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!
Point 1: Brad Ltd purchased machinery on 1 September 2021 for $143,400 cash. Transport and installation costs of $11,600 were paid on 3 September 2021. Useful life and residual value were estimated to be 10 years and $5,000, respectively. Brad Ltd depreciates equipment using the straight-line method and reports annually on 30 June.
Point 2: In June 2023, changes in technology caused the company to revise the estimated useful life of the machinery from 10 years to 5 years, and the residual value from $5,000 to $3,500. This revised estimate was made before recording the depreciation for the reporting period ended 30 June 2023. On 30 June 2023, the company adopted the revaluation model to account for equipment. An expert valuation was obtained showing that the machinery had a fair value of $90,000 at that date. On 30 September 2023, the machinery was sold for $75,000 cash.
REQUIRED
Question 1: Prepare general journal entries for Brad Ltd to record depreciation, revaluation and disposal of the machinery for the years ended 30 June 2022, 2023 and 2024. Exclude journal narrations.
Hughey Co. as lessee records a finance lease of machinery on January 1, 2018. What are all of Hughey's journal entries for 2018
Nottebart Corporation has outstanding 10,800 shares of $110 par value, 6% preferred stock and 61,300 shares of $19 par value common stock. Assume that the preferred are noncumulative. How much dividend will the preferred stockholders receive? Assume..
1.The following three separate situations require adjusting journal entries to prepare financial statements.
Outline a strategy for companies to spend excess cash and maximize the value of that spend.Provide a rationale for your response
Determine the net income reported by Emerald Golf Inc. for the year ended December 31, 2008 - Emerald Golf Inc. reported a net cash flow from operating activities of $86,700 on its statement of cash flows for the year ended December 31, 2008.
Which of the following would be included in the adjusting entry, dated December 31, Year 1, to recognize interest accrued since the issuance date?
Dave's Electronics manufactures TVs and DVDRs. During April, the following activities occurred: Compute the following variances in terms of the contribution margin. Determine the total sales-mix variance. Determine the total sales-quantity variance.
Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 2/10, net 30, for $20,000. Pierce prepaid the $500 shipping charge.
Calculate the two projects' NPVs, assuming a cost of capital of 10%. Do not round intermediate calculations. Round your answers to the nearest cent
Determine what accounting assumption principle has been violated in each situation Melissa is the owner of Missy's Tea Shop, a sole proprietorship.
Austin, Inc., acquired 10 percent of McKenzie Corporation on January 1, 2014, for $336,000 although McKenzie’s book value on that date was $2,300,000. McKenzie held land that was undervalued by $160,000 on its accounting records. During 2014, McKenzi..
Prepare the journal entries to record the transactions assuming the company uses a perpetual inventory system. Narrations are not required.
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