Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Max Ltd acquires an item of machinery on 1 July 2016 for a total acquisition cost of $61,000. The life of the asset is assessed as being six (6) years, after which time Max Ltd expects to be able to dispose of the asset for $6,000. It is expected that the benefits will be generated in a pattern that is best reflected by the sum-of-digits depreciation approach. On 1 July 2019, owing to unforeseen circumstances, the machinery is exchanged for a motor vehicle. Note the motor vehicle is two years old, originally cost $17,000 and has a fair value of $11,000.
Required:
Question 1: Provide the necessary journal entries for the disposal of the machinery and the acquisition of the motor vehicle on 1 July 2019.
What approach would you use to determine selling price (for example cost plus or target costing)? It is important when choosing a design. Explain your rationale for the pricing approach.
(Learning Objective 1: Account for a short-term note payable) Gordon Sports Authority purchased inventory costing $11,000 by signing a 12% short-term note payable. The purchase occurred on July 31, 2012. Gordon pays annual interest each year on July ..
During the past tax year, Jane identified $77,600 as a non business bad debt. In that tax year, Jane had $155,200 of taxable income.
Paul's credit card closes on the 8th of the month, and his payment is due on the 26th. if paul purchases a stereo for 300 on June 16th, how many interest - free days will he have? when will he have to pay for the steroids in full in order to avoid fi..
The house is now worth $210,000. How much equity does Homer have in the house?Must show work and logic on how to get answer.
Think of Citibank’s new strategy (customer service and relationship banking). What were the limitations of the previous performance measurement system? Is the old system aligned to strategy? What changes were required to the system to better align to..
Journalize the following transactions. Prepare the Income Statement .Statement of Retained Earnings ,Balance Sheet and Statement of Cash Flows using direct
Describe the key historical events that have shaped the development of accounting between 1900 - 2014 and how do these events support the notion accounting is socially constructed?
If venture investors invest $2,000,000 now, and expect a 20% compounded rate of return on their investment, what portion of the exit value would they need?
What is the amount of accounts payable and accruals on Its balance sheet? (Hint: Consider this as a single line item on the firm's balance sheet.)
What is the amount of total revenue to be reported on the income statement for the month of January? During January 2018, the first month of operations
Prepare and adjusted trial balance, Prepare financial statements and Identify, analyze and record events in journal
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd