At December 31, 2020, Sheffield Company reported the following
as plant assets.
Land
$ 4,110,000
Buildings...
At December 31, 2020, Sheffield Company reported the following
as plant assets.
Land
$ 4,110,000
Buildings
$28,650,000
Less: Accumulated depreciation—buildings
13,680,000
14,970,000
Equipment
47,920,000
Less: Accumulated depreciation—equipment
4,730,000
43,190,000
Total plant assets
$62,270,000
During 2021, the following selected cash transactions
occurred.
April 1
Purchased land for $2,150,000.
May 1
Sold equipment that cost $870,000 when purchased on January 1,
2017. The equipment was sold for $522,000.
June 1
Sold land purchased on June 1, 2011 for $1,420,000. The land
cost...
Problem 10-5A
At December 31, 2017, Grand Company reported the following as
plant assets.
Land
$...
Problem 10-5A
At December 31, 2017, Grand Company reported the following as
plant assets.
Land
$ 3,560,000
Buildings
$29,090,000
Less: Accumulated depreciation—buildings
12,460,000
16,630,000
Equipment
48,930,000
Less: Accumulated depreciation—equipment
5,430,000
43,500,000
Total plant assets
$63,690,000
During 2018, the following selected cash transactions occurred.
April 1
Purchased land for $2,000,000.
May 1
Sold equipment that cost $1,170,000 when purchased on January
1, 2014. The equipment was sold for $702,000.
June 1
Sold land purchased on June 1, 2008 for $1,470,000. The...
Wildhorse Company’s December 31, 2020, trial balance includes
the following accounts: Inventory $122,700, Buildings $215,000,
Accumulated...
Wildhorse Company’s December 31, 2020, trial balance includes
the following accounts: Inventory $122,700, Buildings $215,000,
Accumulated Depreciation-Equipment $24,500, Equipment $192,800,
Land (held for investment) $54,100, Accumulated
Depreciation-Buildings $47,300, Land $65,800, and Timberland
$70,100.
Prepare the property, plant, and equipment section of the
balance sheet.
Following are selected balance sheet accounts of Del Conte Corp.
at December 31, 2021 and 2020,...
Following are selected balance sheet accounts of Del Conte Corp.
at December 31, 2021 and 2020, and the increases or decreases in
each account from 2020 to 2021. Also presented is selected income
statement information for the year ended December 31, 2021, and
additional information.
Selected Balance Sheet Accounts
2021
2020
Increase
(Decrease)
Assets
Accounts receivable
$
50,000
$
32,000
$
18,000
Property, plant, and equipment
293,000
255,000
38,000
Accumulated depreciation
(194,000
)
(175,000
)
19,000
Liabilities and Stockholders’ Equity...
The following amounts were reported on the December 31, 2019,
balance sheet:
Cash: $ 16,000...
The following amounts were reported on the December 31, 2019,
balance sheet:
Cash: $ 16,000
Accounts receivable: 44,000
Common stock: 80,000
Wages payable: 10,000
Retained earnings: 160,000
Land: 40,000
Accounts payable: 30,000
Bonds payable: 240,000
Merchandise inventory: 60,000
Buildings and equipment, net of accumulated depreciation:
360,000
Required:
a) Calculate working capital at December 31,
2019.
b) Calculate the current ratio at December
31, 2019.
c) Calculate the...
QUALITATIVE ANALYSIS:
1) The following amounts were reported on the
December 31, 2019, balance sheet:
Cash...
QUALITATIVE ANALYSIS:
1) The following amounts were reported on the
December 31, 2019, balance sheet:
Cash
-------------------------------------------------------------------
$ 9,000
Accounts receivable
--------------------------------------------------- 33,000
Common stock
-------------------------------------------------------- 50,000
Wages payable
-------------------------------------------------------- 16,000
Retained earnings
----------------------------------------------------- 125,000
Land
--------------------------------------------------------------------
30,000
Accounts payable
------------------------------------------------------ 19,000
Bonds payable
---------------------------------------------------------
110,000
Merchandise inventory
------------------------------------------------ 28,000
Buildings and equipment, net of accumulated depreciation -------
220,000
Required:
a) Calculate working capital at December 31,
2019.
b) Calculate the current ratio at December 31,
2019.
c) Calculate the...
Jennings advertising inc. reported the following in
December 31 2021 balance sheet:
Accumulated depreciation-equipment $360,000
in...
Jennings advertising inc. reported the following in
December 31 2021 balance sheet:
Accumulated depreciation-equipment $360,000
in disclosure note, Jennings indicates that it uses
straight-line depreciation over 4 years and estimates a salvage
value of 50,000. Jennings equipment averages 3 years at December
31. What is the acquisition cost of the equipment owned by
Jennings?
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...
Hopewell Corporation
Balance Sheet
As of December 31, 2019
(amounts in thousands)
Cash
125,000
Accounts Payable...
Hopewell Corporation
Balance Sheet
As of December 31, 2019
(amounts in thousands)
Cash
125,000
Accounts Payable
24,000
Accounts Receivable
36,000
Debt
37,000
Inventory
52,000
Other Liabilities
30,000
Property Plant & Equipment, Gross
226,000
Total Liabilities
91,000
Accumulated Depreciation
59,000
Paid-In Capital
56,000
Property Plant & Equipment, Net
167,000
Retained Earnings
239,000
Other Assets
6,000
Total Equity
295,000
Total Assets
386,000
Total Liabilities & Equity
386,000
Hopewell Corporation
Statement of Cash Flows
January 1 to March 31, 2020
(amounts in thousands)...
Analysis of Operating Assets
At December 31, 2017, XYZ Inc. has the following amounts on its...
Analysis of Operating Assets
At December 31, 2017, XYZ Inc. has the following amounts on its
financial statements:
Property, plant, and equipment
$15,000
Accumulated depreciation
6,000
Total assets at January 1, 2017
30,000
Total assets at December 31, 2017
40,000
Net sales
60,000
Depreciation expense
1,000
Calculate the following:
Average life of the assets:
years
Average age of the assets:
years
Asset turnover ratio (round to 2 decimal places):
times