Homework Answers
| The annual depreciation is $3,000 and thus depreciation expense for third year is $3,000 | |||||
| Accumulated depreciation | Depreciation expense per year*No of years | ||||
| Accumulated depreciation | 3000*3 | ||||
| Accumulated depreciation | $9,000 | ||||
| Thus, depreciation expense is $3,000 and accumulated depreciation is $9,000 | |||||
| 22 | |||||
| Calculate total assets of the company as shown below: | |||||
| Inventory | $10,000 | ||||
| Equipment | $70,000 | ||||
| Cash | $70,000 | (60000+30000-10000-10000) | |||
| Total assets | $150,000 | ||||
| Thus, total assets of the company are $150,000 | |||||
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The annual depreciation taken on a vehicle totals $3,000. The vehicle has been in service for...
The annual depreciation taken on a vehicle totals $ 4100. The vehicle has been in service...
The annual depreciation taken on a vehicle totals $ 4100. The vehicle has been in service for full two years and the adjusting entries have been completed for the year. At the end of the second year, the balance in the depreciation expense account is_______ and the balance in the accumulated depreciation account is ______
The annual depreciation taken on a vehicle totals $ 4100. The vehicle has been in service...
The annual depreciation taken on a vehicle totals $ 4100. The vehicle has been in service for full two years and the adjusting entries have been completed for the year. At the end of the second year, the balance in the depreciation expense account is_______ and the balance in the accumulated depreciation account is ______
a company was formed with $60,000 cash being contributed by its owners in exchange for common...
a company was formed with $60,000 cash being contributed by its owners in exchange for common stock. The, the company borrowed $30,000 from a bank. Next, the company purchased $10,000 of inventory and paid cash for it. Lastly, the company purchased $70,000 of equipment by paying $10,000 in cash and issuing a note payable (for the remaining $60,000) what is the amount og the total liabilities to be reported on the balance sheet? A. 0 B. $80,000 C. $90,000 D....
Required information [The following information applies to the questions displayed below.) Jaguar Plastics Company has been...
Required information [The following information applies to the questions displayed below.) Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash Investments (short- term) Accounts receivable $15,000 4,000 7,000 Inventory $22,000 Accounts payable Accrued liabilities 3,000 payable Notes payable 3,000 (current) 20,000 Notes payable (noncurrent) 1,000 Common stock Additional paid-in capital 90,000 Retained earnings 5,000 47,000 Notes receivable (long-term) 10,000 Equipment Factory building Intangibles 80,000 31,000 During the...
Cougar Plastic Company has been operating for three years. At December 31 of last year, the accounting record...
Cougar Plastic Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Assets Amount Liabilities & Equity Amount Cash $ 22,000 Accounts Payable $ 15,000 Marketable Securities 3,000 Accrued Liabilities 4,000 Accounts Receivable 3,000 Notes Payable (Short Term) 7,000 Notes Receivable 1,000 Long-Term Notes Payable 47,000 Inventory 20,000 Common Stock 10,000 Equipment 50,000 Additional Paid-in Capital 80,000 Factory Building 90,000 Retained Earnings 31,000 Intangibles 5,000 Total Assets $194,000 Total Liabilities & Equity...
Additional Information: 1. Net Income for 2019 was $ 43,200 2. The depreciation expense for 2019 is $4,400....
Additional Information:
1. Net Income for 2019 was
$ 43,200
2. The depreciation
expense for 2019 is $4,400.
3. Cash dividends of
$18,200 were declared and paid.
4. Bonds Payable amounting
to $20,000 were redeemed for cash of $20,000.
5. An Equipment costing $
30,500 was purchased by issuing $ 30,500 Common Stock.
6. An Equipment costing
$15,000 and had accumulated depreciation of $ 2,700 was sold for
13,500 cash.
7. Building costing
$37,800 was purchased for cash
8. The land was sold for $
13,000 cash.
Prepare...
Question 1 2 pts X Company has the following information: $275,000 54,000 17,000 3,000 Accounts Receivable...
Question 1 2 pts X Company has the following information: $275,000 54,000 17,000 3,000 Accounts Receivable Advertising Expense Depreciation-Factory Equipment Depreciation Office Equipment Factory Insurance Expense Factory Supplies used Factory Utilities Finished Goods 1-1-17 Finished Goods 12-31- 4,000 10,000 11,000 70,000 80,000 17 48,000 2,000 280,000 53,000 38,000 185,000 Indirect Labor Office Supplies Expense Other Administrative Expenses Raw Materials 1-1-17 Raw Materials 12-31-17 Raw Materials Purchased Repairs-Factory Equipment Sales Salaries Sales Revenue Wages of machine operators Work in Process 1-1-17...
Required information [The following information applies to the questions displayed below.) Jaguar Plastics Company has been...
Required information [The following information applies to the questions displayed below.) Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash Investments (short- term) Accounts receivable $15,000 4,000 7,000 Inventory $22,000 Accounts payable Accrued liabilities 3,000 payable Notes payable 3,000 (current) 20,000 Notes payable (noncurrent) 1,000 Common stock Additional paid-in capital 90,000 Retained earnings 5,000 47,000 Notes receivable (long-term) 10,000 Equipment Factory building Intangibles 80,000 31,000 During the...
Jaguar Plastics Company has been operating for three years. At December 31 of last year, the...
Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $22,000 Accounts payable 3,000 Accrued liabilities payable 3,000 Notes payable (current) 20,000 Notes payable (noncurrent) 1,000 Common stock 50,000 Additional paid-in capital 90,000 Retained earnings $15,000 4,000 7,000 47,000 10,000 80,000 31,000 5,000 During the current year, the company had the following summarized activities: a. Purchased...
Jaguar Plastics Company has been operating for three years. At December 31 of last year, the...
Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash Investments (short-tern) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $22,000 Accounts payable 3,000 Accrued liabilities payable 3,000 Notes payable (current) 20,000 Notes payable (noncurrent) 1,000 Common stock 50,000 Additional paid-in capital 90,000 Retained earnings 5,000 $15,000 4,000 7,000 47,000 10,000 80,000 31,000 During the current year, the company had the following summarized activities: a. Purchased...
Required information [The following information applies to the questions displayed below.) Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash Investments (short- term) Accounts receivable $15,000 4,000 7,000 Inventory $22,000 Accounts payable Accrued liabilities 3,000 payable Notes payable 3,000 (current) 20,000 Notes payable (noncurrent) 1,000 Common stock Additional paid-in capital 90,000 Retained earnings 5,000 47,000 Notes receivable (long-term) 10,000 Equipment Factory building Intangibles 80,000 31,000 During the...
Additional Information:
1. Net Income for 2019 was
$ 43,200
2. The depreciation
expense for 2019 is $4,400.
3. Cash dividends of
$18,200 were declared and paid.
4. Bonds Payable amounting
to $20,000 were redeemed for cash of $20,000.
5. An Equipment costing $
30,500 was purchased by issuing $ 30,500 Common Stock.
6. An Equipment costing
$15,000 and had accumulated depreciation of $ 2,700 was sold for
13,500 cash.
7. Building costing
$37,800 was purchased for cash
8. The land was sold for $
13,000 cash.
Prepare...
Question 1 2 pts X Company has the following information: $275,000 54,000 17,000 3,000 Accounts Receivable Advertising Expense Depreciation-Factory Equipment Depreciation Office Equipment Factory Insurance Expense Factory Supplies used Factory Utilities Finished Goods 1-1-17 Finished Goods 12-31- 4,000 10,000 11,000 70,000 80,000 17 48,000 2,000 280,000 53,000 38,000 185,000 Indirect Labor Office Supplies Expense Other Administrative Expenses Raw Materials 1-1-17 Raw Materials 12-31-17 Raw Materials Purchased Repairs-Factory Equipment Sales Salaries Sales Revenue Wages of machine operators Work in Process 1-1-17...
Required information [The following information applies to the questions displayed below.) Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash Investments (short- term) Accounts receivable $15,000 4,000 7,000 Inventory $22,000 Accounts payable Accrued liabilities 3,000 payable Notes payable 3,000 (current) 20,000 Notes payable (noncurrent) 1,000 Common stock Additional paid-in capital 90,000 Retained earnings 5,000 47,000 Notes receivable (long-term) 10,000 Equipment Factory building Intangibles 80,000 31,000 During the...
Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $22,000 Accounts payable 3,000 Accrued liabilities payable 3,000 Notes payable (current) 20,000 Notes payable (noncurrent) 1,000 Common stock 50,000 Additional paid-in capital 90,000 Retained earnings $15,000 4,000 7,000 47,000 10,000 80,000 31,000 5,000 During the current year, the company had the following summarized activities: a. Purchased...
Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash Investments (short-tern) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $22,000 Accounts payable 3,000 Accrued liabilities payable 3,000 Notes payable (current) 20,000 Notes payable (noncurrent) 1,000 Common stock 50,000 Additional paid-in capital 90,000 Retained earnings 5,000 $15,000 4,000 7,000 47,000 10,000 80,000 31,000 During the current year, the company had the following summarized activities: a. Purchased...
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