Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Problem
ABC Asset Inc. owns a freely transferable taxi operator's license, which it acquired on January 1,20X5, at an initial cost of $10,000. The useful life of the license is five years (based on the date it is valid for). The entity uses the straight-line method to amortize the intangible. Such licenses are frequently traded either between existing operators or with aspiring operators. At the balance sheet date, on December 31, 20X6, due to a government-permitted increase in fixed taxi fares, the traded values of such a license was $12,000. The accumulated amortization on December 31, 20X6, amounted to $4,000.
Required: What journal entries are required at December 31, 20X6, to reflect the increase/decrease in carrying value (cost or revalued amount less accumulated depreciation) on the revaluation of the operating license based on the traded values of similar license? Also, what would be the resultant carrying value of the intangible asset after the revaluation?
A construction company has a fixed overhead of $60,000 and a variable overhead of 2.5% of revenue. Historically, construction costs have been 88% of revenue.
Misty's effective tax rate is 40% and there were 1,000 shares of common stock outstanding. What would be Misty's income before extraordinary item(s)
The initial voltage across a capacitor is zero, and after 8.00 ms. If a current where i is the current (in A) and t is the time (in s), charges the capacitor, find the capacitance C of the capacitor.
Partners T. Evans and R. Meloy are provided salary allowances of $30,000 and $25,000, respectively.
company a has revenues of 3750 net income to common sharholders of 476 income before interest and related taxes of 476
glenda received a proportionate nonliquidating distribution from the efg partnership. the distribution consisted of
athena company has two divisions. spartan division which has an investment base of 8400000 produces and sells 450000
Custom Tailors (CT) has a manufacturing facility in southern Wisconsin where they make custom suits. How much inventory is carried at Custom Tailors
which of the following financial ratios is the best measure of the operating effectiveness of a firms
(Journal entries) Prepare journal entries to record the following transactions of a not-for-profit hospital: The hospital billed its patients for $250,000.
Which one of the following is a source of cash?A decrease in inventoryAn increase in fixed assetsA decrease in long-term debtThe payment of a cash dividendAn increase in accounts receivable
You will be asked to address a accounting failure from AMERICAN INSURANCE GROUP. Overview of the situation/accounting issue
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd