The following is an extract from the statements offinancial position of Carp plc as at 31 December 2020and 2021:Plant andequipment(carrying amount)2020£m268O a. (£87m)O b. (£84m)O c. (£76m)O d. (£65m)2021£m343During the year to 31 December 2021 the followingtransactions took place:1. Interest received was £llm2. Depreciation of plant and equipment during theyear was £23mThere were no disposals of non-current assets duringthe year.What was the appropriate figure for net cash frominvesting activities for reporting in the statement ofcashflows for the year ending 31 December 2021?

Name: The following is an extract from the statements offinancial position
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: The following is an extract from the statements offinancial position of Carp plc as at 31 December 2020and 2021:Plant andequipment(carrying amount)2020£m268O a. (£87m)O b. (£84m)O c. (£76m)O d. (£65m)2021£m343During the year to 31 December 2021 the

The cash flow statement is prepared to record cash flows from various activities during the period.…

Business

Accounting

The following is an extract from the statements of financial position of Carp plc as at 31 December 2020 and 2021: Plant and equipment carrying amount) 2020 £m 268 2021 £m 343 During the year to 31 December 2021 the following cransactions took place: 1. Interest received was £11m 2. Depreciation of plant and equipment during the year was £23m

The following is an extract from the statements of financial position of Carp plc as at 31 December 2020 and 2021: Plant and equipment carrying amount) 2020 £m 268 2021 £m 343 During the year to 31 December 2021 the following cransactions took place: 1. Interest received was £11m 2. Depreciation of plant and equipment during the year was £23m

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Kruber corp as at December 31, 2021, the end of its first year of operations has the following details: Sales revenue RM317,050 Cost of goods sold RM144,760 Selling and administrative expenses RM 49,700 Gain on sale of plant assets RM28,090 Unrealized gain on available-for-sale debt investments was RM 9,890 Interest expense 6,250 Loss on discontinued operations 12,880 Dividends declared and paid 4,760 Compute: (a) Income from operations (b) Net income (c) Comprehensive income
The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets 2021 2020 Plant assets Equipment $ 300,000 $ 390,000 Accumulated depreciation—Equipment (148,000) (258,000) Equipment, net $ 152,000 $ 132,000 Buildings $ 500,000 $ 520,000 Accumulated depreciation—Buildings (172,000) (357,000) Buildings, net $ 328,000 $ 163,000 During 2021, a building with a book value of $94,000 and an original cost of $420,000 was sold at a gain of $84,000. 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?
Comparative data from the statement of financial position of Munchies Ltd. are shown below. Current assets Property, plant, and equipment Goodwill Total assets Current assets Property, plant, and equipment Total assets 2021 $1,519,000 2021 3,114.000 $4.730,000 % %6 97,000 2020 $1,164.000 2,827,000 107,000 $4,098,000 Using horizontal analysis, calculate the percentage of the base-year amount, using 2019 as the base year. (Round answers to 1 decimal place, e.g. 52.7%) 2020 2019 % $1,227,000 2.871,000 -0- $4,098,000 2019
18. Wildhorse Company’s income statement for the year ended December 31, 2020, contained the following condensed information. Service revenue $846,000 Operating expenses (excluding depreciation) $630,000 Depreciation expense 61,000 Loss on sale of equipment 27,000 718,000 Income before income taxes 128,000 Income tax expense 40,000 Net income $88,000 Wildhorse’s balance sheet contained the following comparative data at December 31. 2020 2019 Accounts receivable $35,000 $57,000 Accounts payable 42,000 30,000 Income taxes payable 3,900 8,700 (Accounts payable pertains to operating expenses.)Prepare the operating activities section of the statement of cash flows using the direct method. WILDHORSE COMPANYStatement of Cash Flows (Partial)choose the accounting period select an opening section…
Here is financial information for Glitter Inc. December 31, 2020 December 31, 2019 Current assets $100,000 327,000 $124,200 Plant assets (net) 394,362 Current liabilities 87,764 74,000 Long-term liabilities 135,020 86,000
Presented below is the balance sheet of Sheffield Corporation for the current year, 2025. Current assets Investments 643,870 Property, plant, and equipment 1,723,870 Intangible assets 305,000 1. 2. 3. The following information is presented. The current assets section includes cash $153,870, accounts receivable $173,870 less $13,870 for allowance for doubtful accounts, inventories $183,870, and unearned rent revenue $8,870. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 4. 5. Sheffield Corporation Balance Sheet December 31, 2025 $ 488,870 6. 7. $3,161,610 Current liabilities Long-term liabilities Stockholders' equity $ 383,870 1,003,870 1,773,870 $3,161,610 The investments section includes the cash surrender value of a life insurance contract $43,870; investments in common stock, short-term $83,870 and long-term $273,870; and bond sinking fund $242,260. The cost and fair value of investments in common stock are the same. Property, plant, and equipment includes…
Condensed financial data of Whispering Company for 2020 and 2019 are presented below. WHISPERING COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,830 $1,130 Receivables 1,770 1,290 Inventory 1,620 1,920 Plant assets 1,940 1,680 Accumulated depreciation (1,190 ) (1,170 ) Long-term investments (held-to-maturity) 1,300 1,410 $7,270 $6,260 Accounts payable $1,220 $910 Accrued liabilities 210 260 Bonds payable 1,420 1,530 Common stock 1,890 1,710 Retained earnings 2,530 1,850 $7,270 $6,260 WHISPERING COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $7,100 Cost of goods sold 4,760 Gross margin 2,340 Selling and administrative expenses 930 Income from…
At December 31, 2022, Flounder Company reported the following as plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets April 1 May 1 June 1 $27,650,000 13,740,000 During 2023, the following selected cash transactions occurred. July 1 Dec. 31 48,010,000 4,600,000 $3,590,000 13,910,000 43,410,000 $60,910,000 Purchased land for $2,170,000. Sold equipment that cost $1,080,000 when purchased on January 1, 2019. The equipment was sold for $648,000. Sold land purchased on June 1, 2013 for $1,410,000. The land cost $402,000. Purchased equipment for $2,370,000. Retired equipment that cost $503,000 when purchased on December 31, 2013.
The following data were included in a recent Mango, Incorporated annual report ($ in millions): Net sales In millions Net property, plant, and equipment Required: 2017 $ 189,234 34,783 2018 2019 $ 225,595 $ 220,174 47,304 34,378 2020 $ 284,515 35,766 Compute 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. 2018 2019 Fixed asset turnover ratio 2020
The net income reported on the income statement for the current year was $278,260. Depreciation recorded on fixed assets and amortization of patents for the year were $34,649, and $11,472, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: Cash Accounts receivable Inventories End a. $370,545 b. $208,919 c. $347,601 Od. $278,217 $47,146 124,126 102,601 4,506 45,924 Beginning $57,260 104,236 93,932 7,914 66,937 Prepaid expenses Accounts payable (merchandise creditors) What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?
Required: Prepare the statement of cash flows of Wright Company for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 10,000 should be entered as 10).) WRIGHT COMPANY Statement of Cash Flows For the year ended December 31, 2021 ($ in thousands) Cash flows from operating activities: Cash inflows: Cash outflows: Net cash flows from operating activities. Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities Net increase (decrease) in cash Cash balance, January 1 Cash balance, December 31
Assume the following general ledger account balances for Xenon Inc. for December 31, 2019 Accumulated Depreciation 50,000 Building 70,000 Depreciation Expense 20,000 Equipment 53,000 Land 90,000 Unused Supplies 3,000 What is the carrying amount of the company’s plant and equipment section of thebalance sheet at December 31, 2019?