QS 12-13 Computing cash from asset sales LO P3
Furniture costing $55,000 is sold at its book value in 2019. Acquisitions of furniture total $45,000 cash, on which no depreciation is necessary because it is acquired at year-end. Complete the general ledger accounts to calculate cash received from the sale of furniture.
Homework Answers
Answer
--Complete requirement
| Furniture | |||
| Beg Bal | $119,000 | ||
| Purchase | $45,000 | ||
| Sale of assets | $55,000 | ||
| End Bal | $109,000 | ||
| Accumulated Depreciation | |||
| Beg Bal | $9,000 | ||
| 2019 Depreciation expense | $37,600 | ||
| Sale of assets | $29,600 | ||
| End Bal | $17,000 | ||
| Cost | $55,000 | ||
| Accumulated Derpeciation | ($29,600) | ||
| Book Value (Cash received) | $25,400 | ||
December 31, 2019 2019 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses $ 94,800 41,000...
December 31, 2019 2019 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses $ 94,800 41,000 85,800 5,400 227,000 109,e00 (17,000) $319,000 $ 24,000 51,000 95,800 4,200 175,000 119,000 (9,000) $285,000 Total current assets Furniture Accum. depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings $ 15,000 9,000 1,400 25,400 29,000 54,400 $ 21,000 5,000 2,600 28,600 69,000 97,600 229,000...
sale of assests under depreciation. I am having trouble figuring it out. Furniture costing $73,700 is...
sale of assests under
depreciation. I am having trouble figuring it out. Furniture
costing $73,700 is sold at its book value in 2019. Acquisitions of
furniture total $60,000 cash, on which no depreciation is necessary
because it is acquired at year-end. Complete the general ledger
accounts to calculate cash received from the sale of furniture.
Plepalu wapenbeb VU 2/3V Total current assets 232,100 177,600 Furniture 111,000 124,700 Accum. depreciation- (17,200) Furniture (9,400) Total assets $325, 900 $292,900 Liabilities and Equity...
Complete the general ledger accounts to calculate cash received from the sale of furniture. 2018 CRUZ,...
Complete the general ledger accounts to calculate cash received
from the sale of furniture.
2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 66,100 Accounts receivable, net 28,500 Inventory 59,700 Prepaid expenses 3,700 Total current assets 158,000 Furniture 74,600 Accum. depreciation-Furniture (11,600) Total assets $221,000 Liabilities and Equity Accounts payable $ 10,400 Wages payable 6,300 Income taxes payable 1,000 Total current liabilities 17,780 Notes payable (long-term) 20,700 Total liabilities 38,400 Equity Common stock, $5 par value...
QS 16-12 Computing cash flows from investing LO P3
QS 16-12 Computing cash flows from investing LO P3 Sale of short-term stock investments$6,000Cash collections from customers16,000Purchase of used equipment5,000Depreciation expense2,000Compute cash flows from investing activities using the above company information. (Amounts to be deducted should be indicated by a minus sign.)
QS 12-9 Computing financing cash flows LO P3 The following selected information is from Princeton Company’s...
QS 12-9 Computing financing cash flows LO P3 The following selected information is from Princeton Company’s comparative balance sheets. At December 31 2017 2016 Common stock, $10 par value $ 118,000 $ 114,000 Paid-in capital in excess of par 581,000 349,000 Retained earnings 327,500 301,500 The company’s net income for the year ended December 31, 2017, was $55,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common stock during 2017. Common Stock, $10...
QS 16-8 Computing cash flows from investing LO P3
QS 16-8 Computing cash flows from investing LO P3Sale of short-term investnents$2,200Cash colleotions from customers5,800Purchase of used equipment1,900Depreciation expense700Compute cash flows from investing activities using the above company information. (Amounts to be deducted should be indicated by a minus sign.)
CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 Assets $ 72,900 $18,100 38,400 Cash...
CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 Assets $ 72,900 $18,100 38,400 Cash Accounts receivable, net 31,300 65,600 Inventory 72,100 3,300 Prepaid expenses 4,000 131,900 Total current assets 173,800 Furniture 80,600 93,500 (7,100) $218,300 Accum. depreciation-Furniture (12,500) $241,900 Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities $ 11,400 6,800 $16,100 3,800 1,200 19,400 24,800 44,200 2,100 22,000 55,800 77,800 Notes payable (long-term) Total liabilities Equity Common stock, $5 par value...
2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 99,300 Accounts receivable,...
2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 99,300 Accounts receivable, net 42,600 Inventory 89, 100 Prepaid expenses 5,600 Total current assets 236,600 Furniture 113,000 Accum. depreciation-Furniture (17,500) Total assets $332,100 Liabilities and Equity Accounts payable $ 15,700 Wages payable 9,400 Income taxes payable 1,500 Total current liabilities 26,600 Notes payable (long-term) 30,900 Total liabilities 57,500 Equity Common stock, $5 par value 241,200 Retained earnings 33,400 Total liabilities and equity $332,100 $ 24,900 52,800 99,200...
QS 12-8 Computing cash flows from Investing LO P3 $ 3.800 Sale of short-term investments Cash...
QS 12-8 Computing cash flows from Investing LO P3 $ 3.800 Sale of short-term investments Cash collections from customers Purchase of used equins Depreciation expense Compute cash flows from investing activites using the above company Information (Amounts to be deducted should be indicated by a minus sign) o 1o 19 fo Investing Activities
QS 16-10 Computing investing cash flows LO P3
Required informationUse the following information for the Quick Study below.[The following information applies to the questions displayed below.]The plant assets section of the comparative balance sheets of Anders Company is reported below.ANDERS COMPANYComparative Balance Sheets20192018Plant assetsEquipment$180,000$270,000Accumulated depreciation—Equipment(100,000)(210,000)Equipment, net$80,000$60,000Buildings$380,000$400,000Accumulated depreciation—Buildings(100,000)(285,000)Buildings, net$280,000$115,000QS 16-10 Computing investing cash flows LO P3During 2019, equipment with a book value of $40,000 and an original cost of $210,000 was sold at a loss of $3,000. 1. How much cash did Anders receive from the sale of equipment?2. How much depreciation...
December 31, 2019 2019 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses $ 94,800 41,000 85,800 5,400 227,000 109,e00 (17,000) $319,000 $ 24,000 51,000 95,800 4,200 175,000 119,000 (9,000) $285,000 Total current assets Furniture Accum. depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings $ 15,000 9,000 1,400 25,400 29,000 54,400 $ 21,000 5,000 2,600 28,600 69,000 97,600 229,000...
sale of assests under
depreciation. I am having trouble figuring it out. Furniture
costing $73,700 is sold at its book value in 2019. Acquisitions of
furniture total $60,000 cash, on which no depreciation is necessary
because it is acquired at year-end. Complete the general ledger
accounts to calculate cash received from the sale of furniture.
Plepalu wapenbeb VU 2/3V Total current assets 232,100 177,600 Furniture 111,000 124,700 Accum. depreciation- (17,200) Furniture (9,400) Total assets $325, 900 $292,900 Liabilities and Equity...
Complete the general ledger accounts to calculate cash received
from the sale of furniture.
2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 66,100 Accounts receivable, net 28,500 Inventory 59,700 Prepaid expenses 3,700 Total current assets 158,000 Furniture 74,600 Accum. depreciation-Furniture (11,600) Total assets $221,000 Liabilities and Equity Accounts payable $ 10,400 Wages payable 6,300 Income taxes payable 1,000 Total current liabilities 17,780 Notes payable (long-term) 20,700 Total liabilities 38,400 Equity Common stock, $5 par value...
CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 Assets $ 72,900 $18,100 38,400 Cash Accounts receivable, net 31,300 65,600 Inventory 72,100 3,300 Prepaid expenses 4,000 131,900 Total current assets 173,800 Furniture 80,600 93,500 (7,100) $218,300 Accum. depreciation-Furniture (12,500) $241,900 Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities $ 11,400 6,800 $16,100 3,800 1,200 19,400 24,800 44,200 2,100 22,000 55,800 77,800 Notes payable (long-term) Total liabilities Equity Common stock, $5 par value...
2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 99,300 Accounts receivable, net 42,600 Inventory 89, 100 Prepaid expenses 5,600 Total current assets 236,600 Furniture 113,000 Accum. depreciation-Furniture (17,500) Total assets $332,100 Liabilities and Equity Accounts payable $ 15,700 Wages payable 9,400 Income taxes payable 1,500 Total current liabilities 26,600 Notes payable (long-term) 30,900 Total liabilities 57,500 Equity Common stock, $5 par value 241,200 Retained earnings 33,400 Total liabilities and equity $332,100 $ 24,900 52,800 99,200...
QS 12-8 Computing cash flows from Investing LO P3 $ 3.800 Sale of short-term investments Cash collections from customers Purchase of used equins Depreciation expense Compute cash flows from investing activites using the above company Information (Amounts to be deducted should be indicated by a minus sign) o 1o 19 fo Investing Activities
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