Accumulated depreciation represents a contra-asset that reduces
the net book value of property, plant, and equipment....
Accumulated depreciation represents a contra-asset that reduces
the net book value of property, plant, and equipment.
True or False?
Cullumber Company reported net income of $162,030. It reported
depreciation expense of $12,520 and accumulated depreciation...
Cullumber Company reported net income of $162,030. It reported
depreciation expense of $12,520 and accumulated depreciation of
$48,710. Amortization expense was $6,640. Cullumber Company
purchased new equipment during the year for $50,660.
Determine net cash provided by operating activities under the
direct method.
Pharoah Company reported net income of $182,050. It reported
depreciation expense of $16,690 and accumulated depreciation...
Pharoah Company reported net income of $182,050. It reported
depreciation expense of $16,690 and accumulated depreciation of
$47,580. Amortization expense was $8,810. Pharoah Company purchased
new equipment during the year for $52,800.
Determine net cash provided by operating activities under the
indirect method.
What would the depreciation expense be for the year with the
following information:
2018:
Plant assets:...
What would the depreciation expense be for the year with the
following information:
2018:
Plant assets: 325,000
Accumulated depreciation: (65,000)
2017:
Plant assets: 250,000
Accumulated depreciation: (60,000)
- Old plant assets costing $25,000 were sold for $10,000 cash
when book value was $13,000.
The plant assets section of the comparative balance sheets of
Anders Company is reported below.
ANDERS...
The plant assets section of the comparative balance sheets of
Anders Company is reported below.
ANDERS COMPANY
Comparative Balance Sheets
2017
2016
Plant
assets
Equipment
$
285,000
$
375,000
Accum.
Depr.—Equipment
(142,000
)
(252,000
)
Equipment,
net
$
143,000
$
123,000
Buildings
$
485,000
$
505,000
Accum.
Depr.—Buildings
(163,000
)
(348,000
)
Buildings,
net
$
322,000
$
157,000
During 2017, equipment with a book value of $61,000 and an
original cost of $210,000 was sold at a loss of $7,200....
Below are 3 journal entries relating to Plant Assets.
(1) dr. Plant
Assets
9,000
Below are 3 journal entries relating to Plant Assets.
(1) dr. Plant
Assets
9,000
(2) dr. Cash
1,000
cr.
Cash
9,000
dr.
A/Depreciation
3,000
Record the purchase of assets with
cash
cr. Plant Asset
3,600
cr. Gain on
sale
400
(3) dr. Depreciation Expense
2,400
Record sale of Plant Asset for Cash
cr. Accum. Depreciation
2,400
Record depreciation
expense
Use these journal entries to post to the T accounts, Plant
Assets and...
The plant assets section of the comparative balance sheets of
Anders Company is reported below. Anders...
The plant assets section of the comparative balance sheets of
Anders Company is reported below. Anders Company Comparative
Balance Sheets 2015 2014 Plant assets Equipment $ 180,000 $ 270,000
Accum. Depr.—Equipment (100,000 ) (210,000 ) Equipment, net $
80,000 $ 60,000 Buildings $ 380,000 $ 400,000 Accum.
Depr.—Buildings (100,000 ) (285,000 ) Buildings, net $ 280,000 $
115,000 During 2015, equipment with a book value of $40,000 and an
original cost of $210,000 was sold at a loss of $3,000....
At December 31, 2017, Grand Company reported the following as
plant assets.
Land
$ 4,320,000
Buildings...
At December 31, 2017, Grand Company reported the following as
plant assets.
Land
$ 4,320,000
Buildings
$29,800,000
Less: Accumulated depreciation—buildings
10,570,000
19,230,000
Equipment
47,520,000
Less: Accumulated depreciation—equipment
4,910,000
42,610,000
Total plant assets
$66,160,000
During 2018, the following selected cash transactions
occurred.
April 1
Purchased land for $2,000,000.
May 1
Sold equipment that cost $840,000 when purchased on January 1,
2014. The equipment was sold for $504,000.
June 1
Sold land purchased on June 1, 2008 for $1,430,000. The land
cost...
Samson Company applies revaluation accounting to plant assets
with a carrying value of P800,000, a useful...
Samson Company applies revaluation accounting to plant assets
with a carrying value of P800,000, a useful life of 4 years, and no
salvage value. Depreciation is calculated on the straight-line
basis. At the end of year 1, independent appraisers determine that
the asset has a fair value of P750,000. The journal entry to adjust
the plant assets to fair value and record revaluation surplus in
year one will include a;
Select one:
a. credit to Plant Assets for P150,000.
b....