Account MNO Corporation had the following information regarding its fixed assets: Beginning of the year: $500,000 Additions during the year: $100,000 Disposals during the year: $50,000 Accumulated depreciation at the beginning of the year: $200,000 Depreciation expense for the year: $50,000 Calculate the net book value of fixed assets at the end of the year.

Account MNO Corporation had the following information regarding its fixed assets: Beginning of the year: $500,000 Additions during the year: $100,000 Disposals during the year: $50,000 Accumulated depreciation at the beginning of the year: $200,000 Depreciation expense for the year: $50,000 Calculate the net book value of fixed assets at the end of the year.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 6RE: Oz Corporation has the following assets at year-end: Patents (net), 26,000; Land, 50,000; Buildings,...

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an assets book value is 19,400 on Dec 31, year 5. The asset has been depreciated at an annual rate of 4,400 on the straight-line method. assuming the asset is sold on Dec 31 year 5 for 16,400 the company should record?
The net income reported on the income statement for the current year was $294,649. Depreciation recorded on fixed assets and amortization of patents for the year were $44,735 and $9,224, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $41,600 $58,890 Accounts Receivable 124,965 108,432 Inventories 101,477 91,425 Prepaid Expenses 4,137 8,009 Accounts Payable (merchandise creditors) 45,964 61,724 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?
MNO Corporation had the following information regarding its fixed assets: Beginning of the year: $500,000 Additions during the year: $100,000 Disposals during the year: $50,000 Accumulated depreciation at the beginning of the year: $200,000 Depreciation expense for the year: $50,000 Calculate the net book value of fixed assets at the end of the year.
The net income reported on the income statement for the current year was $275,000. Depreciation recorded on fixed assets and amortization of patents for the year were $40,000 and $9,000, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $50,000 S60,000 Accounts Receivable 112,000 108,000 Inventories 105,000 93,000 Prepaid Expenses 4,500 6,500 Accounts Payable (merchandise creditors) 75,000 89,000 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? O a. $198,000 Ob. $296,000 O c. $324,000 O d. $352,000
The net income reported on the income statement for the current year was $295,300. Depreciation recorded on fixed assets and amortization of patents for the year were $40,200 and $5,300, respectively. Balances of current asset and current liability accounts at the end and beginning of the year are as follows: End Beginning Cash $50,300 $60,300 Accounts receivable 112,100 108,100 Inventories 105,300 93,300 Prepaid expenses 4,600 6,800 Accounts payable (merchandise creditors) 75,100 89,300 What amount of cash flows from (used for) operating activities is reported on the statement of cash flows prepared by the indirect method? a.$302,800 b.$207,400 c.$312,800 d.$369,000
1. The net income reported on the income statement for the current year was $310,000.Depreciation recorded on fixed assets and amortization of patents for the year were$40,000 and $9,000, respectively. Balances of current asset and current liabilityaccounts at the end and at the beginning of the year are as follows:End BeginningCash $50,000 $60,000Accounts receivable 112,000 108,000Inventories 105,000 93,000Prepaid expenses 4,500 6,500Accounts payable (merchandise creditors) 75,000 89,000What is the amount of cash flows from operating activities reported on the statement of cashflows prepared by the indirect method?a. $233,000b. $289,000c. $387,000d. $331,000
The net income reported on the income statement for the current year was $310,000. Depreciation recorded on fixed assets and amortization of patents for the year were $40,000 and $9,000, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $50,000 $60,000 Accounts receivable 112,000 108,000 Inventories 105,000 93,000 Prepaid expenses 4,500 6,500 Accounts payable (merchandise creditors) 75,000 89,000 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? a. $233,000 b. $289,000 c. $387,000 d. $331,000
The net income reported on the income statement for the current year was $250,000. Depreciation recorded on fixed assets and amortization of patents for the year were $40,000, and $9,000, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $ 50,000 $ 60,000 Accounts Receivable 112,000 108,000 Inventories 105,000 93,000 Prepaid Expenses 4,500 6,500 Accounts Payable (merchandise creditors) 75,000 89,000 What is the amount of net cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? a.$279,000 b.$327,000 c.$271,000 d.$256,000
The net income reported on the income statement for the current year was P255,800. Depreciation recorded on equipment and a building amounted to P53,500 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of the year Beginning of the year Cash P 42,000 P 44,200 Accounts receivable (net) 56,400 67,000 Inventories 125,900 112,600 Prepaid expenses 5,800 6,000 Accounts payable (merchandise creditors) 61,400 67,500 Salaries payable 8,300 7,900 Required: Prepare the cash flows from operating activities section of the statement of cash flows, using the indirect method.
Oz Corporation has the following assets at year-end: Patents (net), 26,000; Land, 50,000; Buildings, 175,000; Accumulated Depreciation: Buildings, 57,500; Investment in Held-to-Maturity Bonds, 12,000; Equipment, 95,000; and Accumulated Depreciation: Equipment, 25,000. Prepare the property, plant, and equipment section of Ozs year-end balance sheet.
Clark Corporation reported beginning net fixed assets of $94,150, ending net fixed assets of $103,626, accumulated depreciation of $49,133, net sales of $212,722, and depreciation expense of $12,315. Required: Compute Clark Corporation's fixed asset turnover ratio and the average age of its fixed assets.
The net income reported on the income statement for the current year was $185,000. Depreciation recorded on equipment and a building amounted to $96,000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of YearCash $ 75,000 $ 86,150Accounts receivable (net) 84,550 90,000Inventories 186,200 175,000Prepaid expenses 3,600 4,500Accounts payable (merchandise creditors) 91,500…