How much depreciation expense was recorded on equipment during 2017?ģ. How much cash did Anders receive from the sale of equipment?Ģ. During 2017, equipment with a book value of $40,000 and an original cost of $210,000 was sold at a loss of $3,000.ġ. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2020, and its financial performance and its cash flows for the year then ended in accordance with Korean International Financial Reporting Standards (K-IFRS). Refer to the balance sheet data above from Anders Company. The plant assets section of the comparative balance sheets of Anders Company is reported below.Įquipment. Analyze and discuss the statement of cash flows prepared in part 1, giving special attention to the wisdom of the cash dividend payment. Cash Flow View helps you stay in control Goal Tracker helps you set and reach your savings goals Start investing in your future with as little as 50. Disclose any noncash investing and financing activities in a note.Ģ. Prepare a complete statement of cash flows report its operating activities using the indirect method. Declared and paid cash dividends of $50,100.ġ. Issued 2,500 shares of common stock for $20 cash per share. Paid $50,125 cash to reduce the long-term notes payable.į. Borrowed $4,000 cash by signing a short-term note payable.Į. Purchased equipment costing $96,375 by paying $30,000 cash and signing a long-term note payable for the balance.ĭ. Sold equipment costing $46,875, with accumulated depreciation of $30,125, for $11,625 cash.Ĭ. The loss on the cash sale of equipment was $5,125 (details in b).ī. Paid-in-capital in excess of par – common stockĪdditional Information on Year 2017 TransactionsĪ. Income Statement For year Ended 31 December, 2017 The company’s income statement and balance sheets follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. Forten Company, a merchandiser, recently completed its calendar-year 2017 operations.
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