Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets April 1 May 1 June 1 Tig as platit assets. July 1 Dec. 31 $29,770,000 During 2023, the following selected cash transactions occurred. $4,360,000 12,500,000 17,270,000 47,890,000 4,870,000 43,020,000 $64,650,000 Purchased land for $2,030,000. Sold equipment that cost $1,110,000 when purchased on January 1, 2019. The equipment was sold for $666,000. Sold land purchased on June 1, 2013 for $1,490,000. The land cost $391,000. Purchased equipment for $2,580,000. Retired equipment that cost $489,000 when purchased on December 31, 2013.
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- At December 31, 2022, Flounder Company reported the following as plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets April 1 May 1 June 1 $27,650,000 13,740,000 During 2023, the following selected cash transactions occurred. July 1 Dec. 31 48,010,000 4,600,000 $3,590,000 13,910,000 43,410,000 $60,910,000 Purchased land for $2,170,000. Sold equipment that cost $1,080,000 when purchased on January 1, 2019. The equipment was sold for $648,000. Sold land purchased on June 1, 2013 for $1,410,000. The land cost $402,000. Purchased equipment for $2,370,000. Retired equipment that cost $503,000 when purchased on December 31, 2013.Estimate the average total estimated useful life of depreciable property, plant, and equipment. Starbucks reports 580.6 million of depreciation and amortization in the statement of cash flows, of which 4.5 million relates to amortization of limited-life intangible assets. Does the estimate reconcile with stated accounting policy on useful lives for property, plant, and equipment? Explain.Computing Asset Related Ratios J.M. Smucker included the following information in its April 2019 10-K. $ millions Apr. 30, 2018 Sales Depreciation expense Land Buildings and fixtures Machinery and equipment Construction in progress Gross property, plant, and equipment Accumulated depreciation Total property, plant, and equipment Apr. 30, 2019 $7,916.4 208.1 123.3 $121.3 912.2 820.7 2,250.6 2,174.8 325.0 214.2 3,611.1 3,331.0 (1,635.9) (1,542.5) $1,975.2 $1,788.5 a. Compute PPE turnover for fiscal year ended April 30, 2019. Round answer to one decimal place. b. Compute the average useful life of depreciable assets at April 30, 2019. Round answer to one decimal place. years c. Compute the percentage used up of the PPE at April 30, 2019. Round answer to one decimal place (ex: 0.2345 = 23.5%) %
- At December 31, 2027, Flint Corporation reported the following plant assets. Land $4,068,000 Buildings $26,700,000 Less: Accumulated depreciation-buildings 16,170,300 10,529,700 Equipment 54,240,000 Less: Accumulated depreciation-equipment 6,780,000 47,460,000 Total plant assets $62,057,700 During 2028, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,983,200. May 1 Sold equipment that cost $813,600 when purchased on January 1, 2021. The equipment was so June 1 Sold land for $2,169,600. The land cost $1,356,000. July 1 Purchased equipment for $1,491,600. Dec. 31 Retired equipment that cost $949,200 when purchased on December 31, 2018. No salvage val (a) Prepare a tabular summary that includes the plant asset accounts and balances shown on the December 31, 2 · Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. -Increases in expenses and losses require a negative sign or parentheses. Increases in Accumulated…29. Analyzing Fixed Assets Pitt reported the following information for 2021 and 2022: 2021 2022 Property, plant, and equipment, cost $550,000 $ 550,000 Accumulated depreciation 170,000 220,000 Net sales 4,600,000 Depreciation expense 50,000 Required: Compute Pitt's tangible capital asset turnover ratio and the average age of tangible depreciable capital assets. Round "Tangible Capital Asset Turnover" to two decimal places and "Average Age of Tangible Depreciable Capital Asset" to one decimal place.Computing Asset Related Ratios J.M. Smucker included the following information in its April 2019 10-K. $ millions Apr. 30, 2019 Apr. 30, 2018 $8,151.5 214.2 127.0 939.3 2,294.3 334.7 3,695.3 (1,684.5) $2,010.8 Sales Depreciation expense Land Buildings and fixtures Machinery and equipment Construction in progress Gross property, plant, and equipment Accumulated depreciation Total property, plant, and equipment $124.9 845.1 2,217.1 220.6 3,407.7 (1,588.3) $1,819.4 a. Compute PPE turnover for fiscal year ended April 30, 2019. Round answer to one decimal place. 0 x b. Compute the average useful life of depreciable assets at April 30, 2019. Round answer to one decimal place. 0 x years c. Compute the percentage used up of the PPE at April 30, 2019. Round answer to one decimal place (ex: 0.2345 = 23.5%) 0 * %
- The balance sheet of Alpha Ltd on 31/12/21 is the following ASSETS Plot of land Building Depreciation Vehicle Depreciation. Furniture Depreciation Participations Total fixed assets. Goods Goods in pledge Customers Downpayment to suppliers Prepaid expenses Available Funds Circulating Assets Total assets 31/12/2021 40.000 200.000 -40.000 80.000 -75.000 95.000 -72.000 85.000 313.000 60.000 20.000 30.000 20.000 20.000 107.000 257.000 570.000 31/12/2022 Liabilities Equity (stock price 3€) Statutory Reserves Premium Reserve New result Total Foreign Capitals Long term Loan Bills payable Suppliers Loan with pledged goods Customers' downpayments Expenses payables Prepaid revenues Total Predictions Total liabilities 31/12/2021 180.000 60.000 20.000 -30.000 230.000 120.000 40.000 50.000 14.000 20.000 30.000 20.000 294.000 46.000 570.000 During the use of 2022, the following transactions took place. Sale of goods with value EUR 80,000 and cost EUR 35,000, 80% of them paid by cash and the rest with…16. The total dollar amount ofassets to be classified as current assets is a. $110.000 b. $375.000 s. $560.000 d. $810.000 17. The total dollar amount ofassets to be classified as property, plant, and equipment is a. $400.000 b. $450.000 c. $500.000 d. $635.000 18. The total dollar amount ofassets to be classified as non-curent assets is a. $375.000 b. $450.000 s. $725.000 d. $140.000Question 5The following balances were extracted from the books of Billion Precision for the yearended 31 December 2020.Dr (RM) Cr (RM)Land 500,000Building 200,000Motor vehicles 120,000Plant and machinery 70,000Profit b/f as at 01.01.2020 237,650Capital 438,000Acc depreciation as at 1.1.2020 :-Building 60,000-Motor Vehicles 69,250-Plant & Machinery 40,000Returns 3,600 4,100Revenue 800,000Purchases 400,000Discounts 5,0006Carriage inwards 7,700Opening inventory 52,000Provision for bad debts 2,000Trade receivables / Trade payable 66,000 43,200Advertising 18,000Staff training cost 4,000Bad debts 12,500Motor expenses 27,000Rental 90,000Bank 7,600Wages and salaries 126,0001,701,800 1,701,800Additional information:i.i. The provision for bad debts should be 4% of trade receivables.ii. Depreciation is to be charged as follows:-Buildings 2% on cost.-Plant and machinery 20% on cost.-Vehicles 25% on cost.iii. The closing inventories is valued at RM57,000.Required:a. Prepare the Statement of…
- PROBLEM 1 BHEVERLYNN CORPORATIONSTATEMENTS OF FINANCIAL POSITIONAS AT MARCH 31,2021 AND 2020 (in peso)2021 2020 ASSETS Noncurrent AssetsProperty, Plant and equipment 1,125,000 742,000 Intangible assets 320,000 150,000 Financial asset at amortized cost 289,600 294,000 Investment in associate 144,000 120,000 Total noncurrent Assets 1,878,600 1,306,000 Current AssetsInventories 390,000 237,000 Prepaid expenses 23,000 15,000 Trade receivables 284,000 319,000 Financial assets at fair value through profit or loss (FVPL) 175,000 325,000 Temporary investments 148,000 46,000 Cash 54,000 102,000 Total current assets 1,074,000 1,044,000TOTAL ASSETS 2,952,600 2,350,000 EQUITY AND LIABILITIES Equity Share capital – P1 ordinary shares 550,000 400,000 Share premium 300,000 100,000 Revaluation surplus 130,000 60,000 Retained earnings 321,000 264,000 Retained earnings appropriated 250,000 100,000 Treasury shares (17,500) (25,000) Total equity 1,533,600 899,000 Noncurrent Liabilities Long-term loans…Computing Asset Related Ratios J.M. Smucker included the following information in its April 2019 10-K. $ millions Apr. 30, 2019 Apr. 30, 2018 Sales $7,916.4 Depreciation expense 208.1 Land 123.3 $121.3 Buildings and fixtures 912.2 820.7 Machinery and equipment 2,250.6 2,174.8 Construction in progress 325.0 214.2 Gross property, plant, and equipment 3,611.1 3,331.0 Accumulated depreciation (1,635.9) (1,542.5) Total property, plant, and equipment $1,975.2 $1,788.5 a. Compute PPE turnover for fiscal year ended April 30, 2019.Round answer to one decimal place.Answerb. Compute the average useful life of depreciable assets at April 30, 2019.Round answer to one decimal place.Answer yearsc. Compute the percentage used up of the PPE at April 30, 2019.Round answer to one decimal place (ex: 0.2345 = 23.5%)Answer%PART II: BALANCE SHEET: 5 Points Presented below is information related to current assets, plant assets, natural resources, and intangibles at year end on December 31, 2023, for Hardy Company: $2,180,000 Buildings Goodwill Accounts Receivable Patents Cash Accumulated Depreciation-Bldg. 625,000 300,000 680,000 400,000 650,000 Instructions Prepare a partial classified balance sheet, using appropriate headings and classifications, for Hardy Company that shows how the above listed items should be presented.