Sunlight Co. $850,500 Photo Co. $712,200 Synthesis Co. $488,300 960,000 706,800 284,400 Begiming capital assets, net...

Question

Question

Sunlight Co. $850,500 Photo Co. $712,200 Synthesis Co. $488,300 960,000 706,800 284,400 Begiming capital assets, net of depre

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Sunlight Co.
Beginning capital assets, net of depreciation	850500
Add: Cost of capital assets acquired	230600
	1081100
Less: Depreciation expense	65200
	1015900
Less: Ending capital assets, net of depreciation	960000
Cost of capital assets sold	55900
Add: Gain (loss) on sale of capital assets	5500
Proceeds from sale of capital assets (a)	61400

Photo Co.
Beginning capital assets, net of depreciation	712200
Add: Cost of capital assets acquired	128000
	840200
Less: Depreciation expense	49300
	790900
Less: Ending capital assets, net of depreciation	706800
Cost of capital assets sold	84100
Proceeds from sale of capital assets	72500
Gain (Loss) on sale of capital assets (b)	-11600

Synthesis Co.
Beginning capital assets, net of depreciation	488300
Add: Cost of capital assets acquired	55600
	543900
Less: Cost of capital assets sold ($184900 + $16800)	201700
	342200
Less: Ending capital assets, net of depreciation	284400
Depreciation expense (c)	57800

Add a comment

Answer 2

Similar Homework Help Questions

Sab AV Aa-2-A-EEE Shapes Arrange Font Paragraph Drawing Question 2 You are reviewing the financial statements...

Sab AV Aa-2-A-EEE Shapes Arrange Font Paragraph Drawing Question 2 You are reviewing the financial statements of three companies in the same industry. Specifically, you interested in the transactions surrounding capital assets during the past year. The following information is available for the three companies. Compute the unknowns Sunlight Co. $850,500 Photo Co. $712,200 Synthesis Co. S488,300 960,000 706,800 284.400 Beginning capital assets, net of depreciation Ending capital assets net of depreciation Depreciation expense Gain (loss) on sale of capital...
MIL HARRO 104_06_PPTC115480 - Search Help Tazish Fareed IF Design Transitions Animations Slide Show Review View...

MIL HARRO 104_06_PPTC115480 - Search Help Tazish Fareed IF Design Transitions Animations Slide Show Review View Layout Reset Section- BTS A - Aa 2-A-EE A A A : Share Comments Shape Shapes Arrange Find Replace - Select- 2 T es Font Dictate Paragraph Dewing Design Ideas Designer Eating Voice Question 2 You are reviewing the financial statements of three companies in the same industry. Specifically, you are interested in the transactions Stounding capital assets during the past year. The following...
P. 7-1 June 30, Entries to record capital assets can be derived from the schedule of...

P. 7-1 June 30, Entries to record capital assets can be derived from the schedule of changes in capital assets. Assets acquired with federal funds pose an interesting accounting issue (albeit one not addressed in the text). Balance June 30, Additions Deletions Balance 2020 2021 Land $100,298,761 $8,575,641 $2,318,535 $106,555,867 Buildings 173,307,375 11,241,166 3,672,542 180,875,999 Improvements and 122,911,080 24,777,538 10,568,363 137,120,255 equipment Construction work in 44,449,433 6,209,591 11,769,183 38,889,841 process Infrastructure 345,554,452 43,600,000 10,500,280 378,654,172 Total historical cost $786,521,101 $85,828,295...

Dec. 31, 2049 Dec. 31, 2018 Assets Cash $316,580 Accounts receivable (net) 114,680 $292,800 105,160 311,350...

Dec. 31, 2049 Dec. 31, 2018 Assets Cash $316,580 Accounts receivable (net) 114,680 $292,800 105,160 311,350 120,620 Inventories 323,750 O 166,050 Investments Land Equipment Accumulated depreciation-equipment Total assets 357,190 (83,620) $1,194,630 275,270 (74,230) $1,030,970 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Accrued expenses payable (operating expenses) Dividends payable Common stock, $10 par $216,230 21,500 11,950 64,510 242,510 637,930 $1,194,630 $203,100 26,810 9,280 50,520 140,210 601,050 $1,030,970 Paid-in capital in excess of par--common stock Retained earnings Total liabilities and stockholders'...
Statement of Cash Flows The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $ 612,820 $ 661,020 Accounts receivable (net) 557,670 508,640

Statement of Cash FlowsThe comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1AssetsCash$ 612,820$ 661,020Accounts receivable (net)557,670508,640Inventories845,690778,280Prepaid expenses19,61023,290Land210,810318,670Buildings974,380600,560Accumulated depreciation-buildings(275,770)(257,380)Equipment343,180303,350Accumulated depreciation-equipment(94,370)(106,020)Total assets$3,194,020$2,830,410Liabilities and Stockholders' EquityAccounts payable (merchandise creditors)$ 606,860$ 640,400Bonds payable178,8700Common stock, $20 par210,00078,000Excess of paid-in capital over par505,000373,000Retained earnings1,693,2901,739,010Total liabilities and stockholders’ equity$3,194,020$2,830,410The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 20Y2 are as follows:ACCOUNT LandACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2Jan. 1Balance318,670Apr. 20Realized $100,300 cash from sale107,860210,810ACCOUNT BuildingsACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2Jan. 1Balance600,560Apr. 20Acquired for cash373,820974,380ACCOUNT Accumulated Depreciation-BuildingsACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2Jan....
Calculate 1. Return on assets, 2. profit margin, 3. working capital, 4. current ratio, 5. current...

Calculate 1. Return on assets, 2. profit margin, 3. working capital, 4. current ratio, 5. current debt cash coverage, 6, debt to total assets ratio, 7. cash debt coverage. Financial statements INCOME STATEMENT For the year ended 30 June 2019 Consolidated RESTATED 2019 2018 $m $m Note 1 27,920 26,763 2 (16,344) (4,290) Continuing operations Revenue Expenses Raw materials and inventory Employee benefits expense Freight and other related expenses Occupancy-related expenses Depreciation and amortisation Impairment expenses Other expenses Total expenses...

Statement of Cash Flows—Indirect Method The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $ 809,500 $ 869,830 Accounts...

Statement of Cash Flows—Indirect Method The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $ 809,500 $ 869,830 Accounts receivable (net) 736,650 671,890 Inventories 1,117,110 1,028,070 Prepaid expenses 25,900 30,760 Land 278,470 420,940 Buildings 1,287,110 793,310 Accumulated depreciation-buildings (364,280) (339,990) Equipment 453,320 400,700 Accumulated depreciation-equipment (124,660) (140,040) Total assets $4,219,120 $3,735,470 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $ 801,630 $ 845,930 Bonds payable...
For the year ended December 31, 2016, Tootsie Roll Industries reported net earmings of $67,319 th...

ANSWER THE QUESTIONS IN THE PHOTO BELOW For the year ended December 31, 2016, Tootsie Roll Industries reported net earmings of $67,319 thousand, yet it included $67,510 thousand in retained earnings 1. Explain what the difference represents. 2. When reviewing the financial statements explain how the four financial statements are linked together. Explain by using numbers found on these reports dated 12/31/16 Five Year Summary of Earnings and Financial Highlights (Thousands of dollars except per share, percentage and ratio figures)...

Sunlight Co. $850,500 Photo Co. $712,200 Synthesis Co. $488,300 960,000 706,800 284,400 Begiming capital assets, net...

Homework Answers

Add Answer to:
Sunlight Co. $850,500 Photo Co. $712,200 Synthesis Co. $488,300 960,000 706,800 284,400 Begiming capital assets, net...

Post as a guest

Earn Coins

Sab AV Aa-2-A-EEE Shapes Arrange Font Paragraph Drawing Question 2 You are reviewing the financial statements...

MIL HARRO 104_06_PPTC115480 - Search Help Tazish Fareed IF Design Transitions Animations Slide Show Review View...

P. 7-1 June 30, Entries to record capital assets can be derived from the schedule of...

Dec. 31, 2049 Dec. 31, 2018 Assets Cash $316,580 Accounts receivable (net) 114,680 $292,800 105,160 311,350...

Statement of Cash Flows The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $ 612,820 $ 661,020 Accounts receivable (net) 557,670 508,640

Calculate 1. Return on assets, 2. profit margin, 3. working capital, 4. current ratio, 5. current...

Statement of Cash Flows—Indirect Method The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $ 809,500 $ 869,830 Accounts...

For the year ended December 31, 2016, Tootsie Roll Industries reported net earmings of $67,319 th...

Sunlight Co. $850,500 Photo Co. $712,200 Synthesis Co. $488,300 960,000 706,800 284,400 Begiming capital assets, net...

Homework Answers

Add Answer to: Sunlight Co. $850,500 Photo Co. $712,200 Synthesis Co. $488,300 960,000 706,800 284,400 Begiming capital assets, net...

Post as a guest

Earn Coins

Add Answer to:
Sunlight Co. $850,500 Photo Co. $712,200 Synthesis Co. $488,300 960,000 706,800 284,400 Begiming capital assets, net...