accumulated depreciation of P971,065. In 20x2, Haze Co.recognized total depreciation of P599,035 and made someCo. show the following information:19. Haze Co.'s Dec. 31, 20x1 'financial statements reported totald. 6,800,000accumulated depreciation of P971,065. In 20x2, Haze Crecognized tótal depreciation of P599,035 and made somdisposals of PPE. The total accumulated depreciation on Der31, 20x2 was P854,102. How much were the accumulateddepreciation of the assets disposed of during 20x2?a. 689,0180.b. 715,998c. 749,624d. 802,23820. The comparative statements of financial position of AndanteCo. show the followinginformation:20.0Buildi

Name: accumulated depreciation of P971,065. In 20x2, Haze Co.recognized tot
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: accumulated depreciation of P971,065. In 20x2, Haze Co.recognized total depreciation of P599,035 and made someCo. show the following information:19. Haze Co.'s Dec. 31, 20x1 'financial statements reported totald. 6,800,000accumulated depreciation of

Business

Accounting

P. Haze Co.'s Dec. 31, 20x1 financial statements reported total accumulated depreciation of P971,065. In 20x2, Haze Co. recognized tótal depreciation of P599,035 and made some disposals of PPE. The total accumulated depreciation on Der 31, 20x2 was P854,102. How much were the accumulated depreciation of the assets disposed of during 20x2? a. 689,018 b. 715,998 c. 749,624 d. 802.238

P. Haze Co.'s Dec. 31, 20x1 financial statements reported total accumulated depreciation of P971,065. In 20x2, Haze Co. recognized tótal depreciation of P599,035 and made some disposals of PPE. The total accumulated depreciation on Der 31, 20x2 was P854,102. How much were the accumulated depreciation of the assets disposed of during 20x2? a. 689,018 b. 715,998 c. 749,624 d. 802.238

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

Disposition of Assets: Journalizing Mitchell Parts Co. had the following plant asset transactions during the year: 1. Assets discarded or sold: Motor #12, which had a cost of $2,800 and accumulated depreciation of Jan. 1 $2,800, was discarded. Motor #8, which had a cost of $4,400 and accumulated depreciation of $4,000, 8 was sold for $200. Motor #16, which had a cost of $5,600 and accumulated depreciation of 14 $5,400, was sold for $450. 2. Assets exchanged or traded in: Feb. 1 Motor #6, which had a cost of $6,000 and accumulated depreciation of $4,800, was traded in for a new motor (#22) with a fair market value of $7,000. The old motor and $5,600 in cash were given for the new motor. ° Motor #9, which had a cost of $5,500 and accumulated depreciation of $5,000, was traded in for a new motor (#23) with a fair market value of $6,500. The old motor and $6,200 in cash were given for the new motor. Required: Prepare general journal entries for the transactions. Page: 1 DOC. POST NO. REF.…
2. Which of the following depreciation methods usually results in the paying of the lowest income taxes in the early years of an asset’s life a. Sum-of the year’s digits depreciation method b. Double-declining balance (200%) depreciation method c. Straight-line depreciation method d. Units-of-production depreciation method Please do not plagiarise
A fixed asset with a cost of $31,304 and accumulated depreciation of $28,173.60 is sold for $5,321.68. What is the amount of the gain or loss on disposal of the fixed asset?
1. SYDM: A property that is book-depreciated over a 10-year period by the Sum of Years Digit Method has $9,745.45 depreciation charge and $37,109.09 book value on the 3rd year. Determine the assumed salvage value of the property. 2. SYDM: A property that is book-depreciated over a 10-year period by the Sum of Years Digit Method has $7,309.09 depreciation charge and $21,272.73 book value on the 5th year. Determine the assumed salvage value of the property.
The net income reported on the income statement for the current year was $282,126. Depreciation recorded on fixed assets and amortization of patents for the year were $33,351, and $9,402, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $37,370 $64,930 Accounts receivable 106,715 123,079 Inventories 80,207 102,432 Prepaid expenses 8,982 4,271 Accounts payable (merchandise creditors) 77,139 54,111 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? Select the correct answer. $303,001 $363,468 $381,785 $306,304
4
Hannam Co. decided to change from the declining-balance method of depreciation to the straight-line method effective 1 January 20X7. The following information was provided: Year 20X3* 20X4 20X5 20X6 Net Income as Reported $(31,800) 35,600 22,800 53,200 Excess of Declining-Balance Depreciation over straight- Line Depreciation $ 5,100 15,300 12,800 7,100 *First year of operations. The company has a 31 December year-end. The tax rate is 20%. No dividends were declared until 20X7; $10,300 of dividends were declared and paid in December 20X7. Income for 20X7, calculated using the new accounting policy, was $54,100. Required: Assuming that the change in policy was implemented retrospectively, present the retained earnings reconciliation that would appear in Hannam's 20X7 statement of changes in equity. (Negative amounts should be indicated by a minus sign.) Hannam Company Statement of Changes in Shareholder's Equity Retained Earnings Section Year Ended 31 December 20X7 Retained earnings, 1…
5. During the end of the year, YGX Company presented the following information: Equipment Accumulated depreciation However, the equipment is found to be impaired due to obsolescence as well as physical damage. At year-end, the company has determined the following information related to the equipment: Undiscounted net cash inflows Fair value less cost of disposal Value in use or discounted net cash inflows a. 1,500,000 b. 2,000,000 9,000,000 3,500,000 What amount should be reported as impairment loss for the year? c. 500,000 d. 0 4,500,000 3,500,000 3,000,000
The net income reported on the income statement for the current year was P255,800. Depreciation recorded on equipment and a building amounted to P53,500 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of the year Beginning of the year Cash P 42,000 P 44,200 Accounts receivable (net) 56,400 67,000 Inventories 125,900 112,600 Prepaid expenses 5,800 6,000 Accounts payable (merchandise creditors) 61,400 67,500 Salaries payable 8,300 7,900 Required: Prepare the cash flows from operating activities section of the statement of cash flows, using the indirect method.
On Oct 1, 20X1, ABC Company acquired an equipment for P102,000. Estimated residual value is P2,000 with an estimated life of 4 years. ABC uses the sum-of-years' digit method. How much is the accumulated depreciation at Dec 31, 20X3?
You work for Star walk limited, a large private organisation as the assistant financial controller. One of your duties is to reconcile the sales ledger each month. The ledger has failed to agree month after month. You strongly believe that it is associated with a number of bad debts being written off on the individual customer account but not included in the nominal ledger. You consider the differences to be material and have brought this to the attention of your superior officer who is the financial controller but he seems unwilling to act. You consider his behaviour as unethical. Required: a) Discuss how the above scenario would affect the financial statement of Star Walk Limited. b) As a professional accountant, discuss action(s) that you would take in this situation.
Clark Corporation reported beginning net fixed assets of $94,150, ending net fixed assets of $103,626, accumulated depreciation of $49,133, net sales of $212,722, and depreciation expense of $12,315. Required: Compute Clark Corporation's fixed asset turnover ratio and the average age of its fixed assets.