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Exercise 13-11 The following items were gathered from Oriole Industries' general ledger: Sale of marketable securities...
*Exercise 13-11 The following items were gathered from Sandhill Industries' general ledger: Sale of marketable securities...
*Exercise 13-11 The following items were gathered from Sandhill Industries' general ledger: Sale of marketable securities $13,910 Depreciation and amortization expense 24,622 Payment of cash dividends 3,043 Proceeds from disposal of equipment 919 Loss on disposal of equipment 220 26,433 Net income Beginning Cash balance 19,100 Purchase of equipment 21,772 Decrease in Accounts Receivable 1,378 Proceeds from issuing common stock 2,151 Increase in Inventory 3,625 Increase in Accounts Payable 4,940 Ending Cash balance 65,233 Using the indirect method, construct Sandhill...
Exercise D13-11 The following items were gathered from Sunland Industries general ledger: Sale of marketable securities...
Exercise D13-11 The following items were gathered from Sunland Industries general ledger: Sale of marketable securities Depreciation and amortization expense Payment of cash dividends Proceeds from disposal of equipment Loss on disposal of equipment Net income Beginning Cash balance Purchase of equipment Decrease in Accounts Receivable Proceeds from issuing common stock Increase in Inventory Increase in Accounts Payable Ending Cash balance 13,940 170 19,310 21,132 1,238 2,281 63,843 Using the indirect method, construct Sunland Industries statement of cash flows. (Show...
Exercise 13-6 The three accounts shown below appear in the general ledger of Herrick Corp. during...
Exercise 13-6 The three accounts shown below appear in the general ledger of Herrick Corp. during 2015. Equipment Debit Credit Date Jan. 1 July 31 Sept. 2 Nov. 10 Balance Purchase of equipment Cost of equipment constructed Cost of equipment sold 68,580 53,070 Balance 160,810 229,390 282,460 234,050 48,410 Credit Date Jan. 1 Nov. 10 Dec. 31 Accumulated Depreciation Equipment Debit Balance Accumulated depreciation on equipment sold 31,430 Depreciation for year Balance 70,330 38,900 66,640 27,740 Retained Earnings Debit Credit...
Problem 13-24 Blake Weaver, Oriole Enterprises' controller, is preparing the financial statements for 2016. He has...
Problem 13-24 Blake Weaver, Oriole Enterprises' controller, is preparing the financial statements for 2016. He has completed the comparative balance sheets and income statement, which follow, and has gathered this additional information: On December 31, 2016, Oriole sold a piece of equipment with an original cost of $25,280 for $30,260 cash. The equipment had a book value of $13,720. On February 1, 2016, Oriole issued $99,630 of common stock to raise cash in anticipation of the purchase of a new...
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 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 Debi...
The following three accounts appear in the general ledger of
Herrick Corp. during 2020.
Equipment
Date
Debit
Credit
Balance
Jan. 1
Balance
158,600
July 31
Purchase of equipment
69,800
228,400
Sept. 2
Cost of equipment constructed
54,400
282,800
Nov. 10
Cost of equipment sold
49,500
233,300
Accumulated Depreciation—Equipment
Date
Debit
Credit
Balance
Jan. 1
Balance
69,800
Nov. 10
Accumulated depreciation on equipment sold
31,700
38,100
Dec. 31
Depreciation for year
23,400
61,500
Retained Earnings
Date
Debit
Credit
Balance
Jan. 1...
Presented below are the financial statements of Coronado Industries. Coronado Industries Comparative Balance Sheets December 31...
Presented below are the financial statements of Coronado Industries. Coronado Industries Comparative Balance Sheets December 31 Assets 2022 $ 49,000 2021 $28,000 Cash Accounts receivable Inventory Property, plant, and equipment 28,000 39,200 84,000 (44,800) $155,400 19,600 28,000 109,200 (33,600) $151,200 Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable $ 26,600 9,800 23,800 25,200 Bonds payable $ 21,000 11,200 46,200 19,600 53,200 $151,200 Common stock Retained earnings 70,000 Total $155,400 Coronado Industries Income Statement For the Year...
Exercise 13-4 Gutierrez Company reported net income of $194,700 for 2017. Gutierrez also reported depreciation expense...
Exercise 13-4 Gutierrez Company reported net income of $194,700 for 2017. Gutierrez also reported depreciation expense of $47,700 and a loss of $4,900 on disposal of equipment. The comparative balance sheet shows an decrease in accounts receivable of $19,900 for the year, a $21,900 increase in accounts payable, and a $3,200 decrease in prepaid expenses Prepare the operating activities section of the statement of cash flows for 2017. Use the indirect method. (Show amounts that decrease cash flow with either...
Question 2 The following three accounts appear in the general ledger of Herrick Corp. during 2020....
Question 2 The following three accounts appear in the general ledger of Herrick Corp. during 2020. Equipment Debit Credit Date Jan. 1 July 31 Sept. 2 Nov. 10 Balance Purchase of equipment Cost of equipment constructed Cost of equipment sold 71,900 55,000 Balance 160,000 231,900 286,900 238,700 48,200 Credit Date Jan. 1 Nov. 10 Dec. 31 Accumulated Depreciation-Equipment Debit Balance Accumulated depreciation on equipment sold 30,700 Depreciation for year Balance 70,100 39,400 64,400 25,000 Retained Earnings Debit Credit Date Jan....
*Exercise 13-11 The following items were gathered from Sandhill Industries' general ledger: Sale of marketable securities $13,910 Depreciation and amortization expense 24,622 Payment of cash dividends 3,043 Proceeds from disposal of equipment 919 Loss on disposal of equipment 220 26,433 Net income Beginning Cash balance 19,100 Purchase of equipment 21,772 Decrease in Accounts Receivable 1,378 Proceeds from issuing common stock 2,151 Increase in Inventory 3,625 Increase in Accounts Payable 4,940 Ending Cash balance 65,233 Using the indirect method, construct Sandhill...
Exercise D13-11 The following items were gathered from Sunland Industries general ledger: Sale of marketable securities Depreciation and amortization expense Payment of cash dividends Proceeds from disposal of equipment Loss on disposal of equipment Net income Beginning Cash balance Purchase of equipment Decrease in Accounts Receivable Proceeds from issuing common stock Increase in Inventory Increase in Accounts Payable Ending Cash balance 13,940 170 19,310 21,132 1,238 2,281 63,843 Using the indirect method, construct Sunland Industries statement of cash flows. (Show...
Exercise 13-6 The three accounts shown below appear in the general ledger of Herrick Corp. during 2015. Equipment Debit Credit Date Jan. 1 July 31 Sept. 2 Nov. 10 Balance Purchase of equipment Cost of equipment constructed Cost of equipment sold 68,580 53,070 Balance 160,810 229,390 282,460 234,050 48,410 Credit Date Jan. 1 Nov. 10 Dec. 31 Accumulated Depreciation Equipment Debit Balance Accumulated depreciation on equipment sold 31,430 Depreciation for year Balance 70,330 38,900 66,640 27,740 Retained Earnings Debit Credit...
Problem 13-24 Blake Weaver, Oriole Enterprises' controller, is preparing the financial statements for 2016. He has completed the comparative balance sheets and income statement, which follow, and has gathered this additional information: On December 31, 2016, Oriole sold a piece of equipment with an original cost of $25,280 for $30,260 cash. The equipment had a book value of $13,720. On February 1, 2016, Oriole issued $99,630 of common stock to raise cash in anticipation of the purchase of a new...
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 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
Debit
Credit
Balance
Jan. 1
Balance
158,600
July 31
Purchase of equipment
69,800
228,400
Sept. 2
Cost of equipment constructed
54,400
282,800
Nov. 10
Cost of equipment sold
49,500
233,300
Accumulated Depreciation—Equipment
Date
Debit
Credit
Balance
Jan. 1
Balance
69,800
Nov. 10
Accumulated depreciation on equipment sold
31,700
38,100
Dec. 31
Depreciation for year
23,400
61,500
Retained Earnings
Date
Debit
Credit
Balance
Jan. 1...
Presented below are the financial statements of Coronado Industries. Coronado Industries Comparative Balance Sheets December 31 Assets 2022 $ 49,000 2021 $28,000 Cash Accounts receivable Inventory Property, plant, and equipment 28,000 39,200 84,000 (44,800) $155,400 19,600 28,000 109,200 (33,600) $151,200 Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable $ 26,600 9,800 23,800 25,200 Bonds payable $ 21,000 11,200 46,200 19,600 53,200 $151,200 Common stock Retained earnings 70,000 Total $155,400 Coronado Industries Income Statement For the Year...
Exercise 13-4 Gutierrez Company reported net income of $194,700 for 2017. Gutierrez also reported depreciation expense of $47,700 and a loss of $4,900 on disposal of equipment. The comparative balance sheet shows an decrease in accounts receivable of $19,900 for the year, a $21,900 increase in accounts payable, and a $3,200 decrease in prepaid expenses Prepare the operating activities section of the statement of cash flows for 2017. Use the indirect method. (Show amounts that decrease cash flow with either...
Question 2 The following three accounts appear in the general ledger of Herrick Corp. during 2020. Equipment Debit Credit Date Jan. 1 July 31 Sept. 2 Nov. 10 Balance Purchase of equipment Cost of equipment constructed Cost of equipment sold 71,900 55,000 Balance 160,000 231,900 286,900 238,700 48,200 Credit Date Jan. 1 Nov. 10 Dec. 31 Accumulated Depreciation-Equipment Debit Balance Accumulated depreciation on equipment sold 30,700 Depreciation for year Balance 70,100 39,400 64,400 25,000 Retained Earnings Debit Credit Date Jan....
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