What are the entries at january to record

Assignment Help Accounting Basics
Reference no: EM132619129

Problem 1: Mendelssons Ltd has a machine that has been revaluing over a number of years. The valuation as at 1 January 2012 is $130 000. The previous valuation was $145 000 and the accumulated depreciation is $40 000. The revised salvage value is $15 000 and the estimated useful life remaining is 12 years. The benefits from the machine are expected to be derived evenly over its life. In the previous year, the machine had been devalued by $15 000 and this amount written off to the income statement. What are the entries at 1 January 2012 to record the revaluation using the net method and at 31 December 2012 to record depreciation?

Reference no: EM132619129

Questions Cloud

What other factors might influence a purchase : What are the steps a buyer passes through when making a buying decision? What other factors might influence a purchase? Think about something you recently.
Explain the relationship of lu inc with the investee and : Lu Inc. owns 11% of Silver Inc. Explain the relationship of Lu Inc with the investee AND how should Lu Inc. record the investments.
What is the auditor obligation to consider : What factors discussed above are relevant for a going-concern assessment for MakingNewFriends.com? What additional information might the auditor
How does the information in the preceding paragraphs : How does the information in the preceding paragraphs compare to the information in the paragraphs under the "Auditor's Responsibility"
What are the entries at january to record : What are the entries at 1 January 2012 to record the revaluation using the net method and at 31 December 2012 to record depreciation?
The marketing plan will be over family barbershop : The marketing plan will be over "Family barbershop". How will your marketing plan support your business goals?
How state the level of materiality as immaterial : How State the level of materiality as immaterial, material, or highly material. If you cannot decide the level of materiality, state the additional informatio
How does the setting contribute to the character development : How does the setting contribute to the character's development? How does the setting contribute to the character's experience and give the story more meaning?
Implementing portfolio management practices : What are some of the key difficulties in successfully implementing portfolio management practices?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare the borrower journal entries on March

Using the straight-line amortization method, prepare the borrower's journal entries on: March 1, 2015; September 1, 2015; December 31, 2015

  Calculate the required rate of return on equity

Pierre Corporation is interested in acquiring Coller Corporation. Coller has 30 million shares outstanding and a target capital structure consisting.

  What are some of the benefits of factoring

If a company factors its receivables, what percentage of the value of the receivables can it expect to receive from the factor in the form of cash, and how quickly will it receive the cash?

  Struggling in my accounting class amp professor will not

struggling in my accounting class amp professor will not respond to my e-mails or several of my classmates . taking

  Equipment account and credit

Donated equipment for which the fair value has been determined should be recorded as a debit to the appropriate equipment account and a credit to:

  Prepare an internal short form income statement

Prepare an internal short form income statement based on the following data for hotel Sivad, inc. The data is for the year ended September 30, 20XX

  How would you define strategic planning

How would you define strategic planning? What are some differences between strategic and financial planning? What financial problems might an organization encounter when implementing a strategic plan?

  Discuss how should the deferred tax amounts be classified

How should the deferred tax amounts be classified in a classified balance sheet

  Assume that the business in exercise 7 to 5 maintains

Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3.

  Compute welch gross pay and payroll deductions

Compute Welch's gross pay, payroll deductions, and net pay for the full year 2014. Round all amounts to the nearest dollar

  Perform a vertical analysis of the income statement

FNSACC501 - Provide financial and business performance information - FNS50215 -Calculate the ratios current, quick, accounts receivable turnover

  Higher cost of printing the forms

Purchase orders, and sales invoices are not pre-numbered due to the higher cost of printing the forms.

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