The T-accounts for Equipment and the related Accumulated Depreciation- Equipment for Luo Company at the end of

Question:

The T-accounts for Equipment and the related Accumulated Depreciation- Equipment for Luo Company at the end of 2019 are shown here.

In addition, Luo's income statement reported a loss on the disposal of plant assets of $6,500. What amount was reported on the statement of cash flows as "cash flow from sale of equipment"?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 978-1119305736

10th edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel

See More Books

Question Posted: Mar 29, 2017 11:54 AM

See More Questions

The T-accounts for Equipment and the related Accumulated Depreciation Equipment for Ada Company at the end of 2014 are shown here. In addition, Ada Companys income statement reported a loss on...
The T-accounts for Equipment and the related Accumulated Depreciation for Stone Kitchen Equipment Company at the end of 2008 are as follows. Stone Kitchen Equipment Companys income statement reported...
The T-accounts for Equipment and the related Accumulated Depreciation Equip. for Coldsmith Company at the end of 2014 are shown here. In addition, Coldsmith Companys income statement reported a loss...
Determine the radius of convergence of the following power series. Then test the endpoints to determine the interval of convergence. 2k (x - 3)k k
The adjusted trial balance of A Plus Events Piano Tuning Service, Inc., at fiscal year end October 31, 2012, follows. Requirements 1. Prepare A Plus's 2012 income statement. 2. Prepare the statement...
How often must you meet to discuss issues?
8C3
Three police officers, including Maria Trevizo, were on patrol in Tucson, Arizona, near a neighborhood associated with the Crips gang, when they pulled over a car with a suspended registration. Each...
Lakeview Engine Inc. produces engines for the watercraft industry. An outside manufacturer has offered to supply several component parts used in the engine assemblies, which are currently being...
On January 1, 2020, Pinnacle Corporation exchanged $3,548,000 cash for 100 percent of the outstanding voting stock of Strata Corporation. On the acquisition date, Strata had the following balance...
The net income for Metz Co. for 2019 was $280,000. For 2019, depreciation on plant assets was $70,000, and the company incurred a loss on disposal of plant assets of $12,000. Compute net cash...
Wise Photography reported net income of $130,000 for 2019. Included in the income statement were depreciation expense of $6,000, amortization expense of $2,000, and a gain on disposal of plant assets...
Which of the following statements about CAATs is not correct? a. Parallel simulation attempts to simulate or reproduce the firms actual processing results. b. The test data technique uses a set of...
Units processed during September for material and conversion. Ask an instructor lock lock lock A 3 A copy Determine the cost per equivalent unit for material and conversion cost combined. copy...
12% of all college students volunteer their time. Is the percentage of college students who are volunteers different for students receiving financial aid? Of the 338 randomly selected students who...
Mervon Company has two operating departments: mixing and bottling. Mixing has 3 3 0 employees and Bottling has 2 2 0 employees. Indirect factory costs include administrative costs of $ 1 8 2 , 0 0 0...
XP Ltd. is a manufacturing company with high stock requirements. Management are currently considering their stockholding policy. The following information is available for one stock item, material...
Process Costing: weighted average method Required: make a cost of production report in good form. Cost of Production Report-Weighted Average First Dept- Gem Company applies 100% of materials at the...
Why have some countries rejected the single currency despite being full members of the European Union?
A line l passes through the points with coordinates (0, 5) and (6, 7). a. Find the gradient of the line. b. Find an equation of the line in the form ax + by + c = 0.
Octagon Wholesalers uses a perpetual inventory system. Refer to the data in E5-2 regarding sales transactions with Stellar Stores and to the additional information below for Octagon. Mar. 1 Octagon's...
The following transactions occurred in April and May. Both companies use a perpetual inventory system. Apr. 5 Olaf Company purchased merchandise from DeVito Company for $12,000, terms 2/10, n/30, FOB...
The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 Pippen Company sold merchandise to Thomas Co. for $32,000, terms 2/10, n/30, FOB...
Indicate whether the following managerial policy increases the risk of a death spiral:Use of low operating leverage for productionGroup of answer choicesTrueFalse
It is typically inappropriate to include the costs of excess capacity in product prices; instead, it should be written off directly to an expense account.Group of answer choicesTrueFalse
Firms can avoid the death spiral by excluding excess capacity from their activity bases. Group of answer choicesTrueFalse

The T-accounts for Equipment and the related Accumulated Depreciation- Equipment for Luo Company at the end of

Question:

Equipment Accumulated Depreciation-Equipment 80,000 Disposals 22,000 Disposals5,500 equisitions A1,* End. bal. 99,600 Depr exp. 12,00 End. bal. 51,000

Step by Step Answer:

Original cost of equipment sold 22000 Less Accumulated depr...View the full answer

Financial Accounting

Students also viewed these Cost Accounting questions