User Account

All Pages

Find what is the carrying amount of machinery at december

Assignment Help Accounting Basics
Reference no: EM132811727

On July 1, 2020, Manuel Corporation purchased machinery worth P 8,000,000. Terms: P 500,000 down payment, the balance on three equal annual payments every July 1 of each year. The cash price of the machinery is P 6,000,000. A promissory note is issued for the installment balance.

Problem 1: What is the carrying amount of machinery at December 31, 2020?

Reference no: EM132811727

Questions Cloud

Competition amongst companies affect you in your daily life : How does competition amongst companies affect you in your daily life (personal and or professional)?
Effectiveness of his managers and their leadership abilities : Your management team has been retained by a senior manager who is concerned about the effectiveness of his managers and their leadership abilities.
What would the stock sell for today : After that the company will never pay a dividend ever again. If your required return on stock investment is 10%. What would the stock sell for today
What is the cost assigned to land for chot : What is the cost assigned to land? Shortly, after acquisition, the building was razed at a cost of P 9,000 in anticipation of a new building construction.
Find what is the carrying amount of machinery at december : The cash price of the machinery is P 6,000,000. A promissory note is issued for the installment. What is the carrying amount of machinery at December 31, 2020?
Compute the depreciation expense for the second year : An equipment was purchased for $30,000. Compute the depreciation expense for the second year using the double-declining-balance method
Prepare the journal entry to be recorded on the books : Prepare the journal entry to be recorded on the books of Peacock Ltd. to record the effect of Seagull issuing new common shares.
Information technology has allowed outreach : Information technology has allowed outreach and made knowledge of global English speaking and non-English speaking countries accessible to businesses large
Develop preliminary care coordination plan : Develop a 3-4 page preliminary care coordination plan for a selected health care problem. Include physical, psychosocial, and cultural considerations.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What journal entry should albuquerque make to recognize

Albuquerque purchased none of this stock. What journal entry should Albuquerque make to recognize the impact of this stock transaction

  Cost of direct material purchases

Independent of your answer to part "A," assume that Scot plans to produce 1,200,000 units of finished product for the quarter ended September 30.  If the firm desires to stock direct materials at the end of this period equal to 25% of current prod..

  Compute pearl diluted earnings per share

Pearl Corporation earned net income of $370,000 in 2017, Pearl's tax rate is 40 percent. Compute Pearl's 2017 diluted earnings per share

  Who receives a complaint of harassment has an obligation to

An employer who receives a complaint of harassment has an obligation to: To constitute illegal racial harassment, the conduct must meet all the following requirements except the conduct must.

  Prepare the journal entries and consolidating entries

On April 1 C purchased D for $1,800. At the time of the acquisition, Prepare the journal entries and consolidating entries for the end of year 1

  Discuss the relevant factors that should be considered

Amber Partnership, a general partnership, has many opportunities to use. Discuss the relevant factors that should be considered before making this election.

  What will bechesters book value

company is expecting net income of 3,000,000 next year, and also expecting to issue $4,000,000 in new stock. If there are no dividends paid what will beChester

  Prepare entries that made for capital stock transactions

On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions

  Inventory transactions at both cost and retail

Estimate the 2011 and 2012 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method.

  Compute the interest expense

The payment of March includes the land cost of €200,000. The office was completed on December 31. Compute the interest expense

  Current values rather than historical costs

‘In recent years, the IASC/B has clearly been moving towards the use of current values rather than historical costs.' Discuss.

  Explain the process of buying capital equipment

Explain why you think this is so, especilly in the transport and logistics sector. Clearly show the beginning of every new concept by using paragraphs

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