The following accounts are extractedfrom the books of X Inc. on December31, 2020:Account ReceivableSe0.000Aocounts Payablee75,000Accumulated Dpreciation: Land Improvement160.000Allowance for Doubtful Accounts26,000Aeerued Liahilities204.000Bonds Payable373,000Hond Sinking Fund220,000Cash140,000lavestment in Stock132.000Common Stock414,000Goodwilllaventory322,000Land260,000Land held for spelation88,000Land Improvement700,000Mortgage Payable176,000Premium on Bonds Payable36,000Promium on Common Stock276,000Prepaid Insuranee (24 months)40,000Retained Eamings440,000Supplies16,000Trading Securities, originally purchased at S70,000, areraded at a fair Valae of S88,000Treasury StockUncamed Service Revenue??Basedon the data above, currentassets were: *$582,000$600,000$626,000None of the above

Name: The following accounts are extractedfrom the books of X Inc. on Decem
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Description: The following accounts are extractedfrom the books of X Inc. on December31, 2020:Account ReceivableSe0.000Aocounts Payablee75,000Accumulated Dpreciation: Land Improvement160.000Allowance for Doubtful Accounts26,000Aeerued Liahilities204.000Bonds Pay

Current assets: Current assets are all those assets which are expected to be sold or used as a…

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The following accounts are extracted from the books of X Inc. on December 31, 2020: Accot Receivble Accs Payabe 75.000 Accumulated Dopreciation: Land mprvemnt Allowance for Duheul Accots 26000 Accruod Lihiles 20400 Bond Payable Bond Siking Fnd 2000 1400 evestment in Stk Commn Stk 41400 Geodwill lavetry 00022 Land Land held for spooltie Land pm 0.000 Mtge Peyae 16000 Pomim end Payae Promim on Commen Stk 26000 Pepaid lumoe (24 m) Reined ings 40.00 Supplies 6.000 Trading Soourities, originally purchanod a S0, we dedafairval of S0 Trery Stck Uncamed Senvie Reven Based on the data above, current assets were: O $582,000 O $600,000 $626,000 O None of the above

The following accounts are extracted from the books of X Inc. on December 31, 2020: Accot Receivble Accs Payabe 75.000 Accumulated Dopreciation: Land mprvemnt Allowance for Duheul Accots 26000 Accruod Lihiles 20400 Bond Payable Bond Siking Fnd 2000 1400 evestment in Stk Commn Stk 41400 Geodwill lavetry 00022 Land Land held for spooltie Land pm 0.000 Mtge Peyae 16000 Pomim end Payae Promim on Commen Stk 26000 Pepaid lumoe (24 m) Reined ings 40.00 Supplies 6.000 Trading Soourities, originally purchanod a S0, we dedafairval of S0 Trery Stck Uncamed Senvie Reven Based on the data above, current assets were: O $582,000 O $600,000 $626,000 O None of the above

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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Concept explainers

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.

Topic Video

Question

The following accounts are extracted
from the books of X Inc. on December
31, 2020:
Account Receivable
Se0.000
Aocounts Payable
e
75,000
Accumulated Dpreciation: Land Improvement
160.000
Allowance for Doubtful Accounts
26,000
Aeerued Liahilities
204.000
Bonds Payable
373,000
Hond Sinking Fund
220,000
Cash
140,000
lavestment in Stock
132.000
Common Stock
414,000
Goodwill
laventory
322,000
Land
260,000
Land held for spelation
88,000
Land Improvement
700,000
Mortgage Payable
176,000
Premium on Bonds Payable
36,000
Promium on Common Stock
276,000
Prepaid Insuranee (24 months)
40,000
Retained Eamings
440,000
Supplies
16,000
Trading Securities, originally purchased at S70,000, are
raded at a fair Valae of S88,000
Treasury Stock
Uncamed Service Revenue
??
Based
on the data above, current
assets were: *
$582,000
$600,000
$626,000
None of the above

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