Craftsman Specialties reported the following at December 31, 2012 (in thousands): Requirement 1. Determine the following items
Question:
Requirement
1. Determine the following items for Craftsman Specialties during 2012:
a. Gain or loss on the sale of property and equipment
b. Amount of long-term debt issued for something other thancash
Transcribed Image Text:
2012 2011 From the comparative balance sheet. Property and equipment, net Long-term notes payable $10,600 $9,640 4,400 3,000 From the statement of cash flows: 1,910 (4,175) 820 Proceeds from issuance of long-term note payable1,220 (140) 385 Depreciation Capital expenditures Proceeds from sale of property and equipment Payment of long-term note payable Issuance of common stock
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 58% (12 reviews)
a All in thousands Loss on sale of Book value of assets sold Proceeds from sale of ass...View the full answer
Answered By
Omar ELmoursi
I'm Omar, I have Bachelor degree in Business and Finance, My unique approach is to help students with questions and assignments, I can teach Business, Math, Accounting, Managerial Accounting, Economy, Human resources management, organizational behavior, project management, I have experience dealing with different types of students and teach them how to deal with different types of exercises.
5.00+
4+ Reviews
10+ Question Solved
Related Book For
Financial accounting
ISBN: 978-0132751124
9th edition
Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom
Question Posted:
Students also viewed these Managerial Accounting questions
-
The gain or loss on the sale of a plant asset is determined by comparing: A. book value and residual value. B. sale value and residual value. C. sale value and book value. D. sale value and original...
-
Crown Specialties reported the following at December 31, 2016 (in thousands): 1. Determine the following items for Crown Specialties during 2016: a. Gain or loss on the sale of property and equipment...
-
How is a gain or loss on the sale of a plant asset computed?
-
Perez Manufacturing Company began operations on January 1. During the year, it started and completed 1,740 units of product. The financial statements are prepared in accordance with GAAP. The company...
-
Refer to Exercise 10-30. What is the average sample number of incoming lots that are 2% nonconforming? What is the average total inspection for this quality level of 2% nonconforming? In Exercise...
-
The county sheriffs department handed out the following tickets on a summer weekend. Make a check sheet and a Pareto diagram for the types of infractions. Ticket Number 1 2 3 4 5 6 7 8 9 10 11 12 13...
-
The president of a growing engineering firm wishes to give each of 20 employees a holiday bonus. How much must be deposited each month for a year at a 12 percent nominal rate, compounded monthly, so...
-
Jason Wertz paid $50,000 for a franchise that entitled him to market Success software programs in the countries of the European Union. Wertz intended to sell individual franchises for the major...
-
Prove that x = x + o(1) if and only if lim In = X. n x+o(1)
-
Kennedy Prisby, age 33, is single and has no dependents. Her social security number is 111-22-3333. Her address is 101 North Fork Ave., Cedar City, UT 84720. She has no intention of donating to the...
-
Rodeo Drive, Inc., reported the following in its financial statements for the year ended May 31, 2012 (in thousands): Requirement 1. Determine the following cash receipts and payments for Rodeo...
-
The December 31, 2011, Balance Sheet and the 2012 Statement of Cash Flows for Snow, Inc., follow: Requirement 1. Prepare the December 31, 2012, balance sheet for Snow,Inc. Snow, Inc. Balance Sheet...
-
What part of the ethical code of conduct refers to how IT auditors have the abilities and skills to perform internal audit services? A. Integrity B. Objectivity C. Confidentiality D. Competency
-
Describe how dynamic pricing and overbooking can help increase profits from perishable assets.
-
Temporal aggregation is the process of combining orders across multiple locations. increases a firms responsiveness. decreases transportation costs because of economies of scale. is purely a...
-
The process by which companies acquire raw materials, components, products, services, and other resources from suppliers to execute their operations is procurement. sourcing. supplier scoring and...
-
Weekly demand for electric motors at a Japanese motor manufacturer is normally distributed, with a mean of 1,000 and a standard deviation of 1,000. Motors are currently assembled in China and...
-
A contract where the buyer pays a minimal amount for each unit purchased from the supplier, but shares a fraction of the revenue for each unit sold is a buyback or returns contract. revenue-sharing...
-
Five cards are labelled A1, B2, C3, D3, and E3 respectively. A card is selected at random and then a second is selected again before the first is replaced. (a) Show by listing the sample space that...
-
1. What is the semi-annually compounded interest rate if $200 accumulates to $318.77 in eight years? Answer in percentage with two decimal places. 2. What is the quarterly compounded interest rate if...
-
Explain the difference between a stockholders required and expected rates of return.
-
Chu Corporations accumulated depreciation-equipment increased by $5,600, while $2,080 of patents were amortized between balance sheet dates. There were no purchases or sales of depreciable or...
-
Phelps Corporation??s comparative balance sheet for current assets and liabilities was as follows: Adjust net income of $138,000 for changes in operating assets and liabilities to arrive at net cash...
-
Dali Corporation??s comparative balance sheet for current assets and liabilities was as follows: Adjust net income of $240,000 for changes in operating assets and liabilities to arrive at net cash...
-
Select Coffee Company (SCC) is a distributor and processor of different blends of coffee. The company buys coffee beans from around the world and roasts, blends, and packages them for resale. SCC has...
-
Do research in following topic Normalization is used to reduce inconsistency, errors, and redundancy in in Relational Databases. How NoSQL databases (You can use MongoDB as example) achieve the same...
-
A manager asked you to explore different options for the NoSQL database and present the right choice for the company. Explore various NoSQL databases and provide recommendations to your manager...
Study smarter with the SolutionInn App