Spent materials 5.000,00
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| Spent materials | 5.000,00 |
| Revenue | 300.000,00 |
| Expenses on energy, water, telephone | 10.000,00 |
| Wages Staff | 80.000,00 |
| 5.000,00 | |
| Advertisment expenses | 3.000,00 |
| Profits from share disposals | 2.000,00 |
| Losses by disposal of tangible fixed assets | 500,00 |
| Interest expenses | 1.000,00 |
| Purchase commodity | 120.000,00 |
| Interest credit | 15.000,00 |
| Third party fees | 30.000,00 |
| Sales commission revenue | 6.000,00 |
| Dividend income | 9.000,00 |
| losses from the evalutaion on listed shares | 1.500,00 |
a. 1.1.20X1 inventories were 10,000
b. the closing inventorie at 31.12.20X1 was 20,000
c. the income tax rate is 30%
Prepare the 20X1
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Solved in 2 steps
- Augusta has a municipal water and gas utility district (MUD). The trial balance on January 1, 20X1, follows: Debit $ 93,300 26,200 9,600 120,700 490,000 Cash Accounts Receivable Inventory of Supplies Land Plant and Equipment Accumulated Depreciation Vouchers Payable Bonds Payable, 5% Net Position: Invested in Capital Assets, Net of Related Debt Unrestricted Total $739,800 Credit $ 80,400 15,500 518,000 12,300 113,600 $739,800 Additional Information for 20X1: 1. Charges to customers for water and gas were $420,500, collections were $432.100. 2. A loan of $25,900 for two years was received from the general fund. 3. The water and gas lines were extended to a new development at a cost of $76,200. The contractor was paid. 4. Supplies were acquired from central stores (internal service fund) for $13,700. Operating expenses were $330,000, and interest expense was $25,900. Payment was made for the interest and the payable to central stores, and $325,400 of the vouchers were pald. 5. Adjusting…Recognition and Initial Measurement on Property Plant and Equipment 1. Paid cash of P200,000 and issued a note for the purchase of machinery. The note has a face value of P1,000,000 due after three years and an effective interest rate of 7%. 2. Equipment has an invoice price of P1,000,000, and a credit term of 2/30, n/60. Cash discount was not taken. 3. Five units of equipment was purchased through the issuance of 1,000 pieces of P1,000 par-value shares. Each equipment has a fair value of P300,000 while a share is valued at P1400.Financial Statement Presentation Alexa Corp. reported the following amounts for the year just ended: Land $150,000 Patents 25,000 Equipment 40,000 Buildings 150,000 Goodwill 37,000 Accumulated amortization 13,000 Accumulated depreciation 90,000 Prepare a partial balance sheet for these amounts. Property, Plant and Equipment (net) Answer Goodwill Answer Intangible Assets Answer
- The components of the cost of a major item of equipment are given below. GHS Purchaseprice 780,000 Import duties 117,000VAT (refundable) 78,000 Site preparation 30,000 Installation costs 28,000 Pre-production 18,000 Initial operating losses before the asset reaches planned performance…7.14 Alpha sells machine B for $50,000 cash on 30 April 20X4. Machine B cost $100,000 when it was purchased and has a carrying amount of $65,000 at the date of disposal. What are the journal entries to record the disposal of machine B? DEBIT Accumulated depreciation DEBIT Loss on disposal (SPL) DEBIT Cash CREDIT Non-current assets - cost A $35,000 $15,000 $50,000 $100,000 DEBIT Accumulated depreciation DEBIT Loss on disposal (SPL) CREDIT Non-current assets - cost $65,000 $35,000 $100,000 DEBIT Accumulated depreciation DEBIT Cash CREDIT Non-current assets CREDIT Profit on disposal (SPL) $35,000 $50,000 $65,000 $20,000 DEBIT Non-current assets DEBIT Accumulated depreciation CREDIT Cash CREDIT Profit on disposal (SPL) $65,000 $35,000 $50,000 $50,000Allocating payments and receipts to fixed asset accounts The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk. a. Fee paid to attorney for title search $2,000 b. Cost of real estate acquired as a plant site: Land 280,000 Building (to be demolished) 55,000 c. Delinquent real estate taxes on property, assumed by purchaser 15,000 d. Cost of razing and removing building acquired in (b) 5,000 e. Proceeds from sale of salvage materials from old building 3,000 * f. Special assessment paid to city for extension of water main to the property 29,000 g. Architect’s and engineer’s fees for plans and supervision 60,000 h. Premium on one-year insurance policy during construction 7,000 i. Cost of filling and grading land 13,000 j. Money borrowed to pay building…
- Brief Exercise 8-5 (Algo) Effect of the disposal of plant assets on the financial statements LO 8-5 Mix & Match Company sold office equipment with a cost of $48,600 and accumulated depreciation of $33,000 for $28,000 cash. Required: a. What is the amount of gain or loss on the disposal? b. How would the sale affect net income (increase, decrease, no effect)? c. How would the sale affect the amount of total assets shown on the balance sheet (increase, decrease, no effect)? d. How would the event affect the statement of cash flows (inflow, outflow, no effect)? a. b. Effect of sale on net income c. Effect of sale on total assets d. Effect of sale on statement of cash flowsA cash-generating unit comprises the following assets: £000 Goodwill Land Plant and equipment Select one: a. £2,285,716 b. £2,400,000 O c. £300,000 O d. e. 440 £2,021,052 £2,111,472 2,560 One of the pieces of equipment, carried at £160,000, is damaged and will have to be scrapped. The recoverable amount of the cash-generating unit is estimated at £3,000,000. What will be the carrying amount of the land after the impairment loss has been recognised? 800 3,800Required information [The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets 2021 Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net 1. Cash received from the sale of equipment 2. Depreciation expense 3. Purchase of equipment $ 180,000 (100,000) $ 80,000 $ $ 380,000 (100,000) $ 280,000 During 2021, equipment with a book value of $40,000 and an original cost of $210,000 was sold at a loss of $3,000. 1. How much cash did Anders receive from the sale of equipment? 2. How much depreciation expense was recorded on equipment during 2021? 3. What was the cost of new equipment purchased by Anders during 2021? 2020 37,000 $ 270,000 (210,000) $ 60,000 $ 400,000 (285,000) $ 115,000
- The following information is for Acme Auto Supplies: Trademark Land Buildings Less:Accum. Depreciation Land Held for Investment Prepaid Insurance Inventory Accounts Receivable Cash Total Assets $600,000 $ 420,000 Share Capital $720,000 Retained Earnings 1.500.000 $570,000 180.000 420.000 990,000 480,000 Accounts 240,000 Payable 390,000 Salaries/Wages 60,000 420,000 Payable Mortgage 300,000 Payable 360.000 Total Equity $ 3.210.000 and Liabilities 540,000 The total dollar amount of assets to be classified as current assets is $1,320,000 $900,000 $1,800,000 $1,080,000 Acme Auto Supplies Statement of Financial Position December 31, 2017 990.000 $ 2.220.000 $ 3.210.000of P10,000 disposal costs. Additional P4,000 costs 2. A, Capital 500,000 В, Сарital Cash Other assets Liabilities 400,000 40,000 960,000 100,000 In the first month of liquidation, certain assets were sold P360,000, gross of P10,000 disposal costs. Additional P4,000 cook are anticipated before the liquidation is completed. Liabilities amounting to P56,000 were paid. Partial distributions were mad to the partners. A and B share in profits and losses on a 3:1 ratio Requirement: Compute for the cash distributions to the partners.Machinery that cost $144,000 and on which $120,000 of accumulated depreciation has beenrecorded was disposed of for $36,000 cash. The entry to record this event would include aa. gain of $12,000.b. loss of $12,000.c. credit to the Equipment account for $36,000.d. credit to Accumulated Depreciation for $120,000
