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The Collins Corporation purchased office equipment at the beginning of 2009 and capitalized a cost of $2,000,000.
This cost included the following expenditures:
The company estimated an eight-year useful life for the equipment. No residual value is anticipated. The double-declining-balance method was used to determine depreciation expense for 2009 and 2010.In 2011, after the 2010 financial statements were issued, the company decided to switch to the straight-line depreciation method for this equipment. At that time, the company's controller discovered that the original cost of the equipment incorrectly included one year of annual maintenance charges for the equipment.
Required:
1. Ignoring income taxes, prepare the appropriate correcting entry for the equipment capitalization error discovered in 2011.
2. Ignoring income taxes, prepare any 2011 journal entry(s) related to the change in depreciation methods.
A firm has annual credit sales of £5,000,000 and an average collection period of 52 days. What is its average debtors balance, assuming a 365 day year.
on january 1 2011 a company issued 1000000 of 5 year 12 bonds at an effective interest rate of 13 receiving cash of
1.On January 1, 2013, Winn Heat Transfer leased office space under a three year operating lease agreement.
Division W of Comer Company has sales of $840,000, cost of goods sold of $500,000, operating expenses of $256,000, and invested assets of $600,000. What is the profit margin for Division W?
Companies may report cash flows from extraordinary transactions and other events either as investing or financing activities.
Global sells $1,350,000 face value of convertible bonds at a price of 101.Global realizes proceeds of $ 1,363,500.The ten year bonds carry an interest rate(coupon rate) of 6% with interest paid semi annually.
1. on november 15 2010 betty corporation accepted a note receivable in place of an outstanding accounts receivable in
a. Calculate the company's unit contribution margin. b. Calculate the company's contribution margin ratio.
the mad hatter company owns a machine which manufactures two types of chimney caps. production time is .20 hours for
What is your conclusion about the fairness of the recorded balance in accounts payable for pinnacle manufacturing as it affects the income statement and balance sheet?
On June 30, 2009, half the bonds were converted when Blair's common stock had a market price of $30 per share. What journal entry should Blair make record when recording the conversion?
Research and report your findings on the following: A minimum of three performance appraisal methods (Trait or Behavioral)
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