User Account

All Pages

How should the item be reported

Assignment Help Accounting Basics
Reference no: EM132699220

Problem 1. Machine "S" met all conditions for held-for-sale at the year-end. The machine had a net book value of $120,785 and fair value of $57,780. The company had spent $2,050 to dismantle the machine and prepare it for sale. When the company prepares its December 31 statement of financial position, how should this item be reported ? Be specific as to classification and amount.

Problem 2. Salaries were paid up to Friday, December 27. There were two additional working days prior to the year-end. Seven employees each earn $550 per (five-day) week, and Nine employees each earn $400 per (five-day) week. When the company prepares its December 31 statement of financial position, how should this item be reported? Be specific as to classification and amount.

Reference no: EM132699220

Questions Cloud

Determine the amount of monthly mortgage payment : Determine the amount of monthly mortgage payment to be made to discharge the mortgage within 30 yrs and What is the amount of total interest paid
What is the value for recognition of plant under a business : A similar item of plant cost the acquirer $28 000 last year. What is the value for recognition of the plant under a business combination?
Verbal And Nonverbal Communication : What is feedback? How can verbal feedback affect customer encounters? Give some examples of nonverbal feedback
Explain how you would modify assessment techniques : Compare the physical assessments among school-aged children. Describe how you would modify assessment techniques to match the age and developmental stage.
How should the item be reported : When the company prepares its December 31 statement of financial position, how should this item be reported? Be specific as to classification and amount.
Compare the physical assessment of child to that of an adult : Compare the physical assessment of a child to that of an adult. In addition to describing the similar/different aspects of the physical assessment.
What hooties inc had total liabilities of : Hooties Inc. had total assets of $80,000 and its total contributed capital remained at $8,000. At the end of 2019, Hooties Inc. had total liabilities of
Customer relationship management : A good exercise for all CRM projects is to take select high-level sales and marketing organization strategies
What are important considerations and potential complication : A 38-year-old woman presents to the office with complaints of weight loss, fatigue, and insomnia of 3-month duration. She reports that she has been feeling.

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

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