I am having trouble getting the
total property, plant, and equipment.
Homework Answers
| Particulars | Amount (in$ ) | Amount (in$ ) |
| Land | $ 25,600 | |
| Building | $ 237,000 | |
| Less: Accumulated Depreciation | ($ 116,000 ) | $ 121,000 |
| Total Property, Plant and Equipment | $ 146,600 |
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I am having trouble getting the
total property, plant, and equipment.
The balance sheet for Oriole...
Oriole Company has decided to expand its operations. The bookkeeper recently completed the following balance sheet...
Oriole Company has decided to expand its operations. The
bookkeeper recently completed the following balance sheet in order
to obtain additional funds for expansion.
ORIOLE COMPANY
BALANCE SHEET
FOR THE YEAR ENDED 2020
Current assets
Cash
$232,500
Accounts receivable (net)
342,500
Inventory (lower-of-average-cost-or-market)
403,500
Equity investments (marketable)-at cost (fair value
$122,500)
142,500
Property, plant, and equipment
Buildings (net)
572,500
Equipment (net)
162,500
Land held for future use
177,500
Intangible assets
Goodwill
82,500
Cash surrender value of life insurance
92,500
Prepaid...
Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services...
Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 20Y3 Assets Current assets: Cash $19,600 Accounts payable 33,300 Supplies 8,900 Prepaid insurance 15,900 Land 254,100 Total current assets $331,800 Property, plant, and equipment: Building $531,800 Equipment 120,300 Total property, plant, and equipment 864,800 Total assets $1,196,600 Liabilities Current liabilities: Accounts receivable $44,500 Accumulated depreciation-building 219,000 Accumulated depreciation-equipment 35,600 Net income 190,300 Total liabilities $489,400...
question#3 Instructions Balance Sheet Instructions Current Year $1,637,500.00 2 Current assets 3 Property, plant, and equipment...
question#3
Instructions Balance Sheet Instructions Current Year $1,637,500.00 2 Current assets 3 Property, plant, and equipment Intangible assets 3,864,500.00 1,048,000.00 1,179,000.00 Previous Year $1,210,000.00 4,235,000.00 605,000.00 847,000.00 1.996,500.00 665,500.00 2,541,000.00 5 Current liabilities 1,768,500.00 6 long-term liabilities 7 Common stock 655,000.00 2,947,500.00 & Retained earnings Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. Instructions...
Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance...
Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2018 Assets Current assets: $16,500 28,200 7,500 13,500 215,000 $280,700 $449,700 101,700 731,100 $1,011,800 Cash Accounts payable Supplies Prepaid insurance Land Total current assets Property, plant, and equipment: Building Equipment Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts receivable Accumulated depreciation-building Accumulated depreciation-equipment Net income Total liabilities Stockholders' Equity Wages payable Common stock Retained...
a. Property, plant, and equipment are sold for $723,900. Record the sale of property, plant and...
a. Property, plant, and equipment are sold for
$723,900.
Record the sale of property, plant and equipment.
b. Property, plant, and equipment are sold for
$141,300.
Record the sale of property, plant and equipment.
Trish Craig and Ted Smith have a bio-energy and consulting business and share profit and losses in a 3:1 ratio. They decide to liquidate their partnership on December 31, 2020, when the balance sheet shows the following: Craig and Smith Consulting Balance Sheet December 31, 2020...
Pro forma balance sheet. Next year, National Beverage Company will increase its plant, property, and equipment...
Pro forma balance sheet. Next year, National Beverage Company will increase its plant, property, and equipment by $4,034,000 with a plant expansion. The inventories will grow by 34%, accounts receivable will grow by 15%, and marketable securities will be reduced by 53% to help finance the expansion. Assume all other asset accounts will remain the same and the company will use long-term debt to finance the remaining expansion costs (no change in common stock or retained earnings). Using this information...
Pro forma balance sheet. Next year, National Beverage Company will increase its plant, property, and equipment...
Pro forma balance sheet. Next year, National Beverage Company will increase its plant, property, and equipment by $4,058,000 with a plant expansion. The inventories will grow by 31%, accounts receivable will grow by 21%, and marketable securities will be reduced by 53% to help finance the expansion. Assume all other asset accounts will remain the same and the company will use long-term debt finance the remaining expansion costs (no change in common stock or retained earnings). Using this information and...
Required Use the following information to prepare a classified balance sheet for Alpha Co. at the...
Required Use the following information to prepare a classified balance sheet for Alpha Co. at the end of 2018. Accounts receivable $44,980 9,815 13,320 40,500 17,000 22,800 28,075 30, 260 Accounts payable Cash Common stock Land Long-term notes payable Merchandise inventory Retained earnings ALPHA CO. Classified Balance Sheet As of December 31, 2018 Assets ALPHA CO. Classified Balance Sheet As of December 31, 2018 Assets Current assets Total current assets Property, plant and equipment Total property, plant and equipment Total...
Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services...
Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2019 Assets Current assets: Cash $17,900 30,500 Accounts payable Supplies 8,100 Prepaid insurance 14,700 Land 232,800 $304,000 Total current assets Property, plant, and equipment: Building $487,100 110,200 Equipment Total property, plant, and equipment Total assets 792,000 $1,096,000 Liabilities Current liabilities: $40,700 Accounts receivable Accumulated depreciation-building 200,600 Accumulated depreciation--equipment 32,600 174,300 Net income Total liabilities $448,200...
Pro forma balance sheet. Next year, National Beverage Company will increase its plant, property, and equipment...
Pro forma balance sheet. Next year, National Beverage Company will increase its plant, property, and equipment by $4,038,000 with a plant expansion. The inventories will grow by 30%, accounts receivable will grow by 25%, and marketable securities will be reduced by 47% to help finance the expansion. Assume all other asset accounts will remain the same and the company will use long-term debt to finance the remaining expansion costs (no change in common stock or retained earnings). Using this information...
Oriole Company has decided to expand its operations. The
bookkeeper recently completed the following balance sheet in order
to obtain additional funds for expansion.
ORIOLE COMPANY
BALANCE SHEET
FOR THE YEAR ENDED 2020
Current assets
Cash
$232,500
Accounts receivable (net)
342,500
Inventory (lower-of-average-cost-or-market)
403,500
Equity investments (marketable)-at cost (fair value
$122,500)
142,500
Property, plant, and equipment
Buildings (net)
572,500
Equipment (net)
162,500
Land held for future use
177,500
Intangible assets
Goodwill
82,500
Cash surrender value of life insurance
92,500
Prepaid...
Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 20Y3 Assets Current assets: Cash $19,600 Accounts payable 33,300 Supplies 8,900 Prepaid insurance 15,900 Land 254,100 Total current assets $331,800 Property, plant, and equipment: Building $531,800 Equipment 120,300 Total property, plant, and equipment 864,800 Total assets $1,196,600 Liabilities Current liabilities: Accounts receivable $44,500 Accumulated depreciation-building 219,000 Accumulated depreciation-equipment 35,600 Net income 190,300 Total liabilities $489,400...
question#3
Instructions Balance Sheet Instructions Current Year $1,637,500.00 2 Current assets 3 Property, plant, and equipment Intangible assets 3,864,500.00 1,048,000.00 1,179,000.00 Previous Year $1,210,000.00 4,235,000.00 605,000.00 847,000.00 1.996,500.00 665,500.00 2,541,000.00 5 Current liabilities 1,768,500.00 6 long-term liabilities 7 Common stock 655,000.00 2,947,500.00 & Retained earnings Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. Instructions...
Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2018 Assets Current assets: $16,500 28,200 7,500 13,500 215,000 $280,700 $449,700 101,700 731,100 $1,011,800 Cash Accounts payable Supplies Prepaid insurance Land Total current assets Property, plant, and equipment: Building Equipment Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts receivable Accumulated depreciation-building Accumulated depreciation-equipment Net income Total liabilities Stockholders' Equity Wages payable Common stock Retained...
a. Property, plant, and equipment are sold for
$723,900.
Record the sale of property, plant and equipment.
b. Property, plant, and equipment are sold for
$141,300.
Record the sale of property, plant and equipment.
Trish Craig and Ted Smith have a bio-energy and consulting business and share profit and losses in a 3:1 ratio. They decide to liquidate their partnership on December 31, 2020, when the balance sheet shows the following: Craig and Smith Consulting Balance Sheet December 31, 2020...
Pro forma balance sheet. Next year, National Beverage Company will increase its plant, property, and equipment by $4,034,000 with a plant expansion. The inventories will grow by 34%, accounts receivable will grow by 15%, and marketable securities will be reduced by 53% to help finance the expansion. Assume all other asset accounts will remain the same and the company will use long-term debt to finance the remaining expansion costs (no change in common stock or retained earnings). Using this information...
Pro forma balance sheet. Next year, National Beverage Company will increase its plant, property, and equipment by $4,058,000 with a plant expansion. The inventories will grow by 31%, accounts receivable will grow by 21%, and marketable securities will be reduced by 53% to help finance the expansion. Assume all other asset accounts will remain the same and the company will use long-term debt finance the remaining expansion costs (no change in common stock or retained earnings). Using this information and...
Required Use the following information to prepare a classified balance sheet for Alpha Co. at the end of 2018. Accounts receivable $44,980 9,815 13,320 40,500 17,000 22,800 28,075 30, 260 Accounts payable Cash Common stock Land Long-term notes payable Merchandise inventory Retained earnings ALPHA CO. Classified Balance Sheet As of December 31, 2018 Assets ALPHA CO. Classified Balance Sheet As of December 31, 2018 Assets Current assets Total current assets Property, plant and equipment Total property, plant and equipment Total...
Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2019 Assets Current assets: Cash $17,900 30,500 Accounts payable Supplies 8,100 Prepaid insurance 14,700 Land 232,800 $304,000 Total current assets Property, plant, and equipment: Building $487,100 110,200 Equipment Total property, plant, and equipment Total assets 792,000 $1,096,000 Liabilities Current liabilities: $40,700 Accounts receivable Accumulated depreciation-building 200,600 Accumulated depreciation--equipment 32,600 174,300 Net income Total liabilities $448,200...
Pro forma balance sheet. Next year, National Beverage Company will increase its plant, property, and equipment by $4,038,000 with a plant expansion. The inventories will grow by 30%, accounts receivable will grow by 25%, and marketable securities will be reduced by 47% to help finance the expansion. Assume all other asset accounts will remain the same and the company will use long-term debt to finance the remaining expansion costs (no change in common stock or retained earnings). Using this information...
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