User Account

All Pages

Prepare journal entries

Assignment Help Financial Accounting
Reference no: EM132917224

Question - Machine #1 was donated to the company by a shareholder of the company. An independent appraisal placed the market value at a $34,000 and the salvage value at $2,000. Installation costs of $800 were paid by Haggis Incorporated. The machine has an estimated useful life of 10 years and will be depreciated on the declining balance basis at double the straight-line rate.  Please prepare journal entries.

Reference no: EM132917224

Questions Cloud

What the unit product cost using absorption costing : Acme Co. produces a single product. Information about the product for the past year is as follows: What the unit product cost using absorption costing
Compute the selling price : Current asset requirements are estimated to be 40% of sales. Compute the selling price that will yield a 20% on capital employed
What journal entry would be used to write off balance : If one of Kraft's main customers declared bankruptcy in 2018, what journal entry would be used to write off its $20 million balance
Increase services and amenities to community : This expansion will allow us to increase services and amenities to the community and to our visitors.
Prepare journal entries : The machine has estimated useful life of 10 years and will depreciated on declining balance basis at double the straight-line rate. Prepare journal entries
What was the original annual rate of return : What was the original annual rate of return needed to reach your goal when you started the fund two years ago
Most financial statement : What new information did you learn about the company? Were any financing decisions discussed?
Compute the net present value of Project B : The working capital needed for project B will be released at the end of six years for investment elsewhere. Compute the net present value of Project B
How big of a loan amount can you afford : You've found a 3 year loan at 2.3% annual interest rate, compounded monthly. How big of a loan amount can you afford

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the amount of cash that remains in the c corporation

What is the amount of cash that remains in the C corporation - what nontax factors should Richard and Jack consider in making this decision?

  Management of indiana corporation

The management of Indiana Corporation is considering the purchase of a new machine costing $400,000

  Evaluate what is the project npv

A project has an initial cost of $65,000, expected net cash inflows of $14,000 per year for 8 years, and a cost of capital of 10%. What is the project's NPV?

  Explain what is towson accrual basis net income or loss

The cost of this policy was $6,000. What is Towson's 2018 accrual basis net income or loss? Enter a loss as a negative number.

  Capital budgeting problems-lease and buy

Trasky Company is trying to decide whether it should purchase or lease a new automated machine to be used in the production of a new product. If purchased, the new machine would cost $100,000 and would be used for ten years. The salvage value at the ..

  Describe valuation using free cash flows for all debt

The topic materials, Describe valuation using free cash flows for all debt and equity stakeholders as well as free cash flows for equity shareholders.

  What is the annual inventory cost of the current system

What is the annual inventory cost of the current system in which product is produced, labeled, and packed in Malaysia before being shipped to the DC?

  Provide one example where information not relevant

Provide one example where information is relevant and faithfully represented. Provide one example where information is not relevant

  What the amount the company would have to borrow is

If the company has a policy of maintaining an end of the month cash balance of $98000, the amount the company would have to borrow is

  Fund for the retirement of long-term debt

Cash of $38,000 has been placed in a fund for the retirement of long-term debt. The cash and long-term debt have been offset and are not reflected in the financial statements.

  Life of building and the structural modifications

With permission of owner, Winn made structural modifications to the building before occupying the space at a cost of $180,000. The useful life of building and the structural modifications were predictable to be 30 years with no residual value.

  Which incentives do managers have to act in the stockholder

Which incentives do managers have to act in the stockholder's interest? Name two and explain each in one or two sentences.

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