Question

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S16-7 (similar to) Question Hepe Rouse Media Coporation had the following income statement and balance shbeet for 2018 m(Click the icon to view the income statement) (Cck the icon to view the balance sheet) Read the requiements Requement 1. Compute the acquisiion of plant assets for Rouse Meda Corporation during 2018 The buniness sold no plant assets during the year Aasume the company paid cash for the acquiiion of plant assets The acquisition of eqipment is Data Table X Requrements Rouse Media Corporation Income Statement 1. Compute the acquisiion of plant assets for Rouse Media Corporation during 2018. The buniness sold no plant assets during the year Assume the company paid cash for the acquisition of plant assets Compute the payment of a longtm note payable Duing the year, the business issued a $400 note payable Year Ended December 31, 2018 82.000 Sales Revenve 2. Depreciation Expense-Plant Assets 11.590 52000 Oher Expenses 1300 Pint Done Net Income pore Peint Enter any number in the edt teids and then click Check Answer part remaining Cear All Check Answer

liabilities

current liabilities

Account Payable……..$6,500 …………$4,000

long term liabilities

Notes Payable ………$7,000...…………$13,000

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Total liabilities ……….$13,000...………..$17,000

Stockholders Equity

Common Stock, no par …………….23,000 …….17,000

Retained earnings ………………….49,200...…...48,000

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Total stockholder equity...…………..72,200...……...65,000

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Total liability and stockholder's equity.....$85,700.....$82,000

Answer 1

Answer to Requirement 1.

Plant Assets, 2018 = Plant Assets, 2017 + Acquisition of Plant Assets - Sale of Plant Assets

$100,350 = $88,250 + Acquisition of Plant Assets - $0

Acquisition of Plant Assets = $12,100

Answer to Requirement 2.

Notes Payable, 2018 = Notes Payable, 2017 + Issuance of Notes Payable - Repayment of Notes Payable

$7,000 = $13,000 + $4,900 - Repayment of Notes Payable

Repayment of Notes Payable = $10,900