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

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

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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Kk38.
The net income reported on the income statement for the current year was $210,000. Depreciation recorded on equipment and a building amount to $62,500 for the year. Balances of the current asset and current liabilities accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $56,000 $59,500 Accounts receivable (net) 71,000 73,400 Inventories 140,000 126,500 Prepaid expenses 7,800 8,400 Accounts payable (merchandise creditors) 62,600 66,400 Salaries payable 9,000 8,250 Required: a. Prepare the cash flows from operating activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, ca payments, decreases in cash, or any negative adjustments. Operating Activities Section Cash flows from operating activities: Adjustments to reconcile net income to ñet cash flow from operating activities: Changes in current operating assets and liabilities: Previous Ne
The net income reported on the income statement for the current year was $281,847. Depreciation recorded on fixed assets and amortization of patents for the year were $32,101 and $10,127, 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 $37,628 $62,683 Accounts Receivable 120,761 105,004 Inventories 105,470 86,078 Prepaid Expenses 4,242 8,185 Accounts Payable (merchandise creditors) 47,812 74,478 What is the amount of the net cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? a.$351,049 b.$288,926 c.$266,203 d.$255,489
The net income reported on the income statement for the current year was $313,659. Depreciation recorded on fixed assets and amortization of patents for the year were $38,968, and $9,722, 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 $42,392 $55,782 Accounts receivable 126,305 101,016 Inventories 100,582 80,433 Prepaid expenses 4,060 7,575 Accounts payable (merchandise creditors) 50,302 78,390 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? Oa. $214,402 Ob. $432,360 Oc. $412,916 Od. $292,338
Emir Company purchased equipment that cost $110,000 cash on January 1, Year 1. The equipment had an expected useful life of six years and an estimated salvage value of $8,000. Emir depreciates its assets under the straight-line method. What are the amounts of depreciation expense during Year 3 and the accumulated depreciation at December 31, Year 3, respectively? Multiple Choice $68,000 and $17,000 $17,000 and $68,000 $17,000 and $51.000 $17,000 and $17,000
Extracts from Tom Ltd's Statement of financial positions are given below: At year- end At beginning of year £'000 £'000 Non-current assets 295 240 Accumulated depreciation 150 105 Net book value 145 135 Assuming there were no disposals within the year, which of the following statements is true? Select one: OA. During the year, the amount spent on the purchase of non-current assets was £295,000 and the depreciation charge for the year was £150,000. OB. During the year, the amount spent on the purchase of non-current assets was £55,000 and the depreciation charge for the year was £150,000. OC. During the year, the amount spent on the purchase of non-current asset purchases was £55,000 and the depreciation charge for the year was £45,000. OD. During the year, the amount spent on the purchase of non-current assets was £295,000 and the depreciation charge for the year was £45,000.
During the current year, Martinez Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Asset Original Cost Residual Value Estimated Life Accumulated Depreciation (straight-line) Machine A $76,200 $4,200 15 years $62,400 (13 years) Machine B 20,000 2,000 8 years 13,500 (6 years) The machines were disposed of in the following ways: Machine A: Sold on January 2 for $20,000 cash. Machine B: On January 2, this machine was scrapped with zero proceeds (and zero cost of removal). Required: 1. & 2. Prepare the journal entries related to the disposal of Machine A and B on the January 2 of the current year. TIP: When no cash is received on disposal, the loss on disposal will equal the book value of the asset at the time of disposal. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
The net income reported on the income statement for the current year was $262,100. Depreciation recorded on equipment and a building amounted to $78,400 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 Year Beginning of Year Cash $71,030 $75,290 Accounts receivable (net) 90,070 92,910 Inventories 177,580 160,070 Prepaid expenses 9,870 10,620 Accounts payable (merchandise creditors) 79,340 84,020 Salaries payable 11,440 10,470 a. Prepare the "Cash Flows from Operating Activities" section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.
Morris Incorporated recorded the following transactions over the life of a piece of equipment purchased in Year 1: January 1, Year 1 Purchased equipment for $14,600 cash. The equipment was estimated to have a five-year life and $6,630 salvage value and was to be depreciated using the straight-line method. Recorded depreciation expense for Year 1. December 31, Year 1 September 30, Year 2 Undertook routine repairs costing $786. December 31, Year 2 Recorded depreciation expense for Year 2. January 1, Year 3 Made an adjustment costing $2,940 to the equipment. It improved the quality of the output but did not affect the life and salvage value estimates. December 31, Year 3 Recorded depreciation expense for Year 3. June 1, Year 4 Incurred $331 cost to oil and clean the equipment. December 31, Year 4 Recorded depreciation expense for Year 4. January 1, Year 5 December 31, Year 5 October 1, Year 6 Received and accepted an offer of $15,100 for the equipment. Required a. Use a horizontal…
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.…
During the current year, Yost Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following: Accumulated Depreciation Asset Machine A Machine B Original Cost Residual Value Estimated Life $33,000 $3,000 12 years 16,800 10 years Machine C 5,100 17 years 140,000 75,600 (straight line) The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $7,500 cash. $25,000 (10 years) 98,560 (8 years) 49,765 (12 years) b. Machine B: Sold on December 31 for $54,120; received cash, $43,296, and an $10,824 interest-bearing (12 percent) note receivable due at the end of 12 months. c. Machine C: On January 1, this machine suffered irreparable damage from an accident. On January 10, a salvage company removed the machine at no cost. P8-5 Part 1 Required: 1. Give all journal entries related to the disposal of each machine in the current year. a. Machine A. b.…
Required information (The following information applies to the questions displayed below.] During the current year, Merkley Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following: Accumulated Original Residual Estimated Life 8 years 8 years Depreciation (straight line) $20,250 (6 years) 33,750 (6 years) 48,918 (12 years) Asset Cost Value Machine A $ 30,000 $ 3,000 Machine B 49,000 4,000 Machine C 75,500 6,200 17 years The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $9,450 cash. b. Machine B: Sold on December 31 for $10,325; received cash, $2,500, and a $7,825 interest-bearing (12 percent) note receivable due at the end of 12 months. c. Machine C: On January 1, this machine suffered irreparable damage from an accident. On January 10, a salvage company removed the machine at no cost. Required: 1. Give all journal entries related…