Prblm PROBLEM:Consecutive balance sheets of Cow Ltd showed the following balances:30 June 2021 30 June 2020Land$850,000Asset revaluation surplus $150,000$500,000During the year ended 30 June 2021, the land was revalued upwards by $150,000,and $120,000 was borrowed to acquire land.What was the value of land purchased for cash?

Explanation of Land Account: The land account in a company's balance sheet represents the cost of…

Answered: PROBLEM: Consecutive balance sheets of…

Fundamentals Of Financial Management, Concise Edition (mindtap Course List)

10th Edition

ISBN:9781337902571

Author:Eugene F. Brigham, Joel F. Houston

Publisher:Eugene F. Brigham, Joel F. Houston

Chapter3: Financial Statements, Cash Flow, And Taxes

Section: Chapter Questions

Problem 12P

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PROBLEM: Consecutive balance sheets of Cow Ltd showed the following balances: 30 June 2021 30 June 2020 Land $850,000 Asset revaluation surplus $150,000 $500,000 During the year ended 30 June 2021, the land was revalued upwards by $150,000, and $120,000 was borrowed to acquire land. What was the value of land purchased for cash?
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The information regarding the fixed assets of Melcher Inc. as of December 31, 2020 is provided below: Expected future cash flows from the fixed assets Historical cost of fixed assets Accumulated depreciation on fixed assets Present value of expected future cash flows from fixed assets What is the amount of any impairment loss under US GAAP? O $0 $5,000 $7,000 $37,000 $80,000 $105,000 $30,000 $68,000
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The information regarding the fixed assets of Broadwing Company as of December 31, 2019 is provided below: Expected future cash flows from the fixed assets Carrying value of fixed assets Present value of expected future cash flows from the fixed $80,000 $105,000 $68,000 $90,000 assets Selling price of fixed assets What is the amount of impairment loss under US GAAP? a. $10,000 b. $25,000 c. $23,000 d. $15,000
How much did riverton spend to acquire new fixed assets during 2022 ?
Additional information: • Depreciation expense is $ 13,300. • Dividends declared and paid in cash of $ 20,000. • In 2020, the equipment will sell for $ 9,700 in cash (the amount sold equipment equals the book value of the equipment). QUESTIONS a. Prepare a 2020 cash flow statement for trading company "MARS" with using the indirect method b. Based on the answer in point a, calculate free cash flow trading company "MARS". Provide an interpretation of the cash flow calculation results.
: Answers the days of Working capital based on the information below: 2020 2021 Profit of the year $126,000 $175,000 Depreciation/Amortization 25,000 35,000 Trade receivables 260,000 285,000 Inventories 350,000 390,000 Trade and other payables 290,000 310,000 Revenue 1,800,000 2,100,000
Use the following data to determine the total dollar amount of assets to be classified as long-term investments. Ace Supply Company Balance Sheet December 31, 2025 Cash Accounts receivable Inventory Short-term investments Land (held for future use) Land Buildings Less: Accumulated depreciation (60,000) Franchise Total assets O $255,000 O $0 $339,000 O $465,000 O $585.000 $ 126,000 120,000 210,000 90.000 255.000 285,000 210.000 $1.575.000 Accounts payable Salaries and wages payable Note payable (due 2028) Total liabilities Common stock Retained: earnings Total stockholders' equity Total liabilities and stockholders' equity 279,000 $ 165,000 30,000 270.000 465,000 360,000 750,000 1.110.000 $1.575.000
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Net income for Inkaleb Inc. for 2020 includes the effect of the following transactions involving the sale of fixed assets. Asset Sales Price Cost Gain (Loss)X P20,000 P 80,000 P 10,000Y 25,000 150,000 (18,000)Purchases of fixed assets during 2020 amounted to P340,000. The Accumulated Depreciation account increased P40,000 during 2020. How much is the depreciation expense for 2020?
Cash Sokolsky Designs, Inc. Vertical Analysis Years Ended December 31, 2021, 2020, and 2019 2021 2020 Receivables, net Inventory Prepaid expenses Property, plant and equipment, net Total assets Amount $ 10,000 35,000 240,000 15,000 200,000 $ 500,000 Percent Use the analysis to explain the reason for the cash shortage. Sokolsky's cash shortage is likely due to the dramatic plant and equipment appears to be and cash position. 2.0 % 7.0 % 48.0 % 3.0 % 40.0 % 100.0 in % Amount Percent $ 4,440 23,200 177,600 21,200 217,560 $444,000 due to the 1.0 % $ 5.2 % 40.0 % 4.8 % 49.0 % 100.0 % Amount 2019 3,990 23,940 131,670 15,960 223,440 $ 399,000 Percent 1.0 % 6.0 % 33.0 % 4.0 % 56.0 % 100.0 % as a percent of total assets. Property. in inventory which has led to a tight

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