question 16-1
income statement
comparative balance sheet part 1
part 2
requirements
Homework Answers
1.
| Plant assets | |
| Balance as on Dec 31,2018 | $265,600 |
| Disposed off | $43,500 |
| Balance as on Dec 31,2017 | ($222,100) |
| Acquisition | $87,000 |
2.Payment of long-term Notes Payable [67,000-63,000] = $4,000
3.Issuance of common stock [48,000-31,000] = $17,000
4.
| Retained Earnings | |
| Balance as on Dec 31,2017 | $245,500 |
| Net income | $129,000 |
| Balance as on Dec 31,2018 | ($284,000) |
| Payment of cash dividends | $90,500 |
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question 16-1 income statement comparative balance sheet part 1 part 2 requirements Score: 0 of 5...
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Format cash flows operating activities by the indirect method. A
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Requirements
1.) Computer the amount of Superior Exercise's acquisition of
plant assets. Assume the acquisition was for cash. Superior
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was received upon disposal.
2.) Compute new borrowing or payment of long-term notes payable,
with Superior Exercise having only one long-term notes payable
transaction during the year.
3.) Computer...
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Please explain how each answer was received. Thank you!
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The 2018 comparative balance sheet and income statement of Allen
Group, Inc. follow. Allen disposed of a plant asset at book value
during 2018
.Prepare the spreadsheet for the 2018 statement of cash flows.
Format cash flows from operating activities by the indirect method.
A plant asset was disposed of for $0. The cost and accumulated
depreciation of the disposed asset was $ 12,600.
There were no sales of land, no retirement of common stock,
and no treasury stock transactions....
The 2018 Comparative balance sheet and income statement of
Attleboro Group, Inc. follow. Attleboro disposed of a plant asset
at book value during 2018.
Prepare the spreadsheet for the 2018 statement of cash flows.
Format cash flows operating activities by the indirect method. A
plant asset was disposed of for $0. The cost and accumulated
depreciation of the disposed asset was $12,300. There were no sales
of land, no retirement of common stock, and no treasury stock
transactions. Assume plant...
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