Homework Answers
Answer : Fixed asset / Asset.
Explanation: When a business purchase an asset for $20000 by paying through bank journal entry bacome, Accounts Debit Credit
Motor vehicle A/C $20000 Bank A/C $20000 Here, Both are assets.Motor vehicle is Fixed asset,Bank is current asset. ie,Fixed asset increases and current asset decreases.Simply one asset increases and correspondingly other asset decreases.
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page=1 The purchase of a vehicle by a business for $20 000 decreases the asset cash...
Terry Dactel is considering the purchase of an asset having the following cash flows (in 000's)...
Terry Dactel is considering the purchase of an asset having the following cash flows (in 000's) CF Prob. 15 20% 12 30% 18 30% 30 20% What is the asset's standard deviation (in 000's)? $8.7 O $7.3 O $6.4 $4.9
Terry Dactel is considering the purchase of an asset having the following cash flows (in 000's): ...
Terry Dactel is considering the purchase of an asset having the following cash flows (in 000's): CF Prob. 5 20% 12 30% 18 30% 20 20% What is the asset’s standard deviation (in 000's)? Group of answer choices A.$4.3 B.$5.4 C.$6.8 D.$9.1
Problem 3 (20 marks) Bunny's Mining Plus had the following account balances as at 30 June...
Problem 3 (20 marks) Bunny's Mining Plus had the following account balances as at 30 June 2018 (2018 financial year end). Machinery Accumulated Depreciation - Machinery Vehicles Accumulated Depreciation — Vehicles $ 102 000 66 000 40 000 14 800 Additional information as at 30 June 2018 1. "Machinery" account consists of one machine (Machine 1), which was purchased on 1 October 2015 with a recorded value $102 000. At the purchase date, the estimated useful life of Machine 1...
In year 1, Firm A paid $50,000 cash to purchase a tangible business asset. In year...
In year 1, Firm A paid $50,000 cash to purchase a tangible business asset. In year 1 and year 2, it deducted $3,140 and $7,200 depreciation with respect to the asset. Firm A’s marginal tax rate in both years was 21 percent. Now assume that Firm A borrowed $50,000 to purchase the asset. In each year, it paid $3,800 annual interest on the debt. The interest payments were deductible. How does this change in facts affect Firm A’s net cash...
4. Fixed Assets (19 Marks) Rebecca's parents purchased a motor home (RV) for $60 000 on...
4. Fixed Assets (19 Marks) Rebecca's parents purchased a motor home (RV) for $60 000 on 31 July 2019. They plan on keeping this vehicle for approximately 3 years to travel around the country. After they have finished travelling, at the beginning of December 2022, they plan to sell this vehicle for approximately $32 000 cash. The financial year ends on 28 February each year. (8) 4.1 Complete the Fixed Asset Register for the motor home from the date of...
4. Fixed Assets (19 Marks) Rebecca's parents purchased a motor home (RV) for $60 000 on...
4. Fixed Assets (19 Marks) Rebecca's parents purchased a motor home (RV) for $60 000 on 31 July 2019. They plan on keeping this vehicle for approximately 3 years to travel around the country. After they have finished travelling, at the beginning of December 2022, they plan to sell this vehicle for approximately $32 000 cash. The financial year ends on 28 February each year. (8) 4.1 Complete the Fixed Asset Register for the motor home from the date of...
Activity 13: Green 1. Al 30 September Year : 2. Closing inventory valued at $10 000...
Activity 13: Green 1. Al 30 September Year : 2. Closing inventory valued at $10 000 3. Wages not yet paid but v ed in the period 1 000 4. On tot Mary the fee for account was paid others were paid for the accountant before for her. The fee was paid for halay May-31 ) 5. The suspense account includes a payment contribution to the business from the owner of the business Green) The bookkeeper did not what to...
In year 1. Fim A paid $58,000 cash to purchase a tangible business asset. In year 1 and year 2, it deducted $...
In year 1. Fim A paid $58,000 cash to purchase a tangible business asset. In year 1 and year 2, it deducted $3,620 and $8,000 depreciation with respect to the asset. Firm A's marginal tax rate in both years was 21 percent. a. Compute Firm A's net cash flow attributable to the asset purchase in each year. b. Compute Firm A's adjusted basis in the asset at the end of each year. Complete this question by entering your answers in...
I hope this is correct?? On 1 January 2008, a new motor vehicle with a useful...
I hope this is correct??
On 1 January 2008, a new motor vehicle with a useful life of 4 years and an estimated residual value of $12 000 was purchased by a business for $54 000. The straight-line method is employed and the financial year ends on 31 December. What was the balance of accumulated depreciation for the motor vehicle as at 31 December 2010? y a business for $54 000. The straight-line method is Select one: $42 000 O...
Receipt of cash before a good is provided or service is performed 1- increases an asset...
Receipt of cash before a good is provided or service is
performed
1-
increases an asset and increases a revenue.
decreases a liability and increases Shareholders’ Equity.
decreases a revenue and increases Shareholders’ Equity.
increases an asset and increases a liability.
2-
Payment of a dividend
increases Expenses and decreases Cash.
decreases Cash and increases Shareholders’ Equity.
decreases Cash and decreases Retained Earnings.
increases Retained Earnings and increases Expenses.
3-
Accounting systems should record
all economic events.
events that result...
Terry Dactel is considering the purchase of an asset having the following cash flows (in 000's) CF Prob. 15 20% 12 30% 18 30% 30 20% What is the asset's standard deviation (in 000's)? $8.7 O $7.3 O $6.4 $4.9
Problem 3 (20 marks) Bunny's Mining Plus had the following account balances as at 30 June 2018 (2018 financial year end). Machinery Accumulated Depreciation - Machinery Vehicles Accumulated Depreciation — Vehicles $ 102 000 66 000 40 000 14 800 Additional information as at 30 June 2018 1. "Machinery" account consists of one machine (Machine 1), which was purchased on 1 October 2015 with a recorded value $102 000. At the purchase date, the estimated useful life of Machine 1...
4. Fixed Assets (19 Marks) Rebecca's parents purchased a motor home (RV) for $60 000 on 31 July 2019. They plan on keeping this vehicle for approximately 3 years to travel around the country. After they have finished travelling, at the beginning of December 2022, they plan to sell this vehicle for approximately $32 000 cash. The financial year ends on 28 February each year. (8) 4.1 Complete the Fixed Asset Register for the motor home from the date of...
4. Fixed Assets (19 Marks) Rebecca's parents purchased a motor home (RV) for $60 000 on 31 July 2019. They plan on keeping this vehicle for approximately 3 years to travel around the country. After they have finished travelling, at the beginning of December 2022, they plan to sell this vehicle for approximately $32 000 cash. The financial year ends on 28 February each year. (8) 4.1 Complete the Fixed Asset Register for the motor home from the date of...
Activity 13: Green 1. Al 30 September Year : 2. Closing inventory valued at $10 000 3. Wages not yet paid but v ed in the period 1 000 4. On tot Mary the fee for account was paid others were paid for the accountant before for her. The fee was paid for halay May-31 ) 5. The suspense account includes a payment contribution to the business from the owner of the business Green) The bookkeeper did not what to...
In year 1. Fim A paid $58,000 cash to purchase a tangible business asset. In year 1 and year 2, it deducted $3,620 and $8,000 depreciation with respect to the asset. Firm A's marginal tax rate in both years was 21 percent. a. Compute Firm A's net cash flow attributable to the asset purchase in each year. b. Compute Firm A's adjusted basis in the asset at the end of each year. Complete this question by entering your answers in...
I hope this is correct??
On 1 January 2008, a new motor vehicle with a useful life of 4 years and an estimated residual value of $12 000 was purchased by a business for $54 000. The straight-line method is employed and the financial year ends on 31 December. What was the balance of accumulated depreciation for the motor vehicle as at 31 December 2010? y a business for $54 000. The straight-line method is Select one: $42 000 O...
Receipt of cash before a good is provided or service is
performed
1-
increases an asset and increases a revenue.
decreases a liability and increases Shareholders’ Equity.
decreases a revenue and increases Shareholders’ Equity.
increases an asset and increases a liability.
2-
Payment of a dividend
increases Expenses and decreases Cash.
decreases Cash and increases Shareholders’ Equity.
decreases Cash and decreases Retained Earnings.
increases Retained Earnings and increases Expenses.
3-
Accounting systems should record
all economic events.
events that result...
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