Homework Answers
Correct Ans. a.$210,000
$210,000 includes-
Land-$120,000
Building-$90,000
Reason-
- A class of property, plant and equipment is a grouping of assets of a similar nature and use in operations of an enterprise.
- The following are examples of separate classes:
(a) land; (b) land and buildings; (c) machinery; (d) ships; (e) aircraft; (f) motor vehicles; (g) furniture and fixtures; (h) office equipment; and (i) bearer plants.
- Land Held for investment not included because it is not an asset which is use in operations of an enterprise.
- Trademarks not included because property, plant and equipment consists of tangible assets only.
Add Answer to:
no exam wtf
17. The following information is for Central Avenue Real Estate: Central Avenue Real...
The following information is for Qwik Auto Supplies: Qwik Auto Supplies Balance Sheet December 31, 2020...
The following information is for Qwik Auto Supplies: Qwik Auto Supplies Balance Sheet December 31, 2020 Cash $ 45,000 Accounts Payable 140,000 60,000 Prepaid Insurance 80,000 Salaries and Wages Payable Mortgage Payable 150,000 Total Liabilities 350,000 Accounts 110,000 Receivable Inventory 140,000 Land Held for 185,000 Investment Land 250,000 Building $200,000 Less Accumulated Depreciation (50,000) 150,000 Trademark 140,000 Total Assets $1,100,000 Owner's Capital 750,000 Total Liabilities and Owner's $1,100,000 Equity The total dollar amount of assets to be classified as investments...
Al pasar a otra pregunta se guardara esta respuesta Pregunta 7 Central Avenue Red Balance Shes...
Al pasar a otra pregunta se guardara esta respuesta Pregunta 7 Central Avenue Red Balance Shes December 31, 2018 The following information is for Central Avenue Ped Estex $ 25,000 40.000 50.000 80.000 75.000 120,000 Cash Prepaid Insurance Accounts Receivable Inventory $110,000 RON 20.000 $50 Land Held for investment Land Building Less Accumulated Depreciation Trademark Total Assets The total dollar amount of liabilities to be classified as a A. $170,000 B. $60,000 C. $85,000. D. $25,000 Al pasar a otra...
Cash Prepaid Insurance $ 25,000 40,000 Accounts Payable Salaries and Wages Payable Mortgage Payable $ 60,000...
Cash Prepaid Insurance $ 25,000 40,000 Accounts Payable Salaries and Wages Payable Mortgage Payable $ 60,000 25,000 85,000 Total Liabilities 170,000 Accounts 50,000 Receivable Inventory 80,000 Land Held for 75,000 Investment Land 120,000 Building $110,000 Less Accumulated Depreciation (20,000) 90,000 Trademark 70,000 Total Assets $550,000 Owner's Capital 380,000 Total Liabilities and Owner's $550,000 Equity The total dollar amount of liabilities to be classified as current liabilities is O a) $60,000 Ob) $85,000. Oc) $25,000 d) $170,000.
Net income is $522,000 Please create a statement of cash flow 2020 2019 Assets Current Assets...
Net income is $522,000
Please create a statement of cash flow
2020 2019 Assets Current Assets Cash Accounts receivable Inventory Prepaid expenses 285,000 334,000 306,000 55,000 980,000 305,000 384,000 256,000 35,000 980,000 Total current assets $ $ Fixed (Long-Term) Assets Property, plant, and equipment (Less accumulated depreciation) Total fixed assets $ $ 650,000 (165,000) 485,000 1,465,000 $ $ 590,000 (130,000) 460,000 1,440,000 Total Assets 60,000 15,000 50,000 55,000 180,000 50,000 20,000 25,000 45,000 140,000 $ Liabilities and Owner's Equity Current...
Question 17 (2 points) Use the following information to answer questions 17-20. MARCOTTE MASONARY LTD. Statement...
Question 17 (2 points) Use the following information to answer questions 17-20. MARCOTTE MASONARY LTD. Statement of Financial Position December 31, 2015 $ 50,000 5,000 75,000 110,000 90,000 Accounts payable Salaries payable Mortgage payable Total liabilities $ 40,000 5,000 190,000 235,000 $220,000 Cash Prepaid insurance Accounts receivable Inventory Land Building -Accumulated depreciation Trademark -Accumulated amortisation Total assets Common shares Retained earnings Total shareholders' equity 200,000 105,000 305,000 160,000 60,000 $ 75,000 25,000 50,000 $540,000 Total liabilities and shareholders' equity $540,000...
Young Corporation purchased residential real estate several years ago for $225,000, of which $25,000 was allocated...
Young Corporation purchased residential real estate several years ago for $225,000, of which $25,000 was allocated to the land and $200,000 was allocated to the building. Young took straight line MACRS deductions of $30,000 during the years it hold the property in the current year, Young sells the property for $285,000, of which $60,000 is allocated to the land and $225,000 is allocated to the building Requirement What are the amount and character of Young's recognized gain or loss on...
Total dollar amount for PP&E? X Your answer is incorrect. The following information is for Skysong...
Total dollar amount for PP&E?
X Your answer is incorrect. The following information is for Skysong Auto Supplies: Skysong Auto Supplies Balance Sheet December 31, 2020 $ 41000 Accounts Payable 78000 Salaries and Wages Payable 98000 Mortgage Payable 142000 Total Liabilities 179000 250000 $ 132000 52000 155000 Cash Prepaid Insurance Accounts Receivable Inventory Land Held for Investment Land Buildings $197000 Less Accumulated Depreciation (64000) Trademark Total Assets 339000 Owner's Capital 719000 133000 137000 $1058000 Total Liabilities and Owner's Equity $1058000...
Balance Sheet: Use the following financial information to prepare a balance sheet: Burger Shack, Inc.; Balance...
Balance Sheet: Use the following financial information to prepare a balance sheet: Burger Shack, Inc.; Balance Sheet Inventory 335,000 Accounts Receivable Accounts Payable 40.000 Buildings Furniture and Fixtures 16,000 Trademark Mortgage 325,000 Note Payable (6 month) Equipment and Vehicles 40,000 Retained Earnings Notes Receivable (3 month) 50,000 Land Common Stock (1,000,000 shares) 100,000 Cash Salaries Payable 90,000 192,000 110,000 20,000 150,000 113,000 40,000 15,000 Assets Current Assets Total Current Assets Fixed Assets Total Fixed Assets Intangible Assets Total Intangible Assets...
PROBLEM 2-Classified Balance Sheet The following information is for Benton Office Supplies Benton Office Supplies Balance...
PROBLEM 2-Classified Balance Sheet The following information is for Benton Office Supplies Benton Office Supplies Balance Sheet December 31, 2014 $ 65,000 30,000 50,000 70,000 75,000 90,000 Accounts Payable Salaries Payable Bonds Payable Total Liabilities $ 60,000 10,000 90.000 $160,000 Cash Prepaid Insurance Accounts Receivable Inventory Land held for investment Land Building $100,000 Less Accumulated Depreciation (20,000) Patent Total Assets Owner's Equity R. Benton, Capital 370,000 80,000 70.000 $530,000 Total Liabilities and Owner's Equity $530,000 The total dollar amount of...
[The following information applies to the questions displayed below.] Rodriguez Company pays $365,000 for real estate...
[The following information
applies to the questions displayed below.] Rodriguez Company pays
$365,000 for real estate plus $19,345 in closing costs. The real
estate consists of land appraised at $214,200; land improvements
appraised at $61,200; and a building appraised at $234,600.
33.value: 4.00 pointsRequired information Allocate the total cost
among the three purchased assets. (Round your "Apportioned Cost"
answers to 2 decimal places.)
The following information applies to the questions displayed below.] Rodriguez Company pays $365,000 for real estate plus...
The following information is for Qwik Auto Supplies: Qwik Auto Supplies Balance Sheet December 31, 2020 Cash $ 45,000 Accounts Payable 140,000 60,000 Prepaid Insurance 80,000 Salaries and Wages Payable Mortgage Payable 150,000 Total Liabilities 350,000 Accounts 110,000 Receivable Inventory 140,000 Land Held for 185,000 Investment Land 250,000 Building $200,000 Less Accumulated Depreciation (50,000) 150,000 Trademark 140,000 Total Assets $1,100,000 Owner's Capital 750,000 Total Liabilities and Owner's $1,100,000 Equity The total dollar amount of assets to be classified as investments...
Al pasar a otra pregunta se guardara esta respuesta Pregunta 7 Central Avenue Red Balance Shes December 31, 2018 The following information is for Central Avenue Ped Estex $ 25,000 40.000 50.000 80.000 75.000 120,000 Cash Prepaid Insurance Accounts Receivable Inventory $110,000 RON 20.000 $50 Land Held for investment Land Building Less Accumulated Depreciation Trademark Total Assets The total dollar amount of liabilities to be classified as a A. $170,000 B. $60,000 C. $85,000. D. $25,000 Al pasar a otra...
Cash Prepaid Insurance $ 25,000 40,000 Accounts Payable Salaries and Wages Payable Mortgage Payable $ 60,000 25,000 85,000 Total Liabilities 170,000 Accounts 50,000 Receivable Inventory 80,000 Land Held for 75,000 Investment Land 120,000 Building $110,000 Less Accumulated Depreciation (20,000) 90,000 Trademark 70,000 Total Assets $550,000 Owner's Capital 380,000 Total Liabilities and Owner's $550,000 Equity The total dollar amount of liabilities to be classified as current liabilities is O a) $60,000 Ob) $85,000. Oc) $25,000 d) $170,000.
Net income is $522,000
Please create a statement of cash flow
2020 2019 Assets Current Assets Cash Accounts receivable Inventory Prepaid expenses 285,000 334,000 306,000 55,000 980,000 305,000 384,000 256,000 35,000 980,000 Total current assets $ $ Fixed (Long-Term) Assets Property, plant, and equipment (Less accumulated depreciation) Total fixed assets $ $ 650,000 (165,000) 485,000 1,465,000 $ $ 590,000 (130,000) 460,000 1,440,000 Total Assets 60,000 15,000 50,000 55,000 180,000 50,000 20,000 25,000 45,000 140,000 $ Liabilities and Owner's Equity Current...
Question 17 (2 points) Use the following information to answer questions 17-20. MARCOTTE MASONARY LTD. Statement of Financial Position December 31, 2015 $ 50,000 5,000 75,000 110,000 90,000 Accounts payable Salaries payable Mortgage payable Total liabilities $ 40,000 5,000 190,000 235,000 $220,000 Cash Prepaid insurance Accounts receivable Inventory Land Building -Accumulated depreciation Trademark -Accumulated amortisation Total assets Common shares Retained earnings Total shareholders' equity 200,000 105,000 305,000 160,000 60,000 $ 75,000 25,000 50,000 $540,000 Total liabilities and shareholders' equity $540,000...
Young Corporation purchased residential real estate several years ago for $225,000, of which $25,000 was allocated to the land and $200,000 was allocated to the building. Young took straight line MACRS deductions of $30,000 during the years it hold the property in the current year, Young sells the property for $285,000, of which $60,000 is allocated to the land and $225,000 is allocated to the building Requirement What are the amount and character of Young's recognized gain or loss on...
Total dollar amount for PP&E?
X Your answer is incorrect. The following information is for Skysong Auto Supplies: Skysong Auto Supplies Balance Sheet December 31, 2020 $ 41000 Accounts Payable 78000 Salaries and Wages Payable 98000 Mortgage Payable 142000 Total Liabilities 179000 250000 $ 132000 52000 155000 Cash Prepaid Insurance Accounts Receivable Inventory Land Held for Investment Land Buildings $197000 Less Accumulated Depreciation (64000) Trademark Total Assets 339000 Owner's Capital 719000 133000 137000 $1058000 Total Liabilities and Owner's Equity $1058000...
Balance Sheet: Use the following financial information to prepare a balance sheet: Burger Shack, Inc.; Balance Sheet Inventory 335,000 Accounts Receivable Accounts Payable 40.000 Buildings Furniture and Fixtures 16,000 Trademark Mortgage 325,000 Note Payable (6 month) Equipment and Vehicles 40,000 Retained Earnings Notes Receivable (3 month) 50,000 Land Common Stock (1,000,000 shares) 100,000 Cash Salaries Payable 90,000 192,000 110,000 20,000 150,000 113,000 40,000 15,000 Assets Current Assets Total Current Assets Fixed Assets Total Fixed Assets Intangible Assets Total Intangible Assets...
PROBLEM 2-Classified Balance Sheet The following information is for Benton Office Supplies Benton Office Supplies Balance Sheet December 31, 2014 $ 65,000 30,000 50,000 70,000 75,000 90,000 Accounts Payable Salaries Payable Bonds Payable Total Liabilities $ 60,000 10,000 90.000 $160,000 Cash Prepaid Insurance Accounts Receivable Inventory Land held for investment Land Building $100,000 Less Accumulated Depreciation (20,000) Patent Total Assets Owner's Equity R. Benton, Capital 370,000 80,000 70.000 $530,000 Total Liabilities and Owner's Equity $530,000 The total dollar amount of...
[The following information
applies to the questions displayed below.] Rodriguez Company pays
$365,000 for real estate plus $19,345 in closing costs. The real
estate consists of land appraised at $214,200; land improvements
appraised at $61,200; and a building appraised at $234,600.
33.value: 4.00 pointsRequired information Allocate the total cost
among the three purchased assets. (Round your "Apportioned Cost"
answers to 2 decimal places.)
The following information applies to the questions displayed below.] Rodriguez Company pays $365,000 for real estate plus...
Most questions answered within 3 hours.
-
Given the following, compute the after tax cost of debt: The par
value of the firms...
asked 1 minute from now -
Coding in C. Please only use stdio.h (which would mean no malloc
or anything like that)...
asked 4 minutes ago -
Use the fundamental accounting equation to find the missing
amounts.
Scenario
Assets
Liabilities
Equity
1
$...
asked 2 minutes ago -
A sample of n = 25 scores produces a t statistic of t =
-2.062. If...
asked 5 minutes ago -
A population has a mean of 200 and a standard deviation of 60.
Suppose a sample...
asked 6 minutes ago -
A bicyclist starting at rest produces a constant angular
acceleration of 1.10 rad/s2 for wheels that...
asked 20 minutes ago -
The
half-life of a radioactive source is 14.0 minutes. How much time
must elapse before the...
asked 18 minutes ago -
Given P(Ec ) = 0.43, P(F) = 0.52, and P(EF) = 0.18.
Find P( E |...
asked 1 hour ago -
Consider two empty containers A and B whose volumes are
10mL and 20mL respectively. 1mL of...
asked 1 hour ago -
QUESTION 6
Determine the linear momentum of a 2,800 kg houseboat going 3
m/s.
9,100 kg.m/s...
asked 1 hour ago -
Jor-el throws a ball upward from the top of a 728 foot building
on the planet...
asked 1 hour ago -
Which of the following will most likely to happen if Federal
Reserve Bank decreases the money...
asked 1 hour ago