company for 2020. Net cash provided by operating activities
Data extracts from Dilley's accounts are shown below Ye-Dec-21 Ye-Dec-20 Non-current assets (nbv) 206,000 200,000 Plant Inventory Receivables Cash at Bank Total Assets Share Capital Reserves Long term loans Payables Taxation Interest Total Liabilities & Equity Operating Profits Interest Taxation Profit for the Year Notes: Annual depreciation charges were £20,000. There were no non-current asset disposals. Required: a) Prepare a statement of cashflows for Ye-Dec-21. b) Reconcile the annual movement in non-current assets. c) For Ye-Dec-21 calculate: Interest Cover Ratio, Current & Quick Asset ratios 85,000 74,000 150,000 120,000 46,000 15,000 487,000 409,000 210,000 210,000 77,000 70,000 92,000 32,000 95,000 89,000 8,000 5,000 5,000 3,000 487,000 409,000 50,000 -15,000 -10,000 25,000
I. Operating ActivitiesNet income $ 50,000II. Long-Term Investing ActivitiesAdditions to property, plant, and equipment $ (250,000)III. Financing ActivitiesNet cash provided by financing activities $ 170,000IV. SummaryNet decrease in cash (30,000)Cash and equivalents at beginning of the year 55,000Cash and equivalents at the end of the year $ 25,000If accruals increased by $25,000, receivables and inventories increased by $100,000, and depreciation and amortization totaled $10,000, what was the firm’s net income?
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
G company has an increase in its net fixed assets of $800. Depreciation = $140. How much did the company spend on net fixed assets? A source or use of cash? $800, source $800, use $940, source $940, use
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
Assume a company did not purchase any equipment during the year, but it did sell a piece of equipment that had an original cost of $500.000 and accumulated depreciation of $300,000. The gain on the sale was $23.500 Based solely on the information provided, the company's net cash provided by (used in investing activities would be Multiple Choice $200,000 $276.500 $223,500 $247000
I want the Correct answer in text Format