The following data were included in a recent Mango, Incorporated annual report ($ in millions):Net salesIn millionsNet property, plant, and equipmentRequired:2017$ 189,23434,78320182019$ 225,595$ 220,17447,30434,3782020$ 284,51535,766Compute Mango's fixed asset turnover ratio for 2018, 2019, and 2020.Note: Do not round intermediate calculations. Round your final answers to 2 decimal places.20182019Fixed asset turnover ratio2020

Step 1: Step 2: Step 3: Step 4:

Answered: The following data were included in a…

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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The following data relate to the acquisition of an equipment owned by ACE Corporation. Acquisition Date- October 1,2019 Cost- $125,000 Estimated residual value - $5,000 Estimated useful life - 10 years Estimated service hours - 10,000 Estimated output in units- 24,000 Under the double declining balance method, what is the balance of Accumulated Depreciation as of December 31,2024?
The balance sheets of Tully Corp. showed the following at December 31, 2020, and 2019: December 31, 2020 $ 68,200 Equipment, less accumulated depreciation of $88,600 at December 31, 2020, and $55,375 at December 31, 2019. Required: a. If there have not been any purchases, sales, or other transactions affecting this equipment account since the equipment was first acquired, what is the amount of depreciation expense for 2020? b. Assume the same facts as in part a, and assume that the estimated useful life of the equipment is four years and the estimated salvage value is $23,900. Determine: Complete this question by entering your answers in the tabs below. 1. What the original cost of the equipment was. 2. What depreciation method is apparently being used. 3. When the equipment was acquired. c. Assume that the equipment is sold on December 31, 2020, for $56,000. Prepare the horizontal model and record the journal entry for the sale of the equipment. Indicate the financial statement…
At December 31, 2021, the following existed on the records of Chai Co..: Accumulated Depreciation: $3,970,000 Fixed Assets: $8,600,000 During the year ended September 30,2022, fixed assets with a written down value of $370,000 was sold for $490,000. The pant had originally cost $800,000. Fixed assets purchased during the year cost $1,800,000. It is the company's policy to charge a full year's depreciation in the year of acquisition of an asset and none in the year of sale. Chogiwa uses 10% rate on a straight-line basis. Compute for the net amount (book value) of fixed assets should appear in the statement of financial position as of September 30, 2022.
The T-accounts for Equipment and the related Accumulated Depreciation—Equipment for Luo Company at the end of 2020 are shown here. Equipment Beg. bal. 80,600 Disposals 23,800 Acquisitions 40,000 End. bal. 96,800 Accumulated Depreciation—Equipment Disposals 8,700 Beg. bal. 47,800 Depr. exp. 13,300 End. bal. 52,400 In addition, Luo’s income statement reported a loss on the disposal of plant assets of $6,100. What amount was reported on the statement of cash flows as “cash flow from sale of equipment”? (Show amount that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cash flow from sale of equipment $
The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2020: Accumulated Depreciation 0 Land Land improvements Building Equipment Automobiles Plant Asset $ 395,000 193,500 1,590,000 1,248,000 159,000 Transactions during 2021 were as follows: $ 54,000 395,000 450,000 116,500 a. On January 2, 2021, equipment were purchased at a total invoice cost of $305,000, which included a $6,400 charge for freight. Installation costs of $36,000 were incurred. b. On March 31, 2021, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $34,000. The fair value of the building on the day of the donation was $21,400. c. On May 1, 2021, expenditures of $59,000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather. The repair doesn't provide future benefits beyond those originally anticipated. d. On…
Company B's December 31 Year-End Balance Sheet reveals the following: • December 31, 2020 net PPE of $865 • December 31, 2020 Accumulated Depreciation of $250 • December 31, 2021 net PPE of $770 • December 31, 2021 Accumulated Depreciation of $230 • Annual 2021 Depreciation Expense was $100 • During 2021, PPE was purchased for $560; all PPE purchases are made in cash. • During 2021, the gain of the sale of PPE was $20 What is the journal entry Company B recorded to recognize 2021 depreciation expense? Dr. Accumulated Depreciation $20 Cr. Depreciation Expense $20 Dr. Depreciation Expense $100 Cr. Accumulated Depreciation $100 Dr. Depreciation Expense $20 Cr. Accumulated Depreciation $20 Dr. Depreciation Expense $100 Cr. PPE $100
I need to know how to calculate the gain on the equipment sold in part C The balance sheets of HiROE Inc. showed the following at December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Equipment, less accumulated depreciation of $212,625 at December 31, 2020, and $151,875 at December 31, 2019. $ 273,375 $ 334,125 Required: If there have not been any purchases, sales, or other transactions affecting this equipment account since the equipment was first acquired, what is the amount of the depreciation expense for 2020? Assume the same facts as in part a, and assume that the estimated useful life of the equipment to HiROE Inc., is eight years and that there is no estimated salvage value. Determine: What the original cost of the equipment was. What depreciation method is apparently being used. When the equipment was acquired. Assume that this equipment account represents the cost of 5 identical machines. Prepare the horizontal model and record the journal…
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An extract of the Asset Register of Ace Pty Ltd (“Ace”) for the 2018 - 2019 Income year isshown as follows:Asset Cost OpeningAdjustableValueMethod EffectiveLifeDecline inValue forThis PeriodClosingAdjustableValuePrinter 1,200 1,200 DiminishingValue3 years 400 800Desks 3,000 2,400 Prime Cost 10 years 300 2,100Appliances 2,600 1,040 Prime Cost 5 years 520 520All depreciable assets are 100% for business use and Ace uses a low-value pool for all eligibleassets. The closing value of the low-value pool at 30 June 2019 was $8,000. Ace purchased a camera on 20 Jan 2020 for $840.Advise Ace of the Income Tax consequences arising out of the above information for the 2019 - 2020 Income year assuming Ace is not a small business entity.
Early in January 2019, Tellco Inc. acquired a new machine and incurred $11,000 of interest, installation, and overhead costs that should have been capitalized but were expensed. The company earned net operating income of $89,000 on average total assets of $782,000 for 2019. Assume that the total cost of the new machine will be depreciated over 10 years using the straight-line method. Required: a. Calculate the ROI for Tellco for 2019. b. Calculate the ROI for Tellco for 2019, assuming that the $11,000 had been capitalized and depreciated over 10 years using the straight-line method. (Hint: There is an effect on net operating income and average assets.) c. Given your answers to parts a and b. why would the company want to account for this expenditure as an expense? d. Assuming that the $11,000 is capitalized, what will be the effect on ROI for 2020 and subsequent years, compared to expensing the interest, installation, and overhead costs in 2019? Complete this question by entering your…
1.How much is the carrying amount of property, plant and equipment as of December 31, 2020?a. P435,160 c. P763,440b. P729,840 d. P860,400

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