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Question - On 1 January 2020 Chris Bell spent $112,000 purchasing an equipment for business use. It is expected to have a residual value of $12,000 at the end of its useful life of 5 years or 500000 units of production. Ignore GST.
Required - Assume accounting period ends on 30 June every year. Calculate the depreciation expense for the year 2019-20 using each of the following depreciation methods:
i. Straight-line
ii. Diminishing balance
iii. Units of production (assume the equipment has produced 182,500 units during the financial year).
Prepare the accounting entries to record the depreciation on 30 June 2020 using straight line method.
Accounting Standards And Accounting Information System assignment help and assessment help - Can you describe the various principles, standards and Opinions.
the electrocomp corporation manufactures two electrical products air conditioners and large fans. the assembly process
1. Estimated revenues for the fiscal year were $250,000 and appropriations were $248,000. 2. The tax levy for the fiscal year, of which 99% is believed to be collectible, was $200,000.
The company's ending inventory on December 31, 2010, is estimated at 94,500 units. Develop a quarterly production budget for 2011 and for the year in total.
The adjusted trial balance of Zambrana Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2010: Sales $800,000, Freight-out $16,000, Sales Returns and Allowances $25,000, and Sales Discounts $15,000.
She did not take any salary from the business for its first two years of operations. She is now receiving a salary that is 150 percent of what comparable businesses pay their presidents.
A useful life of 5 years and a salvage value of $1000 is a depreciated using the straight line depreciation method. Complete gain or loss on the sales
swift corp. a capital goods manufacturing business that started on january 4 2012 and operates on a calendar-year basis
on june 23 2008 mikhal cosmetics sold 250000 worth of its products to rynex corporation with the payment to be made
Richards makes cash contributions of $35,000 to charitable organizations. What is Richards Corporation's charitable contribution deduction
A wealthy U.S. citizen that earns $1.3 million per year in dividends and capital gains from her portfolio, What are the tax law consequences
Using the overview provided in this week's lecture and readings, how do follower perceptions affect a leader's style? How might you best assess follower.
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