Homework Answers
| Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks! |
| Answer 1 |
| Answer is option b. |
| Because any type of cost starting from purchase to commissioning of equipment should be capitalized and added to equipment cost only as per accounting standards and GAAP. |
| Answer 2 | |
| Depreciation | 3. |
| Depletion | 1. |
| Amortization | 2. |
| Answer is option c. |
| Answer 3 |
| Full information is not provided so I cannot solve it. |
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BBA BUS 400202 PRINCIPLES OF FINANCIAL ACCOUNTING 1 (10% WEIGHTING) TERM 2, 2019-20 ANSWER ALL THE...
Sheffield Company's trial balance at December 31, 2019, is presented below. All 2019 transactions have been...
Sheffield Company's trial balance at December 31, 2019, is presented below. All 2019 transactions have been recorded except for the items described following the trial balance Debit Credit $27,000 36,500 8,200 Cash Accounts Recelvable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patents Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreclation Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Notes Payable (due in 2020) Interest Payable Notes Payable (due after 2020) Common Stock Retained Earnings Dividends...
Whispering Winds Company’s trial balance at December 31, 2019, is presented below. All 2019 transactions have...
Whispering Winds Company’s trial balance at December 31, 2019, is presented below. All 2019 transactions have been recorded except for the items described following the trial balance. Debit Credit Cash $28,000 Accounts Receivable 37,000 Notes Receivable 9,900 Interest Receivable –0– Inventory 36,400 Prepaid Insurance 3,720 Land 21,300 Buildings 156,000 Equipment 57,000 Patents 10,100 Allowance for Doubtful Accounts $450 Accumulated Depreciation—Buildings 52,000 Accumulated Depreciation—Equipment 22,800 Accounts Payable 27,500 Salaries and Wages Payable –0– Unearned Rent Revenue 3,600 Notes Payable (due in...
Sheffield Company's trial balance at December 31, 2019, is presented below. All 2019 transactions have been recorded except for the items described following the trial balance Debit Credit $27,...
Sheffield Company's trial balance at December 31, 2019, is presented below. All 2019 transactions have been recorded except for the items described following the trial balance Debit Credit $27,000 36,500 8,200 Cash Accounts Recelvable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patents Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreclation Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Notes Payable (due in 2020) Interest Payable Notes Payable (due after 2020) Common Stock Retained Earnings Dividends...
please show all work Problem #2 (Economic Value Added): Tom's 2019 financial statements are below. 1....
please show all work
Problem #2 (Economic Value Added): Tom's 2019 financial statements are below. 1. Calculate the Economic Value Added (EVA) for Tom, using the equation we calculated in class. (Assume WACC is 8.99%) 2. Suppose Tom's competitor is Whole Foods and its EVA is $50.5 million. Write 3-5 sentences evaluating your findings. Income Statement (Millions of $) Balance Sheet (Millions of $) Assets Cash and securities Accounts receivable Inventories 2019 $2,145.00 $8,970.00 $12,480.00 2019 $58,500.00 $54,698.00 $1,025.00 Total...
bank del Describe the bus filing (e-filing! QUESTIONS and PROBLEMS LO 1.1 GROUP 1: MULTIPLE CHOICE...
bank del Describe the bus filing (e-filing! QUESTIONS and PROBLEMS LO 1.1 GROUP 1: MULTIPLE CHOICE QUESTIONS 1. Which of the following recent tax changes is not scheduled to expire after 20252 a. Suspension of personal exemptions b. General lowering of individual tax rates c. Restrictions on the deduction of casualty and theft losses d. Reduction of corporate tax rates to 21 percent 2. Which of the following tax forms are used by individuals in 2019? a. 1040A b. 1040-EZ...
Accounting
ACY Limited (“ACY”) conducted a trading business in Region ONE (“the Region”). The information below is noted for the year ended 31 December 2019 (“the year”):The EquipmentOn 1 April 2019, ACY purchased an equipment at a cost of $30,000, with an estimated useful life of five years and a residual value approximate to zero. This was used in the company’s head office. Cost model and straight-line depreciation method were adopted. The purchase of equipment was recorded by ACY on the...
Answer the follow accounting questions:1. Expenditures that are recorded as expenses when incurred arecalled:...
Answer the follow accounting questions:1. Expenditures that are recorded as expenses when incurred are called:a)Capital ExpendituresB) REvenue expendituresC)research and development costsD)intangible expensitures2)Expenditures for Plant Assets that will be used by a company for more than one year are termed:a)Capital ExpendituresB) REvenue expendituresC)research and development costsD)intangible expensitures3. Tangible property intended to b e used by a company for more than one year would be labeled asa)Capital ExpendituresB) REvenue expendituresC)research and development costsD)intangible expensitures4. To adjust the value of a planet asset,...
The following are the financial statements of Nosker Company NOSKER COMPANY Comparative Balance Sheets December 31...
The following are the financial statements of Nosker Company NOSKER COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment Total 2020 $38,000 32,300 30,800 59,300 (29,700) $130,700 2019 $19,500 19,500 20,900 77,200 (23,900) $113,200 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,400 7,100 27,100 18,600 49,500 $130,700 $ 16,300 8,300 33,500 15,000 40,100 $113,200 $241,000 NOSKER COMPANY Income Statement For the Year Ended December 31, 2020...
X] your answer is incorrect. Try again. In 2019, Larkspur Enterprises issued, at par, 60 $1,000,...
X] your answer is incorrect. Try again. In 2019, Larkspur Enterprises issued, at par, 60 $1,000, 8% bonds, each convertible into 100 shares of common stock. Larkspur had revenues of $18,200 and expenses other than interest and taxes of $7,900 for 2020. (Assume that the tax rate is 20%.) Throughout 2020, 1,600 shares of common stock were outstanding; none of the bonds was converted or redeemed. (a) Compute diluted earnings per share for 2020. (Round answer to 2 decimal places,...
Blue Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the...
Blue Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of $25 per unit. None of this inventory was sold in 2019. Relevant information is as follows. Ending inventory units December 31, 2019 122 December 31, 2020, by purchase date December 2, 2020 122 July 20, 2020 50 172 During the year 2020, the following purchases and sales were made. Purchases Sales March 15...
Sheffield Company's trial balance at December 31, 2019, is presented below. All 2019 transactions have been recorded except for the items described following the trial balance Debit Credit $27,000 36,500 8,200 Cash Accounts Recelvable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patents Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreclation Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Notes Payable (due in 2020) Interest Payable Notes Payable (due after 2020) Common Stock Retained Earnings Dividends...
Sheffield Company's trial balance at December 31, 2019, is presented below. All 2019 transactions have been recorded except for the items described following the trial balance Debit Credit $27,000 36,500 8,200 Cash Accounts Recelvable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patents Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreclation Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Notes Payable (due in 2020) Interest Payable Notes Payable (due after 2020) Common Stock Retained Earnings Dividends...
please show all work
Problem #2 (Economic Value Added): Tom's 2019 financial statements are below. 1. Calculate the Economic Value Added (EVA) for Tom, using the equation we calculated in class. (Assume WACC is 8.99%) 2. Suppose Tom's competitor is Whole Foods and its EVA is $50.5 million. Write 3-5 sentences evaluating your findings. Income Statement (Millions of $) Balance Sheet (Millions of $) Assets Cash and securities Accounts receivable Inventories 2019 $2,145.00 $8,970.00 $12,480.00 2019 $58,500.00 $54,698.00 $1,025.00 Total...
bank del Describe the bus filing (e-filing! QUESTIONS and PROBLEMS LO 1.1 GROUP 1: MULTIPLE CHOICE QUESTIONS 1. Which of the following recent tax changes is not scheduled to expire after 20252 a. Suspension of personal exemptions b. General lowering of individual tax rates c. Restrictions on the deduction of casualty and theft losses d. Reduction of corporate tax rates to 21 percent 2. Which of the following tax forms are used by individuals in 2019? a. 1040A b. 1040-EZ...
The following are the financial statements of Nosker Company NOSKER COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment Total 2020 $38,000 32,300 30,800 59,300 (29,700) $130,700 2019 $19,500 19,500 20,900 77,200 (23,900) $113,200 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,400 7,100 27,100 18,600 49,500 $130,700 $ 16,300 8,300 33,500 15,000 40,100 $113,200 $241,000 NOSKER COMPANY Income Statement For the Year Ended December 31, 2020...
X] your answer is incorrect. Try again. In 2019, Larkspur Enterprises issued, at par, 60 $1,000, 8% bonds, each convertible into 100 shares of common stock. Larkspur had revenues of $18,200 and expenses other than interest and taxes of $7,900 for 2020. (Assume that the tax rate is 20%.) Throughout 2020, 1,600 shares of common stock were outstanding; none of the bonds was converted or redeemed. (a) Compute diluted earnings per share for 2020. (Round answer to 2 decimal places,...
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