User Account

All Pages

Calculate the carrying value of the machine as at december

Assignment Help Financial Accounting
Reference no: EM132983264

Problem 1: The Egypt Corporation purchased a machine for $40 000 on 1 January 2011 which is expected to have a 5 year life, no residual value, and to produce a total of 20 000 ridgets before it is scrapped. Assuming the Egypt Corporation uses the units-of- production method and actual production for the calendar year 2012 is 8000 ridgets, calculate the carrying value of the machine as at 31 December 2012. The depreciation charge for 2011 was $10 000.

Select one:

a. $24 000
b. $26 000
c. $16 000
d. $14 000

Reference no: EM132983264

Questions Cloud

Which the cost of the annual service of a motor vehicle be : Which the cost of the annual service of a motor vehicle should be? can be either written off as repairs and maintenance or added to the carrying amount.
Which the cost of a major overhaul of a machine would be : Which the cost of a major overhaul of a machine that extends its total useful life by four years would be? charged to a separate asset account and depreciated.
What is Farmer John internal rate of return for new tractor : Suppose Farmer John purchases a new tractor for mowing his pig pastures at a cost of $10,000. What is Farmer John internal rate of return for new tractor
Which the assumption underlying reducing balance method is : Which the assumption underlying the reducing balance method of depreciation is? the asset makes a higher contribution to income in the earlier years of its life
Calculate the carrying value of the machine as at december : The Egypt Corporation purchased a machine, Calculate the carrying value of the machine as at 31 December 2012. The depreciation charge for 2011 was $10 000.
What the budgeted fixed cost for September : In September, Larson Inc. sold 41,500 units of its only product for $405,000, and incurred a total cost of $375,000, What the budgeted fixed cost for September
Which are sources of entrepreneurial opportunities : Which are sources of entrepreneurial opportunities? societal, demographic, and technological trends; crises and "bubbles"; and emerging
Benefits package and work life program : a. Given Starbucks' benefits package and work life programme, what insights have you gained about its approach to employee motivation? Explain your answer.
Comment on the nature of dividend policies : The dividend decision relates to the amount and timing of any cash payments made to the company's stakeholders, Comment on the nature of dividend policies

Reviews

Write a Review

Financial Accounting Questions & Answers

  How does the new staffing pattern productivity

How does the new staffing pattern productivity compare with productivity in the original staffing plan on a unit cost ($ per patient day) basis?

  Find what is the ratio of market value per share to book

If there is $55,600 in earnings available to common shareholders and Monique's stock has a P/E ratio of 28 times EPS, what is the current price of the stock?

  Amount of increase or decrease in profitability experienced

Advances in biological technology have enabled two research companies, Bio Labs, Inc., and Scientific Associates, to develop an insect-resistant corn seed.  Determine the amount of increase or decrease in profitability experienced by World Agra in 20..

  Compute what is the expected return of the stock in the year

In the past four years, the annual returns of one company's stock are 12%, 18%, and -14%, and 7%. What is the expected return of the stock in the Year 2020?

  How credit affect economic and social life of individuals

How does credit affect the economic and social life of individuals? Give specific example for your answer. Non payments of loans affect the economy, why?

  Prepare the general journal entries to record the sale

Orange Ltd purchased a machine on 1 January 2016. Prepare the general journal entries to record the sale of the machine in 2020.

  The family applied to the loan company for maximum loan

A loan company will loan up to 60% of the equity in a home. A family purchased their home 8 years ago for $83,000. The home was financed by paying 20% down and signing a 30-year mortgage at 8.4% for the balance. The market value of the house is now $..

  What myer limited will record a

Net assets and contingent liabilities were: total assets $94 000; total liabilities $20 000; and contingent liabilities $2 000. Myer Limited will record a

  What is the one-year forward price

If the current price is $100 and the simple interest rate is 5% per annum, what is the one-year forward price F(0, 1) that rules out any arbitrage possibilities

  Calculate the cost of debt after taxes

For the case in the previous problem, calculate the cost of debt after taxes if the company's tax liability is 40%

  What moorman should report retained earnings

What Moorman should report retained earning, 31/12/10, as adjusted at? Correction of understatement of depreciation expense in prior years, net of tax $ 430,000

  What is meant by reporting by principle of exceptions

What is meant by reporting by the "principle of exceptions" as the term is used in reference to cost control?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd