Prepare General Journal , closing entries and post to Ledger and show the balance sheet presentation of assets at December 2017 .***Answer not Handwritten*** The following selected transactions for Leaf Industries, operating in New Brunswickoccurred in 2016 and 2017. The company's year-end is December 31.2016Purchased land, building and equipment for $320,000 by signing a notepayable. The appraised values for the new assets are: Land $138,000, Building$276,000, equipment $46,000. The building will be amortized using thestraight-line method over 20 years with a $50,000 residual value. Theequipment will be amortized over 4 years with no residual value using thedouble declining balance method.Paid $8,000 to improve the efficiency of the equipment.Purchased a vehicle for $15,000 bv signing a note. The vehicle has a residualAprJun29value of $3,000 and it is estimated that the car will be driven 150,000 km over itsuseful life. The units of production method will be used to amortize this asset.Purchased a patent paving S25,920 cash.The remaining useful life of theDec3patient is 4 vears and has no residual value.31Recorded amortization on the assets. The vehicle was driven 26,000 km in2016.2017The vehicle purchased last vear proved to be very unreliable so the companysold it for $5,000. The vehicle had been driven 32,000 km in 2017DecAfter using the building for a vear the company estimated that wear and tearon the building would force replacement in 15 vears instead of 20.3131Record amortization on the assets.

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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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Prepare General Journal , closing entries and post to Ledger and show the balance sheet presentation of assets at December 2017 .

***Answer not Handwritten***

The following selected transactions for Leaf Industries, operating in New Brunswick
occurred in 2016 and 2017. The company's year-end is December 31.
2016
Purchased land, building and equipment for $320,000 by signing a note
payable. The appraised values for the new assets are: Land $138,000, Building
$276,000, equipment $46,000. The building will be amortized using the
straight-line method over 20 years with a $50,000 residual value. The
equipment will be amortized over 4 years with no residual value using the
double declining balance method.
Paid $8,000 to improve the efficiency of the equipment.
Purchased a vehicle for $15,000 bv signing a note. The vehicle has a residual
Apr
Jun
29
value of $3,000 and it is estimated that the car will be driven 150,000 km over its
useful life. The units of production method will be used to amortize this asset.
Purchased a patent paving S25,920 cash.
The remaining useful life of the
Dec
3
patient is 4 vears and has no residual value.
31
Recorded amortization on the assets. The vehicle was driven 26,000 km in
2016.
2017
The vehicle purchased last vear proved to be very unreliable so the company
sold it for $5,000. The vehicle had been driven 32,000 km in 2017
Dec
After using the building for a vear the company estimated that wear and tear
on the building would force replacement in 15 vears instead of 20.
31
31
Record amortization on the assets.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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