How much the accumulated depreciation after the fiscal year

Assignment Help Financial Accounting
Reference no: EM132489371

Alpha Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element:

PP&E Element                       Amount

Land                                  $10,000

Building                                20,000

Equipment                             30,000

Question 1: Alpha paid $45,000 cash for the lump sum purchase. What value should be allocated to the following? (Enter only whole dollar values.)

1. Land

2. Building

3. Equipment

Question 2: On January 2, 2016, Alpha Company acquired a new machine by signing a 5 year note for $62,000. The estimated service life is eight years and the total units of output to be 200,000. The estimated residual value is $8,000. Using the straight-line method, how much is: (Enter only whole dollar values.)

  1. the 2017 depreciation expense
  2. the accumulated depreciation after the fiscal year 2017 adjusting entry
  3. the book value of the machine after the fiscal year 2017 adjusting entry

Reference no: EM132489371

Questions Cloud

Find the probability that no traffic accidents : Find the normalizing constants and Find the probability that no traffic accidents will occur in Melbourne in the next 30 minutes
Earning less than a normal rate of profit : In the long-run, what price and output adjustments will occur in this industry? What will cause these adjustments? Show graphically
What the amount of pension liability that is reported : What The amount of pension liability that is reported in Carla Vista's balance sheet at the end of 2018 is? Carla Vista Company has a defined-benefit plan.
Cross price elasticity of demand : If the arc cross price elasticity of demand for X's printer relative to computer Y's prices is -1.0, what will be X's new quantity sold?
How much the accumulated depreciation after the fiscal year : Alpha paid $45,000 cash for the lump sum purchase. What value should be allocated to the following? (Enter only whole dollar values.)
Is libra likely to have a very volatile quote : Is Libra likely to have a very volatile quote? (such as Ethereum or Bitcoin) Why?
Derive the condition for the optimal rotation : Derive the condition for the optimal rotation when a forest also provides species habitat services.
Deworming intervention had positive externalities : If the school based deworming intervention had positive externalities, would regression analysis overestimate or underestimate the treatment impact of the progr
Determine how much will the preferred stockholders receive : Determine how much will the preferred stockholders receive. Assuming that $94000 will be distributed as a dividend in the current year

Reviews

Write a Review

Financial Accounting Questions & Answers

  Understanding of human behavior and mental process

Identify your top three studies/concepts, using citations from the textbook as you describe. Discuss why you think they are most important to living

  Dividend or capital gain from the information provided

Adams, Inc. is a family-owned business that has one class of stock. There are 600 shares allocated equally to Al Adams, Bev Adams, Curt Adams, Derek Adams, Elroy Adams and Fred Murray. Is it possible to determine if there will be a dividend or capita..

  Uses the gross method of accounting for cash discounts

On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross method of accounting for cash discounts. What is the correct entry for Flores on November 10? How did you get th..

  Business in exchange for company stock

Mike invested $15,000 cash and a used truck worth $13,000 in the business in exchange for company stock.

  Compute the price-earnings ratio and dividend yield for ohpo

As a short term investor, identify the company you consider to be better in terms of liquidity and justify your answer. Compute the price-earnings ratio

  Sufficient to cover both salaries and interest

If the partnership agreement specifies salaries to partners, interest on partners' capital, and the remainder on a fixed ratio, and partnership net income is not sufficient to cover both salaries and interest,

  Caculate the absorbed overhead

Caculate -  Budgeted direct wages percentage rate of overhead absorption - The absorbed overhead - The over/ under absorbed overhead.

  Main methods to account for uncollectible receivables

What are the two main methods to account for uncollectible receivables? Who are the two parties to a Promissory Note? How do we mathematically calculate interest? How does one calculate "Accounts Receivable Turnover"?

  Prepare journal entries to record the given transactions

Prepare journal entries to record these transactions. Prepare the stockholders' equity section of Kraft's balance sheet as it would appear on August 31, 2014.

  Firm taxable income-earnings before taxes

SJO Office Supplies recently reported $12,500 of sales, $7,250 of operating costs other than depreciation, and $1,250 of depreciation.

  What would be the value of total manufacturing cost

Which of the following account would be credited, when goods are returned to suppliers? What would be the value of total manufacturing cost, if the cost of material consumed during the month is Rs. 5,000, labor cost incurred is Rs. 2,000 and the fact..

  Remaining income being distributed equally in two partners

Laverne and Shirley started a partnership. Laverne invested $11,000 in the business and Shirley invested $19,500. The partnership agreement stipulated that profits would be divided as follows. Each partner would receive a 12% return on their invested..

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