Question
Haveaproblemfiguringoutaroundequipmenttransactionandcashflowreporting. Theproperty,plant,andequipmentsectionofProCompInc.'scomparativebalancesheetfollows: Dec.31,20X4 Dec.31,20X3 Property,plant,&equipment Land $94,000 $94,000 Equipment 652,000 527,000 Less:Accumulateddepreciation (316,000) (341,000) Newequipmentpurchasedduring20X4totaled$296,000.The20X4incomestatementdisclosedequipmentdepreciationexpenseof$44,000anda$9,000lossonthesaleofequipment. Determinethecostandaccumulateddepreciationoftheequipmentsoldduring20X4. Determinethesellingpriceoftheequipmentsold. Showhowthesaleofequipmentwouldappearonastatementofcashflowspreparedbyusingtheindirectmethod. these are the answers I got. Can
- Haveaproblemfiguringoutaroundequipmenttransactionandcashflowreporting.
-
- Theproperty,plant,andequipmentsectionofProCompInc.'scomparativebalancesheetfollows:
Dec.31,20X4 Dec.31,20X3 Property,plant,&equipment Land $94,000 $94,000 Equipment 652,000 527,000 Less:Accumulateddepreciation (316,000) (341,000)
Newequipmentpurchasedduring20X4totaled$296,000.The20X4incomestatementdisclosedequipmentdepreciationexpenseof$44,000anda$9,000lossonthesaleofequipment. - Determinethecostandaccumulateddepreciationoftheequipmentsoldduring20X4.
- Determinethesellingpriceoftheequipmentsold.
- Showhowthesaleofequipmentwouldappearonastatementofcashflowspreparedbyusingtheindirectmethod.
-
| Dec.31,20X4 | Dec.31,20X3 | |
| Property,plant,&equipment | ||
| Land | $94,000 | $94,000 |
| Equipment | 652,000 | 527,000 |
| Less:Accumulateddepreciation | (316,000) | (341,000) |
- Determinethecostandaccumulateddepreciationoftheequipmentsoldduring20X4.
- Determinethesellingpriceoftheequipmentsold.
- Showhowthesaleofequipmentwouldappearonastatementofcashflowspreparedbyusingtheindirectmethod.
|
| these are the answers I got. Can you let me know what you got? |
| Cost of equipment sold | 171000 |
| Accumulated depreciation of sold equipment | 69000 |
| Selling price of equipment sold | 80000 |
| Sale of equipment on cash flow statement | 93000 |
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Cost Accounting A Managerial Emphasis
Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav
13th Edition
8120335643, 136126634, 978-0136126638
