Question

chp3 S16 -7 please show your work

S16-7 (similar to) Quesion Help Rouse Media Corporation had the following income statement and balance sheet for 2018 (Click the icon to view the income statenent.) EB (Click the ioon to view the balance sheet.) Read the requirements. Requirement 1. Compute the acquisition of plant assets for Rouse Media Corporation during 2018. The business sold no plant assets during the year. Assume the company paid cash for the acquisition of plant assets The acquisition of equipment is $ Data Table Rouse Melia Corporation Income Statement Year Ended December 31, 2018 82,000 Sales Revenue 11.100 Depreciation Expense-Plant Assets 52,000 Other Expenses 18.900 Net Income Print Done Enter any number in the edit fields and then click Check Answer Check Answer Clear All part remaining

Answer 1

Answer to Requirement 1.

Plant Assets, 2018 = Plant Assets, 2017 + Acquisition of Plant Assets - Sale of Plant Assets

$100,350 = $88,250 + Acquisition of Plant Assets - $0

Acquisition of Plant Assets = $12,100

Answer to Requirement 2.

Long Term Notes Payable, 2018 = Long Term Notes Payable, 2017 + Issuance of Notes Payable - Payment of Notes Payable

$7,000 = $13,000 + $4,900 - Payment of Notes Payable

Payment of Notes Payable = $10,900