Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
At December 31, 2014, Navaro Corporation reported the following plant assets.
Land
$ 4,473,000
Buildings
$30,940,000
Less: Accumulated depreciation-buildings
17,780,175
13,159,825
Equipment
59,640,000
Less: Accumulated depreciation-equipment
7,455,000
52,185,000
Total plant assets
$69,817,825
During 2015, the following selected cash transactions occurred.
Apr. 1
Purchased land for $3,280,200.
May 1
Sold equipment that cost $894,600 when purchased on January 1, 2008. The equipment was sold for $253,470.
June 1
Sold land for $2,385,600. The land cost $1,491,000.
July 1
Purchased equipment for $1,640,100.
Dec. 31
Retired equipment that cost $1,043,700 when purchased on December 31, 2005. No salvage value was received.
Journalize the transactions. Navaro uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement.
Record adjusting entries for depreciation for 2015.
Date.
Account Titles and Explanation
Debit
Credit
(To record depreciation on buildings.)
31
Prepare the plant assets section of Navaro's balance sheet at December 31, 2015. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2015 transactions.)
Financial Statement Analysis and Preparation
Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?
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 and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.
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 Ltd
Prepare the journal entry to record the acquisition of the assets.
Prepare general journal entries to record the transactions, assuming use of the periodic inventory system
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 Framework's perspective of users and their decisions.
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
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd