User Account

All Pages

What is the effect of the june transaction

Assignment Help Accounting Basics
Reference no: EM133188969

Question - On January 1, 2004, Loyal Company purchased an equipment for P8, 000,000. The equipment is depreciated using straight line method based on a useful life of 8 years with no residual value. On January 1, 2007, after 3 years, the equipment was revalued at a replacement cost of 12,000,000 with no change in residual value. On June 30, 2007, the equipment was sold for 10,000,000. What is the effect of the June 30, 2007 transaction to the retained earnings?

Reference no: EM133188969

Questions Cloud

What amount should be recognized as loss : On January 1, 2021, Robin Company received a grant of P1,500,000 from the government. What amount should be recognized as loss
What amount should be reported as goodwill : What amount should be reported as goodwill in the December 31, 2021 consolidated statement of financial position of JV Company
Who are the stakeholders in this situation : Jerry Prior, Beeler Corporation's controller, is concerned that net income may be lower this year. Who are the stakeholders in this situation
Will the growth of the internet continue indefinitely : What factors will influence this growth, Some marketers believed that the Internet would be the end to Brands
What is the effect of the june transaction : On June 30, 2007, the equipment was sold for 10,000,000. What is the effect of the June 30, 2007 transaction to the retained earnings
How much foreign taxes will us inc have as a credit : Earl Jones earned $1m of taxable income in the current tax year and paid $300,000 of French income tax. How much foreign taxes will US Inc have as a credit
Where did they get their financing : A company has zero debt in its financial statement. What do you think is the reason for this? Is it possible? Where did they get their financing? Is it good
Create and analyse threat model : Create and analyse threat model - List of identified threats (use a STRIDE table to list threats against the broad categories of STRIDE threats)
What was the estimated useful life of the machinery in years : Unadjusted accumulated depreciation on December 31, 2022 amounted to 100,000. What was the estimated useful life of the machinery in years

Reviews

Write a Review

Accounting Basics Questions & Answers

  Examine financial statement and notes of a public company

In United State, a public company's financial statements must be according to Generally Accepted. Examine the financial statement and notes of a public company.

  What is the company WACC

The current share price is $29, and the book value per share is $10. The company also has two bond issues outstanding. What is the company WACC

  What is the monthly mortgage payment

What is the monthly mortgage payment on the new house, assuming they have the $80,000 down payment? Will they qualify for the new mortgage loan

  What price does andromeda charge

Andromeda Company's break-even point is 2,400 units. Variable cost per unit is $42; total fixed costs are $67,200 per year. What price does Andromeda charge

  Dimensions of shareholder-principal conflict with manager

Explain several dimensions of the shareholder-principal conflict with manager agents known as the principal-agent problem. To mitigate agency problems between senior executives and shareholders, should the compensation committee of the board devot..

  Determine companys predetermined overhead application rate

Determine the company's predetermined overhead application rate. Prepare the journal entry needed to record the year's completed production.

  How much is gain on extinguishment to be recognized

The new interest rate is 13% payable annually every December 31. How much is gain on extinguishment to be recognized for 2006

  What is the pension expense if the company uses IFRS

Prepare the journal entries to record pension expense and the employer's contributions for 2020. What is the pension expense if the company uses IFRS

  What do mean by gross receipts and minimum tax

Government expenditures and tax collection in a particular year. Briefly describe the main objectives that government considers in setting the tax policy.

  How many boxes does dandy candy have to sell

Dandy Candy has fixed operating costs of $12,500 and variable operating costs of $15 per unit, How many boxes does Dandy Candy have to sell to break even

  What will be next year eps

Sidman Products' stock is currently selling for $60 a share. The firm is expected to earn $5.40 per share this year and to pay a year-end dividend of $3.60.

  Stephen the truth colbert works as a television talk show

stephen the truth colbert works as a television talk show host. in 2010 stephen generated substantial income from his

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd