When Fixed Assets are reported on the Balance Statement, why is it described as Net of...
When Fixed Assets are reported on the Balance Statement, why is it described as Net of Depreciation of Net Fixed Assets?
Homework Answers
The answer of first part is - company fixed assets are reported in the noncurrent asset section of the balance sheet in the section described as property, plant and equipment. The fixed assets except for land will be depreciated and their accumulated depreciation will also be reported under property, plant and equipment.
The answer of second part - Depreciation is a mechanism whereby Capital Costs are written off over the lifetime of a Resource. This process is usually called Amortisation for intangible assets. Written-Down Value is a result which reflects the remaining value of a Resource, not yet charged as depreciation.
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When Fixed Assets are reported on the Balance Statement, why is
it described as Net of...
Robert Company's 2009 balance sheet reported net fixed assets of $ 11,101,741 and accumulated depreciation of...
Robert Company's 2009 balance sheet reported net fixed assets of $ 11,101,741 and accumulated depreciation of ($ 3,289,339 ). Robert Company's 2010 balance sheet reported net fixed assets of $ 16,622,966 and accumulated depreciation of ($ 5,139,286). What was the change in gross fixed assets for Robert Company between 2009 and 2010? Record your answer rounded to the nearest dollar. Do not include a dollar sign or commas in your answer. For example, record $1,234,567.89 as 1234568.
Analyze Fixed Assets At December 31, 2013, Clark Corporation reported beginning net fixed assets of $94,150,...
Analyze Fixed Assets At December 31, 2013, Clark Corporation reported beginning net fixed assets of $94,150, ending net fixed assets of $103,626, accumulated depreciation of $49,133, net sales of $212,722, and depreciation expense of $12,315. Required: Compute Clark Corporation's fixed asset turnover ratio and the average age of its fixed assets. (Note: Round answers to two decimal places.) Fixed asset turnover ratio times Average age of fixed assets years
Fixed Assets and Intangible Assets Are the amounts at which fixed assets are reported on the...
Fixed Assets and Intangible Assets Are the amounts at which fixed assets are reported on the balance sheet, their approximate market values as of the balance sheet date? Does this conflict with the historical cost principle? When is it appropriate for a company to report their fixed assets at market value?
Knowledge Check 01 The balance sheets of Davidson Corporation reported net fixed assets $620,000 at the...
Knowledge Check 01 The balance sheets of Davidson Corporation reported net fixed assets $620,000 at the end of Year 1 and $340,000 at the end of Year 2. Net sales for Year 2 totaled $1,440,000. What is the fixed-asset turnover ratio for Year 2? (Round your answer to 1 decimal number.)
Earnhardt Driving School’s 2014 balance sheet showed net fixed assets of $3.2 million, and the 2015...
Earnhardt Driving School’s 2014 balance sheet showed net fixed assets of $3.2 million, and the 2015 balance sheet showed net fixed assets of $3.6 million. The company’s 2015 income statement showed a depreciation expense of $287349. What was net capital spending for 2015?
Earnhardt Driving School's 2008 balance sheet showed net fixed assets of $4.1 million, and the 2009...
Earnhardt Driving School's 2008 balance sheet showed net fixed assets of $4.1 million, and the 2009 balance sheet showed net fixed assets of $5.6 million. The company's 2009 income statement showed a depreciation expense of $965,000. What was net capital spending for 2009?
Logano Driving School’s 2017 balance sheet showed net fixed assets of $4.5 million, and the 2018...
Logano Driving School’s 2017 balance sheet showed net fixed assets of $4.5 million, and the 2018 balance sheet showed net fixed assets of $6.5 million. The company's 2018 income statement showed a depreciation expense of $975,000. What was net capital spending for 2018?
the net fixed assets for the year 2016 is? the net fixed assets for year 2017...
the net fixed assets for the year 2016 is?
the net fixed assets for year 2017 is?
(Click on the following icon in order to copy its contents into a spreadsheet.) Partial Income Statement Year Ending 2017 Sales revenue $349,900 Cost of goods sold $141,900 Fixed costs $42,900 Selling, general, and administrative expenses $27,900 Depreciation $46,100 W (Click on the following icon in order to copy its contents into a spreadsheet.) Partial Balance Sheet 12/31/2016 ASSETS LIABILITIES Cash $15,900 Notes...
Logano Driving School's 2017 balance sheet showed net fixed assets of $3.4 million, and the 2018...
Logano Driving School's 2017 balance sheet showed net fixed assets of $3.4 million, and the 2018 balance sheet showed net fixed assets of $3.9 million. The company's 2018 income statement showed a depreciation expense of $325,000. What was net capital spending for 2018? (Do not round intermediate calculations. Enter your answer in dollars, not millions of dollars, e.g., 1,234,567.) Net capital spending
Bowyer Driving School’s 2014 balance sheet showed net fixed assets of $3.2 million, and the 2015...
Bowyer Driving School’s 2014 balance sheet showed net fixed assets of $3.2 million, and the 2015 balance sheet showed net fixed assets of $3.8 million. The company’s 2015 income statement showed a depreciation expense of $235,000. What was net capital spending for 2015? (Do not round intermediate calculations. Enter your answer in dollars, not millions of dollars, e.g., 1,234,567.) Net capital spending $
Robert Company's 2009 balance sheet reported net fixed assets of $ 11,101,741 and accumulated depreciation of ($ 3,289,339 ). Robert Company's 2010 balance sheet reported net fixed assets of $ 16,622,966 and accumulated depreciation of ($ 5,139,286). What was the change in gross fixed assets for Robert Company between 2009 and 2010? Record your answer rounded to the nearest dollar. Do not include a dollar sign or commas in your answer. For example, record $1,234,567.89 as 1234568.
Analyze Fixed Assets At December 31, 2013, Clark Corporation reported beginning net fixed assets of $94,150, ending net fixed assets of $103,626, accumulated depreciation of $49,133, net sales of $212,722, and depreciation expense of $12,315. Required: Compute Clark Corporation's fixed asset turnover ratio and the average age of its fixed assets. (Note: Round answers to two decimal places.) Fixed asset turnover ratio times Average age of fixed assets years
the net fixed assets for the year 2016 is?
the net fixed assets for year 2017 is?
(Click on the following icon in order to copy its contents into a spreadsheet.) Partial Income Statement Year Ending 2017 Sales revenue $349,900 Cost of goods sold $141,900 Fixed costs $42,900 Selling, general, and administrative expenses $27,900 Depreciation $46,100 W (Click on the following icon in order to copy its contents into a spreadsheet.) Partial Balance Sheet 12/31/2016 ASSETS LIABILITIES Cash $15,900 Notes...
Logano Driving School's 2017 balance sheet showed net fixed assets of $3.4 million, and the 2018 balance sheet showed net fixed assets of $3.9 million. The company's 2018 income statement showed a depreciation expense of $325,000. What was net capital spending for 2018? (Do not round intermediate calculations. Enter your answer in dollars, not millions of dollars, e.g., 1,234,567.) Net capital spending
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