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Aye Inc. decided to revalue its machine on December 31, 2019, and determined that the current replacement cost is P1,500,000. The machine, which was purchased last January 1, 2017 for P1,000,000, has a carrying value of P400,000. The entity has been consistent in depreciating its machine using the straight-line method for a 5-yr useful life. On September 1, 2021, the entity sold the machine for P140,000.
Question 1: How much is the gain(loss) from disposal?
Cupola Fan Corporation issued 12%, $580,000, 10-year bonds for $552,000 on June 30, 2013. Debt issue costs were $3,300. Interest is paid semiannually on December 31 and June 30. Prepare the journal entry to record the issuance of the bonds. Prepare t..
Prepare the consolidation journal entries to account for Cricket Ltd's investment in Charlie Ltd for the year ended 30 June 2017 in accordance with AASB 128, assuming that Cricket Ltd does prepare consolidated financial statements. Show all workin..
Conan Corporation purchased land and contracted with a developer to construct an office building. Conan Corporation also engaged other contractors for fencing, paving, lighting, and landscaping.
Describe quickbooks overview, transactional processing and data management, revenue cycle, expenditure cycle, financing cycle, reporting
Compute the debt to equity ratio, return on equity ratio, interest coverage ratio, and price/earnings (P/E) ratio, as well as the dividend yield, and comment on the results.
Olso Company prepared the following contribution format income statement based on a sales volume of 1,000 units. what is the contribution margin per unit. what is the contribution margin ratio?
1. Start with the Capital Accounts. How do they differ? How are they the same? Are they realistically presented? What are the Book Values, and what are the present Ratio of the stock Prices to Book Value.
Prepare the bank reconciliation as of November 30. When required, enter amounts in dollars and cents. Prepare the required journal entries.
Multi Corporation sold merchandise for $4,450 to Susan on credit. The cost of goods sold was $1,185. Assuming that the firm is following a perpetual inventory system, it will record $4,450 in the general journal. Accounts Receivable DR, Sales Revenue..
Abbott Landscaping purchased a tractor at a cost of $40,000 and sold it three years later for $20,300. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $2,500 residual value.
Pan American Silver Corp. is a mining company based in British Columbia
Provide journal entries to account for the impairment of Viti Ltd as at 30 June 2015. Show all relevant working where required. Calculate the amount of current tax expense. Use an appropriately labelled table for this task.
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