Homework Answers
Answer
- Correct Answer = Option #3: Land value should be increased by $ 0.
- This is because of ‘historical cost concept’ of accounting which states that Fixed assets are to be recorded at original cost at which they were acquired.
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Wildhorse Co. buys land for $126000 in 2021. As of 3/31/22, the land has appreciated in...
The total liabilities of Wildhorse Co. decreased by $85000 during the month of August 2022. Stockholders'...
The total liabilities of Wildhorse Co. decreased by $85000 during the month of August 2022. Stockholders' equity increased by $2000 during this pero what amount and in what direction must total assets have changed during August? $59000 Increase $111000 increase $85000 decrease $59000 decrease Click if you would like to Show Work for this question: Open Show Work
estion 16 the year ended December 31, 2017, Wildhorse Co. reported the following: $291000 50300 9900...
estion 16 the year ended December 31, 2017, Wildhorse Co. reported the following: $291000 50300 9900 t income eferred dividends declared mmon dividend declared realized holding loss, net of tax etained earnings, beginning balance common stock ccumulated Other Comprehensive Income, eginning Balance 4500 389000 201100 25000 What would Wildhorse report as the ending balance of Retained Earnings? O $675500 $644100 O $619800 $615300 Click if you would like to Show Work for this question: Open Show Work
These are selected account balances on December 31, 2022. Land Land (held for future use) Buildings...
These are selected account balances on December 31, 2022. Land Land (held for future use) Buildings Inventory Equipment Furniture Accumulated Depreciation $153000 242500 1160000 218000 671000 153000 450000 What is the total amount of property, plant, and equipment that will appear on the balance sheet? Its by Study O $2212000 $2662000 $1687000 $1929500 Click if you would like to Show Work for this question: Open Show Work
FULL SCREEN PRINTER VERSION BACK NEXT Question 7 Bramble Company buys land for $51100 on 12/31/17....
FULL SCREEN PRINTER VERSION BACK NEXT Question 7 Bramble Company buys land for $51100 on 12/31/17. As of 3/31/18, the land has appreciated in value to $51900. On 12/31/18, the land has an appraised value of $53000. By what amount should the Land account be increased in 2018? $1100 TO $1900 $0 e $800 By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. Question Attempts: 0 of...
Exercise 12-9 Here are comparative balance sheets for Wildhorse Co.. 2018 Wildhorse Co. Comparative Balance Sheets...
Exercise 12-9 Here are comparative balance sheets for Wildhorse Co.. 2018 Wildhorse Co. Comparative Balance Sheets December 31 Assets 2019 Cash $ 73,000 Accounts receivable 86,500 Inventory 170,000 Land 72,900 Equipment 261,000 Accumulated depreciation-equipment (66,000) Total $597,400 Liabilities and Stockholders' Equity Accounts payable $ 35,400 Bonds payable 148,800 Common stock ($1 par) 216,500 Retained earnings 196,700 Total $597,400 $ 33,400 70,900 187,000 100,300 200,700 (34,200) $558,100 $ 47,000 203,600 175,300 132,200 $558,100 Additional information: 1. Net Income for 2019 was...
Exercise 7-11 The following information pertains to Wildhorse Company. Cash balance per bank, July 31, $10,788...
Exercise 7-11 The following information pertains to Wildhorse Company. Cash balance per bank, July 31, $10,788 1 July bank service charge not recorded by the depositor $62. 2. Cash balance per books, July 31, $10,912. 3. Deposits in transit, July 31, $4,402. 4. $2,480 collected for Wildhorse Company in July by the bank through electronic funds transfer. The accounts receivable collection has not been recorded by Wildhorse Company. 5. Outstanding checks, July 31, $1,860. 6. Prepare a bank reconciliation at...
Only need help on part e Condensed balance sheet and income statement data for Wildhorse Co....
Only need help on part e
Condensed balance sheet and income statement data for Wildhorse Co. are presented as follows. Wildhorse Co. Balance Sheets December 31 Assets Cash Receivables (net) Other current assets Long-term investments Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity 2022 $ 28,600 86,000 103,800 64,000 600,000 $ 882,400 2021 $ 22,000 57,500 95,500 59,700 470,000 704,700 $ 78,000 84,500 337,000...
Exercise 4-12 The ledger of Wildhorse Co. on July 31, 2022, includes the selected accounts below...
Exercise 4-12 The ledger of Wildhorse Co. on July 31, 2022, includes the selected accounts below before adjusting entries have been prepared. Debit Credit Investment in Note Receivable $18,000 Supalies 22,000 Prepaid Rent 5,600 Buildings 250,000 Accumulated Depreciation Buildings $120,Daa Uncamed Service Revenue 19,200 An analysis of the company's accounts shows the following. 1. The investment in the notes receivable earns interest at a rate of 12% per year. 2. Supplies on hand at the end of the manth totaled...
During 2021, Carla Vista Co, borrowed cash from Wildhorse Co. by issuing notes payable as follows....
During 2021, Carla Vista Co, borrowed cash from Wildhorse Co. by issuing notes payable as follows. 1. July 1, 2021, issued an eight-month.5% note for $71.400. Interest and principal are payable at maturity. 2. November 1, 2021, issued a three-month, 5% note for $52.800 Interest is payable monthly on the first day of the month Principal is payable at maturity Carla Vista has a December 31 fiscal year end and prepares adjusting entries on an annual basis. Prepare all necessary...
Please answer the question below, Thanks! CALATORIES BACK MENTI Wildhorse Co. purchased a delivery truck for...
Please answer the question below, Thanks!
CALATORIES BACK MENTI Wildhorse Co. purchased a delivery truck for $38,000 on January 1, 2019. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 14,400 in 2019 and 12,700 in 2020. (al) Your answer is correct. Calculate depreciable cost per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Attempts: 1...
The total liabilities of Wildhorse Co. decreased by $85000 during the month of August 2022. Stockholders' equity increased by $2000 during this pero what amount and in what direction must total assets have changed during August? $59000 Increase $111000 increase $85000 decrease $59000 decrease Click if you would like to Show Work for this question: Open Show Work
estion 16 the year ended December 31, 2017, Wildhorse Co. reported the following: $291000 50300 9900 t income eferred dividends declared mmon dividend declared realized holding loss, net of tax etained earnings, beginning balance common stock ccumulated Other Comprehensive Income, eginning Balance 4500 389000 201100 25000 What would Wildhorse report as the ending balance of Retained Earnings? O $675500 $644100 O $619800 $615300 Click if you would like to Show Work for this question: Open Show Work
These are selected account balances on December 31, 2022. Land Land (held for future use) Buildings Inventory Equipment Furniture Accumulated Depreciation $153000 242500 1160000 218000 671000 153000 450000 What is the total amount of property, plant, and equipment that will appear on the balance sheet? Its by Study O $2212000 $2662000 $1687000 $1929500 Click if you would like to Show Work for this question: Open Show Work
FULL SCREEN PRINTER VERSION BACK NEXT Question 7 Bramble Company buys land for $51100 on 12/31/17. As of 3/31/18, the land has appreciated in value to $51900. On 12/31/18, the land has an appraised value of $53000. By what amount should the Land account be increased in 2018? $1100 TO $1900 $0 e $800 By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. Question Attempts: 0 of...
Exercise 12-9 Here are comparative balance sheets for Wildhorse Co.. 2018 Wildhorse Co. Comparative Balance Sheets December 31 Assets 2019 Cash $ 73,000 Accounts receivable 86,500 Inventory 170,000 Land 72,900 Equipment 261,000 Accumulated depreciation-equipment (66,000) Total $597,400 Liabilities and Stockholders' Equity Accounts payable $ 35,400 Bonds payable 148,800 Common stock ($1 par) 216,500 Retained earnings 196,700 Total $597,400 $ 33,400 70,900 187,000 100,300 200,700 (34,200) $558,100 $ 47,000 203,600 175,300 132,200 $558,100 Additional information: 1. Net Income for 2019 was...
Exercise 7-11 The following information pertains to Wildhorse Company. Cash balance per bank, July 31, $10,788 1 July bank service charge not recorded by the depositor $62. 2. Cash balance per books, July 31, $10,912. 3. Deposits in transit, July 31, $4,402. 4. $2,480 collected for Wildhorse Company in July by the bank through electronic funds transfer. The accounts receivable collection has not been recorded by Wildhorse Company. 5. Outstanding checks, July 31, $1,860. 6. Prepare a bank reconciliation at...
Only need help on part e
Condensed balance sheet and income statement data for Wildhorse Co. are presented as follows. Wildhorse Co. Balance Sheets December 31 Assets Cash Receivables (net) Other current assets Long-term investments Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity 2022 $ 28,600 86,000 103,800 64,000 600,000 $ 882,400 2021 $ 22,000 57,500 95,500 59,700 470,000 704,700 $ 78,000 84,500 337,000...
Exercise 4-12 The ledger of Wildhorse Co. on July 31, 2022, includes the selected accounts below before adjusting entries have been prepared. Debit Credit Investment in Note Receivable $18,000 Supalies 22,000 Prepaid Rent 5,600 Buildings 250,000 Accumulated Depreciation Buildings $120,Daa Uncamed Service Revenue 19,200 An analysis of the company's accounts shows the following. 1. The investment in the notes receivable earns interest at a rate of 12% per year. 2. Supplies on hand at the end of the manth totaled...
During 2021, Carla Vista Co, borrowed cash from Wildhorse Co. by issuing notes payable as follows. 1. July 1, 2021, issued an eight-month.5% note for $71.400. Interest and principal are payable at maturity. 2. November 1, 2021, issued a three-month, 5% note for $52.800 Interest is payable monthly on the first day of the month Principal is payable at maturity Carla Vista has a December 31 fiscal year end and prepares adjusting entries on an annual basis. Prepare all necessary...
Please answer the question below, Thanks!
CALATORIES BACK MENTI Wildhorse Co. purchased a delivery truck for $38,000 on January 1, 2019. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 14,400 in 2019 and 12,700 in 2020. (al) Your answer is correct. Calculate depreciable cost per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Attempts: 1...
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