The accountant for Becker Company wants to develop a balance
sheet as of December 31, 2016....
The accountant for Becker Company wants to develop a balance
sheet as of December 31, 2016. A review of the asset records has
revealed the following information:
a. Asset A was purchased on July 1, 2014, for $30,000 and has
been depreciated on the straight-line basis using an estimated life
of six years and a residual value of $3,000.
b. Asset B was purchased on January 1, 2015, for $69,300. The
straight-line method has been used for depreciation purposes.
Originally,...
. On its January 1, 2016, balance
sheet, Calvin Company reported equipment of $60,000 and
accumulated...
. On its January 1, 2016, balance
sheet, Calvin Company reported equipment of $60,000 and
accumulated depreciation of $20,000.
During 2016, Calvin sold equipment with an original cost
of $5,000. Selected information from
Calvin's 2016 statement of cash flows follows:
Net income
$20,000
Depreciation expense on equipment
2,000
Gain on sale of equipment
600
Proceeds from sale of equipment
1,500
Purchase of equipment
18,000
Required: Compute the amount of
equipment and accumulated depreciation that should...
Following are selected balance sheet accounts of Carla Bros.
Corp. at December 31, 2017 and 2016,...
Following are selected balance sheet accounts of Carla Bros.
Corp. at December 31, 2017 and 2016, and the increases or decreases
in each account from 2016 to 2017. Also presented is selected
income statement information for the year ended December 31, 2017,
and additional information.
Selected balance sheet accounts
Assets
2017
2016
Increase (Decrease)
Accounts receivable
$33,700
$24,000
$9,700
Property, plant, and equipment
276,400
249,500
26,900
Accumulated depreciation—plant assets
(178,400)
(167,300)
(11,100)
Liabilities and stockholders’ equity
2017
2016
Increase...
The Capitals Company has provided you the following information
pertaining to the year ending December 31,...
The Capitals Company has provided you the following information
pertaining to the year ending December 31, 2018:
January 1, 2018
December 31, 2018
Equipment
$
575,000
$
729,000
Accumulated depreciation
$
165,000
$
120,500
Equipment costing $25,000 was acquired in exchange for common
stock.
Equipment with an original cost of $57,500 and a book value of
$5,000 was scrapped.
Equipment was purchased in exchange for cash.
Equipment with a book value of $39,000 was sold resulting in a
$14,000 gain....
The balance sheet for December 31, 2018, December 31, 2017, and
the income statement for the...
The balance sheet for December 31, 2018, December 31, 2017, and
the income statement for the year ended December 31, 2018, for
Rocket Company follows.
Rocket Company
Balance Sheet
December 31, 2018 and 2017
2018
2017
Assets
Cash
$ 25,000
$ 20,000
Accounts receivable, net
60,000
70,000
Inventory
80,000
100,000
Land
50,000
50,000
Building and equipment
130,000*
115,000
Accumulated depreciation
(85,000)
(70,000)
Total assets
$260,000
$285,000
Liabilities and Stockholders' Equity
Accounts payable
$ 30,000
$ 35,000
Income taxes payable
4,000 ...
Solich Sandwich Shop had the following long-term asset balances
as of December 31, 2018:
Cost
Accumulated...
Solich Sandwich Shop had the following long-term asset balances
as of December 31, 2018:
Cost
Accumulated Depreciation
Book
Value
Land
$ 78,000
?
$ 78,000
Building
443,000
$(84,170
)
358,830
Equipment
198,400
(46,600
)
151,800
Patent
165,000
(66,000
)
99,000
Solich purchased all the assets at the beginning of 2016 (3 years
ago). The building is depreciated over a 20-year service life using
the double-declining-balance method and estimating no residual
value....
Ward Company had the following excerpt from its financial
records:
12/31/2017
12/31/2016
Equipment
$813,000 (2017)
$733,000...
Ward Company had the following excerpt from its financial
records:
12/31/2017
12/31/2016
Equipment
$813,000 (2017)
$733,000 (2018)
Accumulated Depreciation
491,000 (2017)
476,000 (2018)
Book Value
$322,000 (2017)
$257,000 (2018)
The following information is taken from Ward Company's
records:
Equipment was purchased during 2017 for $150,000 cash.
A gain on sale of equipment of $7,000 was recorded during
2017.
Equipment was sold during 2017 for $52,000.
Required:
Compute the amount of depreciation expense for 2017.
Please try to analyze the following cases and write down the
appropriate recoding process.
a)
Payne...
Please try to analyze the following cases and write down the
appropriate recoding process.
a)
Payne Company purchased equipment in 2010 for $90,000 and
estimated a $6,000 residual value at the end of the equipment's
10-year useful life. At December 31, 2016, there was $58,800 in the
Accumulated Depreciation account for this equipment using the
straight-line method of depreciation. On March 31, 2017, the
equipment was sold for $26,000.
Please prepare the appropriate journal entries to remove the
equipment from...
a comparative balance sheet for ALPHAinc at December 31,2017 is
shown below.
2017 2016 Change
cash...
a comparative balance sheet for ALPHAinc at December 31,2017 is
shown below.
2017 2016 Change
cash 30,000 35,000 -5,000
accounts receivable 55,000 45,000 10,000
inventory 65,000 45,000 20,000
preppaid expense 15,000 25,000 -10,000
land 70,000 40,000 30,000
right of use of asset 100,000 0 100,000
equipment 90,000 75,000 15,000
accumulated depreciation -18,000 -8,000 -10,000
total 407,000 257,000 150,000
Accounts payable 65,000 52,000 13,000
accrued expense 15,000 18,000 3,000
notes payable 0 23,000 -23,000
bonds payable 30,000 0 30,000
lease...
Tweedie Company reported the following in the long-term asset
section of its balance sheet;
Equipment, net...
Tweedie Company reported the following in the long-term asset
section of its balance sheet;
Equipment, net of depreciation of $120,000
and $100,000, respectively
Year 2
$167,500
Year 1
$187,500
Patent, net of amortization of $31,500 and
$27,000, respectively
88,000
92,500
The company uses the straight-line method to depreciate and
amortize all of its operating assets. No new long-term assets were
acquired nor sold during the year.
As of December 31, Year 2, approximately how old is the equipment
in years?...