Accounting Reporting Plant Assets depreciation And Investing Cash Flows Homework Help
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1.What are the general rules for how gains or losses on retirement of plant assets should be reported in income?
2.Reporting plant asset transactions on the statement of cash flows
At the end of 20X0, Solar Power Associates (SPA) had total assets of $17.3 billion and total liabilities of $9.5 billion. Included among the assets were property, plant, and equipment with a cost of $4.8 billion and accumulated depreciation of $3.4 billion. SPA completed the following selected transactions during 20X1: The company earned total revenues of $26.5 billion and incurred total expenses of $21.3 billion, which included depreciation of $1.7 billion. During the year, SPA paid $1.4 billion for new property, plant, and equipment and sold old plant assets for $0.3 billion. The cost of the assets sold was $0.8 billion, and their accumulated depreciation was $0.4 billion.
a. Explain how to determine whether SPA had a gain or loss on the sale of old plant assets during the year. What was the amount of the gain or loss, if any?
b. Show how SPA would report property, plant, and equipment on the balance sheet at December 31, 20X1, after all the year’s activity. What was the book value of property, plant, and equipment?
c. Show how SPA would report its operating activities and investing activities on its statement of cash flows for 20X1. Ignore gains and losses.
3. Reporting plant assets, depreciation, and investing cash flows
Assume that in January 20X6, an IHOP restaurant purchased a building, paying $50,000 cash and signing a $100,000 note payable. The restaurant paid another $60,000 to remodel the building. Furniture and fixtures cost $50,000, and dishes and supplies—a current asset—were obtained for $9,000. IHOP is depreciating the building over 20 years by the straight-line method, with estimated residual value of $50,000. The furniture and fixtures will be replaced at the end of 5 years and are being depreciated by the double-declining-balance method, with zero residual value. At the end of the first year, the restaurant still has dishes and supplies worth $2,000. Show what the restaurant will report for supplies, plant assets, and cash flows at the end of the first year on its
c.Statement of cash flows Show all computations. (investing only)
4.You have been provided with the following information zero coupon bonds with $1000 face value.
|Maturity – semi -annual periods||semi-annual spot rates|
1. Compute the forward interest rates.
2. Graph the yield curve.
3. Explain the factors that account for the shape of the curve.
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5.Watkins, Inc. acquires all of the outstanding stock of Glen Corporation on January 1, 2012. At that date, Glen owns only three assets and has no liabilities
|BooK Value||Fair VAlue|
|Equipment(10 year life)||80000||75000|
|Building(20 Year Life)||200000||300000|
If Watkins pays $450,000 in cash for Glen, what amount would be represented as the subsidiary’s Equipment in a consolidation at December 31, 2014, assuming the book value of the equipment at that date is still $80,000? ?
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