Fogg Corporation's comparative balance sheet at December 31, 2020 and 2019 reported accumulated depreciation balances of $1,245,000 and $900,000, respectively. Property with a cost of $75,000 and a carrying amount of $57,000 was the only property sold in 2020. Depreciation charged to operations in 2020 was

Fogg Corporation's comparative balance sheet at December 31, 2020 and 2019 reported accumulated depreciation balances of $1,245,000 and $900,000, respectively. Property with a cost of $75,000 and a carrying amount of $57,000 was the only property sold in 2020. Depreciation charged to operations in 2020 was

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 4MCQ

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On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and amortization expense to the nearest whole year. During 2020, Vail engaged in the following transactions: Required: 1. Check the accuracy of the accumulated depreciation balances at December 31, 2019. Round to the nearest whole dollar in all requirements. 2. Prepare journal entries to record the preceding events in 2020, as well as the year-end recording of depreciation expense. 3. Prepare an Accumulated Depreciation account for each category of assets, enter the beginning balance, post the journal entries from Requirement 2, and compute the ending balance.
Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense for 2019 if the units-of-production method were used ( Note: Round your answer to the nearest dollar)? a. $179,400 b. $184,000 c. $218,400 d. $224,000
The December 31, 2020 and 2019 comparative financial statements of Park Dong Chun 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? A. P19,000 B. P25,000 C. P31,000 D. P34,000
At December 31, 2020, the following existed on the records of Chogiwa Co.: Fixed Assets: $860,000 Accumulated Depreciation: $397,000 During the year ended September 30,2021, fixed assets with a written down value of $37,000 was sold for $49,000. The pant had originally cost $80,000. Fixed assets purchased during the year cost $180,000. It is the company's policy to charge a full year's depreciation in the year of acquisition of an asset and none in the year of sale. Chogiwa uses 10% rate on a straight-line basis. What net amount (book value) should appear in the statement of financial position as of September 30, 2021 for fixed assets?
At December 31, 2021, the following existed on the records of Chai Co..: Accumulated Depreciation: $3,970,000 Fixed Assets: $8,600,000 During the year ended September 30,2022, fixed assets with a written down value of $370,000 was sold for $490,000. The pant had originally cost $800,000. Fixed assets purchased during the year cost $1,800,000. It is the company's policy to charge a full year's depreciation in the year of acquisition of an asset and none in the year of sale. Chogiwa uses 10% rate on a straight-line basis. Compute for the net amount (book value) of fixed assets should appear in the statement of financial position as of September 30, 2022.
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?
Zydus corp Balance Sheet as at December 31, 2020 and 2019 reported accumulated depreciation balances of 800,000 and 600,000, respectively. Property with a cost of 50,000 and a carrying amount of 40,000 was the only property sold in 2020. Depreciation charged to operations in 2020 was: A 210,000 B 200,000 C 220,000 D 190,000
The December 31, 2021 and 2020 comparative financial statements of Galley Company showed equipment with an original cost pf P379,000 and P344,000 with accumulated depreciation of P153,000 and P128,000, respectively. During 2021, the company purchased equipment costing P50,000 and sold equipment with a book value of P9,000. What amount should the company report as depreciation expense for 2021?
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 December 31, 2021 and 2020 comparative financial statements of ABC Company showed equipment with an original cost pf P379,000 and P344,000 with accumulated depreciation of P153,000 and P128,000, respectively. During 2021, the company purchased equipment costing P50,000 and sold equipment with a book value of P9,000. What amount should the company report as depreciation expense for 2021?
The December 31, 2021 and 2020 comparative financial statements of Galley Company showed equipment with an original cost pf P379,000 and P344,000 with accumulated depreciation of P153,000 and P128,000, respectively. During 2021, the company purchased equipment costing P50,000 and sold equipment with a book value of P9,000. What amount should the company report as depreciation expense for 2021? Present solutions in good accounting form. No parenthetical solutions. Thanks and God bless!
In 2020, Geiger Co. sold equipment that had cost P294,000 for P176,400. This resulted in a gain of P12,900. The balance in Accumulated Depreciation—Equipment was P975,000 on January 1, 2020, and P930,000 on December 31, 2020. No other equipment was disposed of during 2020. Depreciation expense for 2020 was