Homework Answers
The quotation is not correct.
Eventhough accumulated depreciation is more than twice the cost of the new equipment, there is no gurantee that the firm will have the cash required to pay for the new assets as of now. To pay for the new equipment cash is required, no matter wherefrom it has come.
It is true that depreciation, being a non cash expenditure, helps in not distributing profits to that extent. But, unless an amount equivalent to the depreciation expense, is invested outside the business in safe investment vehicles, there is no gurantee that cash would be available to pay for new equipments.
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Question No 4: (10) Criticize the following quotation: "We shall have no difficulty in paying for...
Post a response in 75 to 100 words where you evaluate the following quotation: • We...
Post a response in 75 to 100 words where you evaluate the following quotation: • We shall have no difficulty in paying for new plant assets needed during the coming year because our estimated outlays for new equipment amount to only $80,000, and we have more than twice that amount in our Accumulated Depreciation account at present.
Question 4 At December 31, 2016, Grouper SA reported the following as plant assets. Land €...
Question 4
At December 31, 2016, Grouper SA reported the following as plant
assets.
Land
€ 2,866,000
Buildings
€29,773,000
Less: Accumulated depreciation-buildings
12,929,000
16,844,000
Equipment
39,084,000
Less: Accumulated depreciation-equipment
4,622,000
34,462,000
Total plant assets
€54,172,000
During 2017, the following selected cash transactions
occurred.
April 1
Purchased land for €2,458,000.
May 1
Sold equipment that cost €801,000 when purchased on January 1,
2013. The equipment was sold for €496,620.
June 1
Sold land purchased on June 1, 2007 for €1,880,000. The...
At December 31, 2022, Martinez Corporation reported the following plant assets. Land $3,783,000 Buildings Less: Accumulated...
At December 31, 2022, Martinez Corporation reported the following plant assets. Land $3,783,000 Buildings Less: Accumulated depreciation-buildings $26,590,000 15,037.425 50,440,000 11.552,575 Equipment Less: Accumulated depreciation equipment 6,305,000 Total plant assets 44.135,000 $59,470,575 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $2.774.200. May 1 Sold equipment that cost $756.600 when purchased on January 1, 2016. The equipment was sold for $214,370. June 1 Sold land for $2.017.600. The land cost $1.261,000. July 1 Purchased equipment for...
Question 3 View Policies Show Attempt History Current Attempt in Progress At December 31, 2022, Pronghorn Corporation r...
Question 3 View Policies Show Attempt History Current Attempt in Progress At December 31, 2022, Pronghorn Corporation reported the following plant assets. Land $3,498.000 Buildings 12,725,450 Less: Accumulated depreciation-buildings Equipment $26,630,000 13,904,550 46,640,000 5,830,000 Less: Accumulated depreciation-equipment 40,810,000 Total plant assets $57,033,450 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $2.565,200. May 1 Sold equipment that cost $699.600 when purchased on January 1, 2016. The equipment was sold for $198.220. June 1 Sold land for...
Can I have a little assistance, please! Much appreciated! Problem 9-2A At December 31, 2017, Swifty...
Can I have a little assistance, please! Much appreciated!
Problem 9-2A At December 31, 2017, Swifty Corporation reported the following plant assets. 4,353,000 Land Buildings Less: Accumulated depreciation- buildings Equipment Less: Accumulated depreciation- equipment Total plant assets $26,720,000 17,303,175 9,416,825 58,040,000 7,255,000 50,785,000 $64,554,825 During 2018, the following selected cash transactions occurred. Apr. Purchased land for $3,192,200. May Sold equipment that cost $870,600 when purchased on January 1, 2011. The equipment was sold for $246,670 June Sold land for $2,321,600....
Question 4 At December 31, 2016, Bonita Ltd. reported the following as plant assets. Land £...
Question 4
At December 31, 2016, Bonita Ltd. reported the following as plant
assets.
Land
£ 2,961,000
Buildings
£28,521,000
Less: Accumulated depreciation-buildings
11,791,000
16,730,000
Equipment
40,586,000
Less: Accumulated depreciation-equipment
5,383,000
35,203,000
Total plant assets
£54,894,000
During 2017, the following selected cash transactions
occurred.
Mar. 1
Purchased land for £2,052,000.
April 1
Sold equipment that cost £424,000 when purchased on January 1,
2013. The equipment was sold for £250,160.
June 1
Sold land purchased on June 1, 2007, for £1,533,000. The...
At December 31, 2022, Blue Corporation reported the following plant assets. Land $4,548,000 Buildings $26,520,000 18,078,300...
At December 31, 2022, Blue Corporation reported the following plant assets. Land $4,548,000 Buildings $26,520,000 18,078,300 8,441,700 Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation equipment Total plant assets 60,640,000 7,580,000 53,060,000 $66,049,700 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $3,335,200. May 1 Sold equipment that cost $909.600 when purchased on January 1, 2016. The equipment was sold for $257.720. June 1 Sold land for $2.425,600. The land cost $1.516,000. July 1 Purchased equipment for...
See below. Can you please assist with the last section? Problem 10-05A a-c (Video) At December...
See below. Can you please assist with the last section?
Problem 10-05A a-c (Video) At December 31, 2020, Flint Company reported the following as plant assets. $ 3,770,000 15,120,000 Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets 527,290,000 12,170,000 48,020,000 4,550,000 43,470,000 562,360,000 During 2021, the following selected cash transactions occurred. April 1 Purchased land for $2,190,000. May 1 Sold equipment that cost $900,000 when purchased on January 1, 2017. The equipment was sold for $540,000...
At December 31, 2022, Bramble Corporation reported the following plant assets. Land $4,278,000 Buildings $26,530,000 17,005,050...
At December 31, 2022, Bramble Corporation reported the following plant assets. Land $4,278,000 Buildings $26,530,000 17,005,050 Less: Accumulated depreciation-buildings 9,524,950 Equipment Less: Accumulated depreciation equipment 57,040,000 7,130,000 49,910,000 $63,712,950 Total plant assets During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $3,137,200. May 1 Sold equipment that cost $855,600 when purchased on January 1, 2016. The equipment was sold for $242,420. June 1 Sold land for $2,281,600. The land cost $1,426,000. July 1 Purchased equipment for...
See below. Problem 10-05A a-c (Video) At December 31, 2020, Flint Company reported the following as...
See below.
Problem 10-05A a-c (Video) At December 31, 2020, Flint Company reported the following as plant assets. Land $ 3,770,000 Buildings $27,290,000 Less: Accumulated depreciation-buildings 12,170,000 15,120,000 Equipment 48,020,000 Less: Accumulated depreciation-equipment 4,550,000 43,470,000 Total plant assets 562,360,000 During 2021, the following selected cash transactions occurred. April 1 May 1 June 1 July 1 Dec. 31 Purchased land for $2,190,000. Sold equipment that cost $900,000 when purchased on January 1, 2017. The equipment was sold for $540,000. Sold land...
Question 4
At December 31, 2016, Grouper SA reported the following as plant
assets.
Land
€ 2,866,000
Buildings
€29,773,000
Less: Accumulated depreciation-buildings
12,929,000
16,844,000
Equipment
39,084,000
Less: Accumulated depreciation-equipment
4,622,000
34,462,000
Total plant assets
€54,172,000
During 2017, the following selected cash transactions
occurred.
April 1
Purchased land for €2,458,000.
May 1
Sold equipment that cost €801,000 when purchased on January 1,
2013. The equipment was sold for €496,620.
June 1
Sold land purchased on June 1, 2007 for €1,880,000. The...
At December 31, 2022, Martinez Corporation reported the following plant assets. Land $3,783,000 Buildings Less: Accumulated depreciation-buildings $26,590,000 15,037.425 50,440,000 11.552,575 Equipment Less: Accumulated depreciation equipment 6,305,000 Total plant assets 44.135,000 $59,470,575 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $2.774.200. May 1 Sold equipment that cost $756.600 when purchased on January 1, 2016. The equipment was sold for $214,370. June 1 Sold land for $2.017.600. The land cost $1.261,000. July 1 Purchased equipment for...
Question 3 View Policies Show Attempt History Current Attempt in Progress At December 31, 2022, Pronghorn Corporation reported the following plant assets. Land $3,498.000 Buildings 12,725,450 Less: Accumulated depreciation-buildings Equipment $26,630,000 13,904,550 46,640,000 5,830,000 Less: Accumulated depreciation-equipment 40,810,000 Total plant assets $57,033,450 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $2.565,200. May 1 Sold equipment that cost $699.600 when purchased on January 1, 2016. The equipment was sold for $198.220. June 1 Sold land for...
Can I have a little assistance, please! Much appreciated!
Problem 9-2A At December 31, 2017, Swifty Corporation reported the following plant assets. 4,353,000 Land Buildings Less: Accumulated depreciation- buildings Equipment Less: Accumulated depreciation- equipment Total plant assets $26,720,000 17,303,175 9,416,825 58,040,000 7,255,000 50,785,000 $64,554,825 During 2018, the following selected cash transactions occurred. Apr. Purchased land for $3,192,200. May Sold equipment that cost $870,600 when purchased on January 1, 2011. The equipment was sold for $246,670 June Sold land for $2,321,600....
Question 4
At December 31, 2016, Bonita Ltd. reported the following as plant
assets.
Land
£ 2,961,000
Buildings
£28,521,000
Less: Accumulated depreciation-buildings
11,791,000
16,730,000
Equipment
40,586,000
Less: Accumulated depreciation-equipment
5,383,000
35,203,000
Total plant assets
£54,894,000
During 2017, the following selected cash transactions
occurred.
Mar. 1
Purchased land for £2,052,000.
April 1
Sold equipment that cost £424,000 when purchased on January 1,
2013. The equipment was sold for £250,160.
June 1
Sold land purchased on June 1, 2007, for £1,533,000. The...
At December 31, 2022, Blue Corporation reported the following plant assets. Land $4,548,000 Buildings $26,520,000 18,078,300 8,441,700 Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation equipment Total plant assets 60,640,000 7,580,000 53,060,000 $66,049,700 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $3,335,200. May 1 Sold equipment that cost $909.600 when purchased on January 1, 2016. The equipment was sold for $257.720. June 1 Sold land for $2.425,600. The land cost $1.516,000. July 1 Purchased equipment for...
See below. Can you please assist with the last section?
Problem 10-05A a-c (Video) At December 31, 2020, Flint Company reported the following as plant assets. $ 3,770,000 15,120,000 Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets 527,290,000 12,170,000 48,020,000 4,550,000 43,470,000 562,360,000 During 2021, the following selected cash transactions occurred. April 1 Purchased land for $2,190,000. May 1 Sold equipment that cost $900,000 when purchased on January 1, 2017. The equipment was sold for $540,000...
At December 31, 2022, Bramble Corporation reported the following plant assets. Land $4,278,000 Buildings $26,530,000 17,005,050 Less: Accumulated depreciation-buildings 9,524,950 Equipment Less: Accumulated depreciation equipment 57,040,000 7,130,000 49,910,000 $63,712,950 Total plant assets During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $3,137,200. May 1 Sold equipment that cost $855,600 when purchased on January 1, 2016. The equipment was sold for $242,420. June 1 Sold land for $2,281,600. The land cost $1,426,000. July 1 Purchased equipment for...
See below.
Problem 10-05A a-c (Video) At December 31, 2020, Flint Company reported the following as plant assets. Land $ 3,770,000 Buildings $27,290,000 Less: Accumulated depreciation-buildings 12,170,000 15,120,000 Equipment 48,020,000 Less: Accumulated depreciation-equipment 4,550,000 43,470,000 Total plant assets 562,360,000 During 2021, the following selected cash transactions occurred. April 1 May 1 June 1 July 1 Dec. 31 Purchased land for $2,190,000. Sold equipment that cost $900,000 when purchased on January 1, 2017. The equipment was sold for $540,000. Sold land...
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