Mark LTD bought a laptop at a cost of $5000 and decided to sell it for...
Homework Answers
Answer is D. Profit Loss 5000 Asset Loss 5000
Since the laptop was not yet sold, it can be termed as opportunity
loss only.
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Mark LTD bought a laptop at a cost of $5000 and decided to sell it
for...
On December 31, Strike Company has decided to sell one of its batting cages. The initial...
On December 31, Strike Company has decided to sell one of its batting cages. The initial cost of the equipment was $240,633.00 with an accumulated depreciation of $216,569.70. Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $21,656.97. What is the amount of the gain or loss on this transaction? Select the correct answer. Gain of $24,063.30 Loss of $2,406.33 Loss of $24,063.30 Gain of...
ABC Ltd acquired 70% of the shares in XYZ Ltd on 31st December 2015 for a cost of £4,000,000. The...
ABC Ltd acquired 70% of the shares in XYZ Ltd on 31st December 2015 for a cost of £4,000,000. The balance sheets of the two companies at 31 December 2016, and the profit and loss accounts for the year ended 31 December 2016 are as follows: Additional information: – A goodwill impairment review has been carried out and it has been determined that goodwill has been impaired by £300,000 as at 31st December 2016 – On 31st December 2016, ABC...
On December 31, Strike Company has decided to sell one of its batting cages. The initial...
On December 31, Strike Company has decided to sell one of its batting cages. The initial cost of the equipment was $222,355.00 with an accumulated depreciation of $211,237.25. Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $25,570.82. What is the amount of the gain or loss on this transaction? Select the correct answer. Gain of $25,570.82 Cannot be determined Gain of $14,453.07 Loss of...
Norfolk Ltd has decided to replace the computer software currently used for the company's payroll and...
Norfolk Ltd has decided to replace the computer software currently used for the company's payroll and general ledger functions. Norfolk Ltd is considering the following four options to obtain the new computer software: 1. Purchase or licence the computer software from another company. The purchased or licenced computer software would require only minimal changes before it could be used by Norfolk Ltd. 2. Contract independent programmers or a software company to develop specific software for Norfolk Ltd. Norfolk Ltd would...
Hugh buys $8000 worth of stock in an electronics company which he hopes to sell afterward...
Hugh buys $8000 worth of stock in an electronics company which he hopes to sell afterward at a profit. The company is developing a new laptop computer and a new desktop computer. If it releases both computers before its competitor, the value of Hugh's stock will jump to $22,000. If it releases one of the computers before its competitor, the value of Hugh's stock will jump to $16,000. If it fails to release either computer before its competitor, Hugh's stock...
Shares and general reserves 11. Calling Card Co Ltd has acquired a printing press from Metal...
Shares and general reserves 11. Calling Card Co Ltd has acquired a printing press from Metal Manufacturers Ltd. The deal required Calling Card Co Ltd to exchange the following assets for the printing press Shares in Calling Card Co Ltd 50 000 shares with a market value of $1.10 each Cost 520 000, accumulated depreciation $8000; fair value 515 000 $5.000 Carrying Amonton Vehicle Cash The cost to install the press was $1000 (not yet paid). What is the entry...
Question 1 de following are the financial statements of Tom Ltd and Harry Ltd for the...
Question 1 de following are the financial statements of Tom Ltd and Harry Ltd for the year ended 31 July 2018: Statement of Profit or Loss for the Year Ended 31 July 2018 Tom Ltd Harry Ltd €'000 € 000 67,140 50,355 49,800 37,350 12,450 3,780 16,785 4,650 7,755 6,270 Revenue Cost of sales Gross profit Distribution costs Administrative expenses Finance cost Profit Loss before taxation Income tax expenses Profit Loss after taxation 570 705 3,675 1,830 360 735 2.940...
Multiple Choice yun 115 Flint Corporation bought equipment on January 1, 2022. The equipment cost $450000...
Multiple Choice yun 115 Flint Corporation bought equipment on January 1, 2022. The equipment cost $450000 and had an expected salvage value of $70000. The life of the equipment was estimated to be 4 years. The depreciable cost of the equipment is $450000 $95000. $380000 $70000 A company sells a plant asset that originally cost $550000 for $230000 on December 31, 2022. The accumulated depreciation account had a balance of $220000 after the current year's depreciation of $55000 had been...
QUESTION 4 Green Grocer Ltd is a manufacturing entity in the city of Clutchmore. The company...
QUESTION 4 Green Grocer Ltd is a manufacturing entity in the city of Clutchmore. The company manufactures and sells a single product by the name of Product P. In the financial year ended 30 June 2020, 200,000 units of Product P were sold for $10 each. The cost of sales was $6 per unit, and the total amount was considered as variable cost. In addition, other expenses incurred by the company were as follows: Marketing expenses Administration expenses Variable Cost...
Amber Ltd owns all of the shares of VStone Ltd. In relation to the following intragroup...
Amber Ltd owns all of the shares of VStone Ltd. In relation to the following intragroup transactions, all parts of which are independent unless specified, prepare the consolidation worksheet adjusting entries for preparation of the consolidated financial statements as at 30 June 2019. Assume an income tax rate of 30%. (a) On 1 January 2018, Amber Ltd sold inventory costing $6000 to VStone Ltd at a transfer price of $9000. On 1 September 2018, VStone Ltd sold half these items...
Shares and general reserves 11. Calling Card Co Ltd has acquired a printing press from Metal Manufacturers Ltd. The deal required Calling Card Co Ltd to exchange the following assets for the printing press Shares in Calling Card Co Ltd 50 000 shares with a market value of $1.10 each Cost 520 000, accumulated depreciation $8000; fair value 515 000 $5.000 Carrying Amonton Vehicle Cash The cost to install the press was $1000 (not yet paid). What is the entry...
Question 1 de following are the financial statements of Tom Ltd and Harry Ltd for the year ended 31 July 2018: Statement of Profit or Loss for the Year Ended 31 July 2018 Tom Ltd Harry Ltd €'000 € 000 67,140 50,355 49,800 37,350 12,450 3,780 16,785 4,650 7,755 6,270 Revenue Cost of sales Gross profit Distribution costs Administrative expenses Finance cost Profit Loss before taxation Income tax expenses Profit Loss after taxation 570 705 3,675 1,830 360 735 2.940...
Multiple Choice yun 115 Flint Corporation bought equipment on January 1, 2022. The equipment cost $450000 and had an expected salvage value of $70000. The life of the equipment was estimated to be 4 years. The depreciable cost of the equipment is $450000 $95000. $380000 $70000 A company sells a plant asset that originally cost $550000 for $230000 on December 31, 2022. The accumulated depreciation account had a balance of $220000 after the current year's depreciation of $55000 had been...
QUESTION 4 Green Grocer Ltd is a manufacturing entity in the city of Clutchmore. The company manufactures and sells a single product by the name of Product P. In the financial year ended 30 June 2020, 200,000 units of Product P were sold for $10 each. The cost of sales was $6 per unit, and the total amount was considered as variable cost. In addition, other expenses incurred by the company were as follows: Marketing expenses Administration expenses Variable Cost...
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