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Wright reported the following balances in their PP&E accounts: 12/31/15 12/31/X4 Equipment 140,000 100,000 Accumulated Depreciation...
Matthauson Company has the following comparative balance sheet data available: 12/31/2019 12/31/2018 Cash $30,000 $80,000 Accounts...
Matthauson Company has the following comparative balance sheet data available: 12/31/2019 12/31/2018 Cash $30,000 $80,000 Accounts receivable, net 160,000 100,000 Inventory 100,000 70,000 Prepaid rent 20,000 10,000 Total current assets $310,000 $260,000 Equipment $400,000 $200,000 Accumulated depreciation (60,000) (50,000) Total Assets $650,000 $410,000 Accounts payable $50,000 $40,000 Salaries payable 40,000 40,000 Bonds payable 0 50,000 Common stock, $10 par 350,000 100,000 Retained earnings 210,000 180,000 Total liabilities & stockholders' equity $650,000 $410,000 Additional information: 1. The company reports net income...
Following are selected balance sheet accounts of Despacito Corp. at December 31, 2018 and 2017, and...
Following are selected balance sheet accounts of Despacito Corp. at December 31, 2018 and 2017, and the increases or decreases in each account from 2017 to 2018. Also presented is selected income statement information for the year ended December 31, 2018, and additional information. Increase Selected balance sheet accounts 2018 2017 (Decrease) Assets: Accounts receivable $100,000 $ 94,000 6,000 Inventory 55,000 70,000 (15,000) Prepaid Expenses 30,000 25,000 5,000 Property, plant, and equipment 400,000 200,000 200,000 Accumulated depreciation (200,000) (180,000) 20,000 Deferred tax asset 30,000 40,000 (10,000) Liabilities and stockholders’ equity: Accounts payable 400,000 420,000 (20,000) Interest payable 8,000 6,000 2,000 Accrued expenses payable 10,000 7,000 3,000...
Following are selected balance sheet accounts of Despacito Corp. at December 31, 2018 and 2017, and...
Following are selected balance sheet accounts of Despacito Corp. at December 31, 2018 and 2017, and the increases or decreases in each account from 2017 to 2018. Also presented is selected income statement information for the year ended December 31, 2018, and additional information. Selected balance sheet accounts 2018 2017 (Decrease) Assets: Accounts receivable $100,000 $ 94,000 6,000 Inventory 55,000 70,000 (15,000) Prepaid Expenses 30,000 25,000 5,000 Property, plant, and equipment 400,000 200,000 200,000...
Problem 1: Selected balances for Tyner Company are as follows: 2017 2016 Equipment Accumulated Dep 100,000...
Problem 1: Selected balances for Tyner Company are as follows: 2017 2016 Equipment Accumulated Dep 100,000 (30,000) (10,000) 40,000 A. Tyner sold equipment that originally cost $50,000 at a gain of $4000 B. Depreciation expense for the year was $60,000. C. Tyner had an equipment purchase for cash during the year. Prepare the Investing section of the cash flow statement for Tyner.
Laboy Tayo Travel and Tours have following ledger balances on December 31, 20X3:
Laboy Tayo Travel and Tours have following ledger balances on December 31, 20X3:Account Titles BalancesAccounts payable300,000Accounts receivable100,000Accumulated depreciation- Building600,000Accumulated depreciation—Equipment200,000Advertising expense35,000Allowance for had bad debts20,000Bad debts expense10,000Building2,000,000Cash280,000Depreciation expense100,00Equipment1,800,000Land1,000,00Miscellaneous expense2,000Owner's capital2,000,000Owner's drawings40,000Prepaid supplies20,000Salaries expense630,000Salaries payable60,000Service fees3,000,000Supplies expense30,000Taxes and licenses60,000Transportation and travel expenses70,000Utilities expense23,000Utilities payable20,000Requirement: Prepare the unadjusted trial balance.
65 Module 5 Homework Problem 1 From the following information for Brayden's Bobbles, prepare a Statement...
65 Module 5 Homework Problem 1 From the following information for Brayden's Bobbles, prepare a Statement of Cash Flows for the year ended December 31, 2018 using the indirect method Balance 12/31/18 Balance 12/31/17 Cash Accounts Receivable Inventory Prepaid Insurance Equipment Accumulated Depreciation Land Security Deposits Accounts Payable Wages Payable Rent Payable Interest Payable Taxes Payable Note Payable Common Stock ($1 each) Retained Earnings Sales Cost of Goods Sold Wage Expense Rent Expense Office Expenses Depreciation Expense Utilities Expense Insurance...
The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December...
The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2012: Plant Asset Accumulated Depreciation Land $ 350,000 $ 0 Land improvements 180,000 45,000 Building 1,500,000 350,000 Machinery and equipment 1,158,000 405,000 Automobiles 150,000 112,000 Transactions during 2013 were as follows: a. On January 2, 2013, machinery and equipment were purchased at a total invoice cost of $260,000, which included a $5,500 charge for freight. Installation costs of $27,000 were incurred. b. On...
Owners' Equity Homework The following balances are from the Cheyenne's Accounting Company 2018 20,000 50,000 3,000...
Owners' Equity Homework The following balances are from the Cheyenne's Accounting Company 2018 20,000 50,000 3,000 190,000 60,000 70,000 5,000 2017 10,000 42,000 4,000 180,000 50,000 40,000 10,000 Cash Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries Payable Taxes Payable Note Payable Common Stock ($1 Par) Paid In Capital Retained Earnings Accounting Fees Salary Expense Rent Expense Interest Expense Depreciation Expense 100,000 500 4,500 31,000 70,000 2,000 18,000 35,000 100,000 40,000 24,000 6,000 10,000 The common stock outstanding...
Owners' Equity Homework Problem 1° The following balances are from the Cheyenne's Accounting Company 2017 2018...
Owners' Equity Homework Problem 1° The following balances are from the Cheyenne's Accounting Company 2017 2018 20,000 50,000 3,000 190,000 60,000 70,000 5,000 10,000 42,000 4,000 180,000 50,000 40,000 10,000 Cash Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries Payable Taxes Payable Note Payable Common Stock ($1 Par) Paid In Capital Retained Earnings Accounting Fees Salary Expense Rent Expense Interest Expense Depreciation Expense 100,000 500 4,500 31,000 70,000 2,000 18,000 35,000 100,000 40,000 24,000 6,000 10,000 The common...
At January 1, 2018, Sunland Limited reported the following property, plant, and equipment accounts: Accumulated depreciation—buildings...
At January 1, 2018, Sunland Limited reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$59,500,000
Accumulated depreciation—equipment
57,100,000
Buildings
102,500,000
Equipment
152,600,000
Land
20,600,000
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...
Problem 1: Selected balances for Tyner Company are as follows: 2017 2016 Equipment Accumulated Dep 100,000 (30,000) (10,000) 40,000 A. Tyner sold equipment that originally cost $50,000 at a gain of $4000 B. Depreciation expense for the year was $60,000. C. Tyner had an equipment purchase for cash during the year. Prepare the Investing section of the cash flow statement for Tyner.
65 Module 5 Homework Problem 1 From the following information for Brayden's Bobbles, prepare a Statement of Cash Flows for the year ended December 31, 2018 using the indirect method Balance 12/31/18 Balance 12/31/17 Cash Accounts Receivable Inventory Prepaid Insurance Equipment Accumulated Depreciation Land Security Deposits Accounts Payable Wages Payable Rent Payable Interest Payable Taxes Payable Note Payable Common Stock ($1 each) Retained Earnings Sales Cost of Goods Sold Wage Expense Rent Expense Office Expenses Depreciation Expense Utilities Expense Insurance...
Owners' Equity Homework The following balances are from the Cheyenne's Accounting Company 2018 20,000 50,000 3,000 190,000 60,000 70,000 5,000 2017 10,000 42,000 4,000 180,000 50,000 40,000 10,000 Cash Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries Payable Taxes Payable Note Payable Common Stock ($1 Par) Paid In Capital Retained Earnings Accounting Fees Salary Expense Rent Expense Interest Expense Depreciation Expense 100,000 500 4,500 31,000 70,000 2,000 18,000 35,000 100,000 40,000 24,000 6,000 10,000 The common stock outstanding...
Owners' Equity Homework Problem 1° The following balances are from the Cheyenne's Accounting Company 2017 2018 20,000 50,000 3,000 190,000 60,000 70,000 5,000 10,000 42,000 4,000 180,000 50,000 40,000 10,000 Cash Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries Payable Taxes Payable Note Payable Common Stock ($1 Par) Paid In Capital Retained Earnings Accounting Fees Salary Expense Rent Expense Interest Expense Depreciation Expense 100,000 500 4,500 31,000 70,000 2,000 18,000 35,000 100,000 40,000 24,000 6,000 10,000 The common...
At January 1, 2018, Sunland Limited reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$59,500,000
Accumulated depreciation—equipment
57,100,000
Buildings
102,500,000
Equipment
152,600,000
Land
20,600,000
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...
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