Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Questions -
(i) Different methods of depreciation are acceptable under the Financial Reporting Standards and to the Inland Revenue Department. Discuss, with examples, the criteria for deciding which method of depreciation to choose.
(ii) Rhonda Factory makes toys. On 1 January they bought a new machine for making plastic bricks. The machine cost $32,000, transport and transit insurance costs to get it to the factory were $1,200, and installation costs were $3,800. Once it was installed an insurance policy for the coming year of $600 was paid. The machine has an estimated life of five years and an estimated residual value of $5,000. Calculate the cost of the machine which will be capitalised and then calculate the depreciation charge for a year if the straight-line method is used.
(iii) On 1 January 2020 Double-Up Supermarkets purchased a new delivery van for $50,000. The estimated useful life is four years and the estimated residual value is $10,000. Calculate the depreciation for each year of the estimated life of the delivery van using the reducing balance method of depreciation at a rate of 33% and show what the net book value will be at 31 December 2023. In the table below enter your answers for (a) (b) (c) and (d). Round your answers to the nearest dollar.
Compare the organization's reporting of pledges and contributions to its reporting of exchange transactions.(Mari) How should they be recorded and subsequently.
Determine the cost of goods sold and ending merchandise inventory using the FIFO inventory costing method
Each organisation will have procedures relating to the collection of money and to recovery plans. Briefly explain what a recovery plan is
Southeast Corporation made sales of $825 million during 2014. How much was Southeast's net income for 2014? How much was Southeast's cash balance at the end of 2014?
Records all its inventory acquisitions in a General Ledger account Purchases
The exchange was between dealer to dealer. At what amount should the machine acquired in the exchange be recorded on Bevis' books
Prepare a purchases journal and a cash payments journal to record the above transactions in chronological order. Ignore posting references for this exercise.
Twyla Company operates a small factory in which it manufactures two products: C and D. Compute company profit with products C & D
Determine which step in estimating a cost function using quality analysis is the most likely to present the greatest challenge and how you would address that challenge.
Center for Quality Audit indicated they should not be held liable for negligence under common law? If you lost money yourself, would it change your opinion?
Assuming the Company uses the straight-line method, the amount of accumulated depreciation on the Year 6 balance sheet would be
In 2018, Metlock suffered a net operating loss of $474,000, which it elected to carry back. Prepare Metlock's entry to record the effect of the loss carryback
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd