Homework Answers
| DATE | EXPLANATIONS | DEBIT | CREDIT | |
| 31/3/19 | Bank dr | 29000 | ||
| to machine | 17250 | |||
| to profit on sales of machine | 11750 | |||
| working | ||||
| DATE | ||||
| 4/1/2015 | 47000 | purchase cost | ||
| 5000 | salvage value | |||
| 42000 | ||||
| 7000 | per year depreciation | |||
| 31/3/19 | 29000 | sales value | ||
| 28000 | 4 year depreciation | |||
| 1750 | 3 month depreciation | |||
| 29750 | Depreciation till 31/3/19 | |||
| 31/3/19 | 17250 | machine value | ||
| 11750 | profit on sales of machine |
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5. On 4/01/2015, Express Pleasure Coach Service purchased a recreational coach for $47,000 cash. The company...
5. On 4/01/2015, Express Pleasure Coach Service purchased a recreational coach for $47,000 cash. The company...
5. On 4/01/2015, Express Pleasure Coach Service purchased a recreational coach for $47,000 cash. The company has a calendar year accounting cycle. Its policy is to use straight line depreciation over the useful life of the asset. The company estimates a useful life of 6(six) years with a residual value of $5,000. On 3/31/2019, Express Transport Company sold the coach for $29,000 cash. Required: Record the sale transaction and state the profit(loss) on sale of the asset. Sale of Motor...
5) Mandy Manufacturing purchased a machine on August 1, 2014, and it was installed and ready...
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Handout 8: Accounting for Plant assets Exercise 1: On March 1, 2008, Penner Company acquired real...
Handout 8: Accounting for Plant assets Exercise 1: On March 1, 2008, Penner Company acquired real estate on which it planned to construct a small office building. The company paid $80,000 in cash. An old warehouse on the property was razed at a cost of $8,600; the salvaged materials were sold for $1,700. Additional expenditures before construction began included $1,100 attorney's fee for work concerning the land purchase, $5,000 real estate broker's fee, $7,800 architect's fee. Land price 8,600 Instruction:...
I need answers for my reviewer. 1. The time period assumption assumes that an organization's activities...
I need answers for my reviewer.
1. The time period assumption assumes that an organization's activities may be divided into specific reporting time periods including all of the following A Month B Quarters C. Calendar years. D. Days 2. The 12-month period that ends when a company's sales activities are at their lowest level is called the A Fiscal year. B Calendar year. C. Natural business year. D. Accounting period 3. Courtney Company purchased equipment on November 1, 2018 and...
please answer both questions Problem 1. Selected accounts from the ledger of Hughes Company appear below....
please answer both questions
Problem 1. Selected accounts from the ledger of Hughes Company appear below. For each account, indicate the following: (a) In the first column at the right, indicate the nature of each account, using the following abbreviations: Revenue - R Asset - A Liability - L Expense - E Capital/Equity- In the second column, indicate the increase side of each account by inserting Dr. or Cr. (b) Increase Side Type of Account Account Supplies (2) Notes Receivable...
Need help with comprehensive project (PLEASE MAKE SURE CHECK TOTALS ARE CORRECT) TIA!!! T- Accounts Adjusted...
Need help with comprehensive project (PLEASE MAKE SURE CHECK
TOTALS ARE CORRECT) TIA!!!
T- Accounts
Adjusted Trial Balance
Income Statement
Statement of Retained Earnings
Balance Sheet
Closing Entries
Post-closing trial balance
Read ALL instructions before getting started! ABC Corporation is a new company that buys and sells office supplies. Business began on January 1, 2016. Given on the first two tabs are ABC's 12/31/16 Unadjusted Trial Balance and a list of needed adjustments. 1. Make all 12 adjustments on the...
5. On 4/01/2015, Express Pleasure Coach Service purchased a recreational coach for $47,000 cash. The company has a calendar year accounting cycle. Its policy is to use straight line depreciation over the useful life of the asset. The company estimates a useful life of 6(six) years with a residual value of $5,000. On 3/31/2019, Express Transport Company sold the coach for $29,000 cash. Required: Record the sale transaction and state the profit(loss) on sale of the asset. Sale of Motor...
5) Mandy Manufacturing purchased a machine on August 1, 2014, and it was installed and ready to run on January 1, 2015. The following costs were incurred in the purchase and installation of the machine. Invoice price $ 1,300,000 Freight costs 7.000 Purchase discount 2.500 Installation costs 66,000 Electrical and power connections 32,000 Repairs to correct damage incurred during uncrating 12.000 Adjustment costs 36,000 Spare parts for future use 25,000 Provincial sales tas 91.000 Fines incurred during the transport and...
Handout 8: Accounting for Plant assets Exercise 1: On March 1, 2008, Penner Company acquired real estate on which it planned to construct a small office building. The company paid $80,000 in cash. An old warehouse on the property was razed at a cost of $8,600; the salvaged materials were sold for $1,700. Additional expenditures before construction began included $1,100 attorney's fee for work concerning the land purchase, $5,000 real estate broker's fee, $7,800 architect's fee. Land price 8,600 Instruction:...
I need answers for my reviewer.
1. The time period assumption assumes that an organization's activities may be divided into specific reporting time periods including all of the following A Month B Quarters C. Calendar years. D. Days 2. The 12-month period that ends when a company's sales activities are at their lowest level is called the A Fiscal year. B Calendar year. C. Natural business year. D. Accounting period 3. Courtney Company purchased equipment on November 1, 2018 and...
please answer both questions
Problem 1. Selected accounts from the ledger of Hughes Company appear below. For each account, indicate the following: (a) In the first column at the right, indicate the nature of each account, using the following abbreviations: Revenue - R Asset - A Liability - L Expense - E Capital/Equity- In the second column, indicate the increase side of each account by inserting Dr. or Cr. (b) Increase Side Type of Account Account Supplies (2) Notes Receivable...
Need help with comprehensive project (PLEASE MAKE SURE CHECK
TOTALS ARE CORRECT) TIA!!!
T- Accounts
Adjusted Trial Balance
Income Statement
Statement of Retained Earnings
Balance Sheet
Closing Entries
Post-closing trial balance
Read ALL instructions before getting started! ABC Corporation is a new company that buys and sells office supplies. Business began on January 1, 2016. Given on the first two tabs are ABC's 12/31/16 Unadjusted Trial Balance and a list of needed adjustments. 1. Make all 12 adjustments on the...
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