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Question 1: A firm purchase machinery for Rs 210,000 on first July 1991 and spent 24,000 as wages charges. Prepare Machinery account for the first four year under diminishing Balance Method ,Assuming that accounting year end as 31st December every year, Rate for depreciation 10% per Annum
Use the income statement equation approach to evaluate the dollar revenues needed to earn a target monthly operating income of $12,600. Evaluate the new breakeven point in trades. How does this affect the breakeven point?
If the copier has an estimated life of 5 years and no salvage value, then how much accumulated depreciation will be shown on the December 31, 2020 balance sheet
A fully franked cash divident of 21009 was received from ABC finance pyt ltd. An amount of 57000 was paid on 1 march 2016 for two years rental of storage space. the lease expires on 28 February 2018.in company account 9500 was expensed and 47500 was ..
Originally purchased 3 years ago at an installed cost of $400,000, it is being depreciated under MACRS using a 5 year recovery period. The old press has a remaining economic lif of 5 years. Recommend which, if either, of the presses the firm should a..
In addition, the company borrowed $100. What is Callahan's cash balance at the end of the quarter
A taxpayer exchanged his old machine (adjusted basis of $2,500) for a smaller new machine worth $5,000 and received $1,000 cash. Depreciation of $7,500 had been taken on the old machine. What is the realized gain and the recognized gain, and how will..
The Colonials Corporation has 8,500 shares of $30 par value common stock outstanding and retained earnings of $320,000.
Corporate financial reporting theories are discussed based on two schools of thought. What are they? Expatiate on the two theories that argue for each theory
Company A uses the FIFO inventory accounting method - Company A begin business operations in the month of April
Prepare the journal entry to record the acquisition of the land. Compute the estimated inventory at May 31, assuming that the gross profit is 30% of sales. Compute the estimated inventory at May 31, assuming that the gross profit is 30% of cost.
Shannon Company is planning to produce 2,600 units of product in 2014. Each unit requires 2.10 pounds of materials at $7.20 per pound and a half-hour of labor at $16.00 per hour. The overhead rate is 90% of direct labor. Compute the budgeted amounts ..
On November 1, 2017, Coronado Company adopted a stock-option plan that granted options to key executives to purchase 37,500 shares of the company’s $10 par value common stock. Prepare journal entries relating to the stock option plan for the years 20..
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