User Account

All Pages

Provide the journal entries to record the revaluation

Assignment Help Accounting Basics
Reference no: EM132887590

Question - Warren Ltd acquires a four-wheel-drive bus on 1 July 2015 for $490,000. The bus is expected to have a useful life to Warren Ltd of 7 years, after which time it will be towed out to sea and sunk to make an artificial reef for marine life(after all oils and solvents have been removed).

The straight-line method of depreciation is used. On 1 July 2017 the bus is revalued to $440,000 and its useful life is reassessed: it is expected, at that date, to have a remaining useful life of six years. On 1 July 2018, it is unexpectedly sold for $410,000.

Provide the journal entries to record the revaluation on 1 July 2017 and the subsequent sale on 1 July 2018.

Reference no: EM132887590

Questions Cloud

What is the nature of planning : Question 1. Define Directing? Question 2. What Is Organizing? Question 3. What Is The Nature Of Planning?
What are some challenges to effective recruiting : Explain how social media and other online sources are used to recruit candidates. What are some challenges to effective recruiting
How much cash will have paid to suppliers of inventory : The beginning to the end of an accounting period and purchases inventory worth $1,000, how much cash will it have paid to suppliers of inventory?
How do you think telemarketing can be made more effective : What Do You Understand By B2b, B2c And B2g? How Do You Think Telemarketing Can Be Made More Effective?
Provide the journal entries to record the revaluation : Provide the journal entries to record the revaluation on 1 July 2017 and the subsequent sale on 1 July 2018
STEM content areas impact future student success : What do you find important about how foundational skills in STEM content areas impact future student success?
Which possible way of recording such investment in the books : If the intention of the company is to hold these bonds until maturity, a possible way of recording such investment in the books should include a
What the value of books of the investment as of december is : Interest is paid on July 1 and January 1 of each year. Based on these data, we can say that the value of books of this investment as of December 31, 2020 is
Project management office environment : Describe the role of the program manager in a project management office environment.

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