Homework Answers
Since the asset costs Euros 10,000 and the useful life is 10 years with no residual value, the entry is
Debit - - Motor Vehicle Depreciation Account - - Euros 1000
Credit - - Motor Vehicle Account - - Euros 1000
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Maps Question 30 2 pts 30) A company vehicle which costs 10.000 Euro is expected to...
Question 2 Your answer is partially correct. Try again. Here are selected 2018 transactions of Pharoah...
Question 2 Your answer is partially correct. Try again. Here are selected 2018 transactions of Pharoah Corporation. Jan. 1 June 30 Dec. 31 Retired a piece of furniture that was purchased on January 1, 2008. The furniture cost $68,010 and had a useful life of 10 years with no residual value. Sold equipment that was purchased on January 1, 2016. The equipment cost $36,810 and had a useful life of 3 years with no residual value. The equipment was sold...
Question 2 Steve Grant, the new controller of Bonita Ltd., has reviewed the expected useful lives...
Question 2
Steve Grant, the new controller of Bonita Ltd., has reviewed the
expected useful lives and residual values of selected depreciable
assets at the beginning of 2017. His findings are as follows.
Date
Accumulated
Depreciation
Useful life
in Years
Residual Value
Type of Asset
Acquired
Cost
1/1/17
Old
Proposed
Old
Proposed
Building
1/1/07
£810,900
£191,500
40
50
£44,900
£45,400
Warehouse
1/1/12
106,000
19,340
25
20
9,300
17,660
All assets are depreciated by the straight-line method. Bonita uses
a calendar...
Question 11 1 pts Mulcahey Automobiles Company fabricates automobiles. Each vehicle includes one wiring harness, which...
Question 11 1 pts Mulcahey Automobiles Company fabricates automobiles. Each vehicle includes one wiring harness, which is currently made in-house. Details of the harness fabrication are as follows: Volume 800 units per month Variable cost per unit $7 per unit Fixed costs $12,000 per month An Indonesian factory has offered to supply Mulcahey with ready-made units for a cost of $15 per wiring harness. Assume that Mulcahey's fixed costs could be reduced by $4,000 if it outsources and that Mulcahey...
Question 3 3 pts Company A uses straight-line depreciation for financial reporting purposes for equipment costing...
Question 3 3 pts Company A uses straight-line depreciation for financial reporting purposes for equipment costing $550 with an expected useful life of five years and no residual value. Assume that, for tax purses, the deduction is 50%, 20%, 10%, 10%, 10% in those years. Pretax accounting income the first year the equipment was used was $850, which includes interest revenue of $30 from municipal governmental bonds. Other than the two described, there are no differences between accounting income and...
Question 30 In January 2017, installation costs of $6,500 on new machinery were charged to Maintenance...
Question 30
In January 2017, installation costs of $6,500 on new machinery
were charged to Maintenance and Repairs Expense. Other costs of
this machinery of $32,500 were correctly recorded and have been
depreciated using the straight-line method with an estimated life
of 10 years and no salvage value. At December 31, 2018, it is
decided that the machinery has a remaining useful life of 20 years,
starting with January 1, 2018. What entries should be made in 2018
to correctly...
The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International...
The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International during 2018 and 2019. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for patents. 2018 January 2 Paid $86,000 cash to purchase storage shed components. January 3 Paid $2,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $5,000. April 1 Paid...
QUESTION 3: Total of 13 marks This question consists of 5 parts (Parts A, B, C,...
QUESTION 3: Total of 13 marks This question consists of 5 parts (Parts A, B, C, D, and E). All parts must be attempted. The following transactions occurred between Fauci Ltd and its wholly owned subsidiary, Gupta Ltd. All transactions occurred during the year ended 30 June 2020 unless specifically stated otherwise. The company tax rate is 30%. Required: Prepare the adjustment journal entries required to eliminate the intra-group transactions in the consolidation worksheet of Fauci Ltd Group at 30...
8. A company purchased a machine for $190.000. The machine has a useful life of 8...
8. A company purchased a machine for $190.000. The machine has a useful life of 8 produce 750,000 units over its useful life. Determine depreciation expense when output is 109,000 units A. $25,200. 8. $26,160 С. $ 26,660. D. $27,613. E. $53,160 years, a residual value of $10,000, and can deprecilation method in which a plant asset's depreciation depreciation rate to the asset's beginning-of-period book value is called A. Book value depreciation B. Declining-balance depreciation. C. Straight-ine depreciation. D. Units-of-production...
Question 2 View Policies Current Attempt in Progress Indigo Corp., which uses IFRS, signs non-renewable, non-cancellable...
Question 2 View Policies Current Attempt in Progress Indigo Corp., which uses IFRS, signs non-renewable, non-cancellable lease agreement to lease robotic equipment from Xiu Inc. The following information concerns the lease agreement. Inception date Lease term Fair value of equipment Jan 1, 2020 Economic life of leased equipment Annual rental payments starting Jan 1, 2020 Option to purchase at the end of the term Depreciation method Residual value Indigo's incremental borrowing rate January 1, 2020 5 years $190,000 7 years...
The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International...
The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International during 2018 and 2019. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for patents. 2018 January 2 Paid $86,000 cash to purchase storage shed components. January 3 Paid $2,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $5,000. April 1 Paid...
Question 2 Your answer is partially correct. Try again. Here are selected 2018 transactions of Pharoah Corporation. Jan. 1 June 30 Dec. 31 Retired a piece of furniture that was purchased on January 1, 2008. The furniture cost $68,010 and had a useful life of 10 years with no residual value. Sold equipment that was purchased on January 1, 2016. The equipment cost $36,810 and had a useful life of 3 years with no residual value. The equipment was sold...
Question 2
Steve Grant, the new controller of Bonita Ltd., has reviewed the
expected useful lives and residual values of selected depreciable
assets at the beginning of 2017. His findings are as follows.
Date
Accumulated
Depreciation
Useful life
in Years
Residual Value
Type of Asset
Acquired
Cost
1/1/17
Old
Proposed
Old
Proposed
Building
1/1/07
£810,900
£191,500
40
50
£44,900
£45,400
Warehouse
1/1/12
106,000
19,340
25
20
9,300
17,660
All assets are depreciated by the straight-line method. Bonita uses
a calendar...
Question 11 1 pts Mulcahey Automobiles Company fabricates automobiles. Each vehicle includes one wiring harness, which is currently made in-house. Details of the harness fabrication are as follows: Volume 800 units per month Variable cost per unit $7 per unit Fixed costs $12,000 per month An Indonesian factory has offered to supply Mulcahey with ready-made units for a cost of $15 per wiring harness. Assume that Mulcahey's fixed costs could be reduced by $4,000 if it outsources and that Mulcahey...
Question 3 3 pts Company A uses straight-line depreciation for financial reporting purposes for equipment costing $550 with an expected useful life of five years and no residual value. Assume that, for tax purses, the deduction is 50%, 20%, 10%, 10%, 10% in those years. Pretax accounting income the first year the equipment was used was $850, which includes interest revenue of $30 from municipal governmental bonds. Other than the two described, there are no differences between accounting income and...
Question 30
In January 2017, installation costs of $6,500 on new machinery
were charged to Maintenance and Repairs Expense. Other costs of
this machinery of $32,500 were correctly recorded and have been
depreciated using the straight-line method with an estimated life
of 10 years and no salvage value. At December 31, 2018, it is
decided that the machinery has a remaining useful life of 20 years,
starting with January 1, 2018. What entries should be made in 2018
to correctly...
The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International during 2018 and 2019. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for patents. 2018 January 2 Paid $86,000 cash to purchase storage shed components. January 3 Paid $2,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $5,000. April 1 Paid...
QUESTION 3: Total of 13 marks This question consists of 5 parts (Parts A, B, C, D, and E). All parts must be attempted. The following transactions occurred between Fauci Ltd and its wholly owned subsidiary, Gupta Ltd. All transactions occurred during the year ended 30 June 2020 unless specifically stated otherwise. The company tax rate is 30%. Required: Prepare the adjustment journal entries required to eliminate the intra-group transactions in the consolidation worksheet of Fauci Ltd Group at 30...
8. A company purchased a machine for $190.000. The machine has a useful life of 8 produce 750,000 units over its useful life. Determine depreciation expense when output is 109,000 units A. $25,200. 8. $26,160 С. $ 26,660. D. $27,613. E. $53,160 years, a residual value of $10,000, and can deprecilation method in which a plant asset's depreciation depreciation rate to the asset's beginning-of-period book value is called A. Book value depreciation B. Declining-balance depreciation. C. Straight-ine depreciation. D. Units-of-production...
Question 2 View Policies Current Attempt in Progress Indigo Corp., which uses IFRS, signs non-renewable, non-cancellable lease agreement to lease robotic equipment from Xiu Inc. The following information concerns the lease agreement. Inception date Lease term Fair value of equipment Jan 1, 2020 Economic life of leased equipment Annual rental payments starting Jan 1, 2020 Option to purchase at the end of the term Depreciation method Residual value Indigo's incremental borrowing rate January 1, 2020 5 years $190,000 7 years...
The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International during 2018 and 2019. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for patents. 2018 January 2 Paid $86,000 cash to purchase storage shed components. January 3 Paid $2,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $5,000. April 1 Paid...
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