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!
Question - REVALUATIONS & DISPOSAL OF NON-CURRENT ASSET - At 30 June 2020 Brothers Limited reported the following information for the respective non-current assets: Machinery at cost $400,000 with Accumulated depreciation amount of $100,000; Buildings at cost $900,000 with Accumulated depreciation amount of $350,000.
At 1 July 2020, the directors of Brothers Ltd decide to adopt the revaluation model and revalue the non-current asset classes to the following fair values: Machinery at $250,000 and Buildings at $850,000.
Required -
(i) Prepare general journal entries to record the revaluations, including any closing entries at the end of the reporting period.
(ii) Assume that on 31 December, 2020 the company sold machinery for $280,000 cash. The machinery had a useful life of 10 years and residual value of $50,000. Use straight-line method of depreciation. Provide the necessary general journal entry to record the sale and derecognition of machinery. Assume GST of 10%.
Journalise the subsequent measurement of the lease for the year ending 31 March 2019 in the accounting records
interfund premiums actuarial estimates from previous fiscal year to determine necessary to establish a reserve for
Prepare the journal entries to record each of the above transactions. The purchase of the treasury stock on May 4, 2016
Would develop a code of business conduct? If yes, what variables would you include? If no, how would you ensure that ethical business standards were being
Determine the price of the bonds issued on February. Prepare the journal entries by both firms to record all subsequent events
Stellar Packaging Products is considering diversifying its product line offerings into candy and other food bag packaging. This would require a major investment outlay for machinery and equipment.
Accounts receivable $354,000. Prepare, in good form, a Statement of Net Position for Southern State University as of June 30, 2015
Assuming that it will have no residual value, determine the depreciation for each of the first two years (a) by the straight-line method
Explain how these cultural assets are measured and depreciated
The drum sets sell for $250 each. The company has a 25% income tax rate. Prepare a contribution margin income statement for the company
On January 1, 2017, the lending company made a P200,000, 8% loan. The interest is receivable at the end of each year, with the principal amount to be received.
This resulted in a loss of $15100. Assuming that no other assets were disposed of during the year, how much was depreciation expense for 2020
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