OMBA MOD2 Week 4 Pre-Live Assignment

Need help with question B & C Thanks

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.

How do I solve this

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…

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…

ANSWER AND SHOW WORK IN EXCEL ATTACHED IS QUESTION

HW - Ch 20-2   Prepare journal entries to record the effects on Shannon’s accounting records at December 31, 2021, for each of the items described above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars not in thousands of dollars.) (1)  Record the gain on sale of investment with an original cost of $186,000 for $232,000 (2)  Record the adjustment of equity securities for the investment of $232,000 as on the date of sale. (3)  Record the fair value adjustment. (4)  Record the loss-lawsuit. (5)  Record correction of inventory error. (6) Record correct assets that were incorrectly expensed. (7)  Record the 2021 adjusting entry for depreciation. (8) Record the income tax expense.

DONT GIVE ANSWER IN IMAGE FORMAT

please help me

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.

In alphabetical order below are current asset items for Roland Company’s balance sheet at December 31, 2020. Accounts receivable   $ 200,000 Cash   62,000 Finished goods   91,000 Prepaid expenses   38,000 Raw materials   83,000 Work in process   87,000 Prepare the current assets section. (List Current Assets in order of liquidity.)

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 metti 1/16/2021

Answer the following.

Need answer

Please find the depreciation expenses thanku

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…

Hi expert please give me answer of this accounting questions

Hello tutor please given answer of this general accounting question

Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?

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…

Analyse the above and prepare the necessary 31 December 2018 adjusting journalentries to describe the information provided. No narrations required (1) The company bought a small warehouse on 1 January 2018 that costs$465,000. The warehouse is expected to have a residual value of $30,000at the end of its estimated useful life of 20 years. ACC202 Copyright © 2020 Singapore University of Social Sciences (SUSS) Page 8 of 11Timed Online Assignment – July Semester 2020(2) Since the company does not occupy the entire warehouse, it rented outspace to two tenants at $600 per month each starting on 1 October 2018.The first tenant paid $1,200 for two months’ rent on 1 October 2018.However, no further payments have been made. On 1 October 2018, thesecond tenant paid $3,600 for six months’ rental.(3) On 1 January 2018, to finance the purchase of the warehouse, thecompany took a loan of $150,000 from the bank. The company onlyneeded to start making the first principal repayment on 1 January 2021.The…

Yogesh

Don't give answer in image

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…

Question  1   On January 1, 2017 Baker purchased a new stamping machine for its plant. This new piece of equipment cost $120,000 and was recorded in Baker's accounting system with a $120,000 debit to the Equipment account and a $120,000 credit to the Cash account. Baker estimates that the stamping machine will last 5 years and will have no value at the end of those 5 years. At the end of January, February, March, April, and May, Baker made the correct depreciation adjusting entries. Select the June 30, 2017 adjusting entry Baker should make for June’s depreciation:   (A) Accumulated depreciation:  2,000  ________       depreciation: expense          _______    2,000   (B) depreciation expense          12,000   _______       accumulated depreciation:   ______ 12,000     (C) depreciation expense              2,000  ______       accumulated depreciation      ______  2,000   (D) depreciation espense    24,000   ________       cash                               _______ 2,000 loss of…