Question
Are these CORRECT? Please check my partial (statement of financial position) thank you At January 1, 2022, Pharoah Company reported the following property, plant, and
Are these CORRECT? Please check my partial (statement of financial position) thank you
At January 1, 2022, Pharoah Company reported the following property, plant, and equipment accounts:
Accumulated depreciationbuildings | $62,000,000 | |
Accumulated depreciationequipment | 52,750,000 | |
Buildings | 97,400,000 | |
Equipment | 150,300,000 | |
Land | 23,650,000 |
The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated to have a 10-year useful life and no salvage value. During 2022, the following selected transactions occurred:
Apr. 1 | Purchased land for $4.30 million. Paid $1.075 million cash and issued a 3-year, 6% note payable for the balance. Interest on the note is payable annually each April 1. | |
May 1 | Sold equipment for $320,000 cash. The equipment cost $3.36 million when originally purchased on January 1, 2014. | |
June 1 | Sold land for $5.58 million. Received $600,000 cash and accepted a 3-year, 5% note for the balance. The land cost $1.30 million when purchased on June 1, 2016. Interest on the note is due annually each June 1. | |
July 1 | Purchased equipment for $2.60 million cash. | |
Dec. 31 | Retired equipment that cost $1 million when purchased on December 31, 2012. No proceeds were received. |
PHAROAH COMPANY Statement of Financial Position (Partial) choose an accounting period December 31, 2022For the Year Ended December 31, 2022For the Month Ended December 31, 2022 | ||||
---|---|---|---|---|
select an opening section name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity | ||||
enter a balance sheet item | $enter a dollar amount | |||
enter a balance sheet item | $enter a dollar amount | |||
select between addition and deduction AddLess: enter a balance sheet item | enter a dollar amount | enter a subtotal of the two previous amounts | ||
enter a balance sheet item | enter a dollar amount | |||
select between addition and deduction AddLess: enter a balance sheet item | enter a dollar amount | enter a subtotal of the two previous amounts | ||
select a closing section name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity | $enter a total amount for this section |
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