OMBA MOD2 Week 4 Pre-Live Assignment

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Sale of Equipment Instructions Chart of Accounts First Questions Journal Instructions Equipment was acquired at the beginning of the year at a cost of $562,500. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 9 years and an estimated residual value of $49,785. Chart of Accounts CHART OF ACCOUNTS Required: a. What was the depreciation for the first year? Round your intermediate calculations to 4 decimal places. Round the depreciation for the year to the nearest whole dollar. b. Assuming that the equipment was sold at the end of the second year for $557,317, determine the gain or loss on the sale of the equipment. c. Journalize the entry on Dec. 31 to record the sale. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a…

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d EXCHANGE PASSWORD REQUIRED Financial Accounting : Overview E CengageNowv2 | Online teaching and learning resource Enter your password for "hjmolin" in Internet Accounts. eBook Show Me How Depreciation Methods Clearcopy, a printing company, acquired a new press on January 1 The press cost $171,600 and had an expected life residual value of $15,000. Clearcopy printed 683,600 pages during the year. Do not round intermediate calculations. If required, round your answers to the 8 years or 4,500,000 pages and an expected nearest whole dollar. Required: 1. Compute depreciation expense using the: Depreciation Expense a. Straight-line method b. Double-declining-balance method c. Units-of-production method 2. What is the book value of the machine at the end of the year under each method? Book Value a. Straight-line method b. Double-declining-balance method с. Units-of-production method Previous

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• Due: Wednesday October 6th, 2021 by 10:00 a.m. • Submitted thru Blackboard as a Word document or PDF Although I do not require your rough work, please show each of the steps you followed in arriving at your final answer Problem: The restaurant of a 165-room year-round resort hotel depends entirely on its room guests for its revenue. Average annual room occupancy is 77%. On average, 3.6 people occupy each room in use. We know from past experience that 82% of the guests will eat breakfast, 27% will eat lunch, and 55% will eat dinner in the resort's dining room. The average checks per meal are: Breakfast Lunch Dinner $8.50 $12.25 $19.87 The restaurant is open every day of the year. Calculate the annual (for 365 days) food revenue for a non-leap year, showing your calculations. *ensure all calculations are rounded to two decimal places to arrive at the correct answer 18°C Clou

TB MC Qu. 7-107 Kansas Enterprises purchased equipment for... Kansas Enterprises purchased equipment for $79,000 on January 1, 2021. The equipment is e of $7,950 at the end of ten years. Using the straight-line method, the book value at December 31, 2021, would be: Multiple Cholce $71,895. $71,050.

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eBook Question Content Area Differential Analysis Involving Opportunity Costs On July 1, Campus Stores Inc. is considering leasing a building and purchasing the necessary equipment to operate a retail store. Alternatively, the company could use the funds to invest in $1,500,000 of 2% U.S. Treasury bonds that mature in 15 years. The bonds could be purchased at face value. The following data have been assembled: Line Item Description Amount Cost of store equipment $1,500,000 Life of store equipment 15 years Estimated residual value of store equipment $75,000 Yearly costs to operate the store, excludingdepreciation of store equipment $320,000 Yearly expected revenues—years 1-6 $400,000 Yearly expected revenues—years 7-15 $600,000   Required: Question Content Area 1.  Prepare a differential analysis as of July 1 presenting the proposed operation of the store for the 15 years (Alternative 1) as compared with investing in U.S. Treasury bonds (Alternative 2). If…

The homework problems for Chapter 12 will use Larry's Landscaping. To refresh your knowledge of Larry's Landscaping, see the heading "Larry's Landscaping, Inc. Starts Business" on Pg 155. The following are the Balance Sheets for Larry's Landscaping as of March 31, 2021 (the end of last period) and April 30, 2021 (the end of this period) April 30, 2021 March 31, 2021 Assets $ 17,500 $ 21,000 1,500 3,300 25,800 40,000 100,000 (1,000) (2,000) 20.000 Total Property, Plant & Equipment 157,000 Total Assets $182.800 Cash Supplies Prepaid Insurance Total Current Assets Equipment Building Accumulated Depreciation Equipment Accumulated Depreciation Building Land 17,500 40,000 100,000 (500) (1,000) 20,000 158,500 $176.000 Liabilities Interest Payable 550 550 110,000 110,550 $24 Total Current Liabilities Note Payable Long-Term 110,000 110,000 Total Liabilities Owners' Equity 6,000 54,000 12,250 72,250 Total Liabilities and Equity $182.800 6,000 54,000 6,000 66,000 $176.000 Common Stock Paid-in…

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Tutorial 12 Submission date: 1 February 2021 before 12.00pm 1. The statement of financial position of Fateh Enterprise, a sole trader, for two successive years are shown below, Statement of Financial Position as 31 December 2019 2020 RM RM RM RM Non Current Asset Land and premises (cost RM52,000) Plant and machinery: (Cost RM19,000) (Cost RM25,000) 44,000 40,000 14,250 19,600 59,600 58,250 Current Asset Inventory Trade account receivable Bank 6,600 17,800 6,300 12,600 7,100 24.400 82,650 26.000 85,600 FINANCED BY : Capital account: Balance at 1 January Add: Net Profit for the year 42,000 18,000 47,000 22,000 60,000 (13,000) 47,000 69,000 (15,000) 54,000 Less:Drawing Current Liabilities Trade account payable Bank overdraft 22,000 13,650 11,600 35,650 11,600 Non Current Liabilities Loan(repayable December 2022) 20.000 85,600 82,650 Rep Required: Prepare statement of cash flow for Fateh Enterprise for the year ended 31 December 2020.

Chapter 10 Problem Set A Problem 10-1 On January 1, 2019 Crampton Company acquired land on which to construct a new distribution warehouse. During 2019, the company made expenditures as follows: Contract price of the land $600,000 Closing costs $23,000 Hoerr Excavating for clearing and grading $65,000 Sparks Concrete Construction for sidewalk and parking lot $158,500 Touchstone Lighting for parking lot lighting $21,500 J Hacker and Associates, Architects $71,000 Town of Normal for building permits $9,500 Lewis General Contractors $4,100,000 Crampton also purchased $1,450,000 of warehousing equipment and conveyors. The entire facility was placed in service before December 31, 2019. Prepare Crampton Company’s PPE section of their balance sheet dated December 31, 2019 before the adjusting entries for depreciation

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Problem 1 The property, plant and equipment section of Radiohead Corporation's statement of financial position at December 31, 2019 included the following items: Land Land improvements Building Machinery and equipment P2,500,000 560,000 3,600,000 6,600,000 During 2020, the following date were available to you upon the analysis of the accounts: Cash paid on purchase of land Mortgage assumed on the land bought, including interest at 16% Realtor's commission Legal fees, realty taxes and documentation expenses Amount paid to relocate persons squatting on the property Cost of tearing down an old building on the land Amount recovered from the salvage of the building demolished Cost of fencing the property Amount paid to a contractor for the building erected Building permit fees Excavation expenses Architect's fee Interest that would have been earned had the money used during the period of construction been invested in the money market Invoice cost of machinery acquired Freight, unloading and…

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Every entry should have narration please   Problem 1 November 19, 2020, BG Ltd purchased a mini excavator from an equipment supplier. The cost of the excavator was 560,000, with $6,000 paid in cash, and a note for $54.000 with interest on the note at 4% all due on November 18, 2021. BG Ltd. has a year end of December 31.   Prepare all of the entries required for the note in 2020 and 2021.

Project - Comprehensive Problem                                                                                  RETL 261 For the past several years, Kell Dice has operated a part-time consulting business from his home. As of June 1, 2020, Kell decided to move to rented quarters and to operate the business, which was to be known as Dice Consulting, on a full-time basis. Dice Consulting entered into the following transactions during June. Transactions: June: Kell Dice deposited $55,000 into Dice Consulting as the sole owner. Dice Consulting purchased supplies, $3,500; and office equipment, $17,500 with a 3 year note payable of $10,000 and the remainder in cash. Paid three months’ rent on a lease rental contract, $ 6,000. Paid the yearly premium on property and casualty insurance policies, $3,000. Paid cash for a newspaper advertisement, $120.   Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $7,000.   Purchased…

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Question 41 marty is a sales consultant. Marty incurs the following expenses related to the entertainment of his clients in 2018:  “picture attached with the i formation and two questions.

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O Licence from the government to operate in its business sector for five years from 1 January 2023 Planning costs - new website, which will be launched in 2024 Purchase of laptops for employees on 1 January with a useful life of 3 years Microsoft user licenses purchased on 1 January 2023 Training of new employees Consultancy fees (including VAT @15%) Legal costs (including VAT @15%) Useful life of the intangible assets R1 440 000 R72 000 R144 000 R144 000 R96 000 R186 300 R62 100 5 years On 1 January 2024, the company expected the revenue from the license to decrease as the government gazetted new laws resulting in the release of more licenses into the market. This was an indication of possible impairment. Management prepared the following cash flow forecasts: Year Rands Discount factor 2024 372 000 0.8734 2025 300 000 0.7628 2026 258 000 0.6662 2027 234 000 0.5818 The market-related discount rate of the company is 14.5% The current gross selling price of the license in the market is…

TB 02-79 Your company buys a $2 million warehouse pay... Your company buys a $2 million warehouse paying $300,000 in cash and issuing $1.7 million in promissory notes. This will be posted as: Multiple Choice O $2 million credited and $300,000 debited to assets; $1.7 million debited to liabilities. $2 million debited and $300,000 credited to assets; $1.7 million credited to liabilities. O $2 million credited to assets and $2 million debited to liabilities. $2 million debited to assets and $2 million credited to liabilities.