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The Banks Company reports using IFRS and uses fair value for its valuation method under IAS 16. The company acquired a small sailboat on January 1, 2011. It would have liked to have purchased a yacht and helicopter but did not have adequate cash reserves to do so. The sailboat has an expected useful life of 10 years and an estimated zero residual value. The cost of the boat was $50,000. The company uses straight-line depreciation and the depreciation-elimination method for revaluations. On December 31, 2013, the fair value of the boat was $31,500. On December 31, 2016, the fair value of the boat was $25,000. At the end of each year, management has reviewed for impairment indicators and noted that none exist. In addition, the company’s policy is to reverse a portion of revaluation surplus related to any increased depreciation expense due to revaluation.
Provide all necessary journal entries for 2011 through 2016.
On January 1, 2010, Ellison Co. issued 8-year bonds with a face value of $1,000,000 and a stated interest rate of 6%, payable semi annually on June 30 and December 31. The bonds were sold to yield 8%. Table values are as follows:
calculation of labor variances.the following direct materials and labor data pertain to the operations of solario
heather owns a two-story building. the building is used 60 percent for business use and 40 percent for personal use.
the following transactions adjusting entries and closing entries were completed by king furniture co. during a
Ocean Division currently earns $780,000 and has divisional assets of $3.9 million. The division manager is considering the acquisition of a new asset that will add to profit. The investment has a cost of $675,000 and will have a yearly cash flow of $..
The Draber Company uses the allowance method based on the aging method to determine the estimated allowance for doubtful accounts- Given the above information, determine the estimated allowance for doubtful accounts at the end of the period.
It is estimated that operation and maintenance costs will be $1.5 million every year. What amount will the city need to set aside? Interest earned on the annuity is 7%.
The budgeted production is for 52,000 comforters in 2010. Each comforter requires 1.5 hours to cut and sew the material. If cutting and sewing labor costs $11.00 per hour, determine the direct labor budget for 2010.
Assume for this problem that markets are frictionless (i.e. no transactions costs and no short-selling constraints). It's a week before the Cubs-White Sox game and you _nd a market that sells two securities: What is the risk-free rate if there is no ..
Prepare a monthly flexible manufacturing overhead budget for 2010 for the expected range of activity, using increments of 1,000 direct labor hours.
Purpose a statement of retained earnings for the year ending December 31, 2007.
How does financial performance measurement helps accountants or managers to make decisions? What is the difference between horizontal, trend, vertical and ratio analysis?
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