Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 16, Problem 10QS
The plant assets section of the comparative balance sheets of Anders Company is reported below.
Refer to the balance sheet data above from Anders Company. During 2019, 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 2019? - 3. What was the cost of new equipment purchased by Anders during 2019?
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Use the information below to answer the questions that follow. The business's year-end is December 31.
Cost of equipment = 120000
Useful life in years = 10
Residual value = 0
Date purchased = February 1, 2021
Date of disposal = October 31, 2023
Cash received on disposal = 85000
What is the accumulated depreciation on the date of the disposal?
What is the book value of the equipment on the date of the disposal?
What is the amount of the gain or loss on the disposal?
Information related to plant assets, natural resources, and intangibles at the end of 2019 for Dent Company is as follows: buildings $1,100,000, accumulated depreciation—buildings $600,000, goodwill $410,000, coal mine $500,000, and accumulated depletion—coal mine $108,000.Prepare a partial balance sheet of Dent Company for these items. (List Property, Plant and Equipment in order of Coal Mine and Buildings.)
The balance sheets of Tully Corp. showed the following at December 31, 2020, and 2019:
December 31, 2020
$ 68,200
Equipment, less accumulated depreciation of $88,600 at December
31, 2020, and $55,375 at December 31, 2019.
Required:
a. If there have not been any purchases, sales, or other transactions affecting this equipment account since the equipment was first
acquired, what is the amount of depreciation expense for 2020?
b. Assume the same facts as in part a, and assume that the estimated useful life of the equipment is four years and the estimated
salvage value is $23,900. Determine:
Complete this question by entering your answers in the tabs below.
1. What the original cost of the equipment was.
2. What depreciation method is apparently being used.
3. When the equipment was acquired.
c. Assume that the equipment is sold on December 31, 2020, for $56,000. Prepare the horizontal model and record the journal entry
for the sale of the equipment. Indicate the financial statement…
Chapter 16 Solutions
Principles of Financial Accounting.
Ch. 16 - A company uses the indirect method to determine...Ch. 16 - Prob. 2MCQCh. 16 - Prob. 3MCQCh. 16 - Prob. 4MCQCh. 16 - The following information is available for a...Ch. 16 - Prob. 1DQCh. 16 - Prob. 2DQCh. 16 - Prob. 3DQCh. 16 - Prob. 4DQCh. 16 - When a statement of cash flows is prepared using...
Ch. 16 - Prob. 6DQCh. 16 - Prob. 7DQCh. 16 - Prob. 8DQCh. 16 - Prob. 9DQCh. 16 - If a company reports positive net income for the...Ch. 16 - Prob. 11DQCh. 16 - Prob. 12DQCh. 16 - Prob. 13DQCh. 16 - Prob. 14DQCh. 16 - Prob. 15DQCh. 16 - Classify the following cash flows as either...Ch. 16 - Statement of cash flows Label the following...Ch. 16 - Prob. 3QSCh. 16 - Prob. 4QSCh. 16 - Prob. 5QSCh. 16 - Prob. 6QSCh. 16 - Prob. 7QSCh. 16 - Prob. 8QSCh. 16 - Prob. 9QSCh. 16 - The plant assets section of the comparative...Ch. 16 - Prob. 11QSCh. 16 - Prob. 12QSCh. 16 - Prob. 13QSCh. 16 - Prob. 14QSCh. 16 - Prob. 15QSCh. 16 - Prob. 16QSCh. 16 - Prob. 17QSCh. 16 - Prob. 18QSCh. 16 - Prob. 19QSCh. 16 - A company uses a spreadsheet to prepare its...Ch. 16 - Prob. 21QSCh. 16 - Bioware Co. reports cost of goods sold of 42,000....Ch. 16 - Prob. 23QSCh. 16 - Prob. 24QSCh. 16 - Refer to the data in QS 16-7. 1. How much cash is...Ch. 16 - Refer to the data in QS 16-7. 1. How much cash is...Ch. 16 - Prob. 27QSCh. 16 - Prob. 1ECh. 16 - Prob. 2ECh. 16 - Prob. 3ECh. 16 - Prob. 4ECh. 16 - Fitz Company reports the following information....Ch. 16 - Prob. 6ECh. 16 - Prob. 7ECh. 16 - Prob. 8ECh. 16 - Use the following information to determine cash...Ch. 16 - For each of the following separate transactions,...Ch. 16 - Prob. 11ECh. 16 - Use the following information to prepare a...Ch. 16 - Prob. 13ECh. 16 - Complete the following spreadsheet in preparation...Ch. 16 - Prob. 15ECh. 16 - Prob. 16ECh. 16 - Prob. 17ECh. 16 - Prob. 18ECh. 16 - Use the following information about Ferron Company...Ch. 16 - Prob. 20ECh. 16 - Prob. 1APCh. 16 - Refer to the information in Problem 16-1A....Ch. 16 - Forten Companys current-year income statement,...Ch. 16 - Prob. 4APCh. 16 - Prob. 5APCh. 16 - Golden Corp.s current-year income statement,...Ch. 16 - Prob. 7APCh. 16 - Prob. 8APCh. 16 - Prob. 1BPCh. 16 - Prob. 2BPCh. 16 - Gazelle Corporations current-year income...Ch. 16 - Prob. 4BPCh. 16 - Prob. 5BPCh. 16 - Prob. 6BPCh. 16 - Prob. 7BPCh. 16 - Prob. 8BPCh. 16 - Prob. 16SPCh. 16 - Use Apples financial statements in Appendix A to...Ch. 16 - Prob. 2AACh. 16 - Prob. 3AACh. 16 - Prob. 1BTNCh. 16 - COMMUNICATING IN PRACTICE Your friend, Diana Wood,...Ch. 16 - Prob. 3BTNCh. 16 - Prob. 5BTNCh. 16 - Prob. 6BTN
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