Assume the following general ledger account balances for Xenon Inc. for December 31, 2019 Accumulated Depreciation 50,000 Building 70,000 Depreciation Expense 20,000 Equipment 53,000 Land 90,000 Unused Supplies 3,000 What is the carrying amount of the company’s plant and equipment section of thebalance sheet at December 31, 2019?
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Assume the following general ledger account balances for Xenon Inc. for December 31, 2019
50,000 | |
Building | 70,000 |
Depreciation Expense | 20,000 |
Equipment | 53,000 |
Land | 90,000 |
Unused Supplies | 3,000 |
What is the carrying amount of the company’s plant and equipment section of the
balance sheet at December 31, 2019?
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- Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense for 2019 if the units-of-production method were used ( Note: Round your answer to the nearest dollar)? a. $179,400 b. $184,000 c. $218,400 d. $224,000Krause Industries’ balance sheet at December 31, 2019, is presented below. KRAUSE INDUSTRIESBalance SheetDecember 31, 2019 Assets Current Assets Cash $7,500 Accounts receivable 73,500 Finished goods inventory (1,500 units) 26,320 Total current assets 107,320 Property, Plant, and Equipment Equipment $40,010 Less: Accumulated depreciation 10,200 29,810 Total assets $137,130 Liabilities and Stockholders' Equity Liabilities Notes payable $27,820 Accounts payable 45,040 Total liabilities 72,860 Stockholders' Equity Common stock $38,930 Retained earnings 25,340 Total stockholders' equity 64,270 Total liabilities and stockholders'…Krause Industries’ balance sheet at December 31, 2019, is presented below. KRAUSE INDUSTRIESBalance SheetDecember 31, 2019 Assets Current Assets Cash $7,500 Accounts receivable 73,500 Finished goods inventory (1,500 units) 26,320 Total current assets 107,320 Property, Plant, and Equipment Equipment $40,010 Less: Accumulated depreciation 10,200 29,810 Total assets $137,130 Liabilities and Stockholders' Equity Liabilities Notes payable $27,820 Accounts payable 45,040 Total liabilities 72,860 Stockholders' Equity Common stock $38,930 Retained earnings 25,340 Total stockholders' equity 64,270 Total liabilities and stockholders'…
- Krause Industries’ balance sheet at December 31, 2019, is presented below. KRAUSE INDUSTRIESBalance SheetDecember 31, 2019 Assets Current Assets Cash $7,500 Accounts receivable 73,500 Finished goods inventory (1,500 units) 26,320 Total current assets 107,320 Property, Plant, and Equipment Equipment $40,010 Less: Accumulated depreciation 10,200 29,810 Total assets $137,130 Liabilities and Stockholders' Equity Liabilities Notes payable $27,820 Accounts payable 45,040 Total liabilities 72,860 Stockholders' Equity Common stock $38,930 Retained earnings 25,340 Total stockholders' equity 64,270 Total liabilities and stockholders'…Information for Blake Corporation’s property, plant, and equipment for 2019 is: 1. For each asset classification, prepare schedules showing depreciation and amortization expense, and accumulated depreciation and amortization that would appear on Blake’s income statement for the year ended December 31, 2019, and on the balance sheet at December 31, 2019, respectively 2. Prepare a schedule showing the gain or loss from disposal of assets that would appear in Blake’s income statement for the year ended December 31, 2019. 3. Prepare the property, plant, and equipment section of Blake’s December 31, 2019, balance sheet.The following trial balance was extracted from the ledger of Juliana at 31 December 2020.JulianaTrial Balance as at 31 December 2020RMRMLand at cost26,000Plant at cost83,000Accumulated Depreciation at 1 January 2020- Plant13,000Office Equipment33,000Accumulated Depreciation at 1 January 2020Office Equipment8,000Receivables198,000Payables52,000Sales763,000Purchases516,000Returns inwards47,000Discount allowed4,000Capital at 1st January 2020230,000Drawings14,000Provision for doubtful debts at 1 January 202023,000Salaries Expense44,000Administration costs38,000Bank75,000Bad debts written off77,000Inventory at 1 January 202084,0001,164,0001,164,000Additional information: Closing inventory is RM74,000. Depreciation on plant is charged at 10% per annum on cost. Depreciation on office equipment is charged at 20% per annum using the reducing balance method. Administration costs include insurance prepaid of RM3,000. Salary accrued amount to RM2,000. The allowance for receivables is to…
- 1. Compute for the carrying value of the intangible assets at December 31, 2019. 2. How much is the Net Income (Loss) of the company for the year ended December 31, 2019?Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…Crane Company's balance sheet accounts as of December 31, 2021 and 2020 and information relating to 2021 activities are presented below. December 31, 2021 2020 Assets Cash $ 438000 $ 198000 Short-term investments 598000 — Accounts receivable (net) 1000000 1000000 Inventory 1360000 1180000 Long-term investments 398000 598000 Plant assets 3380000 1980000 Accumulated depreciation (898000) (898000) Patent 178000 198000 Total assets $6454000 $4256000 Liabilities and Stockholders' Equity Accounts payable and accrued liabilities $1640000 $1420000 Notes payable (nontrade) 578000 — Common stock, $10 par 1598000 1380000 Additional paid-in capital 798000 498000 Retained earnings 1840000 958000 Total liabilities and stockholders' equity $6454000 $4256000 Information relating to 2021 activities:• Net income for…
- The condensed financial statements of Evoc Company for the years 2019 and 2020 are presented as follows. Evoc CompanyStatements of Financial PositionDecember 31 2020 2019 Intangibles and other assets € 530 € 510 Property, plant, and equipment 420 380 Investments 10 10 Current assets Prepaid expenses €120 €160 Inventory 430 390 Accounts receivable (net) 470 433 Cash and cash equivalents 330 1,350 360 1,343 Total assets €2,310 €2,243 Equity €1,020 €1,040 Non‐current liabilities 390 393 Current liabilities 900 810 Total equity and liabilities €2,310 €2,243 Evoc CompanyIncome StatementsFor the Years Ended December 31 2020 2019 Sales revenue €4,000 €3,600 Costs and expenses Cost of goods sold 984 895 Selling and administrative expenses 2,400 2,330 Interest expense 10 20 Total costs and expenses 3,394 3,245 Income before income taxes 606…The condensed financial statements of Evoc Company for the years 2019 and 2020 are presented as follows. Evoc CompanyStatements of Financial PositionDecember 31 2020 2019 Intangibles and other assets € 530 € 510 Property, plant, and equipment 420 380 Investments 10 10 Current assets Prepaid expenses €120 €160 Inventory 430 390 Accounts receivable (net) 470 433 Cash and cash equivalents 330 1,350 360 1,343 Total assets €2,310 €2,243 Equity €1,020 €1,040 Non‐current liabilities 390 393 Current liabilities 900 810 Total equity and liabilities €2,310 €2,243 Evoc CompanyIncome StatementsFor the Years Ended December 31 2020 2019 Sales revenue €4,000 €3,600 Costs and expenses Cost of goods sold 984 895 Selling and administrative expenses 2,400 2,330 Interest expense 10 20 Total costs and expenses 3,394 3,245 Income before income taxes 606…The condensed financial statements of Evoc Company for the years 2019 and 2020 are presented as follows. Evoc CompanyStatements of Financial PositionDecember 31 2020 2019 Intangibles and other assets € 530 € 510 Property, plant, and equipment 420 380 Investments 10 10 Current assets Prepaid expenses €120 €160 Inventory 430 390 Accounts receivable (net) 470 433 Cash and cash equivalents 330 1,350 360 1,343 Total assets €2,310 €2,243 Equity €1,020 €1,040 Non‐current liabilities 390 393 Current liabilities 900 810 Total equity and liabilities €2,310 €2,243 Evoc CompanyIncome StatementsFor the Years Ended December 31 2020 2019 Sales revenue €4,000 €3,600 Costs and expenses Cost of goods sold 984 895 Selling and administrative expenses 2,400 2,330 Interest expense 10 20 Total costs and expenses 3,394 3,245 Income before income taxes 606…