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Choose the correct answer in the following statements about financial and real assets. a. Toyota takes...
Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $30,000...
Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $30,000 and has cash on hand of $20,000 contributed by Lanni's owners. For each of the following transactions, identify the real and/or financial assets that trade hands. Are any financial assets created or destroyed in the transaction? a. Lanni takes out a bank loan. It receives $50,000 in cash and signs a note promising to pay back the loan over 3 years. b. Lanni uses...
Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $30,000...
Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $30,000 and has cash on hand of $20,000 contributed by Lanni’s owners. For each of the following transactions, identify the real and/or financial assets that trade hands. Are any financial assets created or destroyed in the transaction? a. Lanni takes out a bank loan. It receives $50,000 in cash and signs a note promising to pay back the loan over three years. b. Lanni uses...
E10-16B (L03,4) (Asset Acquisition) Ogden Industries purchased the following assets and constructed a building as well. All this was done during the current year. Asset 3 This machine was acquired by...
E10-16B (L03,4) (Asset Acquisition) Ogden Industries purchased
the following assets and constructed a building as well. All this
was done during the current year.
Asset 3
This machine was acquired by making a $25,000 down payment and
issuing a $75,000, 1-year, zero-interest-bearing note. The note is
to be paid off in at the end of the first year. It was estimated
that the asset could have been purchased outright for $91,000.
Asset 4
This machinery was acquired by trading in...
Sheridan Industries purchased the following assets and constructed a building as well. All this was done...
Sheridan Industries purchased the following assets and constructed a building as well. All this was done during the current year. Assets 1 and 2: These assets were purchased as a lump sum for $200,000 cash. The following information was gathered. Description Initial Cost on Seller’s Books Depreciation to Date on Seller’s Books Book Value on Seller’s Books Appraised Value Machinery $200,000 $100,000 $100,000 $180,000 Equipment 120,000 20,000 100,000 60,000 Asset 3: This machine was acquired by making a $20,000 down...
Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $23,000...
Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $23,000 and has cash on hand of $26,000 contributed by Lanni’s owners. For each of the following transactions, identify the real and/or financial assets that trade hands. Are any financial assets created or destroyed in the transaction? a. Lanni takes out a bank loan. It receives $34,000 in cash and signs a note promising to pay back the loan over 3 years. The bank loan...
. Record the following transactions in the financial statements effects template below. Founder contributes $44,000...
. Record the following transactions in the financial statements effects template below. Founder contributes $44,000 in cash in exchange for common stock. Obtain $26,000 short-term bank loan. Purchase equipment costing $24,000 for cash. Purchase inventory costing $14,000 on account. Balance Sheet Income Statement Transaction Cash Asset + Noncash Assets = Liabil- ities + Contrib. Capital + Earned Capital Rev-enues – Expen-ses = Net Income a) = – = b) = – = c) = – = d) = –...
Headland Industries purchased the following assets and constructed a building as well. All this was done...
Headland Industries purchased the following assets and constructed a building as well. All this was done during the current year. Assets 1 and 2: These assets were purchased as a lump sum for $130,000 cash. The following information was gathered. Initial Cost on Description Seller's Books Machinery $130,000 Equipment 78,000 Depreciation to Date on Seller's Books $65,000 13,000 Book Value on Seller's Books Appraised Value $65,000 $117.000 65,000 39,000 Asset 3: This machine was acquired by making a $13.000 down...
Exercise 10-16 Martinez Industries purchased the following assets and constructed a building as well. All this...
Exercise 10-16
Martinez Industries purchased the following assets and
constructed a building as well. All this was done during the
current year.
Exercise 10-16 Martinez Industries purchased the following assets and constructed a building as well. All this was done during the current year. Assets 1 and 2: These assets were purchased as a lump sum for $140,000 cash. The following information was gathered. Book Value on Seller's Books Description Machinery Equipment Initial Cost on Depreciation to Seller's BooksDate on...
Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $30,000...
Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $30,000 and has cash on hand of $20,000 contributed by Lanni's owners. Choose the correct answer in the following statements about financial and real assets. a. Lanni takes out a bank loan. It receives $50,000 in cash and signs a note promising to pay back the loan over three years. The bank loan is a for Lanni. Lanni's $50,000 IOU is the bank's . The...
Indicate whether each of the following describes an accounting treatment that is acceptable under IFRS, U.S....
Indicate whether each of the following describes an accounting treatment that is acceptable under IFRS, U.S. GAAP, both, or neither. A company takes out a loan to finance the construction of a building that will be used by the company. The interest on the loan is capitalized as part of the cost of the building. Inventory is reported on the balance sheet using the last-in, first-out (LIFO) cost flow assumption. ,The gain on a sale and leaseback transaction classified as...
Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $30,000 and has cash on hand of $20,000 contributed by Lanni's owners. For each of the following transactions, identify the real and/or financial assets that trade hands. Are any financial assets created or destroyed in the transaction? a. Lanni takes out a bank loan. It receives $50,000 in cash and signs a note promising to pay back the loan over 3 years. b. Lanni uses...
E10-16B (L03,4) (Asset Acquisition) Ogden Industries purchased
the following assets and constructed a building as well. All this
was done during the current year.
Asset 3
This machine was acquired by making a $25,000 down payment and
issuing a $75,000, 1-year, zero-interest-bearing note. The note is
to be paid off in at the end of the first year. It was estimated
that the asset could have been purchased outright for $91,000.
Asset 4
This machinery was acquired by trading in...
Headland Industries purchased the following assets and constructed a building as well. All this was done during the current year. Assets 1 and 2: These assets were purchased as a lump sum for $130,000 cash. The following information was gathered. Initial Cost on Description Seller's Books Machinery $130,000 Equipment 78,000 Depreciation to Date on Seller's Books $65,000 13,000 Book Value on Seller's Books Appraised Value $65,000 $117.000 65,000 39,000 Asset 3: This machine was acquired by making a $13.000 down...
Exercise 10-16
Martinez Industries purchased the following assets and
constructed a building as well. All this was done during the
current year.
Exercise 10-16 Martinez Industries purchased the following assets and constructed a building as well. All this was done during the current year. Assets 1 and 2: These assets were purchased as a lump sum for $140,000 cash. The following information was gathered. Book Value on Seller's Books Description Machinery Equipment Initial Cost on Depreciation to Seller's BooksDate on...
Indicate whether each of the following describes an accounting treatment that is acceptable under IFRS, U.S. GAAP, both, or neither. A company takes out a loan to finance the construction of a building that will be used by the company. The interest on the loan is capitalized as part of the cost of the building. Inventory is reported on the balance sheet using the last-in, first-out (LIFO) cost flow assumption. ,The gain on a sale and leaseback transaction classified as...
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