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!
Kile Ltd purchased machinery on 1 July 2019 for $800 000. The useful life of the machinery was estimated to be 16 years (the residual value is zero). Kile Ltd also owns trucks that were acquired on 1 July 2019 for $480 000. The carrying amount of trucks at 30 June 2020 was $400 000. Kile Ltd uses the straight-line method of depreciation for all depreciable assets. On 1 July 2020, Kile Ltd adopted the revaluation model in accordance with the requirements of AASB 116 and an independent yaluer assessed the fair value of the machinery to be $730 000 and the trucks to be $470 000. The tax rate is 30%.
Problem 1: Prepare the journal entries required to account for the revaluation of the machinery and trucks at 1 July 2020.
Problem 2: On 30 June 2021, the fair value of the machinery was determined to be $690 000. Prepare any necessary journal entries to record the depreciation expense and revaluation of the machinery. Assume that there is no change in the remaining useful life of the machinery or to the residual value.
Br. 32.50 per share and its required rate of return is 10.5%. the dividend is expected to grow at some constant rate forever. What is the growth rate.
he chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2016, is shown in Exhibit 17. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column ..
What's the optimal cash return point? Hollywood Shoes would like to maintain their cash flow account at a minimum level of $56,000
How Make journal entries pertaining to the transaction for January 1, 20X5, and December 31, 20X5, together with a summary journal entry to record
Through Internet research, review the 20-Factor Test that courts and the Internal Revenue Service (IRS) use to determine whether an individual is an employee or an independent contractor. Make up a hypothetical scenario involving the question of whet..
Meloon Lawn Supply Company uses a multicolumn purchases journal and a general journal similar to those illustrated in the text. The company also maintains an accounts payable subsidiary ledger. The items below represent the company’s credit transacti..
Describe the impact of recording the declaring of a stock dividend on 1) the balance sheet, 2) the income statement, 3) the statement of owners
Jorge and Anita, married taxpayers, earn $404,500 in taxable income and $50,000 in interest from an investment in City of Heflin bonds. Using the U.S.tax rate schedulefor married filing jointly, how much federal tax will they owe? What is their avera..
At the end of 2010, Sherwood Company had retained earnings of $18,240. During 2011, Sherwood had revenues of $837,400 and expenses of $792,100, and paid cash dividends in the amount of $38,650. Determine the amount of Sherwood’s retained earnings at ..
Determine the income tax to withhold from the biweekly wages
What is the difference between perpetual system and periodic system as inventory system . Define the consistency principle and the related announcement
Assuming that the equipment was sold at the end of the second year for $480,000, determine the gain or loss on the sale of the equipment
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