The following accounts are extractedfrom the books of X Inc. on December31, 2020:Account ReceivableSe0.000Aocounts Payablee75,000Accumulated Dpreciation: Land Improvement160.000Allowance for Doubtful Accounts26,000Aeerued Liahilities204.000Bonds Payable373,000Hond Sinking Fund220,000Cash140,000lavestment in Stock132.000Common Stock414,000Goodwilllaventory322,000Land260,000Land held for spelation88,000Land Improvement700,000Mortgage Payable176,000Premium on Bonds Payable36,000Promium on Common Stock276,000Prepaid Insuranee (24 months)40,000Retained Eamings440,000Supplies16,000Trading Securities, originally purchased at S70,000, areraded at a fair Valae of S88,000Treasury StockUncamed Service Revenue??Basedon the data above, currentassets were: *$582,000$600,000$626,000None of the above

Name: The following accounts are extractedfrom the books of X Inc. on Decem
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Description: The following accounts are extractedfrom the books of X Inc. on December31, 2020:Account ReceivableSe0.000Aocounts Payablee75,000Accumulated Dpreciation: Land Improvement160.000Allowance for Doubtful Accounts26,000Aeerued Liahilities204.000Bonds Pay

Current assets: Current assets are all those assets which are expected to be sold or used as a…

Business

Accounting

The following accounts are extracted from the books of X Inc. on December 31, 2020: Accot Receivble Accs Payabe 75.000 Accumulated Dopreciation: Land mprvemnt Allowance for Duheul Accots 26000 Accruod Lihiles 20400 Bond Payable Bond Siking Fnd 2000 1400 evestment in Stk Commn Stk 41400 Geodwill lavetry 00022 Land Land held for spooltie Land pm 0.000 Mtge Peyae 16000 Pomim end Payae Promim on Commen Stk 26000 Pepaid lumoe (24 m) Reined ings 40.00 Supplies 6.000 Trading Soourities, originally purchanod a S0, we dedafairval of S0 Trery Stck Uncamed Senvie Reven Based on the data above, current assets were: O $582,000 O $600,000 $626,000 O None of the above

The following accounts are extracted from the books of X Inc. on December 31, 2020: Accot Receivble Accs Payabe 75.000 Accumulated Dopreciation: Land mprvemnt Allowance for Duheul Accots 26000 Accruod Lihiles 20400 Bond Payable Bond Siking Fnd 2000 1400 evestment in Stk Commn Stk 41400 Geodwill lavetry 00022 Land Land held for spooltie Land pm 0.000 Mtge Peyae 16000 Pomim end Payae Promim on Commen Stk 26000 Pepaid lumoe (24 m) Reined ings 40.00 Supplies 6.000 Trading Soourities, originally purchanod a S0, we dedafairval of S0 Trery Stck Uncamed Senvie Reven Based on the data above, current assets were: O $582,000 O $600,000 $626,000 O None of the above

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

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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The following sre the ending balances of accounts st December 31, 2021, for the Valley Pump Corporstion. Account Title Cash Accounts receivable Te Inventory Intarest payble Delits Credits $ 31,000 93,eea $ 16, 800 Investrant in equity securities Land Buildirgs Accurulated depreciation-buildings 56,000 132,00a 185, e Equipnent Accurulated depreciation-equiprent 87,000 31, 00 Copyr right (net) 18,000 Prepaid expenses (next 12 nonths) Accounts payable Deferred Notes payable Allawance for uncallectible accounts 71, ee 26, 00 280, e 6, 00 260, 0e 57, 00 revenue (next 12 months) Cormon stock Retained earnings Totals $853,68a sas3, a00 Addltionel Information: 1 The $132,000 balance in the land account conslsts of $106,000 for the cost of land where the plant and office buldings sre located. The remsining S25,000 represents the cost of Isnd being held for speculstion. 2 The $56,000 balance in the Investment in equity securities sccount represents an Investment in the common stock of another…
Presented below is selected information pertaining to the Cassie Inc:Cash balance, January 1, 2020- P13,000Accounts receivable, January 1, 2020- P19,000Collections from customers in 2020- P210,000 Capital account balance, January 1, 2020- P38,000Total assets, January 1, 2020- P75,000Cash investment added, July 1, 2020-P5,000Total asset, December 31, 2020- P101,000 Cash balance, December 31, 2020- P20,000Accounts receivable, December 31, 2020- P36,000Merchandise taken for personal use during 2020- P11,000Total liabilities, December 31, 2020- P41,000How much is the net income for 2020?
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Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…
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An SME provided the following on December 31, 2022: Cash Accounts receivable Prepayments Inventories Investment in associate Property, plant and equipment Accumulated depreciation and impairment Software - net of amortization and impairment Deferred tax asset Bank overdraft Bank loan, fully payable in 2022 and prepayable without penalty Trade payables Interest payable Current tax liability Provision for warranty. Employee benefit obligation, current portion, P4,000 Finance lease liability, current portion, P20,000 Share capital Retained earnings 5. What is the total amount of current assets? A. 675,000 B. 615,000 C. 785,000 D. 725,000 6. What is the total amount of current liabilities? A. 810,000 B. 860,000 C. 786,000 D. 806,000 7. What is the total shareholders' equity? A. 2,460,000 B. 2,400,000 C. 2,430,000 D. 2,700,000 25,000 530,000 60,000 60,000 110,000 3,250,000 700,000 10,000 5,000 80,000 50,000 430,000 2,000 270,000 4,000 10,000 44,000 30,000 2,430,000
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QUESTION : " The balance sheet of Lara Ltd are as follows: 31/12/2019 Non-Current Assets RM RM RM Equipment (Cost) Less: Accumulated depreciation 28,500 (11,450) 17,050 Current Assets 18,570 Inventory Account receivable 8,470 Less: Provision doubtful debts (420) 8,050 4,060 30,680 Cash and bank Total Assets Current Liabilities Account Payable 4,140 Non-Current Liabilities Loan 10,000 Total Liabilities (14,140) 16,540 Net Assets 33,590 Capital Opening Add: Net profit 35,760 10,240 Cash introduced Less: Drawing Total Capital (12,410) 33,590 31/12/2020 Non-Current Assets RM RM RM Equipment (Cost) Less: Accumulated depreciation 26,100 (13,010) 13,090 Current Assets 16,250 Inventory Account receivable 14,190 Less: Provision doubtful debts (800) 13,390 3,700 33,340 Cash and bank Total Assets Current Liabilities Account Payable 5,730 Non-Current Liabilities Loan 4,000 23,610 36,700 Total Liabilities (9,730) Net Assets
Suppose you collected the following information of ABC corp. from the financial statements published in 2019. Entry Total Current Assets 14050001206000 Current Liabilities Notes Payable Earning before Interest and Taxes Depreciation Capital expenditures Tax rate Select one: @a. 1279990X b. 187578 0c Estimate the Free Cash Flow available for ABC corp. at the end of 2019. 60030 2019 d. 1092412 e 30 2018 602000 571500 476990 457912 97680 159000 -30000 40%
The balance sheet account of Tata limited had the following balances on April 1, 2020, the beginning of a fiscal year Tata limited Balance SheetAccounts April 1,2020 Cash Accountsreceivatile Machandiseinventary Propaidrent Stareequipmet Acamulateddepreciation stare equipment Accountspayable Paid-in capital Retainedeamings Rs 1300 12600 38900 2000 10500 Rs2875 22500 15,000 24925
Show the solution in good accounting form Orange Company’s ledger revealed the following account balances as of December 31, 2020: Unamortized discount on bonds payable P120,000; Organization costs P100,000; Losses in early years of company P450,000; Trademarks P750,000 Patents P150,000; Amount set up by BOD as goodwill P300,000. How much should be presented as intangible assets shown In the statement of financial position?
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