Prepare the relevant journal entries under ifrs for hinshaw

Assignment Help Financial Accounting
Reference no: EM132775897

Problem A) Hinshaw Oil Co. constructed an oil pipeline that was completed at the end of 2020. It estimates (at the end of 2020) that in 20 years when the pipeline will be decommissioned, it will need to pay $20 million in dismantling costs. Hinshaw uses a 6% discount rate. Prepare the relevant journal entries for 2020 and 2021 under IFRS for Hinshaw relating to the dismantling costs

Reference no: EM132775897

Questions Cloud

Enumerate the five types of financial ratios : Enumerate the five (5) types of financial ratios and give their significance to the business/firm
Find total income for the week : Johnny delivers pizza. He earns $6.25 an hour plus tips. In one 32 hour work week he earned $151 in tips. Find his total income for the week.
How much did make for the week : Paul makes $10.00 an hour working as a delivery person for UPS. He worked 46 hours and received $220 in tips for the week. How much did he make for the week?
Prepare the relevant journal entries for tam co : In 2020, an employee informs TAM Co. that he will be taking 6 months paternity leave. Prepare the relevant journal entries for 2020 for TAM.
Prepare the relevant journal entries under ifrs for hinshaw : Hinshaw Oil Co. constructed an oil pipeline. Prepare the relevant journal entries for 2020 and 2021 under IFRS for Hinshaw relating to the dismantling costs
What is internal rate of return for the cup machine : What is the approximate IRR, Internal Rate of Return for the cup machine? Candy Cups is considering whether to purchase a machine that manufactures
What debt to asset ratio will you propose : The head of the company asks you to present a proposal on the ideal debt to asset ratio of the company.
Discuss julia faure is behaving in a professional manner : Beeson Co. is experiencing a decrease in sales, Discuss whether Julia Faure is behaving in a professional manner and what are the implications of her actions?
What total cash disbursement for october are : What Total cash disbursement for October are? The company expected to have prepaid expenses of 20,000 and accrued expenses 12,000 by October 31

Reviews

Write a Review

Financial Accounting Questions & Answers

  Record transactions in general journal or petty cash format

Record the transactions in general journal or petty cash format. Post the transactions to the general ledger accounts. Prepare a trial balance.

  What amount should it be reported on consolidated statements

On January 1, 2014, Brendan, Inc., reports net assets of $896,400 although equipment (with a four-year life) having a book value of $497,000 is worth $560,000 and an unrecorded patent is valued at $48,400. Hope Corporation pays $806,240 on that date ..

  What does each category reveals about the company

There are three broad categories of financial ratios: liquidity, solvency, and profitability. What does each category reveals about the company being analyzed?

  Evaluate the implications of the cash cycle for xyz working

For simplicity, we assume that the year consists of 360 days. Evaluate the implications of the cash cycle for XYZ's working capital management.

  Explain rationale behind purpose of capital expenditure

Explain the rationale behind the purpose of a capital expenditure budget. In addition, include two other cost considerations and explain

  Preparing the statement of cash flows

Which of these would be added as part of the cash flows from investing activities when preparing the statement of cash flows? Stallings Inc. accounting records show the following changes during the companys most recent fiscal year.

  How much depreciation should belle enterprises record

How much depreciation should Belle Enterprises record on this machine for the year 2015? What amount should this machine be recorded by Belle on January 1, 2015

  What is the gain or loss on the sale

The firm purchased the equipment on the first day of year one and sold it on the last day of year 15 for $75,000. What is the gain or loss on the sale?

  Posting of journal entries to appropriate accounts and

posting of journal entries to appropriate accounts and prepare an unadjusted trial balance.bill transferred 15000 from

  How is article of choice related to topics

Search online business press and find a recent article related. How is article of choice related to topics above and why you think it is interesting?

  What characteristics of not-for-profit

What are the Characteristics of not-for-profit and governmental entities. Is the CYO a not- for-profit or a government organization? Why?

  Statements mentioned in the management discussion

How important do the financial statements appear to be with regard to the annual report? Are the financial statements mentioned in the management discussion?

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