badpotterchris
12.03.2021 •
Business
The following events apply to Gulf Seafood for the Year 1 fiscal year: The company started when it acquired $60,000 cash by issuing common stock. Purchased a new cooktop that cost $40,000 cash. Earned $72,000 in cash revenue. Paid $25,000 cash for salaries expense. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of four years and an estimated salvage value of $4,000. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1. Required Record the above transactions in a horizontal statements model. What amount of depreciation expense would Gulf Seafood report on the Year 1 income statement? What amount of accumulated depreciation would Gulf Seafood report on the December 31, Year 2, balance sheet? Would the cash flow from operating activities be affected by depreciation in Year 1?
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Ответ:
Explanation:
The correct value of inventory:
Year end balance $267,670
Add:
Goods purchased on term FOB shipping point $25,600
Goods sold on terms FOB destination $52,170
Less: Goods purchased on terms FOB destination ($43,630)
Correct inventory as on December 31 $301,810