Homework Answers
| Balance Sheet | Income Statement | Statement of Cash Flows | ||||||||||||
| Assets | Shareholders' Equity | Revenue | - | Expenses | = | Net Income | ||||||||
| Cash | + | Book Value of Compressor | = | Common Stock | + | Retained Earnings | ||||||||
| 11820 | + | 59000 | = | 24100 | + | 46720 | - | = | ||||||
| a | -8490 | + | = | + | -8490 | - | 8490 | = | -8490 | OA | -8490 | |||
| b | -8490 | + | 8490 | = | + | - | = | IA | 8490 | |||||
| c | -8490 | + | 8490 | = | + | - | = | IA | 8490 |
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Sellers Construction Company purchased a compressor for $106,000 cash. It had an estimated useful life of...
+ Sellers Construction Company purchased a compressor for $112,000 cash. It had an estimated useful life of four ye...
+ Sellers Construction Company purchased a compressor for $112,000 cash. It had an estimated useful life of four years and a $9,600 salvage value. At the beginning of the third year of use, the company spent an additional $7,560 related to the equipment. The company's financial condition just prior to this expenditure is shown in the following statements model: Assets Equity Rev. Exp. Net Inc. Cash Flow Book Value of + Cash Com. Stk. 24,500 Ret. Earn. Compressor 11,900 +...
please answer ASAP thank you Sellers Construction Company purchased a compressor for $116,000 cash. It had...
please answer ASAP thank you
Sellers Construction Company purchased a compressor for $116,000 cash. It had an estimated useful life of four years and a $8,200 salvage value. At the beginning of the third year of use, the company spent an additional $9,430 related to the equlpment. The company's financial condition just prior to this expenditure is shown In the following statements model: Assets xp - Net Inc Cash Flow Cash 18,810 Book Value of Compressor 62,18e com. Stk 25,68e...
Sellers Construction Company purchased a compressor for $115,200 cash. It had an estimated useful life of four years and a $9,900 salvage value. At the beginning of the third year of use, the company...
Sellers Construction Company purchased a compressor for $115,200 cash. It had an estimated useful life of four years and a $9,900 salvage value. At the beginning of the third year of use, the company spent an additional $6,130 related to the equipment. The company’s financial condition just prior to this expenditure is shown in the following statements model: Assets = Equity Rev. − Exp. = Net Inc. Cash Flow Cash + Book Value of Compressor = Com. Stk. + Ret....
Sellers Construction Company purchased a compressor for $115,200 cash. It had an estimated useful life of four years and a $8,800 salvage value. At the beginning of the third year of use, the company spent an additional $7,640 related to the equipment. Th
Sellers Construction Company purchased a compressor for $115,200 cash. It had an estimated useful life of four years and a $8,800 salvage value. At the beginning of the third year of use, the company spent an additional $7,640 related to the equipment. The company’s financial condition just prior to this expenditure is shown in the following statements model: Assets=EquityRev.−Exp.=Net Inc.Cash FlowCash+Book Value of Compressor=Com. Stk.+Ret. Earn.11,360+62,000=23,800+49,560NA−NA=NANA RequiredRecord the $7,640 expenditure in the statements model under each of the following independent assumptions: (In the Cash Flow...
Bensen Company began operations when it acquired $26,400 cash from the issue of common stock on...
Bensen Company began operations when it acquired $26,400 cash
from the issue of common stock on January 1, 2018. The cash
acquired was immediately used to purchase equipment for $26,400
that had a $3,600 salvage value and an expected useful life of four
years. The equipment was used to produce the following revenue
stream (assume all revenue transactions are for cash). At the
beginning of the fifth year, the equipment was sold for $3,100
cash. Bensen uses straight-line depreciation.
2018...
Equipment acquired on January 9, 20Y3, at a cost of 5560,000, has an estimated useful life...
Equipment acquired on January 9, 20Y3, at a cost of 5560,000, has an estimated useful life of 20 years has an estimated residual value of $40,000, and is depreciated by the straight-line method. a. What was the book value of the equipment at the end of the fifth year, December 31, 2017? For decreases in accounts or outflows of cash, enter your answers as negative numbers. If no account or activity is affected, select "No effect from the dropdown and...
Exercise 2-2B Tpes of transactions and the horizontal financial statements model Pet Partners experienced the following...
Exercise 2-2B Tpes of transactions and the horizontal financial statements model Pet Partners experienced the following events during its first year of operations, Year 1: 1. Acquired cash by issuing common stock LO 2-1 2. Borrowed cash from a bank. 3 Signed a contract to provide services in the future. Purchased land with cash. 4. Paid cash for operating expenses 6. Paid a cash dividend to the stockholders 7. Determined that the market value of the land is higher than...
Schrade Company bought a machine for $98,000 cash. The estimated useful life was four years, and...
Schrade Company bought a machine for $98,000 cash. The estimated useful life was four years, and the estimated residual value was $6,040. Assume that the estimated useful life in productive units is 121,000. Units actually produced were 44,000 in year 1 and 46,000 in year 2 value: Required information 10.00 points Required: 1. Determine the appropriate amounts to complete the following schedule. (Round your answers to the nearest dollar amount. Do not round intermediate calculations.) Depreciation Expense for Year 1...
Equipment acquired on January 9, 20Y3, at a cost of $517,000, has an estimated useful life...
Equipment acquired on January 9, 20Y3, at a cost of $517,000,
has an estimated useful life of 17 years, an estimated residual
value of $103,400, and is depreciated by the straight-line
method.
a. What was the book value of the equipment at
the end of the fifth year, December 31, 20Y7? Round your interim
calculations and final answer to the nearest dollar.
$
For decreases in accounts or outflows of cash, enter your
answers as negative numbers. Round annual depreciation...
1. Eaned $16,200 of cash revenue. 2. Borrowed $12,000 cash from the bank. 3. Adjusted the...
1. Eaned $16,200 of cash revenue. 2. Borrowed $12,000 cash from the bank. 3. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, Issued on September 1, 2018 had a one-year term and an 8 percent annual interest rate. Required a. What is the amount of b. What amount of cash was paid for interest in 2018? c. Use a horizontal statements model to show how each event affects the balance sheet, income statement,...
+ Sellers Construction Company purchased a compressor for $112,000 cash. It had an estimated useful life of four years and a $9,600 salvage value. At the beginning of the third year of use, the company spent an additional $7,560 related to the equipment. The company's financial condition just prior to this expenditure is shown in the following statements model: Assets Equity Rev. Exp. Net Inc. Cash Flow Book Value of + Cash Com. Stk. 24,500 Ret. Earn. Compressor 11,900 +...
please answer ASAP thank you
Sellers Construction Company purchased a compressor for $116,000 cash. It had an estimated useful life of four years and a $8,200 salvage value. At the beginning of the third year of use, the company spent an additional $9,430 related to the equlpment. The company's financial condition just prior to this expenditure is shown In the following statements model: Assets xp - Net Inc Cash Flow Cash 18,810 Book Value of Compressor 62,18e com. Stk 25,68e...
Bensen Company began operations when it acquired $26,400 cash
from the issue of common stock on January 1, 2018. The cash
acquired was immediately used to purchase equipment for $26,400
that had a $3,600 salvage value and an expected useful life of four
years. The equipment was used to produce the following revenue
stream (assume all revenue transactions are for cash). At the
beginning of the fifth year, the equipment was sold for $3,100
cash. Bensen uses straight-line depreciation.
2018...
Equipment acquired on January 9, 20Y3, at a cost of 5560,000, has an estimated useful life of 20 years has an estimated residual value of $40,000, and is depreciated by the straight-line method. a. What was the book value of the equipment at the end of the fifth year, December 31, 2017? For decreases in accounts or outflows of cash, enter your answers as negative numbers. If no account or activity is affected, select "No effect from the dropdown and...
Exercise 2-2B Tpes of transactions and the horizontal financial statements model Pet Partners experienced the following events during its first year of operations, Year 1: 1. Acquired cash by issuing common stock LO 2-1 2. Borrowed cash from a bank. 3 Signed a contract to provide services in the future. Purchased land with cash. 4. Paid cash for operating expenses 6. Paid a cash dividend to the stockholders 7. Determined that the market value of the land is higher than...
Schrade Company bought a machine for $98,000 cash. The estimated useful life was four years, and the estimated residual value was $6,040. Assume that the estimated useful life in productive units is 121,000. Units actually produced were 44,000 in year 1 and 46,000 in year 2 value: Required information 10.00 points Required: 1. Determine the appropriate amounts to complete the following schedule. (Round your answers to the nearest dollar amount. Do not round intermediate calculations.) Depreciation Expense for Year 1...
Equipment acquired on January 9, 20Y3, at a cost of $517,000,
has an estimated useful life of 17 years, an estimated residual
value of $103,400, and is depreciated by the straight-line
method.
a. What was the book value of the equipment at
the end of the fifth year, December 31, 20Y7? Round your interim
calculations and final answer to the nearest dollar.
$
For decreases in accounts or outflows of cash, enter your
answers as negative numbers. Round annual depreciation...
1. Eaned $16,200 of cash revenue. 2. Borrowed $12,000 cash from the bank. 3. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, Issued on September 1, 2018 had a one-year term and an 8 percent annual interest rate. Required a. What is the amount of b. What amount of cash was paid for interest in 2018? c. Use a horizontal statements model to show how each event affects the balance sheet, income statement,...
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