OMBA MOD2 Week 4 Pre-Live Assignment
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Jun 18, 2024
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OMBA MOD2 Week 4 Pre-Live Assignment
During the live session, we will use Amazon.com to illustrate the main principles of financial reporting. In preparation for the session, answer the following questions.
(1) Property, Plant, and Equipment
Amazon bought a warehouse in Nashville TN at the end of 2019 for $22.8 million. Assume that the building itself was valued at $20 million and the land at $2.8. Amazon estimates the warehouse’s remaining useful life as 20 years, with no residual value. Amazon uses straight-line depreciation. Further assume that the building has been appraised at $22 million as of the end of 2022. QUESTION
: At the end of 2022, what is the net value of the building on Amazon’s balance sheet?
(2) Acquisitions
Assume that Amazon decides to acquire Questrom Bakeries for $4 billion, net of cash acquired. On the announcement date of the acquisition, Questrom Bakeries’ market value is $3 billion. Amazon assigns the following value to Questrom Bakeries’ identifiable assets:
Assets
Liabilities
Inventories: $500 million
Debt: $500 million
Property, Plant, and Equipment: $1.5 billion
Recipes: $200 million
Brand: $300 million
QUESTION
: How much goodwill will Amazon record on its balance sheet as part of the transaction?
(3) Revenue Recognition
Assume that you sign up for Amazon Prime on January 1
st
. You pay $139 for a year. QUESTION
: How much revenue does Amazon recognize as of January 1? As of July 1?
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Need help with question B & C
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Calculating and journalizing partial-year depreciation
This problem continues the Canyon Canoe Company situation from Chapter 8, Amber and Zack Wilson are continuing to review business practices. Currently, they are reviewing the company’s property, plant, and equipment and have gathered the following information:
Requirements
Calculate the amount of monthly depreciation expense for the computer and office furniture for 2019.
For each asset, determine the book value as of December 31, 2018. Then, calculate the depreciation expense for the first six months of 2019 and the book value as of June 30, 2019.
Prepare a partial balance sheet showing Property, Plant, and Equipment as of June 30, 2019.
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Vishnu
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How do I solve this
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How can i solve task 20 question 1?
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B
As the recently appointed auditor for Pharoah Corporation, you have been asked to examine selected accounts before the six-month
financial statements of June 30, 2023, are prepared. The controller for Pharoah mentions that only one account is kept for intangible
assets. The entries in Intangible Assets since January 1, 2023 are as follows
INTANGIBLE ASSETS
Jan
4
5
Feb. 11
Apr 30
June 1
30
Research costs
Legal costs to obtain patent
Payment of seven months rent on property leased by Pha
Proceeds from issue of common shares
Promotional expenses related to start-up of business
Development stage costs (meet all six development stage criterial
Start-up costs for first six months of operations
Account Titles and Explanation
Research and Development Expense
Intangibila Asses-Pate
Rent pens
Prisl
Advertising Expense
Income Summary
Operating Expens
Notes Parable
Interest Expe
(To correct intangible asset account)
Prepare the journal entry or entries needed to correct this account Allocat…
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Please help with correct answers asap
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Current Attempt in Progress
During 2025, Ivanhoe Company started a construction job with a contract price of $1,610,000. The job was completed in 2027. The
following information is available.
Costs incurred to date
Estimated costs to complete
Billings to date
Collections to date
2025
$383,800
626,200
302,000
271,000
Gross profit recognized in 2025 $
Gross profit recognized in 2026
Gross profit recognized in 2027
▬▬▬▬
$
2026
$
$905,280
198,720
896,000
817,000
Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used.
2027
$1,063,000
-0-
1,610,000
1,419,000
C
C
Σ
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Using Excel to Calculate Double-Diminishing-Balance
Depreciation
PROBLEM
Audio Systems purchased a delivery truck on January 1,
2024. The company has a December 31 year end. Additional
information concerning the truck follows.
Purchase price of truck
Student Work Area
Required: Provide input into cells shaded in yellow in this template. Use
mathematical formulas with cell references to the Problem and work area
as indicated.
Using the diminishing-balance method and assuming the depreciation rate
is equal to double the straight-line rate, calculate the depreciation:
Residual value
Useful life
$80,000
8,000
4 years
a.
For each year of the truck's life
Rate
January 1
Carrying
Amount
Depreciation
December 31
Carrying
Rate
Expense
Amount
2021
0%
b.
2022
2023
2024
0%
0%
0%
In total over the truck's life
Total
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EXCELSIOR COMMUNITY COLLEGE
HOSPITALITY MANAGEMENT ACCOUNING
MID-SEMESTER
ACCT4301
UNIT 2
Section A of this assessment is to be done on Canvas
Section B
Answer all questions in this section - round off your answers to two decimal places
Instructions: Responses should be written on paper. Take a CLEAR, WELL-LIGHTED
picture of each page, the upload to Canvas.
1. The following information relates to Moonlight Hotel
2018
2019 $ change % change
Net sales
1,818,500 1,750,000
Cost of Goods Sold
1,005,500 996,000
Operating profit
813,000 754,000
Selling and administrative expenses
506,000 479,000
Income from operations
307,000 275,000
Other expenses and losses
Interest expenses
18,000
19,000
Income before income taxes
289,000
256,000
Income tax expenses
86,700
77,000
Net Income
202,300
179,000
Required:
i.
Use the above information to prepare the comparative analysis income
statement.
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Hello tutor answer these general accounting question
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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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i need this question answer General accounting question
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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
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$71,050.
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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…
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Online Test Window-Google Chrome
tests.mettl.com/test-window/f55ac827#/testWindow/0/6/1
EY
Accounting Assessment
Total 00:55.46
Finish Test
Section 1 of 1 Section #1 v
12
5.
7
8.
6.
10
11
7 of 45
All
2
43
Question #7
GRevisit
Choose the best option
Wages paid to own employees who have redecorated the office are
O capital expenditure.
debited to profit and loss account.
debited to premises account.,
O credited to profit and loss account.
Frev Question
Next Question
+91-82878-03040
Zaineh | Support +1-650-924-9221
4:12 PM
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1/16/2021
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Question Content Area
Depreciation for Partial Periods
Woody Delivery Company purchased a new delivery truck for $36,000 on April 1, 2019. The truck is expected to have a service life of 5 years or 180,000 miles and a residual value of $3,000. The truck was driven 8,000 miles in 2019 and 14,000 miles in 2020. Woody computes depreciation expense to the nearest whole month.
Required:
Compute depreciation expense for 2019 and 2020 using the following methods: (Round your answers to the nearest dollar.)
Straight-line method
2019
$ fill in the blank 1
2020
$ fill in the blank 2
Sum-of-the-years'-digits method
2019
$ fill in the blank 3
2020
$ fill in the blank 4
Double-declining-balance method
2019
$ fill in the blank 5
2020
$ fill in the blank 6
Activity method
2019
$ fill in the blank 7
2020
$ fill in the blank 8
For each method, what is the book value of the machine at the end of 2019? At the end of 2020? (Round your…
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Show Attempt History
Current Attempt in Progress
Blossom Limited purchased a machine on account on April 1, 2021, at an invoice price of $365,470. On April 2, it paid $2,170 for
delivery of the machine. A one-year, $4,120 insurance policy on the machine was purchased on April 5. On April 19, Blossom paid
$7,580 for installation and testing of the machine. The machine was ready for use on April 30.
Blossom estimates the machine's useful life will be five years or 6,118 units with a residual value of $87,910. Assume the machine
produces the following numbers of units each year: 893 units in 2021; 1,448 units in 2022; 1,426 units in 2023; 1,222 units in 2024;
and 1,129 units in 2025. Blossom has a December 31 year end.
(a)
Your Answer
Correct Answer
Your answer is correct.
Determine the cost of the machine.
CASO PO
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Need answer
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Please find the depreciation expenses thanku
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help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
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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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Please do not give image format
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Only typing answer
Please answer explaining in detail step by step Without table and graph thankyou
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do not ive answer image formet
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