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Problem 1: HRH 's balance sheet of 30 June 2014 shows a motor vehicle at a cost price of $56 000 less accumulated depreciation of $28 000. Depreciation is calculated on a straight-line basis. If the vehicle had a useful life of 6 years at the time of purchase and a residual value of $8000 what is its carrying amount on 1 July 2016?
Select one:
a. $44 000b. $9443c. $16 000d. $12 000
Motor #9, which had a cost of $5,500 and accumulated depreciation of $5,000, was traded in for a new motor (#23) with a fair market value of $6,500. The old motor and $6,200 in cash were given for the new motor.
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Clemens Cars' job cost sheet for job A40 shows that the cost to add security features to a car was $19,500. The car was delivered to the customer, who paid $24,200 in cash for the added features. What journal entries should Clemens record for the com..
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Construction, Inc. is a home builder in Arizona. Sunrise uses a job order costing system in which each house is a job. Because it constructs houses, the company uses an account titled Construction Overhead. The company applies overhead based on estim..
Aubrae Company, indicate the amount and the direction of effects of the adjusting entry on the elements of the balance sheet and income statement.
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