Pacific Manufacturing has $5.8 million in long-lived assets and accumulated depreciation of $2.3 million. Which of the following statements is true? A. The book value of long-lived assets is $3.5 million B. The resale value of long-lived assets is $3.5 million C. The market value of long-lived assets is $5.8 million D. The carrying value of long-lived assets is $5.8 million E. None of the above
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General Accounting question

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- A fixed asset with a cost of dollar 42,200 and accumulated depreciation of dollar 36,500 is sold for dollar 9,850. What is the amount of the gain or loss on disposal of the fixed asset?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?Global Positioning Net purchased equipment on January 1, 2018, for $15,233. Suppose Global Positioning Net sold the equipment for $11,000 on December 31, 2020. Accumulated Depreciation as of December 31, 2020, was $10,155. Journalize the sale of the equipment, assuming straight-line depreciation was used. First, calculate any gain or loss on the disposal of the equipment. Market value of assets received Less: Book value of asset disposed of Cost Less: Accumulated Depreciation Gain or (Loss)
- Company A has sales of $830, costs of $290 (not including depreciation), depreciation expense of $40, interest expense of $40, and a tax rate of 21 percent, current assets of $260, net fixed assets of $1850, current liabilities of $240, and long-term debt of $700. What is the total asset turnover? (keep two decimal places) Your Answer: 0.39Given the following information for O'Hara Marine Co., calculate the depreciation expense: sales = $67,000; costs = $34,500; addition to retained earnings = $8,300; dividends paid = $2,320; interest expense = $2,650; tax rate = 21 percent. (Do not round intermediate calculations and round your answer to the nearest whole dollar amount, e.g., 32.) What is the depreciation expense?A fixed asset with a cost of dollar 42,200 and accumulated depreciation of dollar 36,500 is sold for dollar 9,850. What is the amount of the gain or loss on disposal of the fixed asset? a. dollar 4,100 loss b. dollar 3,500 loss c. dollar 4,150 gain d. dollar 2,000 gain
- Baldwin, Inc. had net sales of $52,200,000 for the year ended May 31, 2024. Its beginning and ending total assets were $55,200,000 and $88,800,000, respectively. Determine Baldwin's asset turnover ratio for year ended May 31, 2024. (Round the asset turnover ratio to two decimal places, X.XX.) Asset turnover ratio CPrecision System had sales of $820,000, cost of goods of $510,000, selling and administrative expense of $60,000, and operating profit of $103,000. What was the value of depreciation expense? Set up this problem as a partial income statement and determine depreciation expense as the “plug” figure required to obtain the operating profit.Gray Companys financial statements showed income before income taxes of 4,030,000 for the year ended December 31, 2020, and 3,330,000 for the year ended December 31, 2019. Additional information is as follows: Capital expenditures were 2,800,000 in 2020 and 4,000,000 in 2019. Included in the 2020 capital expenditures is equipment purchased for 1,000,000 on January 1, 2020, with no salvage value. Gray used straight-line depreciation based on a 10-year estimated life in its financial statements. As a result of additional information now available, it is estimated that this equipment should have only an 8-year life. Gray made an error in its financial statements that should be regarded as material. A payment of 180,000 was made in January 2020 and charged to expense in 2020 for insurance premiums applicable to policies commencing and expiring in 2019. No liability had been recorded for this item at December 31, 2019. The allowance for doubtful accounts reflected in Grays financial statements was 7,000 at December 31, 2020, and 97,000 at December 31, 2019. During 2020, 90,000 of uncollectible receivables were written off against the allowance for doubtful accounts. In 2019, the provision for doubtful accounts was based on a percentage of net sales. The 2020 provision has not yet been recorded. Net sales were 58,500,000 for the year ended December 31, 2020, and 49,230,000 for the year ended December 31, 2019. Based on the latest available facts, the 2020 provision for doubtful accounts is estimated to be 0.2% of net sales. A review of the estimated warranty liability at December 31, 2020, which is included in other liabilities in Grays financial statements, has disclosed that this estimated liability should be increased 170,000. Gray has two large blast furnaces that it uses in its manufacturing process. These furnaces must be periodically relined. Furnace A was relined in January 2014 at a cost of 230,000 and in January 2019 at a cost of 280,000. Furnace B was relined for the first time in January 2020 at a cost of 300,000. In Grays financial statements, these costs were expensed as incurred. Since a relining will last for 5 years, Grays management feels it would be preferable to capitalize and depreciate the cost of the relining over the productive life of the relining. Gray has decided to nuke a change in accounting principle from expensing relining costs as incurred to capitalizing them and depreciating them over their productive life on a straight-line basis with a full years depreciation in the year of relining. This change meets the requirements for a change in accounting principle under GAAP. Required: 1. For the years ended December 31, 2020 and 2019, prepare a worksheet reconciling income before income taxes as given previously with income before income taxes as adjusted for the preceding additional information. Show supporting computations in good form. Ignore income taxes and deferred tax considerations in your answer. The worksheet should have the following format: 2. As of January 1, 2020, compute the retrospective adjustment of retained earnings for the change in accounting principle from expensing to capitalizing relining costs. Ignore income taxes and deferred tax considerations in your answer.
- Question for Maroon Company: • HOW MUCH IS THE GAIN OR LOSS IF THE BLDG IS SOLD FOR P8MILLION ONE YEAR AFTER REVALUATION? • HOW MUCH IS THE BLANCE OF REVALUATION SURPLUS AFTER THE SALE? For Noypi Store, follow the requirement. (Choose from the choices and kindly provide a solution.)In a recent balance sheet, Microsoft Corporation reported Property, Plant, and Equipment of $27,804 million and Accumulated Depreciation of $14,793 million.a. What was the book value of the fixed assets?b. Would the book value of Microsoft’s fixed assets normally approximate their market values?Kerch Co. had beginning net fixed assets of $216,558, ending net fixed assets of $211,722, and depreciation of $40,471. During the year, the company sold fixed assets with a book value of $8,038. How much did the company purchase in new fixed assets? Multiple Choice $43,673 $41,510 $35,635 $32,433 $34,327
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