The following financial information is from Cook Company: Accounts Payable Land Inventory Accounts Receivable Equipment Deferred Revenue Short-Term Investments. Notes Receivable (due in 8 months) Interest Payable Patents $ 55,000 90,000 10,500 7,500 8,000 58,500 20,000 45,500 2,000 75,000 What is the total amount of property, plant, and equipment assuming the accounts above reflect normal activity?

The following financial information is from Cook Company: Accounts Payable Land Inventory Accounts Receivable Equipment Deferred Revenue Short-Term Investments. Notes Receivable (due in 8 months) Interest Payable Patents $ 55,000 90,000 10,500 7,500 8,000 58,500 20,000 45,500 2,000 75,000 What is the total amount of property, plant, and equipment assuming the accounts above reflect normal activity?

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 net income reported on the income statement for the current year was $262,100. Depreciation recorded on equipment and a building amounted to $78,400 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $71,030 $75,290 Accounts receivable (net) 90,070 92,910 Inventories 177,580 160,070 Prepaid expenses 9,870 10,620 Accounts payable (merchandise creditors) 79,340 84,020 Salaries payable 11,440 10,470 a. Prepare the "Cash Flows from Operating Activities" section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.
Presented below is a list of balance sheet accounts.Accounts payable CashAccounts receivable Common stockAccumulated depreciation—buildings CopyrightAccumulated depreciation—equipment EquipmentAllowance for uncollectible accounts Interest receivable (due in three months)Restricted cash (to be used in 10 years) InventoriesBonds payable (due in 10 years) Land (in use)Buildings Long-term investmentsNotes payable (due in 6 months) Rent payable (current)Notes receivable (due in 2 years) Retained earningsPatent Short-term investmentsPreferred stock Taxes payablePrepaid expenses Wages payableRequired:Prepare a classified balance sheet ignoring monetary amounts
Question Content Area Use the information provided for Privett Company to answer the question that follow. Privett Company Accounts payable $30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 100,000 Long-term liabilities 75,000 Notes payable (short-term) 20,000 Property, plant, and equipment 400,000 Prepaid expenses 2,000 Temporary investments 36,000 Based on the data for Privett Company, what is the amount of working capital? a.$213,000 b.$153,000 c.$39,000 d.$113,000
Presented below is a list of balance sheet accounts. Accounts payable Cash Accounts receivable Common stock Accumulated depreciation—buildings Copyright (net) Accumulated depreciation—equipment Equipment Allowance for uncollectible accounts Interest receivable (due in three months) Restricted cash (to be used in 10 years) Inventory Bonds payable (due in 10 years) Land (in use) Buildings Long-term investments Notes payable (due in 6 months) Interest payable (current) Notes receivable (due in 2 years) Retained earnings Patent (net) Short-term investments Additional paid-in capital Income taxes payable Prepaid expenses Salaries payable Required:Prepare a classified balance sheet ignoring monetary amounts. (Enter the answer in the order of liquidity.)
The net income reported on the income statement for the current year was $282,126. Depreciation recorded on fixed assets and amortization of patents for the year were $33,351, and $9,402, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $37,370 $64,930 Accounts receivable 106,715 123,079 Inventories 80,207 102,432 Prepaid expenses 8,982 4,271 Accounts payable (merchandise creditors) 77,139 54,111 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? Select the correct answer. $303,001 $363,468 $381,785 $306,304
The ledger accounts of Entity A have the following balances on Deoember 31, 20x1 Accounts Balances 600,000 200,000 Accounts payable Accounts receivable Accumulated deprediation - Building Accumulated deprediation - Equipment Advertising expemae Allowance for bad debts Bad debt expense Building Cash - 1,200.000 400,000 70.000 40,000 20,000 4.000,000 560,000 Depreciation expense Equipment 200,000 3,600,000 Land 000'000t Miscellaneous expense Owner's capital Owner's drawings Prepaid supplies Salaries expense Salaries payable Service fees 4,000 4.000,000 60,000 40,000 1,260,000 120,000 Supplies expense Taxes and licenses 6,000,000 60,000 120000 Transportation and travel expense Utilities expense Utilities payable 140,000 46,000 40,000 Requirement: Prepare the unadjusted trial balance. Be sure to provide a proper heading for the report and arrange the accounts in the correct sequence
The net income reported on the income statement for the current year was $250,000. Depreciation recorded on fixed assets and amortization of patents for the year were $40,000 and $9,000, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: Cash End Beginning $50,000 $60,000 Accounts Receivable 112,000 108,000 Inventories 105,000 93,000 Prepaid Expenses 4,500 6,500 Accounts Payable 75,000 89,000 What is the amount of cash flows from operating activies reported on the statement of cash flows prepared by the indirect method? a. $271,000 b. $327,000 c. $256,000 d. $279,000
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An analysis of changes in selected balance sheet accounts of Johnson Corporation shows the following for the current year: Plant and Equipment accounts: Debit entries to asset accounts Credit entries to asset accounts Debit entries to accumulated depreciation accounts (resulting from sale of plant assets) Credit entries to accumulated depreciation accounts (representing depreciation for the current year) $ 154,000 $ 115,000 $ 88,000 Johnson's income statement for the current year includes a $11,000 loss on disposal of plant assets. All payments and proceeds relating to purchase or sale of plant assets were in cash. Select one: $ 104,000 Total cash proceeds received by Johnson from sales of plant assets during the current year amounted to: a. $104,000. b. $208,000. c. $219,000. d. $16,000.
The draft financial statements of Enjoy Ltd for the year ended 31 December 20X6 are given below. The following additional information is also provided: (i) Plant with an original cost of $800 and accumulated depreciation of $600 was sold for $200. (ii) Interest expense was $350 of which $140 was paid during the period. $130 relating to interest expense of the prior period was also paid during the period. (iii) Investment income included $250 of interest that was received during the period and $250 of interest still to be received. The $250 of interest still to be received is included within other receivables. (iv) Investment income also included $300 of dividend that was received. Statement of Profit and Loss for the year ended 31 December 20X6: Sales 44,870 Cost of sales 31,000 Gross Profit…
The following information is available for Falcon Mercantile for the year ended October 31, 2023: Cash 139,250 Accounts Receivable 15,000 Supplies 2,100 Equipment 27,000 Accumulated Depreciation- 6,300 Equipment Accounts Payable 21,000 Notes Payable 23,050 Owner's Ending Capital 141,400 Short-term Investments 1,000 Intangible Assets 1,500 Long-term Investments 5,900 Prepare a classified balance sheet for the year ended October 31, 2023. Use spaces to demonstrate good form.