Required information(The following information applies to the questions displayed below.)The plant assets section of the comparative balance sheets of Anders Company is reported below.ANDERS COMPANYComparative Year-End Balance Sheets20212020Plant assetsEquipmentAccumulated depreciation-EquipmentEquipment, netBuildingsAccumulated depreciation-Buildings$ 180,000(100,000)$ 80,000$ 380, 000(100,000)$ 280,000$ 270,000(210,000)$ 60, 000$ 400,000(285,000)$ 115,000Buildings, netDuring 2021, equipment with a book value of $40,000 and an original cost of $210,000 was sold at a loss of $3,000.1. How much cash did Anders receive from the sale of equipment?2. How much depreciation expense was recorded on equipment during 2021?3. What was the cost of new equipment purchased by Anders during 2021?1. Cash received from the sale of equipment2. Depreciation expense3. Purchase of equipment

Solution 1: Cash received from sale of equipment = Book value - Loss = $40,000 - $3,000 = $37,000

The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets 2021 2020 Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net $ 180,000 (100,000) $ 80,000 $ 380, 000 (180, e00) $ 280,000 $ 270,000 (210,000) $ 60, 000 $ 400, 000 (285,000) $ 115,000 During 2021, equipment with a book value of $40,000 and an original cost of $210,000 was sold at a loss of $3,000. - How much cash did Anders receive from the sale of equipment? . How much depreciation expense was recorded on equipment during 2021? .What was the cost of new equipment purchased by Anders during 2021? 1. Cash received from the sale of equipment 2. Depreciation expense B. Purchase of equipment

The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets 2021 2020 Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net $ 180,000 (100,000) $ 80,000 $ 380, 000 (180, e00) $ 280,000 $ 270,000 (210,000) $ 60, 000 $ 400, 000 (285,000) $ 115,000 During 2021, equipment with a book value of $40,000 and an original cost of $210,000 was sold at a loss of $3,000. - How much cash did Anders receive from the sale of equipment? . How much depreciation expense was recorded on equipment during 2021? .What was the cost of new equipment purchased by Anders during 2021? 1. Cash received from the sale of equipment 2. Depreciation expense B. Purchase of equipment

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter10: Long-lived Tangible And Intangible Assets

Section: Chapter Questions

Problem 27E

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Required information [The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Balance Sheets 2019 2018 Plant assets Equipment Accumulated depreciation-Equipment $ 180,000 (100,e00) $ 80,000 $ 380,000 (100,000) $ 280,000 $ 270,000 (210,000) $ 60,000 $ 400,000 (285,000) $ 115,000 Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net During 2019, a building with a book lue of $70,000 and an original cost of $300,000 was sold at a gain of $60,000. 1. How much cash did Anders receive from the sale of the building? 2 How much denreciation evnense was recorded on buildinas during 20192 ... Chat
Required information [The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets 2021 Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net 1. Cash received from the sale of building 2. Depreciation expense 3. Purchase of building $ 180,000 (100,000) $ 80,000 $ 130,000 $ 380,000 (100,000) $ 280,000 2020 $ 270,000 (210,000) $ 60,000 During 2021, a building with a book value of $70,000 and an original cost of $300,000 was sold at a gain of $60,000. 1. How much cash did Anders receive from the sale of the building? 2. How much depreciation expense was recorded on buildings during 2021? 3. What was the cost of buildings purchased by Anders during 2021? $ 400,000 (285,000) $ 115,000
Required information [The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets 2021 Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net 1. Cash received from the sale of equipment 2. Depreciation expense 3. Purchase of equipment $ 180,000 (100,000) $ 80,000 $ $ 380,000 (100,000) $ 280,000 During 2021, equipment with a book value of $40,000 and an original cost of $210,000 was sold at a loss of $3,000. 1. How much cash did Anders receive from the sale of equipment? 2. How much depreciation expense was recorded on equipment during 2021? 3. What was the cost of new equipment purchased by Anders during 2021? 2020 37,000 $ 270,000 (210,000) $ 60,000 $ 400,000 (285,000) $ 115,000
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The following are financial data taken from the annual report of Foundotos Company: Year 2 $134,448 51,981 37,154 57,504 Net sales Gross property, plant and equipment Accumulated depreciation Intangible assets (net) A. Calculate the following ratios for Year 1 and Year 2: 1. Fixed asset turnover 2. Accumulated depreciation divided-by-gross fixed assets B. What do the trends in these ratios reveal about Foundotos? Year 1 $130,060 47,744 34,180 36,276
[The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets 2021 2020 Plant assets Equipment $ 290,000 $ 380,000 Accumulated depreciation—Equipment (144,000) (254,000) Equipment, net $ 146,000 $ 126,000 Buildings $ 490,000 $ 510,000 Accumulated depreciation—Buildings (166,000) (351,000) Buildings, net $ 324,000 $ 159,000 QS 12-11 (Algo) Computing investing cash flows LO P3 During 2021, a building with a book value of $92,000 and an original cost of $410,000 was sold at a gain of $82,000. How much cash did Anders receive from the sale of the building? How much depreciation expense was recorded on buildings during 2021? What was the cost of buildings purchased by Anders during 2021?
Required information Skip to question [The following information applies to the questions displayed below.]The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets 2021 2020 Plant assets Equipment $ 200,000 $ 290,000 Accumulated depreciation—Equipment (108,000) (218,000) Equipment, net $ 92,000 $ 72,000 Buildings $ 400,000 $ 420,000 Accumulated depreciation—Buildings (112,000) (297,000) Buildings, net $ 288,000 $ 123,000 During 2021, equipment with a book value of $44,000 and an original cost of $230,000 was sold at a loss of $3,800. 1. How much cash did Anders receive from the sale of equipment?2. How much depreciation expense was recorded on equipment during 2021?3. What was the cost of new equipment purchased by Anders during 2021?
Required information [The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets 2021 Plant assets Equipment Accumulated depreciation Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net $ 245,000 (125,000) $ 119,000 1 Cash received from the sale of building 2. Depreciation expense 3 Purchase of building $ 445,000 (139,000) $306,000 2020 $335,000 (236,000) $ 99,000 $ 465,000 (324,000) $ 141,000 During 2021, a building with a book value of $83,000 and an original cost of $365,000 was sold at a gain of $73,000. 1. How much cash did Anders receive from the sale of the building? 2. How much depreciation expense was recorded on buildings during 2021? 3. What was the cost of buildings purchased by Anders during 2021?
The plant assets section of the comparative balance sheets of Anders Company is reported below. 1. 2. 3. ANDERS COMPANY Comparative Balance Sheets Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net 2018 Cash received from the sale of building Depreciation expense Purchase of building $ 295,000 (146,000) $ 149,000 $ 495,000 2017 $ 385,000 (256,000) $ 129,000 $ 515,000 (354,000) (169,000) $ 326,000 $ 161,000 During 2018, a building with a book value of $93,000 and an original cost of $415,000 was sold at a gain of $83,000. 1. How much cash did Anders receive from the sale of the building? 2. How much depreciation expense was recorded on buildings during 2018? 3. What was the cost of buildings purchased by Anders during 2018?
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