QUESTION 25 Give three examples of property, plant and equipment.
QUESTION 25 Give three examples of property, plant and equipment.
QUESTION 26 What type of account is the Allowance for Doubtful Accounts?
QUESTION 27 The following transactions apply to Sam's Skateboards.
Assume the use of the perpetual inventory method and that all transactions were for cash.
Required: Determine the amount of ending inventory using a FIFO cost flow
Homework Answers
q 25.
Three examples of Plant Property and equipment.
Land
Building
Vehicles.
(machinery, furniture , office appliances also fall under examples for plant, property and equipment).
q 26.
Contra asset account.
Allowance for doubtful debts is a contra asset account and is presented as a deduction to accounts receivable on the balance sheet.
q 27.$580.
working:
since perpetual FIFO cost flow is used.
60 units sold on 19 - march will be from beginning inventory (50 units) and 12 - jan purchase (10 units ).
4 nov sale will comprise of (20 units from 12 jan purchase and 15 units from 8-jun purchase).
so the remaining 5 untis in ending inventory will be from 8- jun purchase
=>5 units * $116
=>$580.
QUESTION 25 Give three examples of property, plant and equipment.
QUESTION 25 Give three examples of property, plant and equipment. QUESTION 26 What type of account is the Allowance for Doubtful Accounts?
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( PRODUCT DEACTIVATE Navigation Sam's No matches Headings Pages Not yet answered Marked out of 20.00 F Flag question Create an interactive It's a great way to kee move your content To get started, go to to the headings in The following transactions apply to Sam's Skateboards. 1-Jan Beginning inventory 50 units @ $120 12-Jan Purchase 30 units @ $104 19-Mar Sales 60 units @ $190 8-Jun Purchase 20 units @ $116 4-Nov Sales 35 units @ $200 Assume the...
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QUESTION THREE [20]
The following information relating to property plant and equipment
was extracted from
the accounting records of Sandile’s Supermarket:
1. Balances at 28 February 2018:
- Equipment at cost R 56 000
- Accumulated depreciation: equipment R 10 860
- Vehicles at cost R560 000
- Accumulated depreciation: vehicles R285 360
2. The following transactions in respect of property, plant and
equipment took place
during the current financial year:
2.1 An old vehicle was sold on 31 August...
Use the following image to answer the question QUESTION: The property, plant and equipment account normally...
Use the following image to answer the question
QUESTION:
The property, plant and equipment account normally maintains a
credit balance.
o True
o False
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Goodwill Elm Company is considering purchasing EKC Company. EKC's balance sheet at December 31, 2019, is...
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( PRODUCT DEACTIVATE Navigation Sam's No matches Headings Pages Not yet answered Marked out of 20.00 F Flag question Create an interactive It's a great way to kee move your content To get started, go to to the headings in The following transactions apply to Sam's Skateboards. 1-Jan Beginning inventory 50 units @ $120 12-Jan Purchase 30 units @ $104 19-Mar Sales 60 units @ $190 8-Jun Purchase 20 units @ $116 4-Nov Sales 35 units @ $200 Assume the...
22.Homeplatesells softball equipment. On November 14 they shined with of thall uniforms to Bona School, terms 2/10, 1/30. On November 21 Vista High School for $1.500 worth custom printed bats to be produced in December to be produced in December. On November 30, Ranita Middle School returned $200 of defective November 30 Ranita Middle Sc merchandise. Homeplate has received no payments from her schools of month end. What amount will be recognized as net accounts receivable on the balance sheet...
LO1. How does a business measure the cost of property, plant and equipment a) List three examples of items paid to the purchaser that is part of the total cost of land? ii) b) A piece of machinery equipment has a purchase price of $10,000. We also paid $1,000 commission, $1,200 for sales tax, and $300 for repair work from damaged when unloading. What is the amount to be debited to the Equipment account? LO2. What is depreciation and how...
Question Three: IAS 76 Property, Plant and Equipment requires that where has been a permanent diminution in the value of property, plant and equipment, the carrying value should be written down to the recoverable amount. 1. Describe three circumstances which indicate that an impairment loss relating to an asset may have occurred. Please explain your answer. (3 marks)
QUESTION THREE [20]
The following information relating to property plant and equipment
was extracted from
the accounting records of Sandile’s Supermarket:
1. Balances at 28 February 2018:
- Equipment at cost R 56 000
- Accumulated depreciation: equipment R 10 860
- Vehicles at cost R560 000
- Accumulated depreciation: vehicles R285 360
2. The following transactions in respect of property, plant and
equipment took place
during the current financial year:
2.1 An old vehicle was sold on 31 August...
Use the following image to answer the question
QUESTION:
The property, plant and equipment account normally maintains a
credit balance.
o True
o False
1. Use the template below to indicate how the following transactions affect the accrual basis accounting equation: a. Kissimmee, Inc. (a retail store) begins business on January 1, 2015 with a $100,000 cash contribution from the owners. b. On January 1, 2015, Kissimmee hires live employees to manage and operate the business. c. On January 1,...
Question 2 At January 1, 2018, Crane Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings Equipment Land $62,800,000 52,600,000 89,700,000 162,600,000 18,100,000 The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a 10-year useful life and no residual value. During 2018, the...
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