Homework Answers
Solution:-
| $202,500 cost of office equipment | NA | NA |
| $84,375 accumulated depreciation | NA | NA |
| $101,250 sales price | Investing activity | Add |
| $16,875 loss on sale of equipment | Operating activity | Add |
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lculations 1: An analysis of the general ledger accounts indicates that office equipment, which cost $202,500...
EX 13-8 Reporting changes in equipment on statement of cash flows Obj. 3 An analysis of...
EX 13-8 Reporting changes in equipment on statement of cash flows Obj. 3 An analysis of the general ledger accounts indicates that office equipment, which cost $202,500 and on which accumulated depreciation totaled $84,375 on the date of sale, was sold for $101,250 during the year. Using this information, indicate the items to be reported on the statement of cash flows. EX 13-9 9 Reporting changes in equipment on statement of cash flows Obj. 3 An analysis of the general...
eBook Calculator Print Item Reporting changes in Equipment on Statement of Cash Flows An analysis of...
eBook Calculator Print Item Reporting changes in Equipment on Statement of Cash Flows An analysis of the general ledger accounts indicates that delivery equipment, which cost $75,000 and on which accumulated depreciation totaled $58,000 on the date of sale, was sold for $20,200 during the year. Using this information, indicate the items to be reported on the statement of cash flows. Transactions Section of Statement of Cash Flows Added or Deducted $75,000 cost of office equipment $58,000 accumulated depreciation $20,200...
I am not sure why I get it wrong, pls help Reporting changes in Equipment on...
I am not sure why I get it wrong, pls
help
Reporting changes in Equipment on Statement of Cash Flows An analysis of the general ledger accounts indicates that office equipment, which cost $245,000 and on which accumulated depreciation totaled $112,500 on the date of sale, was sold for $105,900 during the year. Using this information, indicate the items to be reported on the statement of cash flows. Transactions Section of Statement of Cash Flows Added or Deducted $245,000 cost...
The following three accounts appear in the general ledger of Ivanhoe Company during 2022. Equipment Date...
The following three accounts appear in the general ledger of Ivanhoe Company during 2022. Equipment Date Debit Credit Balance Jan. 1 Balance 104,000 July 31 Purchase of equipment 45,500 149,500 Sept. 2 Cost of equipment constructed 34,450 183,950 Nov. 10 Cost of equipment sold 31,850 152,100 Credit Date Jan. 1 Nov. 10 Dec. 31 Accumulated Depreciation-Equipment Debit Balance Accumulated depreciation on equipment sold 10,400 Depreciation for year Balance 46,150 35,750 53,950 Retained Earnings Debit Credit Date Jan. 1 Aug. 23...
The following three accounts appear in the general ledger of Herrick Corp. during 2020. Equipment Date...
The following three accounts appear in the general ledger of Herrick Corp. during 2020. Equipment Date Debit Credit Balance Jan. 1 Balance 158,400 July 31 Purchase of equipment 70,200 228,600 Sept. 2 Cost of equipment constructed 54,800 283,400 Nov. 10 Cost of equipment sold 49,100 234,300 Accumulated Depreciation—Equipment Date Debit Credit Balance Jan. 1 Balance 71,100 Nov. 10 Accumulated depreciation on equipment sold 28,700 42,400 Dec. 31 Depreciation for year 23,700 66,100 Retained Earnings Date Debit Credit Balance Jan. 1...
Identify the appropriate QBO account type for the following general ledger accounts in a law firm....
Identify the appropriate QBO account type for the following general ledger accounts in a law firm. Prepaid expenses Expenses Expenses Interest payable Gain on sale of office equipment Fixed assets Office furniture Other assets Accumulated depreciation Fixed assets Inventory Cost of goods sold
The following three accounts appear in the general ledger of Herrick Corp. during 2020. Equipment Date...
The following three accounts appear in the general ledger of
Herrick Corp. during 2020.
Equipment
Date
Debit
Credit
Balance
Jan. 1
Balance
159,600
July 31
Purchase of equipment
71,200
230,800
Sept. 2
Cost of equipment constructed
52,500
283,300
Nov. 10
Cost of equipment sold
48,300
235,000
Accumulated Depreciation—Equipment
Date
Debit
Credit
Balance
Jan. 1
Balance
70,500
Nov. 10
Accumulated depreciation on equipment sold
30,200
40,300
Dec. 31
Depreciation for year
23,800
64,100
Retained Earnings
Date
Debit
Credit
Balance
Jan. 1...
The three accounts shown below appear in the general ledger of Herrick Corp. during 2015.
The three accounts shown below appear in the general ledger of Herrick Corp. during 2015.EquipmentDateDebitCreditBalanceJan. 1Balance161,660July 31Purchase of equipment69,340231,000Sept. 2Cost of equipment constructed54,890285,890Nov. 10Cost of equipment sold50,150235,740Accumulated Depreciation—EquipmentDateDebitCreditBalanceJan. 1Balance71,910Nov. 10Accumulated depreciation on equipment sold28,02043,890Dec. 31Depreciation for year28,96072,850Retained EarningsDateDebitCreditBalanceJan. 1Balance104,720Aug. 23Dividends (cash)13,05091,670Dec. 31Net income78,860170,530From the postings in the accounts, indicate how the information is reported on a statement of cash flows using the indirect method. The loss on disposal of equipment was $4,520. (Hint: Cost of equipment constructed is reported in the...
all of 17.7 please E17.7 (LO 2) The following three accounts appear in the general ledger...
all
of 17.7 please
E17.7 (LO 2) The following three accounts appear in the general ledger of Herrick Corp. during 2020. Prepare partial statement of cash flows-indirect method. Credit Date Jan. 1 July 31 Balance 160,000 230,000 Equipment Debit Balance Purchase 70,000 of equipment Cost of 53,000 equipment constructed Cost of equipment sold Sept. 2 283,000 Nov. 10 49,000 234,000 Accumulated Depreciation-Equipment Accumulated Depreciation Equipment Date Debit Credit Jan. 1 Nov. 10 Balance 71,000 41,000 30,000 Balance Accumulated depreciation on...
An analysis of comparative balance sheets, the current year’s income statement, and the general ledger accounts...
An analysis of comparative balance sheets, the current year’s
income statement, and the general ledger accounts of Guillen Corp.
uncovered the following items. Assume all items involve cash unless
there is information to the contrary.
Indicate where each item should be reported in the statement of
cash flows (indirect method), using these categories: (1) operating
activity (added to net income), (2) operating activity (deducted
from net income), (3) investing activity, (4) financing activity,
(5) significant noncash investing and financing activity,...
EX 13-8 Reporting changes in equipment on statement of cash flows Obj. 3 An analysis of the general ledger accounts indicates that office equipment, which cost $202,500 and on which accumulated depreciation totaled $84,375 on the date of sale, was sold for $101,250 during the year. Using this information, indicate the items to be reported on the statement of cash flows. EX 13-9 9 Reporting changes in equipment on statement of cash flows Obj. 3 An analysis of the general...
eBook Calculator Print Item Reporting changes in Equipment on Statement of Cash Flows An analysis of the general ledger accounts indicates that delivery equipment, which cost $75,000 and on which accumulated depreciation totaled $58,000 on the date of sale, was sold for $20,200 during the year. Using this information, indicate the items to be reported on the statement of cash flows. Transactions Section of Statement of Cash Flows Added or Deducted $75,000 cost of office equipment $58,000 accumulated depreciation $20,200...
I am not sure why I get it wrong, pls
help
Reporting changes in Equipment on Statement of Cash Flows An analysis of the general ledger accounts indicates that office equipment, which cost $245,000 and on which accumulated depreciation totaled $112,500 on the date of sale, was sold for $105,900 during the year. Using this information, indicate the items to be reported on the statement of cash flows. Transactions Section of Statement of Cash Flows Added or Deducted $245,000 cost...
The following three accounts appear in the general ledger of Ivanhoe Company during 2022. Equipment Date Debit Credit Balance Jan. 1 Balance 104,000 July 31 Purchase of equipment 45,500 149,500 Sept. 2 Cost of equipment constructed 34,450 183,950 Nov. 10 Cost of equipment sold 31,850 152,100 Credit Date Jan. 1 Nov. 10 Dec. 31 Accumulated Depreciation-Equipment Debit Balance Accumulated depreciation on equipment sold 10,400 Depreciation for year Balance 46,150 35,750 53,950 Retained Earnings Debit Credit Date Jan. 1 Aug. 23...
Identify the appropriate QBO account type for the following general ledger accounts in a law firm. Prepaid expenses Expenses Expenses Interest payable Gain on sale of office equipment Fixed assets Office furniture Other assets Accumulated depreciation Fixed assets Inventory Cost of goods sold
The following three accounts appear in the general ledger of
Herrick Corp. during 2020.
Equipment
Date
Debit
Credit
Balance
Jan. 1
Balance
159,600
July 31
Purchase of equipment
71,200
230,800
Sept. 2
Cost of equipment constructed
52,500
283,300
Nov. 10
Cost of equipment sold
48,300
235,000
Accumulated Depreciation—Equipment
Date
Debit
Credit
Balance
Jan. 1
Balance
70,500
Nov. 10
Accumulated depreciation on equipment sold
30,200
40,300
Dec. 31
Depreciation for year
23,800
64,100
Retained Earnings
Date
Debit
Credit
Balance
Jan. 1...
all
of 17.7 please
E17.7 (LO 2) The following three accounts appear in the general ledger of Herrick Corp. during 2020. Prepare partial statement of cash flows-indirect method. Credit Date Jan. 1 July 31 Balance 160,000 230,000 Equipment Debit Balance Purchase 70,000 of equipment Cost of 53,000 equipment constructed Cost of equipment sold Sept. 2 283,000 Nov. 10 49,000 234,000 Accumulated Depreciation-Equipment Accumulated Depreciation Equipment Date Debit Credit Jan. 1 Nov. 10 Balance 71,000 41,000 30,000 Balance Accumulated depreciation on...
An analysis of comparative balance sheets, the current year’s
income statement, and the general ledger accounts of Guillen Corp.
uncovered the following items. Assume all items involve cash unless
there is information to the contrary.
Indicate where each item should be reported in the statement of
cash flows (indirect method), using these categories: (1) operating
activity (added to net income), (2) operating activity (deducted
from net income), (3) investing activity, (4) financing activity,
(5) significant noncash investing and financing activity,...
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