Reference no: EM132947309
Question - At the beginning of the year Jimmy Jones Company purchased a quilting machine for$35,000. The following expenditures were incurred:
Freight= $1,200
Installation = $1,200
Property tax on the machine for the first year= $750
The machine is estimated to have a useful life of 7 years and a residual value of$2500.
Consider the following items (each item stands alone):
1. What is the initial cost of the machine? Provide the journal entry.
2. If Jimmy Jones Company decided to use straight-line depreciation, what is the depreciation for year 1 and year 2? Provide the journal entry to each year.
3. If Jimmy Jones Company decided to use double declining for depreciation, what is the depreciation for year 1 and year 2? Provide the journal entry for each year.
4. If Jimmy Jones Company decided to use the sum of the year's digits depreciation, what is the depreciation for year 1 and year 2? Provide the journal entry for each year.
5. Assume that at the end of the year 3 (before recording the annual depreciation), Jimmy Jones Company changes the useful life from 7 years to 10 years. Provide the journal entry for year 3 annual depreciation. Assume straight-line depreciation.
6. Assume that on July I of year 5, Jimmy Jones Company sells the quilting machine for $16,250. Provide the journal entry to record the sale of the machine. Assume straight-line depreciation.
7. Assume that at the end of year 4, it has been determined that the quilting machine is impaired. Under impairment, the quilting machine is now worth $2000. Provide the journal entry record the impairment loss. Assume straight-line depreciation.
Examine information technology systems used to identify
: Illustrate an interdisciplinary approach to improve health outcomes of the community. Discuss community and public health challenges to improving.
|
Compute the degree of operating leverage
: The addition of volume will increase Fixed Cost by Tk 2,00,000 next year. Compute the Degree of Operating Leverage
|
Discuss barriers to healthcare and access to care
: Discuss barriers to healthcare and access to care. Examine evidence-based practices that improve health outcomes of the vulnerable population.
|
Explain organisation development plan
: In light of the decline in support for the development program, you need to adjust your organisation's development plan.
|
What is the depreciation for year
: If Jimmy Jones Company decided to use straight-line depreciation, what is the depreciation for year 1 and year 2? Provide the journal entry to each year
|
What is the relationship between markets and discrimination
: What is the relationship between markets and discrimination? Are markets inherently discriminatory or do they help eliminate discrimination?
|
Identify factors as defined in the health promotion model
: Identify factors, as defined in the health promotion model, which contribute to your decision not to participate. Include immediate competing alternatives.
|
How much of the additional earnings will be taxed
: How much of the additional earnings will be taxed if an employee's living allowance is 5,000 and each part in the definition is 0.25 of the living allowance
|
How much is the book value per ordinary shares
: Ordinary share capital, P50 par, 200,000 shares issued 10,000,000. How much is the book value per ordinary shares
|