Selected accounts from Gregor Company's adjusted trial balance for the year ended December 31 follow. Prepare a classified balancesheet. Note: On the company's balance sheet, accumulated depreciation is subtracted from equipment, accumulated amortization issubtracted from patents, and accumulated depletion is subtracted from silver mine.Common stockRetained earningsPatentsCashLandEquipmentSilver mine$ 10,00054,0006,8007,40044,000Accounts payableAccumulated depreciation-EquipmentNotes payable (due in 9 years)GoodwillAccumulated depletion-Silver mine34,000 Accumulated amortization-Patents29,000$ 3,40025,60025,0006,4005,8003,800Current assetsPlant assetsTotal plant assetsIntangible assetsTotal intangible assetsTotal assetsCurrent liabilitiesLong-term liabilitiesTotal liabilitiesTotal equityTotal liabilities and equityGREGOR COMPANYBalance SheetDecember 31AssetsLiabilitiesEquity

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Backwoods Mining Co. acquired mineral rights for $53,200,000. The mineral deposit is estimated at 19,000,000 tons. During the current year, 2,500,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. b. Journalize the adjusting entry on December 31 to recognize the depletion expense.
Selected accounts from Han Corporation’s trial balance are as follows. Han Corporation Trial Balance December 31 (Selected Accounts) Debit Credit Cash $160,000 Short-Term Marketable Securities 145,000 Accounts Receivable 25,000 Inventories 90,000 Other Current Assets 20,000 Land 330,000 Buildings 300,000 Accumulated Depreciation-Buildings $40,000 Equipment 144,000 Accumulated Depreciation-Equipment 15,000 Goodwill 40,000 Other Intangible Assets 20,000 Prepare the detailed schedule showing the Property, Plant, and Equipment. Property, Plant, and Equipment, Net $fill in the blank 2 fill in the blank 4 fill in the blank 6 Gross Property, Plant, and Equipment $fill in the blank 7 fill in the blank 9 Total Property, Plant, and Equipment, Net $fill in the blank 10
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Selected accounts from Han Corporation's trial balance are as follows. Han Corporation Trial Balance December 31 (Selected Accounts) Debit Credit Cash $180,000 Short-Term Marketable Securities 140,000 Accounts Receivable 27,000 Inventories 90,000 Other Current Assets 20,000 Land 320,000 Buildings 300,000 Accumulated Depreciation-Buildings $40,000 Equipment 143,000 Accumulated Depreciation-Equipment 10,000 Goodwill 40,000 Other Intangible Assets 20,000 Prepare the detailed schedule showing the Property, Plant, and Equipment. Property, Plant, and Equipment, Net Gross Property, Plant, and Equipment Total Property, Plant, and Equipment, Net
Adjustment for Depreciation Cowley Company just completed its first year of operations. The December 31 equipment account has a balance of $20,000. There is no balance in the Accumulated Depreciation-Equipment account or in the Depreciation Expense account. The accountant estimates the yearly equipment depreciation to be $4,000. Prepare the required adjustment to record the yearly depreciation for equipment. Note: Use negative signs with answers, when appropriate. Balance Sheet Income Statement Stockholders Assets Liabilities Equity Revenues Expenses = Net Income 20,000 4,000 Check O Previous A Save Answers
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The following information is available for Reynolds Corporation: Retained Earnings, December 31, 2020 $1,500,000 Profit for the year ended December 31, 2021 250,000 The company accountant, in preparing financial statements for the year ending December 31, 2021, has discovered the following information:The company's previous bookkeeper, who has been fired, had recorded depreciation expense on a machine in 2019 and 2020 using the double diminishing-balance method of depreciation. The bookkeeper neglected to use the straight-line method of depreciation which is the company's policy. The cumulative effect of the error on prior years was $9,000. Depreciation was calculated by the straight-line method in 2021. Reynolds' average tax rate is 22%. During 2021, Reynolds declared and paid cash dividends of $80,000.Instructions a)Calculate the impact on retained earnings. b)Prepare the statement of retained earnings for 2021. Please don't provide solution in an image format thank you
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Peter Senen Corporation provided the following account balances as of September 30, 2020: Cash P112,000 Accumulated depreciation P 36,000 Accounts Receivable 64,000 Accounts payable 40,000 Finished Goods 48,000 Income tax payable 9,000 Work in process 36,000 Share Capital 500,000 Raw materials 52,000 Retained Earnings 207,000 Property and Equipment 480,000 The following transactions occurred during October: 1. Materials purchased on account, P150,000 2. Materials issued to production: direct materials- P90,000, Indirect materials- P10,000. 3. Payroll for the month of October 2020 consisted of the following (also paid during the month): Direct labor P62,000…
Ripley corporarion's accumulated depreciation - equipment account increased by 15325 while 3800 of patent amortization was recognized bewtween balance sheet dates. There were no purchases of sales of depreciation or intangible assets during the year. In addition the income statement showed a gain of 22420 from the salem of investments. Reconcile a net income of 286900 to net cash flow from operetatimg activities

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