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Question - Cheyenne Co. recently installed some new computer equipment. To prepare for the installation, Cheyenne had some electrical work done in what was to become the server room, costing $19,700. The invoice price of the server equipment was $193,000. Three printers were also purchased at a cost of $2,200 each. The software for the system was an additional $43,900. The server equipment was believed to have a useful life of eight years, but due to the heavy anticipated usage, the printers were expected to have only a four-year useful life. The software to run the system was estimated to require a complete upgrade in five years to avoid obsolescence. Additionally, delivery costs of $10,900 was incurred for all items above. All of the above costs were subject to a 6% non-refundable provincial sales tax. During the installation, a training course was conducted for the staff that would be using the new equipment, at a cost of $9,590. Assume that Cheyenne follows IFRS, and that any allocation of common costs is done to the nearest 1% (e.g., 80%, 6%, 14%).
Required - Assume that Cheyenne decides to capitalize the following components of the computer system: server equipment, printers, and software. Calculate the amount to be capitalized for each of these asset groups.
Marigold Corp. reported net income of $6.0 billion, net sales of $180 billion, and average total assets of $90 billion. What is Marigold Corp. return on assets
James Denning wants to buy a caravan rental business in the inner Melbourne suburb of Richmond. What is the PP for the caravan venture
Analyzes and records the following business transactions in the accounting equation (indicates increase + and decrease -) and in the Journal.
At what amount should a company record an asset acquired in exchange for a deferred payment contract?
(a) What is the term used to describe the owner’s equity section of a corporation? (b) Identify the two owners’ equity accounts in a corporation and indicate the purpose of each.
Make the adjusting journal entry that Extra Company should make on December 31 of the current year, to estimate bad debts expense
Trading securities are reported at fair value, with unrealized holding gains and losses reported as part of net income
he bonds can be converted into 400,000 shares of H's common stock. What will H report as diluted EPS for the year ended 12-31-14? ROUND TO NEAREST PENNY
Adjustment for Prepaid Expense - Journalize the adjusting entry required at the end of the year assuming the amount of supplies on hand is $1,375
blueline tours inc. operates tours throughout the united states. a study has indicated that some of the tours are not
Cardinal Center is a retail department store. The following cost-volume relationships were used in developing a flexible budget for he company for the current year:
a vacant lot acquired for 200000 on which there is a balanceowed of 120000 is sold for 300000 in cash. the sellerpays
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