FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Please use your own words to restate the ''total inventory'' and ''property/ plant/ equipment''. Should be the same length as the original one.arrow_forwardAssume a company’s beginning and ending balances in the Accumulated Depreciation account are $30,000 and $44,000, respectively. During the period the company sold one noncurrent asset that had an original cost of $8,000. The cash proceeds from the sale were $3,000 and the gain on the sale was $1,000. What is the amount of the depreciation charges that the company would include in the operating activities section of its statement of cash flows? Multiple Choice $18,000 $20,000 $24,000 $8,000arrow_forwardPitney Company purchased an office building, land, and furniture for $631,100 cash. The appraised value of the assets was as follows. Land Building Furniture Total $ 84,820 261,528 360,484 $ 706,832 Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model. c. Prepare the general journal entry to record the purchase.arrow_forward
- Pitney Company purchased an office building, land, and furniture for $728,100 cash. The appraised value of the assets was as follows. $ 138,630 195,713 481,128 $ 815,472 Land Building Furniture Total Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model. c. Prepare the general journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the amount to be recorded on the books for each asset. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) Allocated Cost Land Building Furniture Totalarrow_forwardDaarrow_forwardFrom page 7-1 of the VLN, acquisition cost would NOT include: A. Purchase price. B. Transportation cost to get the asset ready to be used. C. Sales taxes. D. Cost incurred to operate the asset.arrow_forward
- Patterson Company’s Depreciation Expense is $20,400 and the beginning and ending Accumulated Depreciation balances are $150,200 and $155,200, respectively. What is the cash paid for depreciation?arrow_forwardThe graph was not completed, For each of the depreciation schedules shown on the Patterson Planning Corp., fill in the following information. If an amount box does not require an entry, leave it blank. A B C Useful Life 5 4 ??? Residual Value ????? 0 0 Asset Cost 25,000 0 0 Total Operating Hours 0 0 ???arrow_forwardA copy machine cost $39,000 when new and has accumulated depreciation of $25,000. Suppose Print Center sold the machine for $14,000. What is the result of this disposal transaction? OA. Gain of $14,000 OB. Loss of $25,000 OC. Loss of $14,000 D. No gain or lossarrow_forward
- An asset which costs $25,000 and has accumulated depreciation of $6,000 is sold for $11,000. What amount of gain or loss will be recognized when the asset is sold? a. A gain of $14,000 b. A loss of $14,000 c. A gain of $8,000 d. A loss of $8,000arrow_forwardTurp and Tyne Distillery sold a still with a cost of $19,000 and accumulated depreciation of $9,000 for $8,000 cash. This transaction would be reported as a........... a. An operating activity b. An investing activity c. A financial activity d. None of the abovearrow_forwardA fixed asset with a cost of $24,000 and accumulated depreciation of $21,600 is sold for $4,080. What is the amount of the gain or loss on the sale of the fixed asset? a. $1,680 loss b. $1,680 gain c. $2,400 loss Od. $2,400 gainarrow_forward
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