Loose Leaf for Fundamental Accounting Principles
23rd Edition
ISBN: 9781259687709
Author: John J Wild, Ken Shaw Accounting Professor, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 16, Problem 18E
Exercise l6..18B
Direct: Preparing statement of
P1 P3 P5
The following summarized Cash T- account reflects the total debits and total credits to the Cash account of Thomas Corporation for calendar-year 2017.
1. Use this information topp a complete statement of cash flows for year 2017. The cash provided or used by operating activities should be reported using the direct method.
2. Refer to the statement of cash flows prepared for part ito answer the following questioi a through d: (a) Which section-operating, investing, or financing-shows the largest cash (1) inflow and (ü) outflow? (b) What is the largest individual item among the investing
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CODE 14
On August 1, 2010, Cheryl Newsome established Titus Realty, which completed the
following transactions during the month:
a. Cheryl Newsome transferred cash from a personal bank account to an account to
be used for the business in exchange for capital stock, $25,000.
b. Paid rent on office and equipment for the month, $2,750.
c. Purchased supplies on account, $950.
d. Paid creditor on account, $400.
c. Earned sales commissions, receiving cash, $18,100.
f. Paid automobile expenses (including rental charge) for month, $1,000, and miscel-
laneous expenses, $600.
g. Paid office salaries, $2,150.
h. Determined that the cost of supplies used was $575.
i. Paid dividends, $2,000.
REQUIREMENTS:
1. Determine increase - decrease of each account and new balance
2. Prepare 3 F.S: Income statement; Retained Earnings Statement; Balance Sheet
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Assume that TDW Corporation (calendar-year-end) has 2024 taxable income of $952,000 for purposes of computing the
§179 expense. The company acquired the following assets during 2024: (Use MACRS Table 1, Table 2, Table 3, Table 4,
and Table 5.)
Asset
Machinery
Computer equipment
Furniture
Total
Placed in
Service
September 12
February 10
April 2
Basis
$ 2,270,250
263,325
880,425
$ 3,414,000
b. What is the maximum total depreciation, including §179 expense, that TDW may deduct in 2024 on the assets it placed in service in
2024, assuming no bonus depreciation?
Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
Maximum total depreciation deduction (including §179 expense)
Evergreen Corporation (calendar-year-end) acquired the following assets during the current year: (Use MACRS Table 1 and
Table 2.)
Date Placed in
Asset
Machinery
Service
October 25
Original
Basis
$ 120,000
Computer equipment
February 3
47,500
Used delivery truck*
August 17
Furniture
April 22
60,500
212,500
The delivery truck is not a luxury automobile.
Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.
b. What is the allowable depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus depreciation
and elects out of §179 expense?
Chapter 16 Solutions
Loose Leaf for Fundamental Accounting Principles
Ch. 16 - Prob. 1DQCh. 16 - Prob. 2DQCh. 16 - Prob. 3DQCh. 16 - Prob. 4DQCh. 16 - Prob. 5DQCh. 16 - Prob. 6DQCh. 16 - Prob. 7DQCh. 16 - Prob. 8DQCh. 16 - Prob. 9DQCh. 16 - Prob. 10DQ
Ch. 16 - Prob. 11DQCh. 16 - Prob. 12DQCh. 16 - Prob. 13DQCh. 16 - Prob. 14DQCh. 16 - Prob. 15DQCh. 16 - Prob. 1QSCh. 16 - Prob. 2QSCh. 16 - Prob. 3QSCh. 16 - Prob. 4QSCh. 16 - Prob. 5QSCh. 16 - Prob. 6QSCh. 16 - Prob. 7QSCh. 16 - Prob. 8QSCh. 16 - Prob. 9QSCh. 16 - Prob. 10QSCh. 16 - Prob. 11QSCh. 16 - Prob. 12QSCh. 16 - Prob. 13QSCh. 16 - Prob. 14QSCh. 16 - Prob. 15QSCh. 16 - Prob. 16QSCh. 16 - Prob. 17QSCh. 16 - Prob. 18QSCh. 16 - Prob. 19QSCh. 16 - Prob. 20QSCh. 16 - Prob. 1ECh. 16 - Prob. 2ECh. 16 - Prob. 3ECh. 16 - Prob. 4ECh. 16 - Prob. 5ECh. 16 - Prob. 6ECh. 16 - Prob. 7ECh. 16 - Prob. 8ECh. 16 - Prob. 9ECh. 16 - Prob. 10ECh. 16 - Prob. 11ECh. 16 - Prob. 12ECh. 16 - Prob. 13ECh. 16 - Prob. 14ECh. 16 - Prob. 15ECh. 16 - Prob. 16ECh. 16 - Prob. 17ECh. 16 - Exercise l6..18B Direct: Preparing statement of...Ch. 16 - Prob. 1APSACh. 16 - Prob. 2APSACh. 16 - Prob. 3APSACh. 16 - Prob. 4APSACh. 16 - Problem 16-5BB
Direct: Statement of cash flows
P1...Ch. 16 - Prob. 6APSACh. 16 - Prob. 7APSACh. 16 - Prob. 8APSACh. 16 - Prob. 1BPSBCh. 16 - Prob. 2BPSBCh. 16 - Prob. 3BPSBCh. 16 - Prob. 4BPSBCh. 16 - Problem 16-5BB Direct: Statement of cash flows P1...Ch. 16 - Prob. 6BPSBCh. 16 - Prob. 7BPSBCh. 16 - Prob. 8BPSBCh. 16 - Prob. 16SPCh. 16 - Prob. 1GLPCh. 16 - Prob. 2GLPCh. 16 - Prob. 3GLPCh. 16 - Prob. 1BTNCh. 16 - Prob. 2BTNCh. 16 - Prob. 3BTNCh. 16 - Prob. 4BTNCh. 16 - Prob. 5BTNCh. 16 - Prob. 6BTNCh. 16 - Prob. 7BTNCh. 16 - Prob. 8BTNCh. 16 - Prob. 9BTNCh. 16 - Prob. 10BTN
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