EquipmentAccumulated depreciation-Equipment$ 180,000(100, ееө)$ 80,000Equipment, netBuildingsAccumulated depreciation-Buildings$ 270,000(210, ее0)$ 60,000$ 400,000(285,000)$ 115,000$ 380,000(100, ө0ө)$ 280,000Buildings, netDuring 2019, a building with a book value of $70,000 and an original cost of $300,000 was sold at a gain of $60,000.1. How much cash did Anders receive from the sale of the building?2. How much depreciation expense was recorded on buildings during 2019?3. What was the cost of buildings purchased by Anders during 2019?ces1.Cash received from the sale of building2.Depreciation expense3.Purchase of building< Prevof 14Next >.. Required information[The following information applies to the questions displayed below.]The plant assets section of the comparative balance sheets of Anders Company is reported below.ANDERS COMPANYComparative Balance Sheets20192018Plant assetsEquipmentAccumulated depreciation-Equipment$ 180,000(100,e00)$ 80,000$ 380,000(100,000)$ 280,000$ 270,000(210,000)$ 60,000$ 400,000(285,000)$ 115,000Equipment, netBuildingsAccumulated depreciation-BuildingsBuildings, netDuring 2019, a building with a booklue of $70,000 and an original cost of $300,000 was sold at a gain of $60,000.1. How much cash did Anders receive from the sale of the building?2 How much denreciation evnense was recorded on buildinas during 20192...< Prevof 14Next >Chat

Accumulated Depreciation on sold Building = Original cost - Book value = $300,000 - $70,000 =…

The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Balance Sheets 2019 2018 Plant assets Equipment Accumulated depreciation-Equipment $ 180,000 |(100,000) $ 80,000 $ 380,000 (100, еee) $ 280,e00 $ 270,000 (210,e00) $ 60,000 $ 400,e00 (285,000) $ 115,000 Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net During 2019, a building with a book value of $70,000 and an original cost of $300,000 was sold at a gain of $60,000. 1. How much cash did Anders receive from the sale of the building? 2 How much denreciation evnense was recorded on huildingc during 2019?

The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Balance Sheets 2019 2018 Plant assets Equipment Accumulated depreciation-Equipment $ 180,000 |(100,000) $ 80,000 $ 380,000 (100, еee) $ 280,e00 $ 270,000 (210,e00) $ 60,000 $ 400,e00 (285,000) $ 115,000 Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net During 2019, a building with a book value of $70,000 and an original cost of $300,000 was sold at a gain of $60,000. 1. How much cash did Anders receive from the sale of the building? 2 How much denreciation evnense was recorded on huildingc during 2019?

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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Required information [The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets 2021 Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net 1. Cash received from the sale of building 2. Depreciation expense 3. Purchase of building $ 180,000 (100,000) $ 80,000 $ 130,000 $ 380,000 (100,000) $ 280,000 2020 $ 270,000 (210,000) $ 60,000 During 2021, a building with a book value of $70,000 and an original cost of $300,000 was sold at a gain of $60,000. 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? $ 400,000 (285,000) $ 115,000
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 2014 comparative balance sheet and 2014 income statement of Byfield Co Ltd, have just been distributed at a meeting of the company's board of directors. Simple Things Industries Ltd. Comparative Balance Sheet December 31, 2014 and 2013 2014 2013 Increase/(Decrease) Assets Cash 238,000 303,200 358,300 35,350 205,000 1.105,000 2.244,850 215,200 259,300 Accounts Receivable Inventories Prepaid expenses Intangible assets Plant assets, net Total Assets ? 348,200 43,100 205,000 ? 910,000 1,980,800 Liabilities Accounts payable Accrued liabilities Income tax payable Long-term notes payable Stockholders' Equity Common Stock Retained earnings 254,300 415,300 240,000 410,000 135,400 ? 115,000 845,400 ? 910,500 295,500 345,600 275,300 295,400 Treasury stock Total liabilities and stockholders' equity (26,250) 2244,850 (285,800) 1,980,800
The following data relate to store equipment of ABC Company for 2021:· Store Equipment at cost, Jan. 1- P100,000 · Store Equipment at cost, Dec. 31- P105,000· Accumulated Depreciation, Jan. 1- P30,000· Accumulated Depreciation, Dec. 31- 35,000Store Equipment costing P10,000 was sold for P8,000 resulting in a loss of P500. The depreciation expense on store equipment for 2021 is
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Presented below is information related to Wolfie Corp.’s equipment on 12/31/2022: Description Amount Capitalized cost $900,000 Accumulated depreciation to date 750,000 Estimated residual value 40,000 Expected future cash flows 125,000 Estimated Fair value 100,000 The amount of the impairment loss, if any, that Wolfie Corp. should record on 12/31/22 is: $45,000 $50,000 $10,000 $20,000 $25,000 There is no impairment.
Bruce Company acquired a machinery on April 1, 2020. Cost P 1,200,000 Residual Value P 120,000 Estimated Useful Life 8 years What is the depreciation for 2020 using sum of years’ digits? A. P240,000 B. P180,000 C. P120,000 D. P160,000 What is the depreciation for 2021 using sum of years’ digits? A. P157,500 B. P217,500 C. P210,000 D. P105,000
The December 31, 2020 and 2019 comparative financial statements of ABC Company showed equipment with an original cost of P379,000 and P344,000 with accumulated depreciation of P153,000 and P128,000, respectively. During 2020, the company purchased an equipment costing P50,000 and sold equipment with carrying value of P9,000. What amount should the company report as depreciation expense for the year ended December 31, 2020?
n The T-accounts for Equipment and the related Accumulated Depreciation-Equipment for Oriole Company at the end of 2022 are shown here. Equipment Beg. bal. 75,600 Disposals 21,800 Acquisitions 45,500 End. bal. 99,300 Accumulated Depreciation-Equipment Disposals 5,000 Beg. bal. 44,700 Depr. exp. 11,500 End. bal. 51,200 In addition, Oriole Company's income statement reported a loss on the disposal of plant assets of $4,000. What amount was reported on the statement of cash flows as "cash flow from sale of equipment"? (Show an 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 eTextbook and Media $
Information related to plant assets, extractable natural resources, and intangibles at the end of 2020 for Whispering Energy is as follows: buildings £1,020,000, accumulated depreciation-buildings £650,000, goodwill £410,000, coal mine £499,000, and accumulated depletion-coal mine £108,000. Prepare a partial statement of financial position of Whispering Energy for these items. (List Property, plant and equipment in order of coal mine and buildings.) WHISPERING ENERGY Statement of Financial Position (partial) > >
Following are the details related to fixed assets of Jackson company as at December 31, 2022: Date of Residual Purchase January 1, 2020 $15,000 April 1, 2015 1,000 Asset Machinery Delivery Van September 30, 2018 Furniture 500 December 31, 2012 Building 25,000 Required: Estimated Useful Life 30 Years 12 Years 8 Years 40 Years Cost $ 550,000 45,000 72,000 1,250,000 Value 1. Calculate the annual depreciation for each of the fixed assets given above. 2. Determine the book value of each fixed asset as on December 31, 2022.
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