User Account

All Pages

How much should be credit to revaluation surplus on december

Assignment Help Financial Accounting
Reference no: EM132895970

Problem 1: SABM Co. acquired a machine on January 1, 2018, at a cost of P120,000. It was expected to have a useful economic life of 10 years. SABM Co. uses the straight-line method in depreciating its machinery and equipment and reports on a calendar year basis. On December 31, 2020, the machine was appraised as having a gross replacement cost of P150,000. SABM Co. applies the revaluation model in valuing this class of property, plant, and equipment after its initial recognition. How much should be credited to revaluation surplus on December 31, 2020?

a) P9,000
b) P21,000
c) P30,000
d) P105,000
e) answer not given

Reference no: EM132895970

Questions Cloud

What the uncollectible accounts expense should be : Estimated uncollectible account per aging, 12/31/20 -?69,000. After the year-end adjustment, the uncollectible accounts expense for 2020 should be?
How much should hibiscus report as interest income on bonds : How much should HIBISCUS report as interest income on the bonds? On January 1, 2020, HIBISCUS Company purchased 4,000 of ?1,000.
What the net purchases under the net method is : Freight is $500, FOB Shipping point collect. The net purchases under the net method is? Solutions must be presented in good accounting form.
What is Segment A rate of return on assets : Question - The following information is available for Crammer Company's two segments: What is Segment A rate of return on assets
How much should be credit to revaluation surplus on december : SABM Co. uses the straight-line method in depreciating its machinery, How much should be credited to revaluation surplus on December 31, 2020?
What amount of impairment should be allocated for factor c : What amount of impairment should be allocated to the equipment? Factor Company's cash generating unit has been assessed for impairment.
Implementing new interorganizational system : You are a member of the Human Resource Department of a medium-sized organization that is implementing a new interorganizational system
What are some current risk areas in healthcare : What are some current risk areas in healthcare? How do these risk areas affect the quality of care in patients?
What is the depreciation expense : What is the depreciation expense for 2022 if Blossom Company uses the straight-line method of depreciation? Blossom Company places a new asset into service.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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