The following selected account balances relate to the plant

Assignment Help Accounting Basics
Reference no: EM131145235

The following selected account balances relate to the plant asset accounts of Karas Inc. at year-end.

Additional information:

1. Karas purchased $85,000 of equipment and $30,000 of land for cash in 2012.

2. Karas also sold equipment in 2012.

3. Depreciation expense in 2012 was $37,500 on building and $62,000 on equipment.

Instructions

(a) Determine the amounts of any cash inflows or outflows related to the plant asset accounts in 2012.

(b) Indicate where each of the cash inflows or outflows identified in (a) would be classified on the statement of cash flows.  

Reference no: EM131145235

Questions Cloud

Design program that uses cfswitch and cfcase structure : Your program must use the ColdFusion built-in function RandRange() to generate a random number between the ranges of 1 and 4, and assign this value to a variable called score.
How much is the typical buyer willing to pay for a used car : Suppose that for every 10 new cars sold by new-car dealers, 9 are plums and only 1 is a lemon. Why is the equilibrium mix in the used car market different from the mix of new cars sold?
What is probability of defective output after process shift : Design specifications require that a key dimension on a product measure 100 ± 16 units. A process being considered for producing this product has a standard deviation of six units. What can you say (quantitatively) regarding the process capability? W..
Find the amplitude period and phase shift of ladder : (a) Find the amplitude, period, and phase shift of y = 3sin[π(x – 1/3)] (b) A ladder leans against a verfical wall of a building so that the angle between the ground and the ladder is 72° and its bottom on the ground is at 3m from the wall. How long ..
The following selected account balances relate to the plant : The following selected account balances relate to the plant asset accounts of Karas Inc. at year-end.
Upper control limit : Boxes of Honey-Nut Oatmeal are produced to contain 16.0 ounces, with a standard deviation of 0.20 ounce. For a sample size of 49, the 3-sigma x-bar chart control limits are: Upper Control Limit (UCL x-bar)= ounces (to two decimal places)
In consignment inventory arrangement : In a “consignment” inventory arrangement, the buyer does not pay the supplier for the purchased items until they are sold or used. If the buyer is concerned only about optimizing its own position, how does such an arrangement affect its (the buyer’s)..
Determine the how the present worth would be affected : a. Determine the how the present worth would be affected by prices of $47, $49, $51 and $53 with a quantity sold of 55,000. Briefly state how you determined this.b. Determine the quantity that would need to be sold to attain the MARR (PW = 0) for pri..
What fundamental cost tradeoff plays : What fundamental cost tradeoff plays a key role towards developing an aggregate sales and operations plan? Under what circumstances would cost minimization be equivalent to profit maximization, as the objective in deriving an optimal aggregate plan? ..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Unethical practices and behavior in accounting

Write a 500-word article analysis in which you identify situations that might lead to unethical practices and behavior in accounting.

  Demonstrate and understand the role of accountants

Outline the information each role provides and the users who rely on that information - identify any similarities and differences that exist between the (2) roles

  Problem related to unrealized gain

In 2004, Parrot Company sold land to its subsidiary, Tree Corporation, for $12,000. It had a book value of $10,000. In the next year, Tree sold the land for $18,000 to an unaffiliated firm. The 2004 unrealized gain

  Consultant to investigate a potential violation of corporate

Suppose a large aerospace engineering firm has immediately hired you as a consultant to investigate a potential violation of corporate policy and data theft. You have been informed that an employee may have been using corporate email to send confi..

  Statistics examination with a group of classmates

You are planning to study for your statistics examination with a group of classmates, one of whom you particularly want to impress. This individual has volunteered to use Excel or Minitab to get the needed summary information, tables, and charts f..

  Both are paid time and a half for any hours worked over

both are paid time and a half for any hours worked over eighthours each workday and work on saturdays and are paid

  Analysis of the general ledger accounts

An analysis of the general ledger accounts indicates that office equipment which cost $68,000 and on which accumulated depreciation totaled $22,500 on the date of sale was sold for $39,600 during the year.

  Computing the gross profit percentage

What is the amount of the gross profit? Compute the gross profit percentage (gross profit divided by sales). Will the income statement necessarily report a net income? Explain"

  Horizontal analysis to identify any time trends

Revenue recognition. Revenue is the largest item on the income statement and we must assess it on a quantitative and qualitative basis. USE COMPANY Intel And QUALCOMM

  The break even point is 2400 units variables cost per unit

the break even point is 2400 units. variables cost per unit is 42 total fixed costs are 67200 per year. what price

  What amount will calaveras value the pickup trucks

At what amount will Calaveras value the pickup trucks? How much gain or loss will the company recognize on the exchange? Assume the exchange has commercial substance.

  Travis transfers land with a fair market value of 125000

1. which of the following is not a corporate organizational expenditure that may be amortized?a. the cost of

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd