What is the journal entry Declan's Designs recorded to recognize the purchase of PPE in 2022? Question 6 options: Dr. PPE $10,0000 Cr. Cash $10,000 Dr. PPE $22,0000 Cr. Cash $22,000 Dr. PPE $12,0000 Cr. Cash $12,000 Dr. PPE $11,0000 Cr. Cash $11,000 ASSETS12/31/202112/31/2022For the Year EndingCurrent AssetsCash and Cash EquivalentsAccounts Receivable, NetMerchandise Inventory12/31/2022$90,00097,000400,000587,000$294,000101,000475,000870,000Sales Revenue$225,000(16,000)209,000(22,000)187,000(12,000)(5,000)170,000(7,000)$163,000CGSTotal Current AssetsGross MarginSG&APPE, NetGoodwill, Net62,000600,000$1,249,00070,000600,000$1,540,000Operating IncomeInterest ExpenseLoss on Sale of PPETotal AssetsPre-Tax IncomeIncome Tax ExpenseLIABILITIES & SHAREHOLDERS’ EQUITYCurrent LiabilitiesAccounts PayableInterest PayableDividends PayableNet Income26,0003,00020,00049,00017,0005,00010,00032,000Additional Information regarding Declan's Designs' 12/31/22 financials:Total Current LiabilitiesMortgage PayableLong-Term Bank LoanTotal Liabilities500,000200,000732,000PROPERTY, PLANT & EQUIPMENTPPE is shown net accumulated depreciation. Accumulated depreciation was $18,000 at the beginning ofthe500,000and $20,000 at the end of the year. Depreciation expense for the year was $3,000, which isyearincluded in SG&A. New PPE was bought during the year for $22,000 (in cash).549,000Shareholder's EquityPreferred StockNote: You may use the worksheet provided on the last page to help you prepare the Cash Flow Statement.8,00054,000638,000700,000Common StockHint #1: The most recent year is not always in the left column.Additional Paid in CapitalRetained EarningsTotal Shareholder's Equity10,00060,000738,000808,000Hint #2: Evaluate changes in gross PPE separate from changes in accumulated depreciation. Recall grossPPE less accumulated depreciation equals net PPE.Hint #3: Never “plug" the annual change in gross PPE. Separately evaluate the increase in gross PPE(capital expenditures) from the annual decrease in gross PPE (sale of PPE).Total Liabilities &Shareholders' Equity$1,249,000$1,540,000Hint #4: The total change in cash due to stock issuances/repurchases is the sum of the change in commonstock (stated par value) and additional paid in capital (APIC).Hint #5: Dividends declared (the decrease in RE) is not the same as dividends paid (the decrease individends payable). To find dividends paid, set up your dividends payable account with the beginning andending balances from the balance sheet. Increase dividends paid by the amount of dividends declared.Then plug for the decrease in dividends payable (which represents dividends paid).

The journal entries are prepared to keep the record of day to day transactions of the business. Cash…

What is the journal entry Declan's Designs recorded to recognize the purchase of PPE in 2022? Question 6 options: Dr. PPE $10,0000 Cr. Cash $10,000 Dr. PPE $22,0000 Cr. Cash $22,000 Dr. PPE $12,0000 Cr. Cash $12,000 Dr. PPE $11,0000 Cr. Cash $11,000

What is the journal entry Declan's Designs recorded to recognize the purchase of PPE in 2022? Question 6 options: Dr. PPE $10,0000 Cr. Cash $10,000 Dr. PPE $22,0000 Cr. Cash $22,000 Dr. PPE $12,0000 Cr. Cash $12,000 Dr. PPE $11,0000 Cr. Cash $11,000

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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