Homework Answers
| Assets | = | Liabilities | + | Stockholder's equity | |||||||||||||||||||||||
| Retained earnings | |||||||||||||||||||||||||||
| Cash | + | Notes Rec. | + | Interest Rec. | + | Land | + | Buildings | - | Accum.Depr.Buildings | + | Equipment | - | Accum.Depr.Euipment | Interest payable | + | Notes payable | Common stock | + | Revenues | - | Expenses | - | Dividend | |||
| Bal. | 20650000 | 97400000 | 63750000 | 150450000 | 52750000 | ||||||||||||||||||||||
| Apr.1 | -1075000 | 4300000 | 3225000 | ||||||||||||||||||||||||
| May 1. | 124000 | 124000 | |||||||||||||||||||||||||
| May 1. | 290000 | -3720000 | -3100000 | 330000 | |||||||||||||||||||||||
| June 1. | 660000 | 5220000 | -1700000 | 4180000 | |||||||||||||||||||||||
| July 1. | -2200000 | 2200000 | |||||||||||||||||||||||||
| Dec 31. | 100000 | 100000 | |||||||||||||||||||||||||
| Dec 31. | -1000000 | -1000000 | |||||||||||||||||||||||||
| Adj: | |||||||||||||||||||||||||||
| Dec 31. | 2435000 | 2435000 | |||||||||||||||||||||||||
| Dec 31. | 14683000 | 14683000 | |||||||||||||||||||||||||
| Dec 31. | 145125 | 145125 | |||||||||||||||||||||||||
| Dec 31. | 152250 | 152250 | |||||||||||||||||||||||||
| Bal. | 23250000 | 97400000 | 66185000 | 147930000 | 63557000 | ||||||||||||||||||||||
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At January 1, 2017, Sunland Company reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings...
At January 1, 2018, Sunland Limited reported the following property, plant, and equipment accounts: Accumulated depreciation—buildings...
At January 1, 2018, Sunland Limited reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$59,500,000
Accumulated depreciation—equipment
57,100,000
Buildings
102,500,000
Equipment
152,600,000
Land
20,600,000
The company uses straight-line depreciation for buildings and
equipment, its year end is December 31, and it makes adjusting
entries annually. The buildings are estimated to have a 40-year
useful life and no residual value; the equipment is estimated to
have a 10-year useful life and no residual value.
During 2018, the following selected...
At January 1, 2022, Blossom Company reported the following property, plant, and equipment accounts: Accumulated depreciation—buildings...
At January 1, 2022, Blossom Company reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$60,400,000
Accumulated depreciation—equipment
53,500,000
Buildings
97,600,000
Equipment
150,000,000
Land
21,850,000
The company uses straight-line depreciation for buildings and
equipment, its year-end is December 31, and it makes adjusting
entries annually. The buildings are estimated to have a 40-year
useful life and no salvage value; the equipment is estimated to
have a 10-year useful life and no salvage value.
During 2022, the following selected transactions...
Problem 7-4 At January 1, 2017, Sunland Company reported the following property, plant, and equipment accounts:...
Problem 7-4
At January 1, 2017, Sunland Company reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$63,750,000
Accumulated depreciation—equipment
52,750,000
Buildings
97,400,000
Equipment
150,450,000
Land
20,650,000
The company uses straight-line depreciation for buildings and
equipment, its year-end is December 31, and it makes adjustments
annually. The buildings are estimated to have a 40-year useful life
and no salvage value; the equipment is estimated to have a 10-year
useful life and no salvage value.
During 2017, the following selected...
At January 1, 2018, Sheridan Limited reported the following property, plant, and equipment accounts: Accumulated depreciation—buildings...
At January 1, 2018, Sheridan Limited reported the following property, plant, and equipment accounts: Accumulated depreciation—buildings $65,600,000 Accumulated depreciation—equipment 49,100,000 Buildings 96,400,000 Equipment 156,900,000 Land 20,300,000 The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a 10-year useful life and no residual value. During 2018, the following selected...
Question 1 At January 1, 2017, Blossom Company reported the fallowing property, plant, and equipment accounts:...
Question 1 At January 1, 2017, Blossom Company reported the fallowing property, plant, and equipment accounts: Accumulated depreciation-buildings $60.950,000 Accumulated depreciation-equipment 52,850,000 Buildings 97,300,000 Equipment 150,200,000 Land 24,000,000 The company uses straight-li ne depreciation for buildings and equipment, s estimated to havea year-end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment 10-vear useful life and no salvace value During 2017, the following selected...
At January 1, 2018, Ivanhoe Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings...
At January 1, 2018, Ivanhoe Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation equipment Buildings $56,600,000 55,000,000 100,600,000 140,500,000 19,700,000 Equipment Land The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a 10-year useful life and no residual value. During 2018, the following...
At January 1, 2022, Blossom Company reported the following property, plant, and equipment accounts
At January 1, 2022, Blossom Company reported the following property, plant, and equipment accounts:Accumulated depreciation—buildings$60,400,000Accumulated depreciation—equipment53,500,000Buildings97,600,000Equipment150,000,000Land21,850,000The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated to have a 10-year useful life and no salvage value.During 2022, the following selected transactions occurred:Apr. 1Purchased land for $4.40 million. Paid $1.100 million cash and issued a 3-year, 6% note payable for...
At January 1, 2018, Cullumber Limited reported the following property, plant, and equipment accounts: Accumulated dep...
At January 1, 2018, Cullumber Limited reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$62,300,000
Accumulated depreciation—equipment
50,300,000
Buildings
96,100,000
Equipment
150,300,000
Land
18,100,000
The company uses straight-line depreciation for buildings and
equipment, its year end is December 31, and it makes adjusting
entries annually. The buildings are estimated to have a 40-year
useful life and no residual value; the equipment is estimated to
have a 10-year useful life and no residual value.
During 2018, the following selected...
At January 1, 2022, Carla Vista Co. reported the following property, plant, and equipment accounts: Accumulated...
At January 1, 2022, Carla Vista Co. reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$62,000,000
Accumulated depreciation—equipment
52,400,000
Buildings
97,300,000
Equipment
150,400,000
Land
21,850,000
The company uses straight-line depreciation for buildings and
equipment, its year-end is December 31, and it makes adjusting
entries annually. The buildings are estimated to have a 40-year
useful life and no salvage value; the equipment is estimated to
have a 10-year useful life and no salvage value.
During 2022, the following selected...
Question 2 At January 1, 2018, Oriole Limited reported the following property, plant, and equipment accounts:...
Question 2 At January 1, 2018, Oriole Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings $67,700,000 Accumulated depreciation equipment 56,500,000 Buildings 94,700,000 Equipment 157,500,000 21,000,000 Land The company uses straight line depreciation for buildings and equipment, its year and is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful and no residual value; the equipment is estimated to have a 10-year useful life and no residual value During 2018,...
At January 1, 2018, Sunland Limited reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$59,500,000
Accumulated depreciation—equipment
57,100,000
Buildings
102,500,000
Equipment
152,600,000
Land
20,600,000
The company uses straight-line depreciation for buildings and
equipment, its year end is December 31, and it makes adjusting
entries annually. The buildings are estimated to have a 40-year
useful life and no residual value; the equipment is estimated to
have a 10-year useful life and no residual value.
During 2018, the following selected...
At January 1, 2022, Blossom Company reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$60,400,000
Accumulated depreciation—equipment
53,500,000
Buildings
97,600,000
Equipment
150,000,000
Land
21,850,000
The company uses straight-line depreciation for buildings and
equipment, its year-end is December 31, and it makes adjusting
entries annually. The buildings are estimated to have a 40-year
useful life and no salvage value; the equipment is estimated to
have a 10-year useful life and no salvage value.
During 2022, the following selected transactions...
Problem 7-4
At January 1, 2017, Sunland Company reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$63,750,000
Accumulated depreciation—equipment
52,750,000
Buildings
97,400,000
Equipment
150,450,000
Land
20,650,000
The company uses straight-line depreciation for buildings and
equipment, its year-end is December 31, and it makes adjustments
annually. The buildings are estimated to have a 40-year useful life
and no salvage value; the equipment is estimated to have a 10-year
useful life and no salvage value.
During 2017, the following selected...
Question 1 At January 1, 2017, Blossom Company reported the fallowing property, plant, and equipment accounts: Accumulated depreciation-buildings $60.950,000 Accumulated depreciation-equipment 52,850,000 Buildings 97,300,000 Equipment 150,200,000 Land 24,000,000 The company uses straight-li ne depreciation for buildings and equipment, s estimated to havea year-end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment 10-vear useful life and no salvace value During 2017, the following selected...
At January 1, 2018, Ivanhoe Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation equipment Buildings $56,600,000 55,000,000 100,600,000 140,500,000 19,700,000 Equipment Land The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a 10-year useful life and no residual value. During 2018, the following...
At January 1, 2018, Cullumber Limited reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$62,300,000
Accumulated depreciation—equipment
50,300,000
Buildings
96,100,000
Equipment
150,300,000
Land
18,100,000
The company uses straight-line depreciation for buildings and
equipment, its year end is December 31, and it makes adjusting
entries annually. The buildings are estimated to have a 40-year
useful life and no residual value; the equipment is estimated to
have a 10-year useful life and no residual value.
During 2018, the following selected...
At January 1, 2022, Carla Vista Co. reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$62,000,000
Accumulated depreciation—equipment
52,400,000
Buildings
97,300,000
Equipment
150,400,000
Land
21,850,000
The company uses straight-line depreciation for buildings and
equipment, its year-end is December 31, and it makes adjusting
entries annually. The buildings are estimated to have a 40-year
useful life and no salvage value; the equipment is estimated to
have a 10-year useful life and no salvage value.
During 2022, the following selected...
Question 2 At January 1, 2018, Oriole Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings $67,700,000 Accumulated depreciation equipment 56,500,000 Buildings 94,700,000 Equipment 157,500,000 21,000,000 Land The company uses straight line depreciation for buildings and equipment, its year and is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful and no residual value; the equipment is estimated to have a 10-year useful life and no residual value During 2018,...
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