User Account

All Pages

Determine the amount that should be debited

Assignment Help Accounting Basics
Reference no: EM133013270

Question - On 2 January 2018, Johnston Ltd purchased a machine with a list price of $187,400 (including GST) and credit terms of 2/10, n/30. Payment was made within the discount period. Freight costs of $4,300 plus GST and installation costs of $4,220 plus GST were also paid. The machine has a useful life of 4 years and a residual value at the end of its useful life of $19,200.

Required - Determine the amount that should be debited to the machinery account and prepare a general journal entry to record the purchase, assuming a financial year ending 31 December.

Reference no: EM133013270

Questions Cloud

Why is evaluating training an important part of strategic : Why is evaluating training an important part of strategic training?
How much money is currently in the RRSP : Alexandra has contributed ?$2,958.00 every three months for the last 10 years into an RRSP fund. How much money is currently in the RRSP
Generate private and public keys using an example : Create a private key and use this to decrypt and recover and generate Private and Public Keys using an example
What is the depreciation expense for year three : The equipment has a useful life of 6 years and a scrap value of $3,000 at the end of year 6. What is the depreciation expense for year 3
Determine the amount that should be debited : Determine the amount that should be debited to the machinery account and prepare a general journal entry to record the purchase
Calculate the intrinsic value and the P-E ratio of Siyavuma : Siyavuma Ltd is further expecting earnings per share (EPS) of R3.6 and company's investors expect a return of 16% on the stock. Calculate the intrinsic value
What is the annual depreciation amount for Project B : The investment will be depreciated using straight-line depreciation to a book value of 0 over the life of the project. What is the annual depreciation amount
Determine the net increase or decrease in cash : Cash and cash equivalents at the end of period 1,450. Determine the net increase / (decrease) in cash and cash equivalents for the year ended 30/06/2020
State the correct consolidation worksheet adjusting entry : In January 2020, Ben Ltd declared a $3,500 dividend. State the correct consolidation worksheet adjusting entry for preparation

Reviews

Write a Review

Accounting Basics Questions & Answers

  Show disclosure of the lease in the financial statement

Prepare finance charge allocation schedule for lease: and Show disclosure of the lease in the financial statement of lessee for the year ended December 31, 2020

  Prepare entries to record the transactions and events

How do prepare entries to record the following transactions and events related to Morgan County's tax revenues for the year beginning January 1, 2019

  Discuss how much will benjamins tax liability decline

how much will Benjamin's tax liability decline because of the investment

  Did terrorism exist prior to the french revolution

Did terrorism exist prior to the French Revolution? Are the terrorist acts we see today significantly different from those of the past? If so, how?

  What is the materiality concept

Question - What is the materiality concept? Is the dollar amount that is material the same for a company that has annual sales of $10,000 compared

  Discuss why this situation represents an audit risk

Discuss why this situation represents an audit risk and Identify the main account(s) affected by this risk and the audit work you would plan to undertake

  What is the purpose of a project dashboard

What is the purpose of a project dashboard? What sort of information is listed on this project tool? What is a Quality checklist, and what is its purpose?

  Calculate the net cash provided by operating activities

Swifty Corporation reported net income of $203000 for the year. Calculate the net cash provided by operating activities for the year

  Evaluate what would become the new break-even point

If the company's fixed expenses increase by $600, what would become the new break-even point in unit sales? In dollar sales.?

  Does a generation-skipping transfer result

With $5 million, Paul's will creates a trust with the following provisions: life estate to Jacob (Paul's son). Does a generation-skipping transfer result

  Can the trust claim a charitable contribution deduction

In year 1, the Helpful Trust agreed to make a $50,000 cash contribution to Local Soup Kitchen, Can the trust claim a charitable contribution deduction

  Make adjusting entry at december to record bad debt expense

Prepare the adjusting entry at December 31, 2017, to record bad debt expense, assuming that the aging schedule indicates that $10,200 of accounts

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