Burns Company's 2019 and 2018 balance sheet presented the following data for equipment. Equipment 12/31/2019 $325,000...
Burns Company's 2019 and 2018 balance sheet presented the following data for equipment. Equipment 12/31/2019 $325,000 12/31/2018 $262,00. Accumulated depreciation 21/31/2019 $133,900 12/31/2018 $108,000. Book value 12/31/2019 $191,100 12/31/2018 $154,000. During 2019, equipment costing $41,000 with accumulated depreciation of $36,700 was sold for cash, producing a $3200 gain. 1. Calculate the amount of depreciation expense for 2019. 2. Calculate the amount of cash spent for equipment during 2019. 3. Calculate the amount that should be included as a cash inflow from the disposal of equipment.
Homework Answers
1) Amount of depreciation expense = (133900-108000)+36700 = $62600
2) Cash spending for equipment = 262000-41000-325000 = $104000
3) Cash inflow from the disposal of equipment = 41000-36700+3200 = 7500
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Burns Company's 2019 and 2018 balance sheet presented the
following data for equipment. Equipment 12/31/2019 $325,000...
Exercise 11-41 Determining Cash Flows from Investing Activities Burns Company's 2019 and 2018 balance sheets presented...
Exercise 11-41 Determining Cash Flows from Investing Activities Burns Company's 2019 and 2018 balance sheets presented the following data for equipment: Equipment Accumulated depreciation 12/31/2019 $325,000 133,900 12/31/2018 $262,000 108,000 $154,000 Book value $191,100 During 2019, equipment costing $41,000 with accumulated depreciation of $36,700 was sold for cash, producing a $3,200 gain. Required: 1. Calculate the amount of depreciation expense for 2019. 58,400 2. Calculate the amount of cash spent for equipment during 2019. 85,000 3. Calculate the amount that...
Diane’s balance sheets as of December 31, 2018 and 2019 are presented below: &n
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Matthauson Company has the following comparative balance sheet data available: 12/31/2019 12/31/2018 Cash $30,000 $80,000 Accounts...
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Sheffield Company's trial balance at December 31, 2019, is presented below. All 2019 transactions have been...
Sheffield Company's trial balance at December 31, 2019, is presented below. All 2019 transactions have been recorded except for the items described following the trial balance Debit Credit $27,000 36,500 8,200 Cash Accounts Recelvable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patents Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreclation Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Notes Payable (due in 2020) Interest Payable Notes Payable (due after 2020) Common Stock Retained Earnings Dividends...
Problem 8 The balance sheet data of Naley Company at the end of 2019 and 2018...
Problem 8 The balance sheet data of Naley Company at the end of 2019 and 2018 follow: 2019 2018 $_50.000 Cash Accounts receivable (net) $ 70,000 90,000 120,000 Merchandise inventory 140,000 Prepaid expenses Buildings and equipment 90,000 50,000 150,000 180,000 (36,000) Accumulated depreciation-buildings and equipment Land Totals Accounts payable Accrued expenses Notes payable-bank, long-term Mortgage payable $654.000 $136,000 24,000 (16,000) 80,000 $514.000 $110,000 36,000 80,000 60,000 418,000 318,000 Common stock, $10 par Retained earnings (deficit) 16,000 $654.000 30,000) $514.000 Land...
Exercise 11-41 Determining Cash Flows from Investing Activities Burns Company's 2019 and 2018 balance sheets presented the following data for equipment: Equipment Accumulated depreciation 12/31/2019 $325,000 133,900 12/31/2018 $262,000 108,000 $154,000 Book value $191,100 During 2019, equipment costing $41,000 with accumulated depreciation of $36,700 was sold for cash, producing a $3,200 gain. Required: 1. Calculate the amount of depreciation expense for 2019. 58,400 2. Calculate the amount of cash spent for equipment during 2019. 85,000 3. Calculate the amount that...
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Sheffield Company's trial balance at December 31, 2019, is presented below. All 2019 transactions have been recorded except for the items described following the trial balance Debit Credit $27,000 36,500 8,200 Cash Accounts Recelvable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patents Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreclation Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Notes Payable (due in 2020) Interest Payable Notes Payable (due after 2020) Common Stock Retained Earnings Dividends...
Sheffield Company's trial balance at December 31, 2019, is presented below. All 2019 transactions have been recorded except for the items described following the trial balance Debit Credit $27,000 36,500 8,200 Cash Accounts Recelvable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patents Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreclation Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Notes Payable (due in 2020) Interest Payable Notes Payable (due after 2020) Common Stock Retained Earnings Dividends...
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