Homework Answers
Answer -
| Herrick Corp. | ||
| Partial Statement of Cash Flows | ||
| For the Year Ended December 31, 2020 | ||
| Cash flows from operating activities: | ||
| Net income | $66100 | |
| Adjusted to reconcile net income to | ||
| Net cash provided by operating activities: | ||
| Depreciation expense | $25000 | |
| Loss on disposal of plant assets | $5200 | |
| $30200 | ||
| Net cash provided by operating activities | $96300 | |
| Cash flows from investing activities: | ||
| Sale of plant assets | $12300 | |
| Construction of equipment | ($55000) | |
| Purchase of equipment | ($71900) | |
| Net cash used by investing activities | ($114600) | |
| Cash flows from financing activities: | ||
| Payment of cash dividends | ($18900) | |
Calculation:
Here,
Value of equipment sold = Cost of equipment sold - Accumulated depreciation on equipment sold
Value of equipment sold = $48200 - $30700
Value of equipment sold = $17500
So,
Sale of plant assets (equipment) = Value of equipment sold - Loss on disposal of plant assets (equipment)
Sale of plant assets (equipment) = $17500 - $5200
Sale of plant assets (equipment) = $12300
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Question 2 Your answer is partially correct. Try again. The following three accounts appear in the...
Question 2 The following three accounts appear in the general ledger of Herrick Corp. during 2020....
Question 2 The following three accounts appear in the general ledger of Herrick Corp. during 2020. Equipment Debit Credit Date Jan. 1 July 31 Sept. 2 Nov. 10 Balance Purchase of equipment Cost of equipment constructed Cost of equipment sold 71,900 55,000 Balance 160,000 231,900 286,900 238,700 48,200 Credit Date Jan. 1 Nov. 10 Dec. 31 Accumulated Depreciation-Equipment Debit Balance Accumulated depreciation on equipment sold 30,700 Depreciation for year Balance 70,100 39,400 64,400 25,000 Retained Earnings Debit Credit Date Jan....
these are the box choices to choose from (fill out accordingly please) Question 2 The following...
these are the box choices to choose from (fill out accordingly
please)
Question 2 The following three accounts appear in the general ledger of Herrick Corp. during 2020. Equipment Debit Credit Date Jan. 1 July 31 Sept. 2 Nov. 10 Balance Purchase of equipment Cost of equipment constructed Cost of equipment sold 71,900 55,000 Balance 160,000 231,900 286,900 238,700 48,200 Date Credit Jan. 1 Nov. 10 Dec. 31 Accumulated Depreciation-Equipment Debit Balance Accumulated depreciation on equipment sold 30,700 Depreciation for...
The following three accounts appear in the general ledger of Herrick Corp. during 2020. Equipment Date...
The following three accounts appear in the general ledger of Herrick Corp. during 2020. Equipment Date Debit Credit Balance Jan. 1 Balance 158,400 July 31 Purchase of equipment 70,200 228,600 Sept. 2 Cost of equipment constructed 54,800 283,400 Nov. 10 Cost of equipment sold 49,100 234,300 Accumulated Depreciation—Equipment Date Debit Credit Balance Jan. 1 Balance 71,100 Nov. 10 Accumulated depreciation on equipment sold 28,700 42,400 Dec. 31 Depreciation for year 23,700 66,100 Retained Earnings Date Debit Credit Balance Jan. 1...
The three accounts shown below appear in the general ledger of Herrick Corp. during 2015.
The three accounts shown below appear in the general ledger of Herrick Corp. during 2015.EquipmentDateDebitCreditBalanceJan. 1Balance161,660July 31Purchase of equipment69,340231,000Sept. 2Cost of equipment constructed54,890285,890Nov. 10Cost of equipment sold50,150235,740Accumulated Depreciation—EquipmentDateDebitCreditBalanceJan. 1Balance71,910Nov. 10Accumulated depreciation on equipment sold28,02043,890Dec. 31Depreciation for year28,96072,850Retained EarningsDateDebitCreditBalanceJan. 1Balance104,720Aug. 23Dividends (cash)13,05091,670Dec. 31Net income78,860170,530From the postings in the accounts, indicate how the information is reported on a statement of cash flows using the indirect method. The loss on disposal of equipment was $4,520. (Hint: Cost of equipment constructed is reported in the...
Exercise 13-6 The three accounts shown below appear in the general ledger of Herrick Corp. during...
Exercise 13-6 The three accounts shown below appear in the general ledger of Herrick Corp. during 2015. Equipment Debit Credit Date Jan. 1 July 31 Sept. 2 Nov. 10 Balance Purchase of equipment Cost of equipment constructed Cost of equipment sold 68,580 53,070 Balance 160,810 229,390 282,460 234,050 48,410 Credit Date Jan. 1 Nov. 10 Dec. 31 Accumulated Depreciation Equipment Debit Balance Accumulated depreciation on equipment sold 31,430 Depreciation for year Balance 70,330 38,900 66,640 27,740 Retained Earnings Debit Credit...
all of 17.7 please E17.7 (LO 2) The following three accounts appear in the general ledger...
all
of 17.7 please
E17.7 (LO 2) The following three accounts appear in the general ledger of Herrick Corp. during 2020. Prepare partial statement of cash flows-indirect method. Credit Date Jan. 1 July 31 Balance 160,000 230,000 Equipment Debit Balance Purchase 70,000 of equipment Cost of 53,000 equipment constructed Cost of equipment sold Sept. 2 283,000 Nov. 10 49,000 234,000 Accumulated Depreciation-Equipment Accumulated Depreciation Equipment Date Debit Credit Jan. 1 Nov. 10 Balance 71,000 41,000 30,000 Balance Accumulated depreciation on...
The following three accounts appear in the general ledger of Ivanhoe Company during 2022. Equipment Date...
The following three accounts appear in the general ledger of Ivanhoe Company during 2022. Equipment Date Debit Credit Balance Jan. 1 Balance 104,000 July 31 Purchase of equipment 45,500 149,500 Sept. 2 Cost of equipment constructed 34,450 183,950 Nov. 10 Cost of equipment sold 31,850 152,100 Credit Date Jan. 1 Nov. 10 Dec. 31 Accumulated Depreciation-Equipment Debit Balance Accumulated depreciation on equipment sold 10,400 Depreciation for year Balance 46,150 35,750 53,950 Retained Earnings Debit Credit Date Jan. 1 Aug. 23...
inment CALCULATOR FULL SCREEN PRINTER Exercise 13-6 The three accounts shown below appear in the general...
inment CALCULATOR FULL SCREEN PRINTER Exercise 13-6 The three accounts shown below appear in the general ledger of Herrick Corp. during 2015. Equipment Debit Credit Date Jan. 1 July 31 Sept. 2 Nov. 10 Balance Purchase of equipment Cost of equipment constructed Cost of equipment sold 68,820 52,720 Balance 160,230 229,050 281,770 232,210 49,560 Date Accumulated Depreciation-Equipment Debit Balance Accumulated depreciation on equipment sold 29,350 Depreciation for year mo Jan. 1 Nov. 10 Dec. 31 Credit Balance 69,990 40,640 70,170...
The following three accounts appear in the general ledger of Herrick Corp. during 2020. Equipment Date...
The following three accounts appear in the general ledger of
Herrick Corp. during 2020.
Equipment
Date
Debit
Credit
Balance
Jan. 1
Balance
159,600
July 31
Purchase of equipment
71,200
230,800
Sept. 2
Cost of equipment constructed
52,500
283,300
Nov. 10
Cost of equipment sold
48,300
235,000
Accumulated Depreciation—Equipment
Date
Debit
Credit
Balance
Jan. 1
Balance
70,500
Nov. 10
Accumulated depreciation on equipment sold
30,200
40,300
Dec. 31
Depreciation for year
23,800
64,100
Retained Earnings
Date
Debit
Credit
Balance
Jan. 1...
The following three accounts appear in the general ledger of Herrick Corp. during 2020. Equipment Date Debi...
The following three accounts appear in the general ledger of
Herrick Corp. during 2020.
Equipment
Date
Debit
Credit
Balance
Jan. 1
Balance
158,600
July 31
Purchase of equipment
69,800
228,400
Sept. 2
Cost of equipment constructed
54,400
282,800
Nov. 10
Cost of equipment sold
49,500
233,300
Accumulated Depreciation—Equipment
Date
Debit
Credit
Balance
Jan. 1
Balance
69,800
Nov. 10
Accumulated depreciation on equipment sold
31,700
38,100
Dec. 31
Depreciation for year
23,400
61,500
Retained Earnings
Date
Debit
Credit
Balance
Jan. 1...
Question 2 The following three accounts appear in the general ledger of Herrick Corp. during 2020. Equipment Debit Credit Date Jan. 1 July 31 Sept. 2 Nov. 10 Balance Purchase of equipment Cost of equipment constructed Cost of equipment sold 71,900 55,000 Balance 160,000 231,900 286,900 238,700 48,200 Credit Date Jan. 1 Nov. 10 Dec. 31 Accumulated Depreciation-Equipment Debit Balance Accumulated depreciation on equipment sold 30,700 Depreciation for year Balance 70,100 39,400 64,400 25,000 Retained Earnings Debit Credit Date Jan....
these are the box choices to choose from (fill out accordingly
please)
Question 2 The following three accounts appear in the general ledger of Herrick Corp. during 2020. Equipment Debit Credit Date Jan. 1 July 31 Sept. 2 Nov. 10 Balance Purchase of equipment Cost of equipment constructed Cost of equipment sold 71,900 55,000 Balance 160,000 231,900 286,900 238,700 48,200 Date Credit Jan. 1 Nov. 10 Dec. 31 Accumulated Depreciation-Equipment Debit Balance Accumulated depreciation on equipment sold 30,700 Depreciation for...
Exercise 13-6 The three accounts shown below appear in the general ledger of Herrick Corp. during 2015. Equipment Debit Credit Date Jan. 1 July 31 Sept. 2 Nov. 10 Balance Purchase of equipment Cost of equipment constructed Cost of equipment sold 68,580 53,070 Balance 160,810 229,390 282,460 234,050 48,410 Credit Date Jan. 1 Nov. 10 Dec. 31 Accumulated Depreciation Equipment Debit Balance Accumulated depreciation on equipment sold 31,430 Depreciation for year Balance 70,330 38,900 66,640 27,740 Retained Earnings Debit Credit...
all
of 17.7 please
E17.7 (LO 2) The following three accounts appear in the general ledger of Herrick Corp. during 2020. Prepare partial statement of cash flows-indirect method. Credit Date Jan. 1 July 31 Balance 160,000 230,000 Equipment Debit Balance Purchase 70,000 of equipment Cost of 53,000 equipment constructed Cost of equipment sold Sept. 2 283,000 Nov. 10 49,000 234,000 Accumulated Depreciation-Equipment Accumulated Depreciation Equipment Date Debit Credit Jan. 1 Nov. 10 Balance 71,000 41,000 30,000 Balance Accumulated depreciation on...
The following three accounts appear in the general ledger of Ivanhoe Company during 2022. Equipment Date Debit Credit Balance Jan. 1 Balance 104,000 July 31 Purchase of equipment 45,500 149,500 Sept. 2 Cost of equipment constructed 34,450 183,950 Nov. 10 Cost of equipment sold 31,850 152,100 Credit Date Jan. 1 Nov. 10 Dec. 31 Accumulated Depreciation-Equipment Debit Balance Accumulated depreciation on equipment sold 10,400 Depreciation for year Balance 46,150 35,750 53,950 Retained Earnings Debit Credit Date Jan. 1 Aug. 23...
inment CALCULATOR FULL SCREEN PRINTER Exercise 13-6 The three accounts shown below appear in the general ledger of Herrick Corp. during 2015. Equipment Debit Credit Date Jan. 1 July 31 Sept. 2 Nov. 10 Balance Purchase of equipment Cost of equipment constructed Cost of equipment sold 68,820 52,720 Balance 160,230 229,050 281,770 232,210 49,560 Date Accumulated Depreciation-Equipment Debit Balance Accumulated depreciation on equipment sold 29,350 Depreciation for year mo Jan. 1 Nov. 10 Dec. 31 Credit Balance 69,990 40,640 70,170...
The following three accounts appear in the general ledger of
Herrick Corp. during 2020.
Equipment
Date
Debit
Credit
Balance
Jan. 1
Balance
159,600
July 31
Purchase of equipment
71,200
230,800
Sept. 2
Cost of equipment constructed
52,500
283,300
Nov. 10
Cost of equipment sold
48,300
235,000
Accumulated Depreciation—Equipment
Date
Debit
Credit
Balance
Jan. 1
Balance
70,500
Nov. 10
Accumulated depreciation on equipment sold
30,200
40,300
Dec. 31
Depreciation for year
23,800
64,100
Retained Earnings
Date
Debit
Credit
Balance
Jan. 1...
The following three accounts appear in the general ledger of
Herrick Corp. during 2020.
Equipment
Date
Debit
Credit
Balance
Jan. 1
Balance
158,600
July 31
Purchase of equipment
69,800
228,400
Sept. 2
Cost of equipment constructed
54,400
282,800
Nov. 10
Cost of equipment sold
49,500
233,300
Accumulated Depreciation—Equipment
Date
Debit
Credit
Balance
Jan. 1
Balance
69,800
Nov. 10
Accumulated depreciation on equipment sold
31,700
38,100
Dec. 31
Depreciation for year
23,400
61,500
Retained Earnings
Date
Debit
Credit
Balance
Jan. 1...
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