(Answered) The year 11 balance sheet of carpeteers inc report the

Accounting

The year 11 balance sheet of Carpeteers, Inc. report the following fixed asset balances:

Year 11 Year 10

Fixed Assets 195,000 128,000

Accumulated Depreciation (53,000) (41,000)

Fixed Assets, net $142,000 $87,000

- On January 1, year 11, Carpeteers, Inc purchased a machine for $50,000 (all cash)

- On June 2, Year 11, Carpeteers sold fixed assets with original cost of $18,000 and a net book value of $6,000 for $10,000

- Carpeteers, Inc made one other long-term asset purchase or sale during year 11: The company issued a note payable in exchange for land on November 15, year 11

1. What was the cost of the land purchased in November?

2. How much depreciation expense did Carpeteers record in year 11?

3. What the net source or use of cash from investing activities for year 11? Show each items that inclued

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92584611
Price:- $10

Verified Expert

Priced at $20 Now at $10, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - sharp tables produces go carts designed to a

Question - Sharp tables produces go carts designed to a customers specification with the customers logo. Job 65 consists of producing 40 carts for race around for a new store opening. Overhead is applied on the basis of ...

Question using the readings about the differences between

Question: Using the readings about the differences between managers and leaders, and grounded in strategic planning, how can one take a leadership role in making yours a plan that works? The response must be typed, singl ...

Question - during 2018 beltram inc had sales of 35633

Question - During 2018, Beltram, Inc. had Sales of $3,563.3 million, Gross profit of $1,634.6 million and Selling, general, and administrative expenses of $1,278.0 million. What was Beltram's Cost of sales for 2018? $ 88 ...

Qestion - a racing bike is listed for 129344 less 18 9

Question - A racing bike is listed for $1293.44 less 18 %, 9 %, and 3%. a. What is the net price? b. What is the total amount of discount that was allowed? c. What is the exact single rate of discount that was allowed?

Question - pina corporation bought a new machine and agreed

Question - Pina Corporation bought a new machine and agreed to pay for it in equal annual installments of $5,280 at the end of each of the next 10 years. Assuming that a prevailing interest rate of 6% applies to this con ...

Question - kramer corp reported the following sale and

Question - Kramer Corp. reported the following sale and purchase transactions related to a specific product in January 2017: Date Transaction Quantity Unit Cost Unit Sales Price Jan 01 Beginning inventory 5 $90 Jan 03 Sa ...

Question - nmc has an average charge per client per of

Question - NMC has an average charge per client per of $12.00.its overhead are $15,956 and the trainer takes $* from every commission /charge. How many clients does the NMC need to serve in a year to break even? The trai ...

Question as a small business owner in todays

Question: As a small business owner in today's economy: • What three financial reports would you use on a regular basis? • What information would you find on each statement? • What decisions might each statement help you ...

Question - on january 1 2017 palka inc acquired 70 percent

Question - On January 1, 2017, Palka, Inc., acquired 70 percent of the outstanding shares of Sellinger Company for $1,479,800 in cash. The price paid was proportionate to Sellinger's total fair value, although at the acq ...

Question - explain why the purchase of supplies is usually

Question - Explain why the purchase of supplies is usually recorded in the asset account rather than in an expense account. If supplies were expensed when purchased, which account should be debited and which credited at ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert