EBK ACCOUNTING PRINCIPLES
13th Edition
ISBN: 9781119411017
Author: Weygandt
Publisher: WILEY
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Chapter 17, Problem 2bDIE
To determine
Introduction: The cash flow statement is a financial statement that is prepared by the company to check the net decrease or increase in the cash balance during the year. The cash flow statement records the
To prepare: The statement of
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Metalcrafts Inc.
Selected information from the company's financial records is presented below:
Equipment, December 31, 2019
$300,000
400,000
Equipment, December 31, 2020
80,000
Accumulated depreciation, December 31, 2019
60,000
Accumulated depreciation, December 31, 2020
During 2020, the company sold equipment with a cost of $50,000 and accumulated depreciation of $30,000. A gain of $10,000 was
recognized on the sale of the equipment. This was the only equipment sale during the year.
Refer to Metalcrafts, Inc. What amount would be reported as the cash proceeds from the sale of equipment?
Oa. $50,000
Ob. $20,000
Oc. $10,000
Od. $30,000
The following balances were extracted from the books of Billion Precision for the year ended 31 December 2020.
Dr (RM)
Cr (RM)
Land
500000
Building
200000
Motor vehicles
120000
Plant and machinery
70000
Profit b/f as at 01.01.2020
237650
Capital
438000
Acc depreciation as at 1.1.2020 :
Dr (RM)
Cr (RM)
Building
60 000
Motor vehicles
69250
Plant and machinery
40000
Returns
3600
4100
Revenue
800000
Purchases
400000
Discounts
5000
Carriage Inwards
7700
Opening Inventory
52000
Provision for bad debts
2000
Trade receivables / Trade payable
66000
43200
Advertising
18000
Staff training course
4000
Bad Debts
12500
Motor Expenses
27000
Rental
90000
Bank
7600
Wages & Salaries
126000
1701800
1701800
Additional information:i. The provision for bad debts should be 4% of trade receivables.ii. Depreciation is to be charged as follows:-Buildings 2% on cost.-Plant and machinery 20% on…
I need to know how to calculate the gain on the equipment sold in part C
The balance sheets of HiROE Inc. showed the following at December 31, 2020 and 2019:
December 31, 2020
December 31, 2019
Equipment, less accumulated depreciation of $212,625 at December 31, 2020, and $151,875 at December 31, 2019.
$
273,375
$
334,125
Required:
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 the depreciation expense for 2020?
Assume the same facts as in part a, and assume that the estimated useful life of the equipment to HiROE Inc., is eight years and that there is no estimated salvage value. Determine:
What the original cost of the equipment was.
What depreciation method is apparently being used.
When the equipment was acquired.
Assume that this equipment account represents the cost of 5 identical machines. Prepare the horizontal model and record the journal…
Chapter 17 Solutions
EBK ACCOUNTING PRINCIPLES
Ch. 17 - Prob. 1QCh. 17 - Prob. 2QCh. 17 - Prob. 3QCh. 17 - Prob. 4QCh. 17 - Prob. 5QCh. 17 - Prob. 6QCh. 17 - 7. Why is it necessary to use comparative balance...Ch. 17 - 8. Contrast the advantages and disadvantages of...Ch. 17 - Prob. 9QCh. 17 - Prob. 10Q
Ch. 17 - Prob. 11QCh. 17 - Prob. 12QCh. 17 - Prob. 13QCh. 17 - Prob. 14QCh. 17 - Prob. 15QCh. 17 - Prob. 16QCh. 17 - Prob. 17QCh. 17 - Prob. 18QCh. 17 - Prob. 19QCh. 17 - Prob. 20QCh. 17 - Prob. 21QCh. 17 - Prob. 22QCh. 17 - Prob. 1BECh. 17 - Prob. 2BECh. 17 - Prob. 3BECh. 17 - Prob. 4BECh. 17 - Prob. 5BECh. 17 - Prob. 6BECh. 17 - Prob. 7BECh. 17 - Prob. 8BECh. 17 - BE17-9 Hinck Corporation reported net cash...Ch. 17 - BE17-10 Suppose in a recent quarter, Alliance...Ch. 17 - BE17-11 The management of Morrow Inc. is trying to...Ch. 17 - BE17-12 Suppose Columbia Sportswear Company had...Ch. 17 - Prob. 13BECh. 17 - Prob. 14BECh. 17 - Prob. 1DIECh. 17 - Prob. 2aDIECh. 17 - Prob. 2bDIECh. 17 - Prob. 3DIECh. 17 - Prob. 1ECh. 17 - E17-2 An analysis of comparative balance sheets,...Ch. 17 - Prob. 3ECh. 17 - Prob. 4ECh. 17 - Prob. 5ECh. 17 - Prob. 6ECh. 17 - Prob. 7ECh. 17 - Prob. 8ECh. 17 - Prob. 9ECh. 17 - Prob. 10ECh. 17 - Prob. 11ECh. 17 - E17-11 Suppose a recent income statement for...Ch. 17 - Prob. 13ECh. 17 - Prob. 14ECh. 17 - Prob. 1PSACh. 17 - Prob. 2PSACh. 17 - Prob. 3PSACh. 17 - Prob. 4PSACh. 17 - Prob. 5PSACh. 17 - Prob. 6PSACh. 17 - Prob. 7PSACh. 17 - P17-8A Data for Nosker Company are presented in...Ch. 17 - Prob. 9PSACh. 17 - Prob. 10PSACh. 17 - Prob. 11PSACh. 17 - Prob. 17CCCh. 17 - Prob. 2EYCTCh. 17 - Prob. 3EYCTCh. 17 - Prob. 4EYCTCh. 17 - Prob. 5EYCTCh. 17 - Prob. 7EYCTCh. 17 - Prob. 1ISTQCh. 17 - Prob. 2ISTQCh. 17 - Prob. 3ISTQCh. 17 - Prob. 4ISTQCh. 17 - Prob. 5ISTQCh. 17 - Prob. 1IFRECh. 17 - Prob. 2IFRECh. 17 - Prob. 3IFRP
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