The following data (in millions) were adapted from recent annual reports of United Parcel Service, Inc. (UPS). UPS provides delivery and freight services throughout the world. Vehicles Aircraft Land Buildings Equipment Construction in progress Less: accumulated depreciation Year 2 book value $ Year 1 book value $ Year 2 million million $632,150 600,543 94,823 764,902 815,474 12,643 (802,831) Year 1 $366,647 474,113 82,180 575,257 809,152 6,322 a. Compute the book value of the fixed assets for years 1 and 2. (670,079)

The following data (in millions) were adapted from recent annual reports of United Parcel Service, Inc. (UPS). UPS provides delivery and freight services throughout the world. Vehicles Aircraft Land Buildings Equipment Construction in progress Less: accumulated depreciation Year 2 book value $ Year 1 book value $ Year 2 million million $632,150 600,543 94,823 764,902 815,474 12,643 (802,831) Year 1 $366,647 474,113 82,180 575,257 809,152 6,322 a. Compute the book value of the fixed assets for years 1 and 2. (670,079)

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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Required 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 $ 245,000 (125,000) $ 119,000 1 Cash received from the sale of building 2. Depreciation expense 3 Purchase of building $ 445,000 (139,000) $306,000 2020 $335,000 (236,000) $ 99,000 $ 465,000 (324,000) $ 141,000 During 2021, a building with a book value of $83,000 and an original cost of $365,000 was sold at a gain of $73,000. 1. How much cash did Anders receive from the sale of the building? 2. How much depreciation expense was recorded on buildings during 2021? 3. What was the cost of buildings purchased by Anders during 2021?
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The trucks account (at cost) of a business for the year ended 31 December 20X1 was as follows. TRUCKS - COST 20X1 1 Jan balance 30 June cash - purchase of vans $ 240,000 160,000 400,000 A B C D 20X1 $68,000 $57,000 $53,000 $21,000 31 Mar disposal account 31 Dec balance Brought forward accumulated depreciation at 1 January 20X1 was $115,000. The truck disposed of on 31 March had a carrying value of $20,000. $ 60,000 340,000 400,000 The company's policy is to charge depreciation at 20% per year on the reducing balance, and charges a full year's depreciation in the year of acquisition and none in the year of disposal. What should be the depreciation charge for the year ended 31 December 20X1?
Required 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
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