The following information is for Bridgeport Real Estate:**Bridgeport Real Estate Balance Sheet** **December 31, 2020****Assets**- **Cash:** $24,800- **Prepaid Insurance:** $30,200- **Accounts Receivable:** $49,500- **Inventory:** $70,100- **Land Held for Investment:** $85,800- **Land:** $118,400- **Buildings:** $98,500 Less: Accumulated Depreciation ($20,200) = $78,300- **Trademark:** $68,700 **Total Assets:** $525,800**Liabilities**- **Accounts Payable:** $59,600- **Salaries and Wages Payable:** $15,200- **Mortgage Payable:** $85,700**Total Liabilities:** $160,500**Owner’s Equity**- **Owner’s Capital:** $365,300**Total Liabilities and Owner’s Equity:** $525,800---**Question:**The total dollar amount of assets to be classified as current assets is:- $190,300.- $174,600.- $104,500.- $260,400.**Explanation:**This balance sheet provides a detailed financial overview of Bridgeport Real Estate as of December 31, 2020. Assets are listed on the left, separated into categories such as cash, prepaid insurance, accounts receivable, etc. Liabilities and owner's equity are on the right, showing how these assets are financed, either through debts or capital.Current assets typically include cash, prepaid insurance, accounts receivable, and inventory, as they are expected to be converted into cash within a year.

Current assets are those assets in the balance sheet which are either in cash or can be converted…

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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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Ivanhoe Company purchased land, a building, and equipment on January 2, 2021, for $940,000. The company paid $160,000 cash and signed a mortgage note payable for the remainder. Management's best estimate of the value of the land was $388,000; of the building, $446,200; and of the equipment, $135,800. Record the purchase. (Use Mortgage Payable for account.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 2 (To record purchase of property.) Debit Credit
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The financial manager of Bluesky Storage Ltd has just completed the adjusting journal entriesand provide the following adjusted trial balance for the year ended 31 December 2021:Bluesky Storage LtdAdjusted Trial Balanceas at 31 December 2021 $ $Accounts payable 1,400Accounts receivable 400Accumulated Depreciation – Building 28,000Accumulated Depreciation – Office equipment 1,100Building 98,000Cash 3,050Depreciation expense – Building 5,570Depreciation expense – Office equipment 400Dividends 21,000Insurance expense 800Interest expense 3,000Land 115,000Long-term notes payable 150,000Office equipment 4,200Office supplies 80Office supplies expense 250Prepaid insurance 830Property taxes expense 2,400Rent revenue 57,500Retained earnings 10,000Salaries expense 25,000Salaries payable 880Share capital 30,340Unearned rent revenue 2,660Utilities expense 1,900281,880 281,880Required:Prepare the following financial statements for the year ended 31 December 2021:(a) Income Statement (b) Statement of…
The following information is for Swifty Real Estate: SwiftyReal EstateBalance SheetDecember 31, 2020 Cash $ 25500 Accounts Payable $ 60500 Prepaid Insurance 29700 Salaries and Wages Payable 15100 Accounts Receivable 50600 Mortgage Payable 84500 Inventory 68600 Total Liabilities 160100 Land Held for Investment 83500 Land 120600 Buildings $98100 Less Accumulated Depreciation Owner's Capital 366400 (19600) 78500 Trademark 69500 Total Liabilities and Owner’s Equity Total Assets $526500 $526500 The total dollar amount of liabilities to be classified as current liabilities is $160100. $15100. $60500. $75600.
Catherine Steele owns two rental properties originally valued at $275,000 (Property 1t land $70,000, building $55,000) (Property 2 land $90,000, building $60,000) The buildings are Class 1 (4%) properties. Net rental income before CCA in 2020 was $11,000 • The UCC on building 1 at the beginning of 2020 was $50,00o. • The UCC on building 2 at the beginning of 2020 was $40,000 • Property 2 was soid in 2020 for $250,000 (land $200,000, bulding $50,000) Required Calculate Catherine's net rental income for 2020 then subtract the allowable CCA to arrive at her Net Income from rental property Numeric Response
Arrangement of the Income Statement Powers Wrecking Service demolishes old buildings and other structures and sells the salvaged materials. During 2019, Powers had $425,000 of revenue from demolition services and $137,000 of revenue from salvage sales. Powers also had $1,575 of interest income from investments. Powers incurred $243,200 of wages expense, $24,150 of depreciation expense, $48,575 of supplies expense, $84,000 of rent expense, $17,300 of miscellaneous expense, and $43,900 of income taxes expense.
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The following information for Cheyenne Real Estate
Walmart Stores, Inc. Property and Equipment ($ in millions) Land Buildings and improvements Fixtures and equipment Transportation equipment Property under capital lease Property and equipment Accumulated depreciation Property and equipment, net January 31, 2015 $ 26,261 97,496 January 31, 2014 $ 26,184 95,488 45,044 42,971 2,807 2,785 5,787 5,661 177,395 173,089 (63,115) (57,725) $114,280 $115,364
Mumtaz Bhd is a listed company engaged in developing housing and industrial estate. Below is the trial balance as at 30 June 2020. Debit Credit RM’000 RM’000 Investment property at fair value 28,660 Intangible assets on 1 July 2019 18,800 Tax recoverable on 1 July 2019 800 Revenue 158,920 Freehold land at valuation 13,400 Buildings at cost 28,400 Plant and machinery at cost 204,400 Accumulated depreciation as at 1 July 2019: - building 4,260 - plant and machinery 85,140 Inventory on 30 June 2020 4,300 Trade receivables 7,860 Cash at bank 10,900 Ordinary shares of RM1 each 60,000 Distribution costs 4,460 Retained earnings as at 1 July 2019 6,380 Asset revaluation reserve 12,700 Cost of sales 43,780 Administrative expenses 8,560 10% Debentures 31,660 Finance costs…
E9.1 (LO 1) (Acquisition Costs of Realty) The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. a. Money borrowed to pay building contractor (signed a note) b. Payment for construction from note proceeds c. Cost of land fill and clearing d. Delinquent real estate taxes on property assumed by purchaser e. Premium on 6-month insurance policy during construction f. Refund of 1-month insurance premium because construction completed early g. Architect's fee on building h. Cost of real estate purchased as a plant site (land $200,000 and building $50,000) i. Commission fee paid to real estate agency j. Installation of fences around property k. Cost of razing and removing building 1. Proceeds from salvage of demolished building m. Interest paid during construction on money borrowed for construction n. Cost of parking lots and driveways o. Cost of trees and shrubbery…

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