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Storm Ltd acquired an item of equipment on 1 July 2013 at a cost of $500,000. On 30 June 2014, Storm’s directors decide to continue using the cost model for equipment. They elect to depreciate the equipment acquired on 1 July 2013 using the straight-line method, over its useful life of five years. The estimated residual value is $50,000. The directors then decide to adopt the revaluation model for equipment from 1 July 2014. They determine that the fair value of this item of equipment on this date is $465,000. The useful life is revised on this date – estimated to be six years from 1 July 2014. The estimated residual value remains unchanged. On 30 June 2015, Storm’s directors estimate that the fair value of the item of equipment does not differ materially from its carrying amount. On 30 June 2016, Storm’s directors estimate that the fair value of the item of equipment is $220,000. The item of equipment is sold on 30 September 2016 for $210,000. Assume a tax rate of 30%. Prepare journal entries to account for all transactions that took place during the period 1 July 2013 to 30 September 2016, including entries for the acquisition of the equipment, depreciation, revaluations and its disposal. Show all relevant dates, narrations and workings.
Miller Company’s most recent contribution format income statement is shown below: Prepare a new contribution format income statement under each of the following conditions (consider each case independently):
Equivalent units of production are equal to:
What makes the situation with the armored car driver fall within public policy? Was the employer violating any state or federal law? Was the employee being asked to due something that violates either the law or an agency rule? If not, what public pol..
costello corporation manufactures a particular product. the standard cost per unit of product is shown below.direct
Which of the following conclusions do these variances best support? More materials were purchased than were used.
Compute the equivalent units for materials and conversion costs. Determine the unit cost for materials and conversion. Compute the predetermined overhead rate for each activity base.
Phil owns a ranch business and uses four-wheelers to do much of his work. Occasionally, though, he and his boys will go for a ride together as a family activity. During year 1, Phil put 892 miles on the four-wheeler that he bought on January 15 for $..
Based on your understanding of fraud examiner's responsibilities regarding documents, what should the audit firm personnel have done with their documents if they had suspected that fraud had occurred?
Solving for budgeted manufacturing costs. Calvin Company expects to sell 10 million cases of paper towels during the current year. Budgeted costs per case are $28 for direct materials, $21 for direct labor, and $7(all variable) for manufacturing over..
Calculate Whole Foods' operating cash flows ratio. Discuss the implications of this ratio when evaluating Whole Foods' short-term liquidity.
Jessica Boland works for Sea Biscuit Co. She and Farah Smith, her manager, are preparing adjusting entries for annual financial statements.
Identify one of the general deductions and explain its current treatment. Then, argue whether or not it should be allowed as a deduction. You can approach this question from an economic, social, revenue, or political perspective.
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