User Account

All Pages

Prepare the general journal entries to record the disposal

Assignment Help Accounting Basics
Reference no: EM133069754

Question - On 2 July 2020 Sam Olsen Transport purchased a new delivery vehicle costing $95,000 (GST exclusive).  The delivery is depreciated using the diminishing value depreciation method at 20% per year.

On 30 June 2021 the delivery vehicle was considered unsuitable.  The machine and cash of $30,000 was exchanged for a replacement delivery vehicle costing $120,000 (GST exclusive).  Sam Olsen Transport is registered for GST.

Required - Prepare the general journal entries to record the disposal of the delivery vehicle and the acquisition of the replacement delivery vehicle.

Reference no: EM133069754

Questions Cloud

Create diversified portfolio : Timothy as a retail investor enjoys investing but for a long time has only managed to invest in a single company due to insufficient savings.
Prepare the bank reconciliation for low corporation : Prepare the bank reconciliation for Low Corporation for Oct 31, 2021 using the following information: The balance on the Oct 31, 2021 bank statement is $61,365
Estimated salvage value : ABC Co. is considering replacing a 3D printer that was purchased two years ago with a useful life of 8 years (6 years of which, is remaining). The CCA rate on t
Type of financial product : What was your role (lender, borrower, investor, etc.)? What type of financial product, instrument, or institution did you interact with?
Prepare the general journal entries to record the disposal : Prepare the general journal entries to record the disposal of the delivery vehicle and the acquisition of the replacement delivery vehicle
Determining the wacc and npv : -Tesla is planning to open its first manufacturing plant (for the production of batteries) outside the US. You are one of the financial analyst that will help a
What is the ytm : You are analyzing two bonds for possible purchase. The first bond is a 3-year Treasury bond with a 3% stated annual coupon rate (paid semiannually), a face valu
Prepare all the necessary journal entries : Rome Enterprises bought a machine for P1,000,000 on January 1, 2015. Prepare all the necessary journal entries from 2015 to 2021
How can us investor profit from uncovered interest arbitrage : Suppose the interest rate (on an annual basis) on three-month Treasury bills is 10 percent in London and 6 percent in New York, and the spot rate of the pound i

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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