User Account

All Pages

What will be the carrying amount for the truck

Assignment Help Financial Accounting
Reference no: EM132982737

Questions -

Q1. Pink company uses the periodic inventory system. The company's beginning inventory and inventory purchases during March 2021 were as below: 60 marks

Mar 01: Beginning inventory, 125 units @ $3 per unit.

Mar 9: Inventory purchased, 195 units @ $5 per unit.

Mar 22: Inventory purchased, 210 units @ $8 per unit.

During March Pink company sold 180 units.

Calculate cost of goods sold and ending inventory for March 2020 using the Weighted Average cost method only.

Q2. Pink company purchased a truck on Jan 1, 2019 for $135,000. The estimated life of the vehicle is 15 years and estimated residual value is $3,000. Calculate the depreciation expense using straight-line method. What will be the carrying amount for the truck on Dec 31, 2020?

Reference no: EM132982737

Questions Cloud

Develop and solve linear programming model for this problem : The profit per roll of Grade X carpet is $200 and the profit per roll of Grade Y carpet is $160. Develop and solve linear programming model for this problem
What is the profit or loss to the writer of the option : If the spot price turns out to be $20 at expiration, what is the profit or loss to the writer (short) of the option
Calculate the residual income : Sales $2,000,000, expenses of $1,700,000 and average operating assets of $1,600,000. The company's cost of capital is 14%. Calculate the residual income (RI)
Developing it solutions for business : Critically analyse and select open source and proprietary software with a view to developing IT solutions for business and business-related IT problems
What will be the carrying amount for the truck : Pink company purchased a truck on Jan 1, 2019 for $135,000. What will be the carrying amount for the truck on Dec 31, 2020
Prepare the financing activities section of the statement : Prepare the financing activities section of the statement of cash flows for Colony LLC for the year ended December 31, 2017
Prepare journal entries to record the transactions : Prepare journal entries to record the transactions and closings for 2020 (assume the retirements were the first ever recorded by Zen Aerospace)
What was the required journal entry at the beginning : If this budget was formally integrated into the accounting records used to produce the Fund Financial Statements, what was the required journal entry
What adjustment should be made in the cost of sales : What adjustment should be made in the cost of sales of the group statement of profit or loss in respect of unrealised profit for year ended 30 September 2019

Reviews

Write a Review

Financial Accounting Questions & Answers

  How each event affects the elements of financial statements

Indicate how each event affects the elements of financial statements (1. assets 2. Liabilities 3. Equity 4. Revenues 5. Expenses 6. Net income 7. Cash flow). In performing the bank reconciliation for bounds company, a company employee found that the ..

  How much goodwill included in carrying amount of investment

Market price of Catriona shares at December 31, 2022 is P40 per share. How much goodwill is included in the carrying amount of investment

  Find which companies would meet definition of smaller report

Find Which companies would meet definition of smaller reporting company with respect to public equity float and annual revenue as established by U.S. Securities

  In a fixed order quantity system

In a fixed order quantity system (q-system), the daily demand for a product is approximately normally distributed with a mean of 75.7 and a standard deviation of 4.1 units. The order lead time is 12 days. What is the safety stock (in units) if the ta..

  Classify the lease as an operating lease or finance

In each independent scenario, indicate whether AMC would classify the lease as an operating lease or finance

  Find what is the coupon rate on the bond

15 years to maturity and is currently valued at $980.50. Investors annual required rate of return is 9%. What is the coupon rate on this bond?

  What price can buy if would like to buy telstra ltd shares

Low = $39.23. Last Trade = $39.20. Offer = $39.24. High = $39.70. If you would like to buy Telstra Ltd shares, at what price can you buy them?

  Major difference between deferral and accrual adjustments

One major difference between deferral and accrual adjustments is?

  What is the amount of net income

What is the amount of net income using FIFO, LIFO, and weighted average? c. Compute the amount of ending inventory using (1) FIFO, (2) LIFO, and (3) weighte

  What is implicit tax

He could buy corporate bonds with an 8% rate of return or municipal bonds with a 6% rate of return. What is implicit tax

  Outline some developing interrelationships

Which hold a combined market share of 33 percent. Outline some developing interrelationships which are impacting on the financial services sector.

  What required rate of return would result in a price

If McCracken expects both earnings and dividends to grow at an annual rate of 10?%, what required rate of return would result in a price per share of ?$28??

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