Selected accounts from Phipps Corporation's trial balance are as follows. Phipps Corporation Trial Balance December 31 (Selected Accounts) Debit Credit Cash $50,000 Short-Term Marketable Securities 25,000 Accounts Receivable 13,000 Inventories 46,000 Other Current Assets 10,000 Land 120,000 Equipment 45,000 Accumulated Depreciation-Equipment $5,000 Goodwill 25,000 Other Intangible Assets 16,000 Prepare the assets section of the company's balance sheet. Phipps Corporation Balance Sheet December 31 Assets Current Assets: Total Current Assets $ Accounts Receivable Cash Inventories Other Intangible Assets Short-term Marketable Securities

Selected accounts from Phipps Corporation's trial balance are as follows. Phipps Corporation Trial Balance December 31 (Selected Accounts) Debit Credit Cash $50,000 Short-Term Marketable Securities 25,000 Accounts Receivable 13,000 Inventories 46,000 Other Current Assets 10,000 Land 120,000 Equipment 45,000 Accumulated Depreciation-Equipment $5,000 Goodwill 25,000 Other Intangible Assets 16,000 Prepare the assets section of the company's balance sheet. Phipps Corporation Balance Sheet December 31 Assets Current Assets: Total Current Assets $ Accounts Receivable Cash Inventories Other Intangible Assets Short-term Marketable Securities

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

Need Help please
Please do not give image format
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: Asset Machine A Machine B Machine C Estimated Life 8 years 10 years 15 years The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $5,000 cash. b. Machine B: Sold on December 31 for $30,500; received cash, $22,500, and an $8,000 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. Original Cost Residual Value $21,000 120,000 85,000 Accumulated Depreciation (straight line) $15,750 (7 years) 84,800 (8 years) 64,000 (12 years) $3,000 14,000 5,000 equired: Give all journal entries related to the disposal of each machine in the current year. 2. Select the accounting rationale for…
Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: A. Timber rights on a tract of land were purchased for $3,461,120 on February 22. The stand of timber is estimated at 5,408,000 board feet. During the current year, 1,028,300 board feet of timber were cut and sold. B. On December 31, the company determined that $3,640,000 of goodwill was impaired. C. Governmental and legal costs of $6,108,000 were incurred on April 3 in obtaining a patent with an estimated economic life of 10 years. Amortization is to be for three-fourths of a year. Required: 1. Determine the amount of the amortization, depletion, or impairment for the current year for each of the foregoing items. 2. Journalize the adjusting entries required to record the amortization, depletion, or impairment for each item. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSGeneral Ledger ASSETS…
Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?
am. 116.
On 31 December, a finishing machine was sold. Accumulated depreciation to 30 June was $10,000. The depreciation for 6 months ended 31 December was $3,000. Its capital cost was $25,000 and accumulated depreciation was $13,000 at date of sale. The machine was sold for cash to Jake Strong for $14,300 (including GST). Balance date is 30 June. a. Record General Journal entries to account for the depreciation 6 months ended 31 December and the sale of the finishing machine and post to the relevant ledger accounts.
An analysis of changes in selected balance sheet accounts of Johnson Corporation shows the following for the current year: Plant and Equipment accounts: Debit entries to asset accounts Credit entries to asset accounts Debit entries to accumulated depreciation accounts (resulting from sale of plant assets) Credit entries to accumulated depreciation accounts (representing depreciation for the current year) $ 154,000 $ 115,000 $ 88,000 Johnson's income statement for the current year includes a $11,000 loss on disposal of plant assets. All payments and proceeds relating to purchase or sale of plant assets were in cash. Select one: $ 104,000 Total cash proceeds received by Johnson from sales of plant assets during the current year amounted to: a. $104,000. b. $208,000. c. $219,000. d. $16,000.
During the current year, Fortini Company disposed of three different assets. The company's accounts reflected the following on January 1 of the current years, prior to the disposal of the assets: Accumulated Depreciation (straight line) $15,750 (7 years) Original Residual Asset Machine A Machine B Machine C Cost $21,000 50,000 Value $3,000 4,000 75,000 3,000 Estimated Life 8 years 10 years 12 years 36,800 (8 years) 60,000 (10 years) The machines were disposed of in the following ways: a. Machine A: Sold on January 1 of the current year for $5,000 cash. b. Machine B. Sold on April 1 for $10,500; received cash, $2,500, and a note receivable for $8,000, due on March 31 of the following year, plus 6 percent interest. c. Machine C: Suffered irreparable damage from an accident on July 2. On July 10, a salvage company removed the machine at no cost. The machine was insured, and $18,000 cash was collected from the insurance company. Required: 1. Prepare all journal entries related to the…
The draft financial statements of Enjoy Ltd for the year ended 31 December 20X6 are given below. The following additional information is also provided: (i) Plant with an original cost of $800 and accumulated depreciation of $600 was sold for $200. (ii) Interest expense was $350 of which $140 was paid during the period. $130 relating to interest expense of the prior period was also paid during the period. (iii) Investment income included $250 of interest that was received during the period and $250 of interest still to be received. The $250 of interest still to be received is included within other receivables. (iv) Investment income also included $300 of dividend that was received. Statement of Profit and Loss for the year ended 31 December 20X6: Sales 44,870 Cost of sales 31,000 Gross Profit…
Morey, Inc., has the following plant asset accounts: Land, Buildings, and Equipment, with a separate accumulated depreciation account for each of these except Land. Morey completed the following transactions: Jan 4 Traded in equipment with accumlated depreciation of $64,000 (cost of $134,000) for similar new equipment with a cash cost of $175,000. Recieved a trade-in allowance of $72,000 on the old equipment and paid $103,000 in cash. Jan 29 Sold a building that had a cost of $650,000 and had accumulated depreciationof $140,000 through December 31 of the preceding year. Depreciation is computed on a straight-line basis. The building has a 40-year useful life and a residual value of $220,000. Morey received $125,000 cash and a $379,625 note receivable. Oct 30 Purchased land and a building for a single price of $360,000 cash. An independent appraisal valued the land at $160,800 and the building at $241,200. Dec 31 Recorded depreciation as follows: Equipment has an expected…
Solare Company acquired mineral rights for $647,400,000. The diamond deposit is estimated at 49,800,000 tons. During the current year, 3,300,000 tons were mined and sold. a. Determine the depletion rate. $ per ton b. Determine the amount of depletion expense for the current year. c. Journalize the adjusting entry to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Debit Credit Date December 31 Account