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!
Light Company bought a machine for ?300,000 on January 1, 20x8. The machine's useful life is 10 years and it is estimated to have a zero residual value and is depreciated using a straight-line method.
The revalued amount of the machine is as follows:
December 31 Fair values of the machines
20x8 360,000
20x9 335,000
2x10 320,000
The enacted tax rate was 30% for each year.
Problem 1: The revaluation surplus in the equity section of Light Company's December 31, 2x10 statement of financial position is:
A. Answer not given
B. 123,443
C. 109,500
D. 77,000
E. 110,000
Problem 2: The amount of revaluation surplus transferred to retained earnings in 20x9 is
A. answer not given
B. P10,000
C. P7,000
D. P6,667
E. P4,333
Problem 3: The amount of depreciation expense to be recognized in 20x9 is
A. 36,000
B. 32,500
C. 42,500
D. 40,000
E. Answer not given
What is the amount of the bad debt adjusting entry if Helix uses a percentage-of-receivables basis (at 10%)
The January 1 balance in Retained Earnings was $1,170,000. Prepare a retained earnings statement for the year
Saudi Electricity Company management has just completed an assessment of the company's assets and liabilities as on 31-12-2016 and has obtained.
The cash discount terms are 3/10, n / 45. How much will you pay in total for product X assuming you pay for the product 8 days after the day of purchase
ronald metzgar placed his fifteen-month-old son matthew awake and healthy in his playpen. ronald left the room for five
Give the entry for the issuance assuming the preferred stock has no ready market and the common stock has a fair value of $23 per share
Who should pay the external costs of driving? Identify the strongest two arguments in favor of such a tax and the strongest two arguments against such a tax.
You have just won the lottery and you have a choice between accepting $5,000 now; $8,000 in ten years; or $1,000 at the end of the year for the next six years. The relevant interest rate is 5%, compounded annually. Ignoring inflation and risk, wh..
Read "A Comparison of U.S. Auditing Standards". How are the efforts of the Auditing Standards Board and the International Auditing
An important source of temporary cash is trade credit, which does not actually bring in cash, but instead slows its outflow. Vendors often provide discounts for early payment. What is the formula to determine the effective interest rate if the dis..
Which of the following does not correctly describe the effect on CHS Company's financial statements of the December 31, 2016 adjusting entry
the captain company began operations on january 1 2014. the company estimated that 0.10 of warranty costs will be
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