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Lecture 4 12.14 Plant was purchased in the year for $10,000. It has been decided to...
Please help me to do the profit and loss statement and balance sheet. Trial balance of...
Please help me to do the profit and loss statement and balance
sheet.
Trial balance of Corria Plc for the year ending 31st March 2019 £000 £000 Cr Dr 10,000 2,000 12,855 96,350 18,900 Share capital Share premium Retained earnings Sales Receivables and payables Discounts allowed and received 5% loan Cost of sales 26,400 450 725 20,000 59,390 4,370 2,315 6,320 800 Inventory at 31 March 2019 Bank Selling and distribution costs Irrecoverable debt Allowance for receivables 480 50,000 Buildings...
Question 2 Answer both parts of the question in this section. The balances below have been...
Question 2 Answer both parts of the question in this section. The balances below have been extracted from the accounting records of Angel Lights Limited at 31 December 2014: Cr $000s Dr S000s 2.000 5,300 1,060 2,400 960 700 2,095 365 1,100 1,400 100 Freehold land, at cost #2 * Buildings: cost accumulated depreciation at 1.1.14 #4 Fixtures and fittings: cost accumulated depreciation at 1.1.14 Inventory at 1.1.14 # Trade receivables Provision for bad debts Bank Trade payables Ordinary shares...
please answer questions 1-9 Question 1 1 pts The Financial Statement that uses the Basic Accounting...
please answer questions 1-9
Question 1 1 pts The Financial Statement that uses the Basic Accounting Equation is: The Balance Sheet The Income Statement The Statement of Cash Flows All of them Question 2 1 pts Select the journal entry to correctly record services billed to clients. DR Fees Earned; CR Revenue DR Accounts Payable; CR Fees Earned DR Accounts Receivable; CR Cash DR Accounts Receivable; CR Fees Earned Question 3 Which of the following accounts is NOT closed during...
A company depreciates its motor vehicles based on reducing balance method on strict time basis at the rate of 25 per cent per annum on 31 December each year. Depreciation on its plant at the rate of 10 per cent per annum, straight line method with a full
A company depreciates its motor vehicles based on reducing balance method on strict time basis at the rate of 25 per cent per annum on 31 December each year.Depreciation on its plant at the rate of 10 per cent per annum, straight line method with a full year’s depreciation charged in the year of acquisition and none in the year of disposal.The following are the balances of the non-current assets as at 31 December 2015: Motor Vehicles $Original cost 50,000Accumulated depreciation (15,000)Net...
Brett Heart Co. maintains its accounts on the basis of a fiscal year ending June 30, 2018. On June 30, 2018, The Equipme...
Brett Heart Co. maintains its accounts on the basis of a fiscal year ending June 30, 2018. On June 30, 2018, The Equipment account shows a debit balance of $224,000 which consists of a machine that was purchased on July 1, 2015 for $200,000 and a truck was purchased on 1/1/2018 (details below). The machine has a salvage value of 20,000 and the truck has a salvage value of $7,300. Both assets are being depreciated on a straight-line basis over...
Exercise 8-17 Partial-year depreciation; disposal of plant asset LO P2 Rayya Co. purchases and installs a...
Exercise 8-17 Partial-year depreciation; disposal of plant asset LO P2 Rayya Co. purchases and installs a machine on January 1, 2018, at a total cost of $184,800. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is disposed of on July 1, 2022, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2022, and to record the disposal under the following separate...
After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing...
After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing equipment. The equipment had cost $746,000, accumulated depreciation was $541,000, and its fair value (based on estimated future cash flows from selling the equipment) was $45,000. 1. Determine whether the equipment is impaired. 2. Prepare the journal entries to record the impairment asset if any Complete this question by entering your answers in the tabs below. Required Required 1 Determine whether the equipment is...
Exercise 8-17 Partial-year depreciation; disposal of plant asset LO P2 Rayya Co. purchases and installs a...
Exercise 8-17 Partial-year depreciation; disposal of plant asset LO P2 Rayya Co. purchases and installs a machine on January 1, 2018, at a total cost of $100,800. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is disposed of on July 1, 2022, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2022, and to record the disposal under the following separate...
Required information Problem 8-6A Disposal of plant assets LO C1, P1, P2 The following information applies...
Required information Problem 8-6A Disposal of plant assets LO C1, P1, P2 The following information applies to the questions displayed below.) Onslow Co. purchases a used machine for $192,000 cash on January 2 and readies it for use the next day at a $8,000 cost. On January 3, it is installed on a required operating platform costing $1,600, and it is further readied for operations. The company predicts the machine will be used for six years and have a $23,040...
I included an example of how the problem should look for a different type of account....
I included an example of how the problem should look for a
different type of account. Please answer all 3.
Adjusting Accounts - Depreciation Directions 1) Prepare adjusting journal entries for the below transactions 2) Post the journal entries to ledger accounts 3) Calculate the ending ledger balance Problem 7 July 1. ABC Company paid $1,500,000 for a building. The building will be depreciated over a 25-year period using straight line depreciation. The building has a salvage value or $200,000....
Please help me to do the profit and loss statement and balance
sheet.
Trial balance of Corria Plc for the year ending 31st March 2019 £000 £000 Cr Dr 10,000 2,000 12,855 96,350 18,900 Share capital Share premium Retained earnings Sales Receivables and payables Discounts allowed and received 5% loan Cost of sales 26,400 450 725 20,000 59,390 4,370 2,315 6,320 800 Inventory at 31 March 2019 Bank Selling and distribution costs Irrecoverable debt Allowance for receivables 480 50,000 Buildings...
Question 2 Answer both parts of the question in this section. The balances below have been extracted from the accounting records of Angel Lights Limited at 31 December 2014: Cr $000s Dr S000s 2.000 5,300 1,060 2,400 960 700 2,095 365 1,100 1,400 100 Freehold land, at cost #2 * Buildings: cost accumulated depreciation at 1.1.14 #4 Fixtures and fittings: cost accumulated depreciation at 1.1.14 Inventory at 1.1.14 # Trade receivables Provision for bad debts Bank Trade payables Ordinary shares...
please answer questions 1-9
Question 1 1 pts The Financial Statement that uses the Basic Accounting Equation is: The Balance Sheet The Income Statement The Statement of Cash Flows All of them Question 2 1 pts Select the journal entry to correctly record services billed to clients. DR Fees Earned; CR Revenue DR Accounts Payable; CR Fees Earned DR Accounts Receivable; CR Cash DR Accounts Receivable; CR Fees Earned Question 3 Which of the following accounts is NOT closed during...
Exercise 8-17 Partial-year depreciation; disposal of plant asset LO P2 Rayya Co. purchases and installs a machine on January 1, 2018, at a total cost of $184,800. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is disposed of on July 1, 2022, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2022, and to record the disposal under the following separate...
After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing equipment. The equipment had cost $746,000, accumulated depreciation was $541,000, and its fair value (based on estimated future cash flows from selling the equipment) was $45,000. 1. Determine whether the equipment is impaired. 2. Prepare the journal entries to record the impairment asset if any Complete this question by entering your answers in the tabs below. Required Required 1 Determine whether the equipment is...
Exercise 8-17 Partial-year depreciation; disposal of plant asset LO P2 Rayya Co. purchases and installs a machine on January 1, 2018, at a total cost of $100,800. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is disposed of on July 1, 2022, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2022, and to record the disposal under the following separate...
Required information Problem 8-6A Disposal of plant assets LO C1, P1, P2 The following information applies to the questions displayed below.) Onslow Co. purchases a used machine for $192,000 cash on January 2 and readies it for use the next day at a $8,000 cost. On January 3, it is installed on a required operating platform costing $1,600, and it is further readied for operations. The company predicts the machine will be used for six years and have a $23,040...
I included an example of how the problem should look for a
different type of account. Please answer all 3.
Adjusting Accounts - Depreciation Directions 1) Prepare adjusting journal entries for the below transactions 2) Post the journal entries to ledger accounts 3) Calculate the ending ledger balance Problem 7 July 1. ABC Company paid $1,500,000 for a building. The building will be depreciated over a 25-year period using straight line depreciation. The building has a salvage value or $200,000....
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