Financial Accounting Questions On Depreciation Homework Help
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1.Equipment transaction and cash flow reporting
Dec. 31, 20X4 Dec. 31, 20X3
Property, Plant & Equipment:
Equipment 652,000 527,000
Less: Accumulated depreciation -316,000 -341,000
New equipment purchased during 20×4 totaled $280,000. The 20×4 income statement disclosed equipment depreciation expense of $41,000 and a $9,000 loss on the sale of equipment.
a. Determine the cost and accumulated depreciation of the equipment sold during 20X4.
b. Determine the selling price of the equipment sold.
c. Show how the sale of equipment would appear on a statement of cash flows prepared by using the indirect method
2.Bruno Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds for expansion.
DECEMBER 31, 2012
Accounts receivable (net) 342,650
Inventories (lower-of-average-cost-or-market) 403,650
Equity investments (trading) at cost (fair value $123,330) 143,330
Property, plant, and equipment
Buildings (net) 573,330
Equipment (net) 163,330
Land held for future use 178,330
Cash surrender value of life insurance 92,650
Prepaid expenses 14,650
Accounts payable 138,330
Notes payable (due next year) 127,650
Pension obligation 85,330
Rent payable 51,650
Premium on bonds payable 55,650
Bonds payable 503,330
Common stock, $1.00 par,
authorized 400,000 shares, issued 292,650 292,650
Additional paid-in capital 182,650
Retained earnings ?
Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $162,650 and for the office equipment, $107,650. The allowance for doubtful accounts has a balance of $19,650. The pension obligation is considered a long-term liability. (List current assets in order of liquidity. List property plant and equipment in order of buildings and equipment.)
3.The following selected data was retrieved from the Wal-Mart, Inc. financial statements for the year ending January 31, 2013
|Accounts Payable|| |
|Accounts Receivable|| |
|Common Stock|| |
|Cost of Goods Sold|| |
|Income Tax Expense|| |
|Interest Expenses|| |
|Membership Revenues|| |
|Net Sales|| |
|Operating, Selling and Administrative Expenses|| |
|Retained Earnings|| |
Using the information provided above:
a. Prepare a multiple-step income statement
b. Calculate the Profit Margin, and Gross profit rate for the company. Be sure to provide the formula you are using, show your calculations, and discuss your findings/results.
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4.What measures the decline in market value of an asset?
5.What measures physical deterioration of an asset?
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