Do not give image format The following account balances are for the Agee Company as of January 1, 2020, and December 31, 2020. All amounts aredenominated in kroner (Kr).Accounts payableAccounts receivableAccumulated depreciation-buildingsAccumulated depreciation-equipmentBonds payable-due 2023BuildingsCashCommon stockDepreciation expenseDividends (10/1/20)EquipmentGain on sale of buildingRent expenseRetained earningsSalary expenseSalesUtilities expenseAdditional InformationRelevant exchange rates for 1 Kr were as follows:20132014January 1, 2020April 1, 2020July 1, 2020October 1, 2020December 31, 2020Average for 2020$ 2.702.502.802.903.103.203.303.00January 1, 2020(8,000)35,000(26,000)0(56,000)115,00041,000(65,000)0• Agee issued additional shares of common stock during the year on April 1, 2020. Common stock at January 1, 2020, was sold at thestart of operations in 2013.• Agee purchased buildings in 2014 and sold one building with a book value of Kr 9,100 on July 1 of the current year.o Equipment was acquired on April 1, 2020.(For all requirements, input all answers as positive.)a. Remeasurementb. Translation adjustment0a0(36,000)000December 31, 2020(16,500)85,000(31,000)(5,600)(56,000)95,5008,600(80,000)21,00038,00036,000(6,600)17,600(36,000)26,000(104,000)8,000a. Assuming the U.S. dollar is the functional currency, what is the remeasurement gain or loss for 2020? The December 31, 2019, U.S.dollar-translated balance sheet reported retained earnings of $80,600, which included a remeasurement loss of $12,500.b. Assuming the foreign currency is the functional currency, what is the translation adjustment for 2020? The December 31, 2019, U.S.dollar-translated balance sheet reported retained earnings of $95,000 and a cumulative translation adjustment of $12,300 (creditbalance).

The rate at which one country’s currency can be converted into another country’s currency referred…

The following account balances are for the Agee Company as of January 1, 2020, and December 31, 2020. All amounts are denominated in kroner (Kr). Accounts payable. Accounts receivable Accumulated depreciation-buildings Accumulated depreciation-equipment Bonds payable-due 2023 Buildings Cash Common stock Depreciation expense Dividends (10/1/20) Equipment January 1, 2020 (8,000) 35,000 (26,000) 0 (56,000) 115,000 41,000 (65,000) 0 0 December 31, 2020 (16,500) 85,000 (31,000) (5,600) (56,000) 95,500 8,600 (80,000) 21,000 38,000 36.000

The following account balances are for the Agee Company as of January 1, 2020, and December 31, 2020. All amounts are denominated in kroner (Kr). Accounts payable. Accounts receivable Accumulated depreciation-buildings Accumulated depreciation-equipment Bonds payable-due 2023 Buildings Cash Common stock Depreciation expense Dividends (10/1/20) Equipment January 1, 2020 (8,000) 35,000 (26,000) 0 (56,000) 115,000 41,000 (65,000) 0 0 December 31, 2020 (16,500) 85,000 (31,000) (5,600) (56,000) 95,500 8,600 (80,000) 21,000 38,000 36.000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

See similar textbooks

Similar questions

Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…
Given the following account balances of MASK RIDER Co. for the year ended December 31, 2020, prepare a Statement of Financial Position using the report form. Mask Rider, capital Beg. Balance PO Contribution 30, d00 DUE ON MAY 15, 2021 Withdrawal 15, 000 Additional cortribution 5, 000 Net Income Ending Balance 57, 450 Property, Plant and Equipment P 300, 000 Accumulated Depreciation 5, 000 Accounts payable B, 110 Uneamed income 1, 395 Cash 44, 535 Prepaid rent 5, 000 Salaries payable 1, 000 Lang-term note payable 23. 000 Accounts receivable 575 Merchandise Inventory 15,345 Utilities payable 4. 00
Following are the current asset and current liability sections of the balance sheets for Freedom Inc. at January 31, 2020 and 2019 (in millions): Current Assets Cash Accounts receivable Inventories Total current assets Current Liabilities Note payable Accounts payable Other accrued liabilities Total current liabilities January 31, 2020 Working capital Current ratio 6 EL EL $ 21 $ 15 January 31, 2019 01/31/2020 01/31/2019 9 18 $ 25 Required: a. Calculate the working capital and current ratio at each balance sheet date. (Enter "Working capital" in millions of dollars (1.e.. 10,000,000 should be entered as 10). Round your "Current ratio" to 2 decimal places.) $12 b. Evaluate the firm's liquidity at each balance sheet date. Based on the working capital and current ratio measures, the firm has become more liquid over the 2-year period. O Based on the working capital and current ratio measures, the firm has become less liquid over the 2-year period. c. Assume that the firm operated at a loss…
The balance sheet account of Tata limited had the following balances on April 1, 2020, the beginning of a fiscal year Tata limited Balance SheetAccounts April 1,2020 Cash Accountsreceivatile Machandiseinventary Propaidrent Stareequipmet Acamulateddepreciation stare equipment Accountspayable Paid-in capital Retainedeamings Rs 1300 12600 38900 2000 10500 Rs2875 22500 15,000 24925
(For all requirements, Input all answers as positive.) a. Remeasurement b. Translation adjustment
The following item has been extracted from the ledger of Jonaz Trading for the year ending September 30, 2020. Cash 12,100Account receivable 27,700Inventory 1 October 2019 55,200Supplies 6,200Machine 120,000Accumulated Depreciation- Machine 36,000Lorry 180,000Accumulated Depreciation- Lorry 72,000Notes Payable 40,000Account payable 48,500Loan 56,000Owner’s Capital 88,000Drawings 5,000Sales 758,800Sales Return and Allowances 15,800Purchases 489,200Purchase returns and Allowances 16,500Salaries and Wages Expense 136,000Advertising Expense 22,100Utilities Expense 14,000Maintenance and Repair Expense 12,100Rent Expense 18,000Prepaid Insurance 2,400 Additional information as at 30 September 2020: • Stock on 30 September 2020 was valued at RM70,000.• Supplies on hand at 30 September 2020 total RM540• Invoice representing RM7,500 sales in September has not been recorded.• The insurance policy is for a year ending 30 April 2021.• Machine and lorry were depreciated at 10% of the cost each year.…
The following account balances are for the Agee Company as of January 1, 2020, and December 31, 2020. All amounts are denominated in kroner (Kr). Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated depreciation-equipment Bonds payable-due 2023 Buildings Cash Common stock Depreciation expense Dividends (10/1/20) Equipment Gain on sale of building. Rent expense Retained earnings Salary expense Sales Utilities expense Relevant exchange rates for 1 Kr were as follows: 2013 2014 January 1, 2020 April 1, 2020 July 1, 2020 October 1, 2020 December 31, 2020 Average for 2020 $ 2.45 2.25 2.55 2.65 2.85 2.95 3.05 2.75 January 1, 2020 (24,000) 45,000 (36,000) 0 Additional Information • Agee issued additional shares of common stock during the year on April 1, 2020. Common stock at January 1, 2020, was sold at the start of operations in 2013. (For all requirements, input all answers as positive.) 8. Remeasurement b. Translation adjustment • Agee purchased buildings in…
The following account balances are for the Agee Company as of January 1, 2020, and December 31, 2020. All amounts are denominated in kroner (Kr). Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated depreciation-equipment Bonds payable-due 2023 Buildings Cash Common stock Depreciation expense Dividends (10/1/20) Equipment O Gain on sale of building Rent expense Retained earnings Salary expense Sales Utilities expense Additional Information Relevant exchange rates for 1 Kr were as follows: 2013 2014 January 1, 2020 April 1, 2020 July 1, 2020 October 1, 2020 December 31, 2020 Average for 2020 $ 2.25 2.55 January 1, 2020 (24,000) 45,000 (36,000) 0 (55,000) 125,000 Agee issued additional shares of common stock during the year on April 1, 2020. Common stock at January 1, 2020, was sold at the start of operations in 2013. O Agee purchased buildings in 2014 and sold one building with a book value of Kr 5,100 on July 1 of the current year. o Equipment was…
The following are the summarised financial information of Ting Ltd for the two financial years ended 31 October 2020 are as follows:2019 2020£ million £ millionEquity 2,460.8 1,732.8 Non-current liabilities (Loans) 640.0 800.0 Current liabilities 654.4 1,020.5 Non-current assets 2,804.8 2,367.2 Current assets 950.4 962.4 Revenue 1,601.6 1,509.6 Total expenses 1,444.0 1,492.8 Required:(a) Calculate the following financial ratios for the two years: 2019 and 2020:(i) Current ratio (ii) Capital gearing ratio (iii) Profit margin (b) Comment briefly on the ratios of the company, computed in part (a) over the two year period from 2019 to 2020. (c) Provide any two (2) recommendations on how the company may improve these ratios in the futur.
Bethesda Mining Company reports the following balance sheet information for 2021 and 2022. Prepare the 2021 and 2022 common-size balance sheets for Bethesda Mining. Note: Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16. BETHESDA MINING COMPANY Balance Sheets as of December 31, 2021 and 2022 2021 % Assets Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total Total liabilities and owners' equity $ 58,042 63,781 120,205 $ 242,028 $ 658,447 $ 900,475 $ 188,422 83,520 $ 271,942 $ 234,000 $ 221,000 173,533 $ 394,533 $ 900,475 2022 % $ 73,306 84,139 % % 185,490 %$ 342,935 %$589,828 % $932,763 % $ 196,111 % 135,088 %$ 331,199 % $ 170,750 % $221,000 % 209,814 % $430,814 %$ 932,763 % % % % % de…
The condensed financial statements of Evoc Company for the years 2019 and 2020 are presented as follows. Evoc CompanyStatements of Financial PositionDecember 31 2020 2019 Intangibles and other assets € 530 € 510 Property, plant, and equipment 420 380 Investments 10 10 Current assets Prepaid expenses €120 €160 Inventory 430 390 Accounts receivable (net) 470 433 Cash and cash equivalents 330 1,350 360 1,343 Total assets €2,310 €2,243 Equity €1,020 €1,040 Non‐current liabilities 390 393 Current liabilities 900 810 Total equity and liabilities €2,310 €2,243 Evoc CompanyIncome StatementsFor the Years Ended December 31 2020 2019 Sales revenue €4,000 €3,600 Costs and expenses Cost of goods sold 984 895 Selling and administrative expenses 2,400 2,330 Interest expense 10 20 Total costs and expenses 3,394 3,245 Income before income taxes 606…
The condensed financial statements of Evoc Company for the years 2019 and 2020 are presented as follows. Evoc CompanyStatements of Financial PositionDecember 31 2020 2019 Intangibles and other assets € 530 € 510 Property, plant, and equipment 420 380 Investments 10 10 Current assets Prepaid expenses €120 €160 Inventory 430 390 Accounts receivable (net) 470 433 Cash and cash equivalents 330 1,350 360 1,343 Total assets €2,310 €2,243 Equity €1,020 €1,040 Non‐current liabilities 390 393 Current liabilities 900 810 Total equity and liabilities €2,310 €2,243 Evoc CompanyIncome StatementsFor the Years Ended December 31 2020 2019 Sales revenue €4,000 €3,600 Costs and expenses Cost of goods sold 984 895 Selling and administrative expenses 2,400 2,330 Interest expense 10 20 Total costs and expenses 3,394 3,245 Income before income taxes 606…