Homework Answers
| option D is the correct entry | ||||||
| manufacturing overhead control | 37,000 | |||||
| Accumulated depreciation control | 25,000 | |||||
| cash | 12,000 | |||||
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Question Help | A compary has $25,000 of depreciaton on plant assets and paid $12.000 for...
Journal Entries for Plant Assets During the first few days of the year, Coast Company entered...
Journal Entries for Plant Assets During the first few days of the year, Coast Company entered into the following transactions: 1 Purchased a parcel of land with a building on it for $900,000 cash. The building, which will be used in operations, has an estimated useful life of 25 years and a salvage value of $60,000. The assessed valuations for property tax purposes show the land at $80,000 and the building at $720,000. 2 Paid $31,200 for the construction of...
Additional information: Accounts payable pertain to the purchase of inventory. Plant assets were sold for $40,000....
Additional information:
Accounts payable pertain to the purchase of inventory.
Plant assets were sold for $40,000. The cost of the plant assets
was $40,000.
All dividends are cash.
For the year 2005:
Cash received/collected from customers is:
Purchases for the year is:
Cash paid to suppliers is:
Depreciation expense is:
Cash paid for operating expenses is:
Cash paid for interest is:
Cash paid for income taxes is:
Cash provided by/(used in)*operating activities
is:
Cash provided by/(used in)*investing activities
is:
Cash...
JMJ QUIZ: 100 pts possible Big Rig Delivery Service has the following plant assets Communications Equpment...
JMJ QUIZ: 100 pts possible Big Rig Delivery Service has the following plant assets Communications Equpment Cost 57 580 with uselule of years Delivery Equipment Cost $18,000 with useful We of 12 years, and Computer Cost $13.440 with useful life of 4 years Assume the residual value of all the assets is zero and the straight-line method is used Big Rig's monthly depreciation journal entry will include a Cash Basi OA debit to Accumulated Dopreciation - Equipment of $485 it's...
METRO COMPANY Comparative Balance Sheet Dec 31 2011 2010 Assets Cash Accounts receivable Inventories Prepaid expenses...
METRO COMPANY Comparative Balance Sheet Dec 31 2011 2010 Assets Cash Accounts receivable Inventories Prepaid expenses Investments Plant assets Accumulated depreciation Total $41,000 $23.000 26.000 34,000 25.000 15.000 7,500 7,500 2.500 2.500 50,000 78,000 -20.000 -24.000 $132.000 $136.000 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Paid in Capital in Excess of Par Retained earnings Total $15,000 $23,000 13,000 8,000 7,000 33,000 41.000 24.000 10,000 10,000 46.000 38.000 $132.000 $136.000 $360.000l METRO COMPANY Income Statement...
Question 11 1 pt Ariel Tax Planning Service has the following plant assets: Communications equipment: Cost,...
Question 11 1 pt Ariel Tax Planning Service has the following plant assets: Communications equipment: Cost, $8,640 with useful life of 8 years; Furniture: Cost, $18,000 with useful life of 12 years; and Computer: Cost, $13,440 with useful life of 4 years. Assume the residual value of all the assets is zero and the straight-line method is used. Ariel's monthly depreciation journal entry will include a credit to Accumulated Depreciation of $495 o credit to Depreciation Expense of $5,940 debit...
Accounting for Plant Assets Ethan Corporation had the following transactions related to its delivery truck: Year...
Accounting for Plant Assets Ethan Corporation had the following transactions related to its delivery truck: Year 1 Jan. 5 Purchased for $28,000 cash a new truck with an estimated useful life of four years and a salvage value of $4,000. Feb. 20 Installed a new set of side-view mirrors at a cost of $80 cash. June 9 Paid $325 for an engine tune-up, wheel balancing, and a periodic chassis lubrication. Aug. 2 Paid a $410 repair bill for the uninsured...
Problem 8-5A Computing and revising depreciation; selling plant assets LO C2, P1, P2 Yoshi Company completed...
Problem 8-5A Computing and revising depreciation; selling plant assets LO C2, P1, P2 Yoshi Company completed the following transactions and events involving its delivery trucks. 2016 1 Paid $23,515 cash plus $1,635 in sales tax for a new delivery truck estimated to have a five-year life and a $2,450 salvage value. Delivery truck costs are recorded in the Trucks account 31 Recorded annual straight-line depreciation on the truck. Jan Dec 2017 Dec. 31 Due to new information obtained earlier in...
Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed...
Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed and reported by Jerico Company: Materials purchased on account, $60,100. Materials issued to production to fill job-order requisitions: direct materials, $50,000; indirect materials, $8,800. Payroll for the month: direct labor, $75,000; indirect labor, $36,000; administrative, $28,000; sales, $19,000. Depreciation on factory plant and equipment, $10,400. Property taxes on the factory accrued during the month, $1,450. Insurance on the factory expired with a credit to...
Dynamo Manufacturing paid cash to acquire the assets of an existing company. Among the assets acquired...
Dynamo Manufacturing paid cash to acquire the assets of an existing company. Among the assets acquired were the following items: Patent with 4 remaining years of legal life Goodwill $33,600 39,600 Dynamo's financial condition just prior to the acquisition of these assets is shown in the following statements model: Liab. Rev. Exp. Net Inc. Cash Flow + Assets Patent NA Cash 85,600 + Goodwill NA Equity 85,600 NA NA NA NA NA Required: a. Compute the annual amortization expense for...
Big Rig Delivery Service has the following plant assets: Communications Equipment: Cost, $3,840 with useful life...
Big Rig Delivery Service has the following plant assets: Communications Equipment: Cost, $3,840 with useful life of 8 years; Delivery Equipment: Cost, $17,568 with useful life of 12 years; and Computer: Cost, $13,440 with useful life of 4 years. Assume the residual value of all the assets is zero and the straight-line method is used. Big Rig's monthly depreciation journal entry will include a ________. A. credit to Depreciation Expense - Equipment of $5,304 B. debit to Depreciation Expense -...
Journal Entries for Plant Assets During the first few days of the year, Coast Company entered into the following transactions: 1 Purchased a parcel of land with a building on it for $900,000 cash. The building, which will be used in operations, has an estimated useful life of 25 years and a salvage value of $60,000. The assessed valuations for property tax purposes show the land at $80,000 and the building at $720,000. 2 Paid $31,200 for the construction of...
Additional information:
Accounts payable pertain to the purchase of inventory.
Plant assets were sold for $40,000. The cost of the plant assets
was $40,000.
All dividends are cash.
For the year 2005:
Cash received/collected from customers is:
Purchases for the year is:
Cash paid to suppliers is:
Depreciation expense is:
Cash paid for operating expenses is:
Cash paid for interest is:
Cash paid for income taxes is:
Cash provided by/(used in)*operating activities
is:
Cash provided by/(used in)*investing activities
is:
Cash...
JMJ QUIZ: 100 pts possible Big Rig Delivery Service has the following plant assets Communications Equpment Cost 57 580 with uselule of years Delivery Equipment Cost $18,000 with useful We of 12 years, and Computer Cost $13.440 with useful life of 4 years Assume the residual value of all the assets is zero and the straight-line method is used Big Rig's monthly depreciation journal entry will include a Cash Basi OA debit to Accumulated Dopreciation - Equipment of $485 it's...
METRO COMPANY Comparative Balance Sheet Dec 31 2011 2010 Assets Cash Accounts receivable Inventories Prepaid expenses Investments Plant assets Accumulated depreciation Total $41,000 $23.000 26.000 34,000 25.000 15.000 7,500 7,500 2.500 2.500 50,000 78,000 -20.000 -24.000 $132.000 $136.000 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Paid in Capital in Excess of Par Retained earnings Total $15,000 $23,000 13,000 8,000 7,000 33,000 41.000 24.000 10,000 10,000 46.000 38.000 $132.000 $136.000 $360.000l METRO COMPANY Income Statement...
Question 11 1 pt Ariel Tax Planning Service has the following plant assets: Communications equipment: Cost, $8,640 with useful life of 8 years; Furniture: Cost, $18,000 with useful life of 12 years; and Computer: Cost, $13,440 with useful life of 4 years. Assume the residual value of all the assets is zero and the straight-line method is used. Ariel's monthly depreciation journal entry will include a credit to Accumulated Depreciation of $495 o credit to Depreciation Expense of $5,940 debit...
Problem 8-5A Computing and revising depreciation; selling plant assets LO C2, P1, P2 Yoshi Company completed the following transactions and events involving its delivery trucks. 2016 1 Paid $23,515 cash plus $1,635 in sales tax for a new delivery truck estimated to have a five-year life and a $2,450 salvage value. Delivery truck costs are recorded in the Trucks account 31 Recorded annual straight-line depreciation on the truck. Jan Dec 2017 Dec. 31 Due to new information obtained earlier in...
Dynamo Manufacturing paid cash to acquire the assets of an existing company. Among the assets acquired were the following items: Patent with 4 remaining years of legal life Goodwill $33,600 39,600 Dynamo's financial condition just prior to the acquisition of these assets is shown in the following statements model: Liab. Rev. Exp. Net Inc. Cash Flow + Assets Patent NA Cash 85,600 + Goodwill NA Equity 85,600 NA NA NA NA NA Required: a. Compute the annual amortization expense for...
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