Determine the date of purchase of the machines

Assignment Help Accounting Basics
Reference no: EM133085792

Question - The following balances are extracted from the budget of a commercial establishment on 1/1/2019: $1,800,000 machines, $360,000 machines depreciation complex. If you know that: The business has three machines of equal value that were purchased on the same date. The depreciate at a rate of 10% annually and there is no value for waste on 9/1/2019 One of the machines was sold for cash at an amount of $500,000.

1. Determine the date of purchase of the machines.

2. Recording the necessary accounting entries on 1/9/2019.

3. A statement of how the machines are displayed in the facility's balance sheet on 3-31/12/2019.

Reference no: EM133085792

Questions Cloud

Determine dividends per share for preferred and common stock : Determine the dividends per share for preferred and common stock for each year. Round all answers to two decimal places. If an answer is zero, enter '0'
What is the tax treatment of the sale of her home : After living in the home for 3 years, Tina sold it for $400,000. What is the tax treatment of the sale of her home
Traditional retailers and e-commerce retailers : What are some major differences in supply chain management between traditional retailers and e-commerce retailers?
Prepare the journal entries required on the books : 2. Prepare the journal entries required on the books of Yellowstone Industries to account for its investment in Schreiber Corporation on each of the dates
Determine the date of purchase of the machines : The following balances are extracted from the budget of a commercial establishment on 1/1/2019: $1,800,000 machines, Determine date of purchase of machines
Designing a proposal for a process improvement : What are the components in designing a proposal for a process improvement or cultural change? Executive summary? Intro?
Additional funding for department : Tammy has summarized her report to include everything that she mentioned in the body of her document in the major points she has even included a couple of sente
How much of the load due you have to pay back : When your partner goes bankrupt and cannot contribute to the repayment of the loan, how much of the $1 million load due you have to pay back yourself
What is the real-life implication : To determine the effectiveness of a sleeping drug, 75 people were randomly selected; 25 were randomly assigned to take the drug, 25 were randomly assigned to ta

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

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