Swifty Company uses IFRS and owns property, plant and equipment with a historical cost of 5320000...
Swifty Company uses IFRS and owns property, plant and equipment with a historical cost of 5320000 euros. At December 31, 2019, the company reported a valuation reserve of 8560000 euros. At December 31, 2020, the property, plant and equipment was appraised at 5540000 euros. The property, plant and equipment will be reported on the December 31, 2020 statement of financial position at 8560000 euros. 8780000 euros. 5320000 euros. 5540000 euros.
Homework Answers
The property, plant and equipment will be reported on the December 31,2020 at the cost of 5320000 euros.
Fixed assets are shown lower of the following :-
a. Historical cost
b. Current Market value
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Swifty Company uses IFRS and owns property, plant and equipment
with a historical cost of 5320000...
Coronado Company uses IFRS and owns property, plant and equipment with a historical cost of 5310000...
Coronado Company uses IFRS and owns property, plant and equipment with a historical cost of 5310000 euros. At December 31, 2019, the company reported a valuation reserve of 8620000 euros. At December 31, 2020, the property, plant and equipment was appraised at 5550000 euros. The property, plant and equipment will be reported on the December 31, 2020 statement of financial position at
Question 1 of 4 < > 0/5 View Policies Show Attempt History Current Attempt in Progress...
Question 1 of 4 < > 0/5 View Policies Show Attempt History Current Attempt in Progress * Your answer is incorrect. Coronado Company uses IFRS and owns property, plant and equipment with a historical cost of 5310000 euros. At December 31, 2019, the company reported a valuation reserve of 8620000 euros. At December 31, 2020, the property, plant and equipment was appraised at 5550000 euros. The property, plant and equipment will be reported on the December 31, 2020 statement of...
Swifty Corp.'s statement of financial position at the end of 2019 included the following items: $1,193,500...
Swifty Corp.'s statement of financial position at the end of 2019 included the following items: $1,193,500 1,191,000 194,000 186,000 Current assets Land Buildings Equipment Accumulated depreciation-buildings Accumulated depreciation equipment Intangible assets-patents Total $1,255,000 Current liabilities 31,300 Bonds payable 1,270,000 Common shares 327,000 Retained earnings (148,000) (11,600) 40,800 $2,764,500 Total $2,764,500 The following information is available for the 2020 fiscal year: 1. Net income was $411,000. 2. Equipment (cost of $21,700 and accumulated depreciation of $8,100) was sold for $11,700. 3....
At January 1, 2022, Blossom Company reported the following property, plant, and equipment accounts: Accumulated depreciation—buildings...
At January 1, 2022, Blossom Company reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$60,400,000
Accumulated depreciation—equipment
53,500,000
Buildings
97,600,000
Equipment
150,000,000
Land
21,850,000
The company uses straight-line depreciation for buildings and
equipment, its year-end is December 31, and it makes adjusting
entries annually. The buildings are estimated to have a 40-year
useful life and no salvage value; the equipment is estimated to
have a 10-year useful life and no salvage value.
During 2022, the following selected transactions...
1) Swifty Company uses the LIFO method for financial reporting purposes but FIFO for internal reporting purposes. At Jan...
1) Swifty Company uses the LIFO method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2020, the LIFO reserve has a credit balance of $1,415,000. At December 31, 2020, Swifty’s internal reports indicated that the FIFO inventory balance was $3,129,000 and for external reporting purposes the LIFO inventory balance was $1,616,500. What is the amount of the LIFO reserve and the LIFO effect related to 2020? LIFO reserve at December 31, 2020 $enter a dollar...
Question 1 At January 1, 2017, Blossom Company reported the fallowing property, plant, and equipment accounts:...
Question 1 At January 1, 2017, Blossom Company reported the fallowing property, plant, and equipment accounts: Accumulated depreciation-buildings $60.950,000 Accumulated depreciation-equipment 52,850,000 Buildings 97,300,000 Equipment 150,200,000 Land 24,000,000 The company uses straight-li ne depreciation for buildings and equipment, s estimated to havea year-end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment 10-vear useful life and no salvace value During 2017, the following selected...
Parnell Company acquired construction equipment on January 1, 2017, at a cost of $71,600. The equipment...
Parnell Company acquired construction equipment on January 1, 2017, at a cost of $71,600. The equipment was expected to have a useful life of five years and a residual value of $12,000 and is being depreciated on a straight-line basis. On January 1, 2018, the equipment was appraised and determined to have a fair value of $66,700, a salvage value of $12,000, and a remaining useful life of four years. In measuring property, plant, and equipment subsequent to acquisition under...
Almirall uses the straight-line method to depreciate its property, plant & equipment. Almirall has four PP&E...
Almirall uses the straight-line method to depreciate its property, plant & equipment. Almirall has four PP&E categories: (1) land, (2) buildings, (3) machinery & equipment, and (4) furniture & fixtures. The buildings were purchased on January 3, 2017 for $4,000,000, have an estimated useful life of 25 years and an estimated residual value of $500,000. The company elected the revaluation model under IAS 16 to determine the carrying value of its buildings subsequent to acquisition. In January 2018, the building...
At January 1, 2018, Cullumber Limited reported the following property, plant, and equipment accounts: Accumulated dep...
At January 1, 2018, Cullumber Limited reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$62,300,000
Accumulated depreciation—equipment
50,300,000
Buildings
96,100,000
Equipment
150,300,000
Land
18,100,000
The company uses straight-line depreciation for buildings and
equipment, its year end is December 31, and it makes adjusting
entries annually. The buildings are estimated to have a 40-year
useful life and no residual value; the equipment is estimated to
have a 10-year useful life and no residual value.
During 2018, the following selected...
Condensed financial data of Swifty Company for 2020 and 2019 are presented below. Additional information: During...
Condensed financial data of Swifty Company for 2020 and 2019 are
presented below.
Additional information:
During the year, $70 of common stock was issued in exchange for
plant assets. No plant assets were sold in 2020.
Prepare a statement of cash flows using the direct method.
(Show amounts in the investing and financing sections
that decrease cash flow with either a - sign e.g. -15,000 or in
parenthesis e.g. (15,000).)
SWIFTY COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020...
Question 1 of 4 < > 0/5 View Policies Show Attempt History Current Attempt in Progress * Your answer is incorrect. Coronado Company uses IFRS and owns property, plant and equipment with a historical cost of 5310000 euros. At December 31, 2019, the company reported a valuation reserve of 8620000 euros. At December 31, 2020, the property, plant and equipment was appraised at 5550000 euros. The property, plant and equipment will be reported on the December 31, 2020 statement of...
Swifty Corp.'s statement of financial position at the end of 2019 included the following items: $1,193,500 1,191,000 194,000 186,000 Current assets Land Buildings Equipment Accumulated depreciation-buildings Accumulated depreciation equipment Intangible assets-patents Total $1,255,000 Current liabilities 31,300 Bonds payable 1,270,000 Common shares 327,000 Retained earnings (148,000) (11,600) 40,800 $2,764,500 Total $2,764,500 The following information is available for the 2020 fiscal year: 1. Net income was $411,000. 2. Equipment (cost of $21,700 and accumulated depreciation of $8,100) was sold for $11,700. 3....
At January 1, 2022, Blossom Company reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$60,400,000
Accumulated depreciation—equipment
53,500,000
Buildings
97,600,000
Equipment
150,000,000
Land
21,850,000
The company uses straight-line depreciation for buildings and
equipment, its year-end is December 31, and it makes adjusting
entries annually. The buildings are estimated to have a 40-year
useful life and no salvage value; the equipment is estimated to
have a 10-year useful life and no salvage value.
During 2022, the following selected transactions...
Question 1 At January 1, 2017, Blossom Company reported the fallowing property, plant, and equipment accounts: Accumulated depreciation-buildings $60.950,000 Accumulated depreciation-equipment 52,850,000 Buildings 97,300,000 Equipment 150,200,000 Land 24,000,000 The company uses straight-li ne depreciation for buildings and equipment, s estimated to havea year-end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment 10-vear useful life and no salvace value During 2017, the following selected...
At January 1, 2018, Cullumber Limited reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$62,300,000
Accumulated depreciation—equipment
50,300,000
Buildings
96,100,000
Equipment
150,300,000
Land
18,100,000
The company uses straight-line depreciation for buildings and
equipment, its year end is December 31, and it makes adjusting
entries annually. The buildings are estimated to have a 40-year
useful life and no residual value; the equipment is estimated to
have a 10-year useful life and no residual value.
During 2018, the following selected...
Condensed financial data of Swifty Company for 2020 and 2019 are
presented below.
Additional information:
During the year, $70 of common stock was issued in exchange for
plant assets. No plant assets were sold in 2020.
Prepare a statement of cash flows using the direct method.
(Show amounts in the investing and financing sections
that decrease cash flow with either a - sign e.g. -15,000 or in
parenthesis e.g. (15,000).)
SWIFTY COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020...
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