ABC Ltd reported that for the financial year ended June 30, 2020, depreciation expense was $78,000...
ABC Ltd reported that for the financial year ended June 30, 2020, depreciation expense was $78,000 and COGS was $847,000. They also reported a Loss on Sale of $25,000 on equipment which had a book value of $60,000.
Additionally their Balance Sheet at June 30, 2019 reported Inventory at $54,000, Plant and Equipment (net) of $627,000 and Accounts Payable of $29,000. The figures for June 30, 2020 were Inventory, $61,000, Plant and Equipment (net) at $710,000 and Accounts Payable $32,000.
- How much cash was paid for inventory purchases during the year?
- What was the cost of the new plant acquired?
(State any assumptions you make)
Homework Answers
a) Cash paid for inventory purchase = 847000+7000-3000 = 851000
b) Purchase of plant and equipment = Ending value+Book value of sale of equipment-Beginning value
= 710000+60000-627000
Purchase of plant and equipment = 143000
Cost of new plant acquired = $143000
Add Answer to:
ABC Ltd reported that for the financial year ended June 30,
2020, depreciation expense was $78,000...
The following data relate to Emporium Ltd: Emporium Ltd Income statement for year ended 30 June...
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Prepare the statement of cash flows for Emporium Ltd for the year ended 30 June 2020, using the direct method. (Show amounts that decrease cash flow using either a negative sign, e.g. -15,000 or paren...
Prepare the statement of cash
flows for Emporium Ltd for the year ended 30 June 2020, using the
direct method. (Show amounts that decrease cash flow using either a
negative sign, e.g. -15,000 or parentheses, e.g. (15,000).)
If it's convenient, can you leave the problem-solving process?
I'm not very familiar with how to calculate this problem. Thank
you.
The following data relate to Emporium Ltd: Emporium Ltd Income statement for year ended 30 June 2020 Income Sales revenue $1,250,000 Expenses...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30,...
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The following financial data relate to Big Bang Pty Ltd for the years ended 30 June...
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The comparative statement of financial position of Blue Spruce Inc. as at June 30, 2020, and...
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End of Chapter Exercise 18.10 The following comparative statements of financial position and income statement are...
End of Chapter Exercise 18.10 The following comparative statements of financial position and income statement are for the business of Bargains Galore Pty Ltd: Bargains Galore Pty Ltd Comparative statements of financial position as at 30 June 2019 2020 Assets Cash at bank $21,000 $30,000 Accounts receivable 77,000 63,000 Inventory 56,000 71,350 Prepaid expenses 40,000 32,000 Plant and equipment 700,000 749,000 Accumulated depreciation - plant and equipment (150,000) (190,000) $744,000 $755,350 Liabilities and equity Accounts payable $236,000 $207,000 Expenses payable...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30,...
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The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30,...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 Assets Cash $ 102,100 $ 53,000 Accounts receivable, net 78,500 60,000 Inventory 72,800 100,000 Prepaid expenses 5,300 7,200 Total current assets 258,700 220,200 Equipment 133,000 124,000 Accum. depreciation—Equipment (31,500 ) (13,500 ) Total assets $ 360,200 $ 330,700 Liabilities and Equity Accounts payable $ 34,000 $ 43,500 Wages payable 6,900 16,800 Income taxes payable 4,300 5,600 Total current liabilities...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30,...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $ 83,300 75,500 70, 800 5, 100 234, 700 131,000 (30, 500) $335, 200 $ 51,000 58,000 97,000 6, 800 212,800 122,000 (12,500) $322, 300 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total...
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The following data relate to Emporium Ltd: Emporium Ltd Income statement for year ended 30 June 2020 Income Sales revenue $1,245,000 Expenses Cost of sales $720,000 Depreciation - machinery 30,000 Depreciation – buildings 18,000 Other expenses 335,500 1,103,500 Profit $141,500 Emporium Ltd Comparative statements of financial position as at 30 June 2019 2020 Assets Cash at bank $57,000 $56,000 Accounts receivable 145,000 134,000 Inventory 112,000 152,000 Investments 19,000 23,000 Machinery (net) 220,000 295,000 Buildings (net) 120,000 207,000 Land 63,500 147,500...
Prepare the statement of cash
flows for Emporium Ltd for the year ended 30 June 2020, using the
direct method. (Show amounts that decrease cash flow using either a
negative sign, e.g. -15,000 or parentheses, e.g. (15,000).)
If it's convenient, can you leave the problem-solving process?
I'm not very familiar with how to calculate this problem. Thank
you.
The following data relate to Emporium Ltd: Emporium Ltd Income statement for year ended 30 June 2020 Income Sales revenue $1,250,000 Expenses...
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The comparative statement of financial position of Blue Spruce Inc. as at June 30, 2020, and a statement of comprehensive income for the 2020 fiscal year follow: BLUE SPRUCE INC. Statement of Financial Position June 30, 2020 June 30 Assets 2020 2019 Cash $ 20,000 $ 44,000 Accounts receivable 86,200 75,600 Inventory 104,000 101,400 Prepaid expenses 2,700 5,000 FV-OCI investments 47,800 44,400 Equipment 179,000 159,000 Accumulated depreciation equipment (36,000) (23,400) Total $403,700 $ 406,000 Liabilities and Shareholders' Equity Accounts payable...
End of Chapter Exercise 18.10 The following comparative statements of financial position and income statement are for the business of Bargains Galore Pty Ltd: Bargains Galore Pty Ltd Comparative statements of financial position as at 30 June 2019 2020 Assets Cash at bank $21,000 $30,000 Accounts receivable 77,000 63,000 Inventory 56,000 71,350 Prepaid expenses 40,000 32,000 Plant and equipment 700,000 749,000 Accumulated depreciation - plant and equipment (150,000) (190,000) $744,000 $755,350 Liabilities and equity Accounts payable $236,000 $207,000 Expenses payable...
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The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $ 83,300 75,500 70, 800 5, 100 234, 700 131,000 (30, 500) $335, 200 $ 51,000 58,000 97,000 6, 800 212,800 122,000 (12,500) $322, 300 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total...
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