Reference no: EM133154529
Question - Taylor's Treats needs your help in accounting for the following long-term asset transactions.
Jan 1, 2021 - Taylor's Treats purchased Matty's Muffins for $10 million cash. The market values of Matty's assets and liabilities are $15.5 million and $7.5 million, respectively.
Jan 2, 2021 - Taylor's Treats purchased land, a building and some equipment for a total cost of $900,000. At the time of acquisition, the land has a current fair value of $450,000, the building's fair value is $400,000 and the equipment's fair value is $150,000. Taylor paid $500,000 cash, and signed a note payable for the remainder.
December 31, 2021 - Depreciation is recorded as follows:
Equipment is depreciated by the double diminishing-balance method over a 5-year life with a $30,000 residual value. The building has a 40-year useful life and residual value of $50,000. Depreciation is calculated on a straight-line basis for the building.
December 31, 2022 - Depreciation is recorded.
January 1, 2023 - Sold all of the equipment for $50,000 cash.
Required -
a) Record the January 2021 transactions in Taylor's journal with appropriate descriptions for each entry.
b) Record the adjusting journal entries required for depreciation for Taylor for 2021 and 2022, with appropriate descriptions for each entry.
c) Record the January 1, 2023 transaction in Taylor's journal with appropriate descriptions for each entry
|
How much is the comprehensive income
: At year-end, the fair value of the bonds payable is P1,985,000 wherein, P30,000 is due to other than credit risk. How much is the comprehensive income
|
|
Explain the role of leadership in corporate culture
: How would you explain the role of leadership in corporate culture, and how would you describe leadership styles and how they affect ethical decision-making?
|
|
Potential comparables for the subject property
: Home located in Lost Creek neighborhood, in a cul de sac. 10 years old, ranch style, well-maintained wood frame. Lot size 80 × 200. The home has 7 rooms, 3 bedr
|
|
What are some barriers of entering market
: You are the owner of a beverage manufacturer whose primary product is Nova Energy Drink. The drink's tagline is 'We will get you there.' Your company is a small
|
|
Record adjusting journal entries required for depreciation
: Record the adjusting journal entries required for depreciation for Taylor for 2021 and 2022, with appropriate descriptions for each entry
|
|
How can you avoid your client getting boxed
: If you learn your client's real or approximate bottom line, there are risks disclosing it to the mediator. What can you do to reduce each of the following risks
|
|
What is bella breakeven point in units
: The shampooers make up 1,200 of the units sold, while the vacuums make up the other 2,800 of the units sold. What is Bella's breakeven point in units
|
|
What is the total amount of expenses reported for the period
: The company receives $9,000 for a service that it had expected to provide immediately. What is the total amount of expenses reported for the period
|
|
Main categories of sentiment analysis
: Explain and describe the main categories of sentiment analysis.
|