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Question 4 (8 Marks) Prepare the journal entries for the following independent situations to recognize the...
Question 3 (9 marks) On January 1, 2015, Time Limited purchased a machine for $350,000. The...
Question 3 (9 marks) On January 1, 2015, Time Limited purchased a machine for $350,000. The machine was estimated to have a 10 year useful life with a residual value of $15,000. The company used the straight-line method to depreciate the machine. On December 31, 2019, the company sold the equipment for $190,000 cash Required 1. Calculate the gain or loss on sale on the sale of the machine. 2. Prepare the journal entry to recognize the sale of the...
For each of the following independent situations, prepare journal entries to record the initial transaction on...
For each of the following independent situations, prepare journal entries to record the initial transaction on December 31 and the adjustment required on January 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 2.5 points Skipped a. Magnificent Magazines received $12,000 on December 31, 2018, for subscription services related to magazines that will be published and distributed in January through December 2019. b. Walker Window Washing paid $1,200 cash for...
Question 4 1. Prepare journal entries for 2016 for the following independent situations. Assume each organization...
Question 4 1. Prepare journal entries for 2016 for the following independent situations. Assume each organization has a December 31" year end. Keepers Inc, purchases a patent for $425,000 on January 1". Keepers estimates this patent to have a 5. year useful life. Blue Bat Corporation purchases one of their main competitors on March 31. Blue Bat paid $90,000 for this purchase which included assets of $70,000 and liabilities of $2,000. The goodwill is believed to have an indefinite benefit.
Question: Prepare journal entries to record the 2017 amortization expense for intangible assets. Problem 9-7B (Part...
Question: Prepare journal entries to record the 2017
amortization expense for intangible assets.
Problem 9-7B (Part Level Submission) The intangible assets section of Cullumber Company at December 31, 2016, is presented below. Patents (£78,300 cost less £7,830 amortization) Copyrights (£42,700 cost less £17,080 amortization) Total £70,470 25,620 £96,090 The patent was acquired in January 1, 2016 and has a useful life of 10 years. The copyright was acquired in January 1, 2013 and also has a useful life of 10...
For each of the following independent situations, prepare journal entries to record the initial transaction on...
For each of the following independent situations, prepare journal entries to record the initial transaction on December 31 and the adjustment required on January 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a Magnificent Magazines received $13,200 on December 31, 2018, for subscription services related to magazines that will be published and distributed in January through December 2019 b. Walker Window Washing paid $1,320 cash for supplies on December...
QUESTION 4 (20 MARKS) The following are THREE (3) independent situations occurring in the financial year...
QUESTION 4 (20 MARKS) The following are THREE (3) independent situations occurring in the financial year ended 31 December 2019. A political donation is made by Beria Rima Berhad at the amount of RM40,000. Political donation is not allowed for tax purposes. Karisman Berhad recognizes development costs of RM50,000 as the research project has met the capitalization criteria. Amortization is made for the asset at the rate of 20% per annum. The development costs are allowed for taxation purpose at...
Question 2 Prepare adjusting journal entries for Blue Gardening in the GENERAL JOURNAL for the year...
Question 2 Prepare adjusting journal entries for Blue Gardening in the GENERAL JOURNAL for the year ended 31st December 2018, for each of these situations. Narratives for each entry are required. a. Blue Gardening received RM6,000 from a client on November 15, 2018, for gardening services to be performed in December 2018, January 2019, and February 2019 The RM6,000 was recorded in Unearned Revenue on November 15. By the end of December, the gardening services for December have been performed....
Question 29 (1 point) In January 2018, Vega Corporation purchased a patent at a cost of...
Question 29 (1 point) In January 2018, Vega Corporation purchased a patent at a cost of $200.000. Legal and filing fees of $50,000 were paid to acquire the patent. The company estimated a 10-year useful life for the patent and uses the straight-line amortization method for all intangible assets. In January, 2021, Vega spent $40,000 in legal fees for an unsuccessful defense of the patent and the patent is no longer usable. The amount charged to income (expense and loss)...
Prepare the necessary journal entries for year-ended 31 December 2018, please. Thanks Question 1 The following...
Prepare the necessary journal entries for year-ended 31 December
2018, please. Thanks
Question 1 The following account balances are taken from the ledger of Bell Ltd. on 31 December 2018, the end of its fiscal year: Dr. (5) Cr. () Cash 60.000 Accounts receivable Inventories 85,000 87.000 225.000 77,000 38,000 5.000 60,000 3,000 100,000 Equipment Accumulated depreciation - equipment Accounts payable Wages payable Note payable Unearned revenue Share capital Retained profits Sales Cost of goods sold Wage expense Rent expense...
Question 8 For each of the following independent situations and from the information below record the...
Question 8 For each of the following independent situations and from the information below record the adjusting entry (and only the adjusting entry – do not record the original transaction or opening balance) in the General Journal, being as precise with your account titles as possible, e.g. not using “supplies” but “supplies expense” or “supplies on hand”. Please ignore GST. All calculations are to be worked out on a monthly (not daily) basis. Note: alternative versions of some of the...
Question 3 (9 marks) On January 1, 2015, Time Limited purchased a machine for $350,000. The machine was estimated to have a 10 year useful life with a residual value of $15,000. The company used the straight-line method to depreciate the machine. On December 31, 2019, the company sold the equipment for $190,000 cash Required 1. Calculate the gain or loss on sale on the sale of the machine. 2. Prepare the journal entry to recognize the sale of the...
For each of the following independent situations, prepare journal entries to record the initial transaction on December 31 and the adjustment required on January 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 2.5 points Skipped a. Magnificent Magazines received $12,000 on December 31, 2018, for subscription services related to magazines that will be published and distributed in January through December 2019. b. Walker Window Washing paid $1,200 cash for...
Question 4 1. Prepare journal entries for 2016 for the following independent situations. Assume each organization has a December 31" year end. Keepers Inc, purchases a patent for $425,000 on January 1". Keepers estimates this patent to have a 5. year useful life. Blue Bat Corporation purchases one of their main competitors on March 31. Blue Bat paid $90,000 for this purchase which included assets of $70,000 and liabilities of $2,000. The goodwill is believed to have an indefinite benefit.
Question: Prepare journal entries to record the 2017
amortization expense for intangible assets.
Problem 9-7B (Part Level Submission) The intangible assets section of Cullumber Company at December 31, 2016, is presented below. Patents (£78,300 cost less £7,830 amortization) Copyrights (£42,700 cost less £17,080 amortization) Total £70,470 25,620 £96,090 The patent was acquired in January 1, 2016 and has a useful life of 10 years. The copyright was acquired in January 1, 2013 and also has a useful life of 10...
For each of the following independent situations, prepare journal entries to record the initial transaction on December 31 and the adjustment required on January 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a Magnificent Magazines received $13,200 on December 31, 2018, for subscription services related to magazines that will be published and distributed in January through December 2019 b. Walker Window Washing paid $1,320 cash for supplies on December...
QUESTION 4 (20 MARKS) The following are THREE (3) independent situations occurring in the financial year ended 31 December 2019. A political donation is made by Beria Rima Berhad at the amount of RM40,000. Political donation is not allowed for tax purposes. Karisman Berhad recognizes development costs of RM50,000 as the research project has met the capitalization criteria. Amortization is made for the asset at the rate of 20% per annum. The development costs are allowed for taxation purpose at...
Question 29 (1 point) In January 2018, Vega Corporation purchased a patent at a cost of $200.000. Legal and filing fees of $50,000 were paid to acquire the patent. The company estimated a 10-year useful life for the patent and uses the straight-line amortization method for all intangible assets. In January, 2021, Vega spent $40,000 in legal fees for an unsuccessful defense of the patent and the patent is no longer usable. The amount charged to income (expense and loss)...
Prepare the necessary journal entries for year-ended 31 December
2018, please. Thanks
Question 1 The following account balances are taken from the ledger of Bell Ltd. on 31 December 2018, the end of its fiscal year: Dr. (5) Cr. () Cash 60.000 Accounts receivable Inventories 85,000 87.000 225.000 77,000 38,000 5.000 60,000 3,000 100,000 Equipment Accumulated depreciation - equipment Accounts payable Wages payable Note payable Unearned revenue Share capital Retained profits Sales Cost of goods sold Wage expense Rent expense...
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