Prepare the journal entries in relation to the equipment

Assignment Help Financial Accounting
Reference no: EM132546178

On 1 January 2018, Walli Ltd purchased equipment for a total cost of $55,016 paying cash. The estimated useful life of the equipment was 8 years, with an estimated residual value of $5,000. The entity's reporting period ends on 30 June, and it uses straight-line depreciation. On 1 July 2018, Walli Ltd revalued the equipment upwards to reflect the fair value of $70,000. The revised useful life was 7 years and residual value was estimated to be nil. On 1 January 2020, Walli Ltd sold the equipment for $52,000. Walli Ltd is not registered for GST.

Required:

Question a) Prepare the journal entries in relation to the equipment from the date of acquisition to the date of disposal

Reference no: EM132546178

Questions Cloud

Money supply in the united states : How does the federal reserve manage the money supply in the united states
Explain the difference between impairment and depreciation : There was an indication that the building could be impaired due to flooding,Explain the difference between impairment and depreciation.
Evaluate microfinance ventures : Suppose you have to evaluate microfinance ventures. One of the proposals is for opening a hairdresser's shop in Guatemala city.
Consider the application of budget contingency : ist three of the key reasons why a project organization should consider the application of budget contingency.
Prepare the journal entries in relation to the equipment : On 1 January 2018, Prepare the journal entries in relation to the equipment from the date of acquisition to the date of disposal.
Johnson company monthly mortgage : What would be Johnson Company's monthly mortgage payment? (Round your answer to the nearest whole dollar.)
Create an addressing scheme : Create an addressing scheme that will allow each network segment to have25 hosts. Update (annotate) the diagram with IP addresses for each router interface
Post the necessary entries to the gst collected account : During the month of September. Post the necessary entries to the GST Collected account in the General Ledger. Balance and total the account.
Organizational ethical analysis paper : What is the organization and how would you describe it. Based on your assessment and research, is the organization ethical?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd