The Balance Sheet of ABC Ltd, as at March 31st 2016 and 2017 are given follows.. Additional information 1. Purchased a new fixed asset costing 2500; paid 1300 cash and given short-term bills payable for the remainder. 2. Net loss for the year ending 31-3-2017 was 150. 3. One fully depreciated asset of an original cost of 700 and no salvage value was abandoned. Cash inflow from operating activities? Net increase in cash? 1. Equity and Liabilities Accumulated Depreciation Creditors Taxes Payable Bills payable Debentures Equity capital Profit and Loss Account II. Assets Cash Debtors Prepaid Rent Stock Investments Fixed Assets 2016 2000 720 600 1400 3500 5000 2640 15860 600 700 360 3200 4000 7000 15860 2017 2150 900 600 2600 3500 6000 2090 17840 800 1200 240 2800 4000 8800 17840

The Balance Sheet of ABC Ltd, as at March 31st 2016 and 2017 are given follows.. Additional information 1. Purchased a new fixed asset costing 2500; paid 1300 cash and given short-term bills payable for the remainder. 2. Net loss for the year ending 31-3-2017 was 150. 3. One fully depreciated asset of an original cost of 700 and no salvage value was abandoned. Cash inflow from operating activities? Net increase in cash? 1. Equity and Liabilities Accumulated Depreciation Creditors Taxes Payable Bills payable Debentures Equity capital Profit and Loss Account II. Assets Cash Debtors Prepaid Rent Stock Investments Fixed Assets 2016 2000 720 600 1400 3500 5000 2640 15860 600 700 360 3200 4000 7000 15860 2017 2150 900 600 2600 3500 6000 2090 17840 800 1200 240 2800 4000 8800 17840

Name: Exercise 2.2The Balance Sheet of ABC Ltd, as at March31st 2016 and 20
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: Exercise 2.2The Balance Sheet of ABC Ltd, as at March31st 2016 and 2017 are given follows..Additional information1. Purchased a new fixed asset costing 2500;paid 1300 cash and given short-term billspayable for the remainder.2. Net loss for the year

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter8: Operating Assets: Property, Plant, And Equipment, And Intangibles

Section: Chapter Questions

Problem 8.7E

See similar textbooks

Similar questions

Q3. An extract from the statement of financial position of Senior Fredizzo Ltd. as at 31t December 2014 is given below: Asset Cost Net Book Value GHC'000 GHC'000 Plant and Machinery 200,000 125,583 Additional information: AMANDO 2 OF 2 It is the policy of the business to provide for depreciation at the rate of 10% per annum on reducing balance basis. Annual depreciation is calculated on asset in use at the end of the year. The following transactions took place in 2015: i. Plant which cost GHC35,000,000 and had been used for four years was sold for GH¢24,000,000. ii. A new plant costing GHC40,000,000 was acquired on 1s* January, 2015. You are required to prepare: a) Plant and machinery account. b) Provision for depreciation account for the year ended 31" December, 2014 and 2015 c) Plant and machinery disposal account.
Estimate the average total estimated useful life of depreciable property, plant, and equipment. Starbucks reports 580.6 million of depreciation and amortization in the statement of cash flows, of which 4.5 million relates to amortization of limited-life intangible assets. Does the estimate reconcile with stated accounting policy on useful lives for property, plant, and equipment? Explain.
Do not give solution in image
Activity 5.20 Required like the following information to complete the Note for Fixed Assets on the following page) in the financial statements of Gamma Stores on 28 February 2018, the last day of the financial year. Information Balances, among others, on 1 March 2017: R240 000 Vehicles R135 000 Accumulated depreciation on vehicles Transactions: 2017 The owner took over an old vehicle for his own use at carrying value. This vehicle had originally been purchased for R80 000 and the accumulated depreciation on 28 February 2017 amounted to 01 Mar R33 920. 30 Apr Purchased a new vehicle for R120 000 from Modern Cars Ltd. Paid a deposit of 15%. The balance is to be paid off over a period of 24 months. 2018 28 Feb Depreciation on vehicles amounted to R14 180. FIXED ASSETS . CHAPTER 5
Question: The statements of financial position of Grand Company at the beginning and end of 2017 include the following information: Property, plant and equipment nopeleo inevelen or 2016 2017 otni nelsted 1525 00 Rs. Rs. At cost/re-valued amount 1,400,000 1,900,000 Accumulated depreciation 350,000 375,000 Carrying value 1,050,000 1,525,000 During the year, some property was re-valued upwards by Rs. 200,000. An item of equipment was disposed of during the year at a profit of Rs. 25,000. This equipment had an original cost of Rs. 260,000 and accumulated depreciation of Rs. 240,000 at the date of disposal. Depreciation charged in the year was Rs. 265,000. 80 Required: Calculate the cash paid for acquisition of property, plant and equipment.
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.
Please solve this
Please help me to solve this problem
ITEM 1 Company "B" purchased in January 2015 a machine of purchase cost of 10.000.000 € by moving the current account. The useful life of the machine was estimated at 8 years and the residual value zero. The company follows the method of fixed depreciation for the calculation of depreciation of tangible assets. The management of the company estimated the net present value of the expected cash flows from the use of the machine as well as the fair value of the machine (minus the disposal costs) on 31.12.2015 and 31.12.2016 as follows: 31.12.2015 31.12.2016 Net present value of expected cash flows 7.600.000,00 6.600.000,00 Fair Value of the machine (less disposal costs) 7.980.000,00 6.300.000,00€ The company has the purpose of holding the machine for the duration of its remaining useful life. It is requested: To calculate the book value with which the machine will appear in the Balance Sheet (Statement of Financial Position) on 31.12.2015 and 31.12.2016,…
Provide Correct Answer without AI
Hiii please help me answer all of the questions. Thanks
Pls complete required 1 and 2. Thanks!