Delorme Specialties reported the following at December 31, 2021 (in thousands): Requirement Determine the following items for
Question:
Delorme Specialties reported the following at December 31, 2021 (in thousands):
Requirement
Determine the following items for Delorme Specialties during 2021:
a. Gain or loss on the sale of property and equipment
b. Amount of long-term debt issued for something other than cash.
Transcribed Image Text:
1 2 3 4 5 56789ULL 10 11 12 12 A1 From the comparative balance sheet: Property and equipment, net Long-term notes payable From the statement of cash flows: Depreciation Capital expenditures Proceeds from sale of property and equipment Proceeds from issuance of long-term note payable Payment of long-term note payable Issuance of common stock B 2021 $ 11,200 4,400 $ 1,950 (4,100) 830 1,200 (110) 389 2020 $ 9,580 3,100
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (7 reviews)
a b Gain on sale of property and equipment 300 Bal 12312...View the full answer
Answered By
Mugdha Sisodiya
My self Mugdha Sisodiya from Chhattisgarh India. I have completed my Bachelors degree in 2015 and My Master in Commerce degree in 2016. I am having expertise in Management, Cost and Finance Accounts. Further I have completed my Chartered Accountant and working as a Professional.
Since 2012 I am providing home tutions.
3.30+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Delorme Specialties reported the following at December 31, 2010 (in thousands): Requirement 1. Determine the following items for Delorme Specialties during 2010: a. Gain or loss on the sale of...
-
Delorme Specialties reported the following at December 31, 2018 (in thousands): Requirement 1. Determine the following items for Delorme Specialties during 2018: a. Gain or loss on the sale of...
-
Crown Specialties reported the following at December 31, 2016 (in thousands): 1. Determine the following items for Crown Specialties during 2016: a. Gain or loss on the sale of property and equipment...
-
Perez Manufacturing Company began operations on January 1. During the year, it started and completed 1,740 units of product. The financial statements are prepared in accordance with GAAP. The company...
-
If the vector is added to vector, the result is. If is subtracted from, the result is. What is the magnitude of A-bar?
-
Evaluate the expression using the order of operations. (24 8 4) (48 4 2)
-
Standardisation is the only way forward for European financial reporting. Discuss this statement in the light of efforts that have already been made in the harmonisation of company law and the...
-
Superior Carpet Cleaning provided $76,000 of services during 2014, its first year of operations. All customers paid for the services with major credit cards. Superior submitted the credit card...
-
LMN Corporation is analyzing two investment opportunities, Investment L and Investment M, with the following details: Investment L: Cost of Capital - 11%, Initial Investment - $280,000, Cash Inflow...
-
Using the data presented in Exercise 5-15, journalize Jeevan Co.s entries for In exercise Pitt Co., a furniture wholesaler using the perpetual method to record inventory, sells merchandise to Jeevan...
-
The 2021 income statement and the 2021 comparative balance sheet of Ghent River Camp, Inc., have just been distributed at a meeting of the camps board of directors. The directors raise a fundamental...
-
Luxe, Inc., reported the following in its financial statements for the year ended May 31, 2021 (in thousands): Requirement Determine the following cash receipts and payments for Luxe during the...
-
As you know, direct materials, direct labor, and manufacturing overhead are the three major components of manufacturing costs. Expressing each part as a percentage of the total manufacturing cost,...
-
Calculate the working capital at Dec 31, 2022. 6) The following amounts were reported on the December 31, 2022, balance sheet: Cash Land Accounts payable 8,000 20,000 15,000 Bonds payable 120,00 0...
-
In Sunland Company, there was an increase in the land account during the year of $ 8 5 0 0 . Analysis reveals that the change resulted from a cash sale of land at cost $ 1 4 8 6 0 0 , and a cash...
-
Though organizational change is an ongoing process in a global economy, not all organizations readily adapt to change. Offer examples of ways leaders could evaluate their organization's readiness for...
-
Kathys rich uncle promises her an allowance of $ 1 0 , 0 0 0 per month for 6 months, with the first allowance to be made 1 month from today. If the interest rate is 0 . 5 % per month, what is the...
-
How do societies establish and enforce norms, and what sociological theories best explain the mechanisms of deviance and social control ?
-
Phoenix Industries has pulled off a miraculous recovery. Four years ago it was near bankruptcy. Today, it announced a $ 1 per share dividend to be paid a year from now, the first dividend since the...
-
Compare and contrast debt financing and equity financing as ways of starting a new business. Does one have an overall advantage over the other? What situation is more favorable to the use of debt...
-
Using the data in BE4-12, identify the accounts that would be included in a post-closing trial balance.
-
Using the data in BE4-12, identify the accounts that would be included in a post-closing trial balance.
-
The income statement for the Timberline Golf Club Inc. for the month ended July 31 shows Service Revenue $16,000; Salaries and Wages Expense $8,400; Maintenance and Repairs Expense $2,500; and Income...
-
The transactions in the journal and the accounts in the ledger are linked together by a transfer process called:Group of answer choicesaudit trailmigratingpostingbalancing
-
Garbo township recorded it's police departments appropriations for the year ending June 30, 2025. Police appropriations had increased to $7,600,000. During the year's first budgetary month ending...
-
QUALITY INDICATOR: Ninety-five percent of physician appointments/reappointments will be completed within 90 days of receipt of all required materials. medical staff office health information business...
Study smarter with the SolutionInn App