Reference no: EM133116512

Questions -

Q1) During 2020, HeimCo paid a total of $90,000 for rent, covering the period from 1 October 2019 to 31March 2021.What figures should appear in Heim Co's financial statements for the year ended 31 December 2020?

Q2) Company sells machine B for $70,000 cash on 30 April 20X4. Machine B cost $120,000 when it was purchased and has a carrying amount of $85,000 at the date of disposal. What are the journal entries to record the disposal of machine B?

Q3) At 31 December 2021 a company's receivables totaled $500,000 and an allowance for receivables of $55,000 had been brought forward from the year ended 31 December 2020.It was decided to write off debts totaling $45,000. The allowance for receivables was to be adjusted to the equivalent of 8% of the receivables. What charge for receivables expense should appear in the company's statement of profit or loss for the year ended 31 December 2021?

Q4) At 1 July 2019 the receivables allowance of Co was $28,000.During the year ended 30 June 2020 debts totaling $14,400 were written off. The receivables allowance required was to be $29,000 as at 30 June 2020.What amount should appear in Co's statement of profit or loss for receivables expense for the year ended 30 June 2020?

Q5) The carrying amount of a company's non-current assets was $250,000 at 1 August 20X0. During the year ended 31 July 20X1, the company sold non-current assets for $35,000 on which it made a loss of $15,000. The depreciation charge for the year was $60,000. What was the carrying amount of non current assets at 31 July 20X1?