Reference no: EM133111578
Questions -
Q1. A machine costing P3,750,000 with an eight-year estimated useful life and an estimated residual value of P150,000 was acquired on January 1, 2019.
On December 31, 2021, the balance of accumulated depreciation on this asset, using the sum-of-the-years' digits method, would be?
Q2. The following are included in the property, plant and equipment category in the statement of financial position? I. Building under construction intended to be used by the entity II. Land acquired and put on the market for resale. III. Equipment that is idle temporarily. IV. Delivery truck acquired on installment, certificate of ownership being held by the finance company.
a. I, II, and III
b. I, III, and IV
c. I, II, and IV
d. I and IV
Q3. Anne Company has an equipment costing P700,000 with an estimated residual value of P70,000 and an estimated useful life of six years. After using and depreciating the asset for the past two years, the company upgraded the machine parts and the cost of upgrading amounted to P120,000.
Assuming that the upgrading costs extended the asset's economic useful life by an additional two years, what is the revised depreciation expense for the third year using the
(1) straight-line method and
(2) sum-of-the-years' digits method?
a. (1) P90,000 and (2) P140,000
b. (1) P90,000 and (2) P120,000
c. (1) P101,667 and (2) P140,000
d. (1) P101,667 and (2) P120,000
|
What is the retailer effective cost of trade credit
: A large retailer obtains merchandise under the credit terms of 3/20, net 30, What is the retailer effective cost of trade credit
|
|
What was the percentage completion of the units llc sold
: The treats include two ingredients: peanut butter, and added nutrient powder. What was the percentage completion of the units LLC sold in 2020
|
|
Market value of luther non-cash assets
: LogInc is a successful logistical services firm that currently has $5,000,000 in cash. LogInc has decided to use this cash to repurchase shares from its investo
|
|
Impact on the learning journey in science
: Critically analyse about the two deadly viruses covid and HIV - reflecting on the take-home message from scentific topic
|
|
What is the revised depreciation expense for the third year
: The company upgraded the machine parts and the cost of upgrading amounted to P120,000. What is the revised depreciation expense for the third year
|
|
What is the activity rate for order processing
: The company expects to produce 16,500 down-filled comforters using 19,800 direct labor hours. What is the activity rate for order processing
|
|
What amount should be derecognized at date of replacement
: Using the principles outlined in IAS 16, Property, Plant and Equipment, what amount should be derecognized at the date of replacement
|
|
Prepare the statement of cash flows
: In 2013, the management of Austin Industries Inc. expects to generate $38,000 in profit. Prepare the statement of cash flows
|
|
Explain the nature of the hazards to patients
: Explain the circumstances where each method of imaging might be used in preference to ultrasound, which has relatively low levels of hazard
|