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PART C [2 marks] Shania Twain Ltd had purchased equipment on 1 January 2020 at a...
PART B [3 marks) Shania Twain Ltd had Accounts Receivable of $215,000 and an Allowance for...
PART B [3 marks) Shania Twain Ltd had Accounts Receivable of $215,000 and an Allowance for Doubtful Debts of $520 (Credit) at 31 December 2020. A review of outstanding accounts indicated the need to immediately write off $700 of bad debts and to make a provision for Doubtful Debts for next year based on 3% of Adjusted Accounts Receivable. Prepare the necessary general journal entries for the above information (narrations are NOT required)
Healthlabs Ltd. purchased lab equipment for $18,300 on January 1, 2020. At that time, management determined...
Healthlabs Ltd. purchased lab equipment for $18,300 on January 1, 2020. At that time, management determined that the equipment would have a useful life of three years with no residual value and that the straight-line depreciation method would be used. On January 1, 2021, management revised its initial estimate and determined that the company would be able to use the lab equipment for a total of five years. Determine the depreciation expense for 2021. Depreciation expense for 2021 $Enter the...
Jijang Excavations Ltd. (JEL) operates specialized equipment for installing natural gas pipelines. JEL, which has a...
Jijang Excavations Ltd. (JEL) operates specialized equipment for installing natural gas pipelines. JEL, which has a December 31 year end, began 2020 with a single piece of equipment that had been purchased on January 1, 2017, for $45,000 and a truck that had been purchased on January 1, 2019, for $70,000. When the equipment was purchased, JEL’s management had estimated that the equipment would have a residual value of $3,000 and a useful life of six years. When the truck...
(a) On January 1, 2020, Sustco Ltd. purchased a piece of equipment for $16,000. At the...
(a) On January 1, 2020, Sustco Ltd. purchased a piece of equipment for $16,000. At the time, management determined that the equipment would have a residual value of $3,000 at the end of its five-year life. Sustco has a December 31 year end and uses the straight-line depreciation method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for...
Question 1 (8 marks) Functional Manufacturing purchased equipment and a utility vehicle on January 1, 2019....
Question 1 (8 marks) Functional Manufacturing purchased equipment and a utility vehicle on January 1, 2019. The equipment cost $90,000 and has an estimated useful life of 8 years with a residual value of $15,000. The delivery vehicle cost $180,000 and has an estimated life of 5 years or 250,000 kilometres and a residual value of $17,000. The delivery truck is expected to be driven 25,000 and 35,000 kilometres in 2019 and 2020, respectively. . Required Functional has decided to...
Problem 4: (11 marks) (20 minutes) On January 2, 20x0, Chegal Ltd. purchased equipment for $100,000....
Problem 4: (11 marks) (20 minutes) On January 2, 20x0, Chegal Ltd. purchased equipment for $100,000. Chegal had to spend an additional $10,000 for transportation and $15,000 for installation of the equipment. Assume that all of these were paid in cash. The equipment is expected to produce a total of 100,000 widgets over its life of 5 years. The residual value expected at the end of 5 years is $25,000. During 20x0, Chegal produced 19,000 widgets. Required b. Prepare the...
(WITH STEPS ) URGENT Application Problem 8-11A Jijang Excavations Ltd. (JEL) operates specialized equipment for installing...
(WITH STEPS ) URGENT
Application Problem 8-11A Jijang Excavations Ltd. (JEL) operates specialized equipment for installing natural gas pipelines. JEL, which has a December 31 year end, began 2020 with a single piece of equipment that had been purchased on January 1, 2017, for $32,000 and a truck that had been purchased on January 1, 2019, for $40,000. When the equipment was purchased, JEL's management had estimated that the equipment would have a residual value of $5,000 and a useful...
Whitney Company purchased equipment on January 1, 2020, for $144,000. This equipment has a useful life...
Whitney Company purchased equipment on January 1, 2020, for $144,000. This equipment has a useful life of ten years and a residual value of $8,000. The company uses the straight-line depreciation method. In 2021, the company discovered that it had incorrectly recorded depreciation for 2020 as $9,280. Ignoring income taxes, record the correcting entry on January 1, 2021. Date Account Name Dr. Cr. Jan. 1, 2021 Answer Answer Answer Answer Answer Answer
Concord Company uses special strapping equipment in its packaging business. The equipment was purchased in January...
Concord Company uses special strapping equipment in its packaging business. The equipment was purchased in January 2019 for $10,500,000 and had an estimated useful life of 8 years with no salvage value. At December 31, 2020, new technology was introduced that would accelerate the obsolescence of Concord’s equipment. Concord’s controller estimates that expected future net cash flows on the equipment will be $6,615,000 and that the fair value of the equipment is $5,880,000. Concord intends to continue using the equipment,...
1) Kansas Enterprises purchased equipment for $79,000 on January 1, 2021. The equipment is expected to...
1) Kansas Enterprises purchased equipment for $79,000 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $6,900 at the end of five years. Using the straight-line method, depreciation expense for 2021 would be: 2) Kansas Enterprises purchased equipment for $80,500 on January 1, 2021. The equipment is expected to have a ten-year service life, with a residual value of $6,450 at the end of ten years. Using the straight-line method,...
PART B [3 marks) Shania Twain Ltd had Accounts Receivable of $215,000 and an Allowance for Doubtful Debts of $520 (Credit) at 31 December 2020. A review of outstanding accounts indicated the need to immediately write off $700 of bad debts and to make a provision for Doubtful Debts for next year based on 3% of Adjusted Accounts Receivable. Prepare the necessary general journal entries for the above information (narrations are NOT required)
(a) On January 1, 2020, Sustco Ltd. purchased a piece of equipment for $16,000. At the time, management determined that the equipment would have a residual value of $3,000 at the end of its five-year life. Sustco has a December 31 year end and uses the straight-line depreciation method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for...
Question 1 (8 marks) Functional Manufacturing purchased equipment and a utility vehicle on January 1, 2019. The equipment cost $90,000 and has an estimated useful life of 8 years with a residual value of $15,000. The delivery vehicle cost $180,000 and has an estimated life of 5 years or 250,000 kilometres and a residual value of $17,000. The delivery truck is expected to be driven 25,000 and 35,000 kilometres in 2019 and 2020, respectively. . Required Functional has decided to...
Problem 4: (11 marks) (20 minutes) On January 2, 20x0, Chegal Ltd. purchased equipment for $100,000. Chegal had to spend an additional $10,000 for transportation and $15,000 for installation of the equipment. Assume that all of these were paid in cash. The equipment is expected to produce a total of 100,000 widgets over its life of 5 years. The residual value expected at the end of 5 years is $25,000. During 20x0, Chegal produced 19,000 widgets. Required b. Prepare the...
(WITH STEPS ) URGENT
Application Problem 8-11A Jijang Excavations Ltd. (JEL) operates specialized equipment for installing natural gas pipelines. JEL, which has a December 31 year end, began 2020 with a single piece of equipment that had been purchased on January 1, 2017, for $32,000 and a truck that had been purchased on January 1, 2019, for $40,000. When the equipment was purchased, JEL's management had estimated that the equipment would have a residual value of $5,000 and a useful...
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