Homework Answers
a.Depreciation for 2015 = 200,000 x 2/4 = 100,000
Depreciation for 2016 =100,000 - 60,000 = 40,000
b. Net Balance on the Structure on Dec 31st 2016
Original cost = 12,000,000
Land = 12,000,000 x 1/3 = 4,000,000
Building = 12,000,000 x 2/3 = 8,000,000
Depreciation Per Year = 8,000,000/25 =320,000
Net Balance on the Structure on Dec 31st 2016 = 12,000,000 - 320,000 - 320,000
=11,360,000
c.
Remaining life of the Machine as on 31st Dec 2016 = 2 Years 6 Months
Depreciation per Year = 1,500,000/2.5
=600,000
Original cost of the machine = 600,000 x 4 = 2,400,000
d.
| Debit | Credit | |
| Cash | 11,500,000 | |
| Structure | 7,360,000.00 | |
| Gain on Sale of Structure | 4,140,000.00 |
Add Answer to:
No written work Amit Company was established on Jan 1st 2015. The following is information regarding...
No handwritten work please Yonatan Company was established on Jan 1st 2014 by issuing 1,000 shares...
No handwritten work please
Yonatan Company was established on Jan 1st 2014 by issuing 1,000 shares ($1 par value) in return to $4,000 in cash. As of Dec 31st 2014, the company had the following items on its balance sheet: Cash $25,000, Accounts Receivable, net $23,750, Inventory $10,000, Accrued Expenses $100, Long Term Liabilities $15,000, Common stock (??), Paid in Capital (??), Retained Earnings (??). Also, the allowance for doubtful accounts for Dec 31st 2014 is $1,250. During 2015 the...
No written work please - Daniella Company was established on Jan 1st 2015. The following is...
No written work please
- Daniella Company was established on Jan 1st 2015. The following is partial data from Dec 31st 2015 financial reports: General and administrative expenses - $200 Inventory - $500 Revenue -$10,000 Daniella’s gross profit percentage is 45%. What is purchases amount for 2015?
no handwritten work Company “Shimi" is a cigars importer, manufacturer and distributer which was established on...
no handwritten work
Company “Shimi" is a cigars importer, manufacturer and distributer which was established on Jan 01 2015. During 2015 the company purchased the following assets: 1. Jan 1 - A building for $82,000. The company also installed a new ventilation system that wasn’t there before, the total system cost (including the installation) was $3,000. On that same day the company also paid $2,500 for fire insurance for 2015. The building is depreciated using the Straight Line Method, its...
show work, no hand written work 1. Eizik Company was founded on Jan 1st 2014 by...
show work, no hand written work
1. Eizik Company was founded on Jan 1st 2014 by issuing 100,000 shares ($1 par value) for $400,000 in cash. Following are relevant transactions: – On July 1st 2014 the company declared and paid dividend to its shareholders in the amount of 20% out of company's shares par value. On Dec 31st 2014 the company took a $500,000 loan from the bank that is due back within 5 years and carries 10% annual interest...
No hand written work Itay Company was established on Jan 1st 2014 by issuing 1,000 shares...
No hand written work
Itay Company was established on Jan 1st 2014 by issuing 1,000 shares ($1 par value) for $20,000 in cash. On that same day Yuval company acquired 15% out of Itay company's shares and classified them as a trading security. On July 7th 2014 Yuval Company sold half of its investment on Itay Company for $2,000. Yuval Company prepares quarterly financial reports. The following is Itay company stock price: 1/Jan/2014 ???? 31/Mar/2014 30/Jun/2014 What is the realized...
No handwritten work Hillel Company was established on Jan 1st 2014 by issuing 4,000 preferred stock...
No handwritten work
Hillel Company was established on Jan 1st 2014 by issuing 4,000 preferred stock ($150 par, 10%, cumulative, non-participating) for $600,000 and additional common stocks ($4 par value) for $4,000,000. The Additional Paid in Capital (APIC) related to the common stocks was $3,200,000. On Dec 31st 2015 the company declares for the first time a dividend in the amount of $2,320,000. 13. Which dividend amount will be distributed to a person holding 1,500 common shares? a. $22,000 b....
Question 1: Company "Sharon" was founded on January 1st, 2009 and operates in the field of...
Question 1: Company "Sharon" was founded on January 1st, 2009 and operates in the field of manufacturing and distributing office furniture. On January 1st, 2010 the company purchased the following assets: A building for $55,000. The company spent an additional $5,000 on new paint for the building. The company also spent $15,000 in installing an elevator in the building (that did not have one before). The building is depreciated using the Straight-Line Method, its useful life is 30 years and...
Question 1: Company "Sharon" was founded on January 1st, 2009 and operates in the field of...
Question 1: Company "Sharon" was founded on January 1st, 2009 and operates in the field of manufacturing and distributing office furniture. On January 1, 2010 the company purchased the following assets: • A building for $55,000. The company spent an additional $5,000 on new paint for the building. The company also spent $15,000 in installing an elevator in the building (that did not have one before). The building is depreciated using the Straight-Line Method, its useful life is 30 years...
Presented below are selected transactions at Novak Company for 2020. Jan. 1 Retired a piece of...
Presented below are selected transactions at Novak Company for 2020. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2010. The machine cost $64,300 on that date. It had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2017. The computer cost $42,300. It had a useful life of 5 years with no salvage value. The computer was sold for $14,700. Dec. 31 Discarded...
Presented below are selected transactions at Ridge Company for 2015. Jan. 1 Retired a piece of...
Presented below are selected transactions at Ridge Company for
2015.
Jan.
1
Retired a piece of machinery
that was purchased on January 1, 2005. The machine cost $61,020 on
that date. It had a useful life of 10 years with no salvage
value.
June
30
Sold a computer that was
purchased on January 1, 2012. The computer cost $36,710. It had a
useful life of 5 years with no salvage value. The computer was sold
for $14,920.
Dec.
31
Discarded...
No handwritten work please
Yonatan Company was established on Jan 1st 2014 by issuing 1,000 shares ($1 par value) in return to $4,000 in cash. As of Dec 31st 2014, the company had the following items on its balance sheet: Cash $25,000, Accounts Receivable, net $23,750, Inventory $10,000, Accrued Expenses $100, Long Term Liabilities $15,000, Common stock (??), Paid in Capital (??), Retained Earnings (??). Also, the allowance for doubtful accounts for Dec 31st 2014 is $1,250. During 2015 the...
No written work please
- Daniella Company was established on Jan 1st 2015. The following is partial data from Dec 31st 2015 financial reports: General and administrative expenses - $200 Inventory - $500 Revenue -$10,000 Daniella’s gross profit percentage is 45%. What is purchases amount for 2015?
no handwritten work
Company “Shimi" is a cigars importer, manufacturer and distributer which was established on Jan 01 2015. During 2015 the company purchased the following assets: 1. Jan 1 - A building for $82,000. The company also installed a new ventilation system that wasn’t there before, the total system cost (including the installation) was $3,000. On that same day the company also paid $2,500 for fire insurance for 2015. The building is depreciated using the Straight Line Method, its...
show work, no hand written work
1. Eizik Company was founded on Jan 1st 2014 by issuing 100,000 shares ($1 par value) for $400,000 in cash. Following are relevant transactions: – On July 1st 2014 the company declared and paid dividend to its shareholders in the amount of 20% out of company's shares par value. On Dec 31st 2014 the company took a $500,000 loan from the bank that is due back within 5 years and carries 10% annual interest...
No hand written work
Itay Company was established on Jan 1st 2014 by issuing 1,000 shares ($1 par value) for $20,000 in cash. On that same day Yuval company acquired 15% out of Itay company's shares and classified them as a trading security. On July 7th 2014 Yuval Company sold half of its investment on Itay Company for $2,000. Yuval Company prepares quarterly financial reports. The following is Itay company stock price: 1/Jan/2014 ???? 31/Mar/2014 30/Jun/2014 What is the realized...
No handwritten work
Hillel Company was established on Jan 1st 2014 by issuing 4,000 preferred stock ($150 par, 10%, cumulative, non-participating) for $600,000 and additional common stocks ($4 par value) for $4,000,000. The Additional Paid in Capital (APIC) related to the common stocks was $3,200,000. On Dec 31st 2015 the company declares for the first time a dividend in the amount of $2,320,000. 13. Which dividend amount will be distributed to a person holding 1,500 common shares? a. $22,000 b....
Question 1: Company "Sharon" was founded on January 1st, 2009 and operates in the field of manufacturing and distributing office furniture. On January 1, 2010 the company purchased the following assets: • A building for $55,000. The company spent an additional $5,000 on new paint for the building. The company also spent $15,000 in installing an elevator in the building (that did not have one before). The building is depreciated using the Straight-Line Method, its useful life is 30 years...
Presented below are selected transactions at Ridge Company for
2015.
Jan.
1
Retired a piece of machinery
that was purchased on January 1, 2005. The machine cost $61,020 on
that date. It had a useful life of 10 years with no salvage
value.
June
30
Sold a computer that was
purchased on January 1, 2012. The computer cost $36,710. It had a
useful life of 5 years with no salvage value. The computer was sold
for $14,920.
Dec.
31
Discarded...
Most questions answered within 3 hours.
-
From the literature (reference your sources): What are the
lattice parameters of calcite and aragonite? Why...
asked 32 minutes ago -
Your system is rejecting the question am asking which is
preceded by a case study. It...
asked 36 minutes ago -
3. On January 2, 2000, Larry creates a trust with himself as
trustee. Larry as trustee...
asked 33 minutes ago -
A member of the volleyball team spikes the ball. During this
process, she changes the velocity...
asked 40 minutes ago -
Are adult gamers less likely to use a gaming console (Xbox,
PlayStation, Wii, etc...) than teen...
asked 1 hour ago -
The University of
Texas recently reported that 43% of college students aged 18-24
would spend their...
asked 1 hour ago -
The length of stay at a specific emergency department in
Phoenix, Arizona, in 2009 had a...
asked 1 hour ago -
. Please give the mechanism for this type of problem. Step by
Step
The toxin that...
asked 1 hour ago -
If you have a 1M stock solution and you want to dilute 1 :10
with water,...
asked 1 hour ago -
In a load instruction, the effective address is obtained by
A) Retriving the address from a...
asked 1 hour ago -
Use the following information to answer this question.
Windswept, Inc. 2017 Income Statement ($ in millions)...
asked 1 hour ago -
A mutual fund salesperson has arranged to call on four people
tomorrow. Based on past experience...
asked 1 hour ago