Loose Leaf for Financial Accounting: Information for Decisions
9th Edition
ISBN: 9781260158762
Author: John J Wild
Publisher: McGraw-Hill Education
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Chapter 12, Problem 5QS
1.
Summary Introduction
Concept Introduction:
The statement of
To calculate:the cash received from sale of equipment.
2.
Summary Introduction
Concept Introduction:
The statement of cash flows is one of the four financial statements; income statement, balance sheet, statement of owner’s equity, and statement of cash flows. The statement of cash flows is prepared to know the cash flow position of the business. The statement shows cash flows under three different types of business activities; operating activities, investing activities, and financing activities.
To calculate:the depreciation expense recorded for the year 2018.
3.
Summary Introduction
Concept Introduction:
The statement of cash flows is one of the four financial statements; income statement, balance sheet, statement of owner’s equity, and statement of cash flows. The statement of cash flows is prepared to know the cash flow position of the business. The statement shows cash flows under three different types of business activities; operating activities, investing activities, and financing activities.
To calculate:the cost of the new equipment purchase in the year 2018.
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The net income for Fallon Company for 2017 was $320,000.During 2017, depreciation on plant assets was $124,000,amortization of patent was $40,000, and the companyincurred a loss on sale of plant assets of $21,000. Computenet cash flow from operating activities.
Please answer all the parts of the below question:
At December 31, 2017, Sheffield Corporation reported the following plant assets.
Land
$ 3,798,000
Buildings
$26,660,000
Less: Accumulated depreciation—buildings
15,097,050
11,562,950
Equipment
50,640,000
Less: Accumulated depreciation—equipment
6,330,000
44,310,000
Total plant assets
$59,670,950
During 2018, the following selected cash transactions occurred.
Apr.
1
Purchased land for $2,785,200.
May
1
Sold equipment that cost $759,600 when purchased on January 1, 2011. The equipment was sold for $215,220.
June
1
Sold land for $2,025,600. The land cost $1,266,000.
July
1
Purchased equipment for $1,392,600.
Dec.
31
Retired equipment that cost $886,200 when purchased on December 31, 2008. No salvage value was received.
Prepare a tabular summary that includes the plant asset accounts and…
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?
Chapter 12 Solutions
Loose Leaf for Financial Accounting: Information for Decisions
Ch. 12 - What is the reporting purpose of the statement of...Ch. 12 - Prob. 2DQCh. 12 - Prob. 3DQCh. 12 - Describe the direct method of reporting cash flows...Ch. 12 - Prob. 5DQCh. 12 - Prob. 6DQCh. 12 - Prob. 7DQCh. 12 - Prob. 8DQCh. 12 - Prob. 9DQCh. 12 - Prob. 10DQ
Ch. 12 - Prob. 11DQCh. 12 - Prob. 12DQCh. 12 - Prob. 13DQCh. 12 - Prob. 14DQCh. 12 - Prob. 15DQCh. 12 - Prob. 1QSCh. 12 - Prob. 2QSCh. 12 - Prob. 3QSCh. 12 - Prob. 4QSCh. 12 - Prob. 5QSCh. 12 - Prob. 6QSCh. 12 - Prob. 7QSCh. 12 - Prob. 8QSCh. 12 - Prob. 9QSCh. 12 - Prob. 10QSCh. 12 - Prob. 11QSCh. 12 - Prob. 12QSCh. 12 - Prob. 13QSCh. 12 - Refer to the data in QS 12-11. How much cash is...Ch. 12 - Prob. 15QSCh. 12 - Prob. 16QSCh. 12 - Prob. 17QSCh. 12 - Prob. 18QSCh. 12 - Prob. 19QSCh. 12 - Prob. 21QSCh. 12 - The following transactions and events occurred...Ch. 12 - Prob. 2ECh. 12 - Prob. 3ECh. 12 - Prob. 4ECh. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - Prob. 7ECh. 12 - Prob. 8ECh. 12 - Prob. 9ECh. 12 - Prob. 10ECh. 12 - Prob. 11ECh. 12 - Prob. 12ECh. 12 - Prob. 13ECh. 12 - Prob. 14ECh. 12 - Prob. 15ECh. 12 - Prob. 16ECh. 12 - Prob. 17ECh. 12 - Prob. 18ECh. 12 - Prob. 19ECh. 12 - Prob. 1PSACh. 12 - Prob. 2PSACh. 12 - Prob. 3PSACh. 12 - Prob. 4PSACh. 12 - Prob. 5PSACh. 12 - Golden Corp., a merchandiser, recently completed...Ch. 12 - Prob. 7PSACh. 12 - Prob. 8PSACh. 12 - Prob. 1PSBCh. 12 - Prob. 2PSBCh. 12 - Prob. 3PSBCh. 12 - Prob. 4PSBCh. 12 - Prob. 5PSBCh. 12 - Prob. 6PSBCh. 12 - Prob. 7PSBCh. 12 - Prob. 8PSBCh. 12 - Prob. 12SPCh. 12 - Prob. 1FSACh. 12 - Prob. 2FSACh. 12 - Prob. 3FSACh. 12 - Prob. 1BTNCh. 12 - Prob. 2BTNCh. 12 - Prob. 4BTNCh. 12 - Prob. 6BTN
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