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35. Ron opens his own business repairing Volkswagen cars. To operate this business he purchases land,...
Grid Iron Prep Inc. (GIPI) is a service business incorporated in January of the current year...
Grid Iron Prep Inc. (GIPI) is a service business incorporated in January of the current year to provide personal training for athletes aspiring to play college football. The following transactions occurred during the month ended January 31. a. GIPI issued stock in exchange for $290,000 cash on 1/01 b. GIPI purchased a gymnasium building and gym equipment on 1/02 for $53,000, 80% of which related to the gymnasium and 20% to the equipment. c. GIPI paid $600 cash on 1/03...
Additional Information 1. All depreciable assets were acquired on 1 July 2015. For financial reporting purposes,...
Additional Information
1. All depreciable assets were acquired on 1 July 2015. For
financial reporting purposes,
depreciation is recognised on a straight line basis, over 20 years
for buildings (estimated
residual value $250,000), eight years for plant and 10 years for
equipment. For tax purposes,
straight line depreciation is applied over 40, 10 and eight years
respectively.
2. After reviewing all relevant information, the directors
determined that, at 30 June 2018, the
plant was impaired by $250,000 (this is not...
The following data are taken from the trial balance of Bula Island Limited on 30 June...
The following data are taken from the trial balance of Bula Island Limited on 30 June 2018 with selected comparative information provided for 30 June 2017. 2018 2017 Sales revenue 9,245,000 Interest revenue 850,000 Royalties revenue 1,450,000 Dividend revenue 150,000 Depreciation-building 147,500 Depreciation-plant 262,500 Depreciation-equipment 75,000 Research and development expenditure 1,650,000 Cost of goods sold 4,005,000 Warranty expense 195,000 Wages and salaries expense 3,475,000 Long service leave expense 235,000 Interest expense 305,000 Rates and taxes on property 145,500 Doubtful debts...
Question 1 The following data are taken from the trial balance of Bula Island Limited on...
Question 1 The following data are taken from the trial balance of Bula Island Limited on 30 June 2018 with selected comparative information provided for 30 June 2017. 2018 2017 Sales revenue 9,245,000 Interest revenue 850,000 Royalties revenue 1,450,000 Dividend revenue 150,000 Depreciation-building 147,500 Depreciation-plant 262,500 Depreciation-equipment 75,000 Research and development expenditure 1,650,000 Cost of goods sold 4,005,000 Warranty expense 195,000 Wages and salaries expense 3,475,000 Long service leave expense 235,000 Interest expense 305,000 Rates and taxes on property 145,500...
Grid Iron Prep Inc. (GIPI) is a service business incorporated in January of the current year...
Grid Iron Prep Inc. (GIPI) is a service business incorporated in January of the current year to provide personal training for athletes aspiring to play college football. The following transactions occurred during the month ended January 31. GIPI issued stock in exchange for $140,000 cash on 1/01. GIPI purchased a gymnasium building and gym equipment on 1/02 for $54,000, 80% of which related to the gymnasium and 20% to the equipment. GIPI paid $600 cash on 1/03 to have the...
GIPI will depreciate the gymnasium building using the straight-line method over 10 years with a residual...
GIPI will depreciate the
gymnasium building using the straight-line method over 10 years
with a residual value of $5,000. Gym equipment will be depreciated
using the double-declining-balance method, with an estimated
residual value of $4,500 at the end of its four-year useful life.
Record depreciation on 1/31 equal to one-twelfth the yearly amount.
Record the transaction. -The General journal below is wrong when i
clicked on check answer, if someone could correct it that would be
great, thank you!
Grid...
Grid Iron Prep Inc. (GIPI) is a service business incorporated in January of the current year...
Grid Iron Prep Inc. (GIPI) is a service business incorporated in January of the current year to provide personal training for athletes aspiring to play college football. The following transactions occurred during the month ended January 31. a. GIPI issued stock in exchange for $290,000 cash on 1/01 b. GIPI purchased a gymnasium building and gym equipment on 1/02 for $53,000, 80% of which related to the gymnasium and 20% to the equipment. c. GIPI paid $600 cash on 1/03...
Trial Balance January 31, 2019 Account Title Credit Debit 55,740 4,000 120 40,000 158 10,260 428...
Trial Balance January 31, 2019 Account Title Credit Debit 55,740 4,000 120 40,000 158 10,260 428 350 Cash Accounts Receivable Allowance for Doubtful Accounts Buildings Accumulated Depreciation—Buildings Equipment Accumulated Depreciation-Equipment Accounts Payable Income Tax Payable Deferred Revenue Common Stock Service Revenue Advertising Expense Bad Debt Expense Depreciation Expense Salaries and Wages Expense Utilities Expense Income Tax Expense Total 2,083 2,000 100,000 38,000 350 120 586 23,000 7,000 2,083 143,139 $ 143,139 (Chapters 3, 4, 8, and 9) [LO 3-3, 4-2,...
Could someone please help with this problem I really need help with the calculations for journal...
Could someone please help with this problem I really need help
with the calculations for journal entries for 9 and 10 all the rest
are correct, Thank you very much in advance.
Grid Iron Prep Inc. (GIPI) is a service business incorporated in January of the current year to provide personal training for athletes aspiring to play college football. The following transactions occurred during the month ended January 31. a. GIPI issued stock in exchange for $200,000 cash on 1/01....
3. Find the IRR of each investment. You currently own and operate a bar...
3. Find
the IRR of each investment.
You currently own and operate a bar in Chicago called the Big Tap. Up until now you have only served beer and hard alcohol to your customers (no food), and all liquor served has been purchased through a distributor. Business has been good, but you have just bought and moved into a new building and are looking to further expand the bar's business. The new building you are now located in has more...
Grid Iron Prep Inc. (GIPI) is a service business incorporated in January of the current year to provide personal training for athletes aspiring to play college football. The following transactions occurred during the month ended January 31. a. GIPI issued stock in exchange for $290,000 cash on 1/01 b. GIPI purchased a gymnasium building and gym equipment on 1/02 for $53,000, 80% of which related to the gymnasium and 20% to the equipment. c. GIPI paid $600 cash on 1/03...
Additional Information
1. All depreciable assets were acquired on 1 July 2015. For
financial reporting purposes,
depreciation is recognised on a straight line basis, over 20 years
for buildings (estimated
residual value $250,000), eight years for plant and 10 years for
equipment. For tax purposes,
straight line depreciation is applied over 40, 10 and eight years
respectively.
2. After reviewing all relevant information, the directors
determined that, at 30 June 2018, the
plant was impaired by $250,000 (this is not...
GIPI will depreciate the
gymnasium building using the straight-line method over 10 years
with a residual value of $5,000. Gym equipment will be depreciated
using the double-declining-balance method, with an estimated
residual value of $4,500 at the end of its four-year useful life.
Record depreciation on 1/31 equal to one-twelfth the yearly amount.
Record the transaction. -The General journal below is wrong when i
clicked on check answer, if someone could correct it that would be
great, thank you!
Grid...
Grid Iron Prep Inc. (GIPI) is a service business incorporated in January of the current year to provide personal training for athletes aspiring to play college football. The following transactions occurred during the month ended January 31. a. GIPI issued stock in exchange for $290,000 cash on 1/01 b. GIPI purchased a gymnasium building and gym equipment on 1/02 for $53,000, 80% of which related to the gymnasium and 20% to the equipment. c. GIPI paid $600 cash on 1/03...
Trial Balance January 31, 2019 Account Title Credit Debit 55,740 4,000 120 40,000 158 10,260 428 350 Cash Accounts Receivable Allowance for Doubtful Accounts Buildings Accumulated Depreciation—Buildings Equipment Accumulated Depreciation-Equipment Accounts Payable Income Tax Payable Deferred Revenue Common Stock Service Revenue Advertising Expense Bad Debt Expense Depreciation Expense Salaries and Wages Expense Utilities Expense Income Tax Expense Total 2,083 2,000 100,000 38,000 350 120 586 23,000 7,000 2,083 143,139 $ 143,139 (Chapters 3, 4, 8, and 9) [LO 3-3, 4-2,...
Could someone please help with this problem I really need help
with the calculations for journal entries for 9 and 10 all the rest
are correct, Thank you very much in advance.
Grid Iron Prep Inc. (GIPI) is a service business incorporated in January of the current year to provide personal training for athletes aspiring to play college football. The following transactions occurred during the month ended January 31. a. GIPI issued stock in exchange for $200,000 cash on 1/01....
3. Find
the IRR of each investment.
You currently own and operate a bar in Chicago called the Big Tap. Up until now you have only served beer and hard alcohol to your customers (no food), and all liquor served has been purchased through a distributor. Business has been good, but you have just bought and moved into a new building and are looking to further expand the bar's business. The new building you are now located in has more...
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