1. Depreciation is not recorded on which of the following? a. equipment b. buildings c. land...
1. Depreciation is not recorded on which of the following?
a. equipment
b. buildings
c. land
|
2. Stan loaned $10,000 to Jimmy and received a 90 day note. Stan is the ______ of the note. a. payee b. creditor c. principle |
Homework Answers
1. Depreciation is not recorded on land because land do not have any fixed life. Also there is no wear and tear of land. That is why depreciation is not recorded on land.
2. Payee
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1. Depreciation is not recorded on which of the following?
a. equipment
b. buildings
c. land...
At January 1, 2022, Blossom Company reported the following property, plant, and equipment accounts: Accumulated depreciation—buildings...
At January 1, 2022, Blossom Company reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$60,400,000
Accumulated depreciation—equipment
53,500,000
Buildings
97,600,000
Equipment
150,000,000
Land
21,850,000
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 salvage value; the equipment is estimated to
have a 10-year useful life and no salvage value.
During 2022, the following selected transactions...
4) Tucker, Inc., has the following plant asset accounts: Land, Buildings, and Equipment, with a separate...
4) Tucker, Inc., has the following plant asset accounts: Land, Buildings, and Equipment, with a separate accumulated depreciation account for each of these except Land. Tucker completed the following transactions: Jan 3 Traded in equipment with accumulated depreciation of $61,000 (cost of $131,000) for similar new equipment with a cash cost of $177,000. Received a trade-in allowance of $76,000 on the old equipment and paid $101,000 in cash, Jun 30 Sold a building that had a cost of $640,000 and...
At January 1, 2018, Sheridan Limited reported the following property, plant, and equipment accounts: Accumulated depreciation—buildings...
At January 1, 2018, Sheridan Limited reported the following property, plant, and equipment accounts: Accumulated depreciation—buildings $65,600,000 Accumulated depreciation—equipment 49,100,000 Buildings 96,400,000 Equipment 156,900,000 Land 20,300,000 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...
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...
At January 1, 2018, Ivanhoe Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings...
At January 1, 2018, Ivanhoe Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation equipment Buildings $56,600,000 55,000,000 100,600,000 140,500,000 19,700,000 Equipment Land 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...
1. Whispering Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for...
1. Whispering Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $868,000. At the time of purchase, Torres’s assets had the following book and appraisal values. Book Values Appraisal Values Land $248,000 $186,000 Buildings 310,000 434,000 Equipment 372,000 372,000 To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made. Land 186,000 Buildings 310,000 Equipment 372,000 Cash 868,000 2....
E10.6 (LO 1, 3) are as follows 1. Belanna Industries Inc. acquired land, buildings, and equipment...
E10.6 (LO 1, 3) are as follows 1. Belanna Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $700,000. At the time of purchase, Torres's assets had the following book and appraisal values. (Correction of Improper Cost Entries) Plant acquisitions for selected companies Book Values Appraisal Values less Land $200,000 $150,000 350,000 Buildings Equipment 250,000 300,000 300,000 To be conservative, the company decided to take the lower of the two values...
At January 1, 2017, Sunland Company reported the following property, plant, and equipment accounts: Accumulated depreciation—buildings...
At January 1, 2017, Sunland Company reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$63,750,000
Accumulated depreciation—equipment
52,750,000
Buildings
97,400,000
Equipment
150,450,000
Land
20,650,000
The company uses straight-line depreciation for buildings and
equipment, its year-end is December 31, and it makes adjustments
annually. The buildings are estimated to have a 40-year useful life
and no salvage value; the equipment is estimated to have a 10-year
useful life and no salvage value.
During 2017, the following selected transactions
occurred:...
2021 2020 $19,275 $8,850 Cash Buildings 850,500 742,000 Equipment 404,000 350,600 102,000 Land 57,750 Accumulated depreciation-buildings...
2021 2020 $19,275 $8,850 Cash Buildings 850,500 742,000 Equipment 404,000 350,600 102,000 Land 57,750 Accumulated depreciation-buildings 308,500 295,250 Accumulated depreciation-equipment 132,000 98,750 Dividends payable 3,050 6,600 Mortgage payable 547,800 587,800 Notes payable 343,500 312,500 Common shares: 5,470 shares in 2021; 4,070 in 2020 542,500 413,500 Retained earnings 208,000 109,000 Cash dividends declared 28,500 12,800 Depreciation expense-buildings 26,250 40,350 Depreciation expense-equipment 47,855 26,000 Gain on sale of equipment 970 Loss on sale of building 10,900 Interest expense 44,850 48,950 Additional information:...
1. Marigold Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for...
1. Marigold Industries Inc. acquired land,
buildings, and equipment from a bankrupt company, Torres Co., for a
lump-sum price of $770,000. At the time of purchase, Torres’s
assets had the following book and appraisal values.
Book Values
Appraisal Values
Land
$220,000
$165,000
Buildings
275,000
385,000
Equipment
330,000
330,000
To be conservative, the company decided to take the lower of the
two values for each asset acquired. The following entry was
made.
Land
165,000
Buildings
275,000
Equipment
330,000
Cash
770,000
2....
At January 1, 2022, Blossom Company reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$60,400,000
Accumulated depreciation—equipment
53,500,000
Buildings
97,600,000
Equipment
150,000,000
Land
21,850,000
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 salvage value; the equipment is estimated to
have a 10-year useful life and no salvage value.
During 2022, the following selected transactions...
4) Tucker, Inc., has the following plant asset accounts: Land, Buildings, and Equipment, with a separate accumulated depreciation account for each of these except Land. Tucker completed the following transactions: Jan 3 Traded in equipment with accumulated depreciation of $61,000 (cost of $131,000) for similar new equipment with a cash cost of $177,000. Received a trade-in allowance of $76,000 on the old equipment and paid $101,000 in cash, Jun 30 Sold a building that had a cost of $640,000 and...
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...
At January 1, 2018, Ivanhoe Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation equipment Buildings $56,600,000 55,000,000 100,600,000 140,500,000 19,700,000 Equipment Land 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...
E10.6 (LO 1, 3) are as follows 1. Belanna Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $700,000. At the time of purchase, Torres's assets had the following book and appraisal values. (Correction of Improper Cost Entries) Plant acquisitions for selected companies Book Values Appraisal Values less Land $200,000 $150,000 350,000 Buildings Equipment 250,000 300,000 300,000 To be conservative, the company decided to take the lower of the two values...
At January 1, 2017, Sunland Company reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$63,750,000
Accumulated depreciation—equipment
52,750,000
Buildings
97,400,000
Equipment
150,450,000
Land
20,650,000
The company uses straight-line depreciation for buildings and
equipment, its year-end is December 31, and it makes adjustments
annually. The buildings are estimated to have a 40-year useful life
and no salvage value; the equipment is estimated to have a 10-year
useful life and no salvage value.
During 2017, the following selected transactions
occurred:...
2021 2020 $19,275 $8,850 Cash Buildings 850,500 742,000 Equipment 404,000 350,600 102,000 Land 57,750 Accumulated depreciation-buildings 308,500 295,250 Accumulated depreciation-equipment 132,000 98,750 Dividends payable 3,050 6,600 Mortgage payable 547,800 587,800 Notes payable 343,500 312,500 Common shares: 5,470 shares in 2021; 4,070 in 2020 542,500 413,500 Retained earnings 208,000 109,000 Cash dividends declared 28,500 12,800 Depreciation expense-buildings 26,250 40,350 Depreciation expense-equipment 47,855 26,000 Gain on sale of equipment 970 Loss on sale of building 10,900 Interest expense 44,850 48,950 Additional information:...
1. Marigold Industries Inc. acquired land,
buildings, and equipment from a bankrupt company, Torres Co., for a
lump-sum price of $770,000. At the time of purchase, Torres’s
assets had the following book and appraisal values.
Book Values
Appraisal Values
Land
$220,000
$165,000
Buildings
275,000
385,000
Equipment
330,000
330,000
To be conservative, the company decided to take the lower of the
two values for each asset acquired. The following entry was
made.
Land
165,000
Buildings
275,000
Equipment
330,000
Cash
770,000
2....
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