OMBA MOD2 Week 4 Pre-Live Assignment

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.

Requirements K Ashlyn and Zain Waldon are continuing to review business practices. Currently, they are reviewing the company's property, plant, and equipment and have gathered the following information: (Click the icon to view the information.) 1. Calculate the amount of monthly depreciation expense for the computer and office furniture for 2025. 2. For each asset, determine the book value as of December 31, 2024. Then, calculate the depreciation expense for the first six months of 2025 and the book value as of June 30, 2025. 3. Prepare a partial balance sheet showing Property, Plant, and Equipment as of June 30, 2025. Print Done Data table Asset Acquisition Date Cost Estimated Life Estimated Residual Value Depreciation Method* Monthly Depreciation Expense Canoes Land Nov. 3, 2024 Dec. 1, 2024 $ 5,760 4 years $ 0 SL $ 120 115,000 n/a Building Dec. 1, 2024 295,000 15 years 25,000 SL 1,500 Canoes Dec. 2, 2024 4,800 4 years 0 SL 100 Computer Mar. 2, 2025 2,250 5 years 1,000 DDB Office…

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…

Assignment 6.1: Session 6 Comprehensive Problem (Chapter 8) Instructions In this session, we have a 6-part comprehensive problem. Download the Session 6 Comprehensive Problem Templates below to complete the 6 required parts of the problem. You will need your Bergevin and MacQueen book for reference. Rancho Cucamonga Inc. began business on January 1, 2020. The firm earned $100 from sales in its first year of business. Rancho Cucamonga collected $90 of revenue earned in cash during 2020 and reported a $10 account receivable on its 2020 balance sheet. The firm paid $70 cash for operating expenses in 2020 and reported a $5 account payable for unpaid operating expenses on its 2020 balance sheet. Income tax laws only recognize cash collected from sales and cash paid for expenses as taxable items in the year collected or paid. Rancho Cucamonga also reported a $10 fine, paid in cash, to the federal government for unfair business practices. Generally accepted accounting principles allow firms…

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…

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.

View Policies 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

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

What is the cost of the new building on December 31, 2019? 5 Oakley Company had loans outstanding during 2018 and 2019: Specific construction loan General loan 2,000,000 25,000,000 10% 12% The company began the self-construction of a new building on January 1, 2018 and the building was completed December 31, 2019. Expenditures during 2018 and 2019 were: January 1, 2018 June 30, 2018 November 1, 2018 July 1, 2019 2,000,000 4,000,000 3,000,000 1,000,000

Question 1 Kingbird Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $13,000,000 on January 1, 2025. Kingbird expected to complete the building by December 31, 2025. Kingbird has the following debt obligations outstanding during the construction period. Construction loan—12% interest, payable semiannually, issued December 31, 2024   $5,200,000 Short-term loan—10% interest, payable monthly, and principal payable at maturity on May 30, 2026   3,900,000 Long-term loan—11% interest, payable on January 1 of each year; principal payable on January 1, 2029   2,600,000 (a) Assume that Kingbird completed the office and warehouse building on December 31, 2025, as planned, at a total cost of $13,520,000, and the weighted-average amount of accumulated expenditures was $9,360,000. Compute the avoidable interest on this project. (Use interest rates rounded to 2 decimal places, e.g. 7.58% for computational purposes…

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

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

eBook   Show Me How 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…

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

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

Using Excel to prepare depreciation schedules Download an Excel template for this problem online in MyAccountingLab or at http://www.pearsonhighered.corri/Horngren. The Fraser River Corporation has purchased a new piece of factory equipment on January 1, 2018, and wishes to compare three depreciation methods, straight-line, double-declining-balance, and units-of-production. The equipment costs $400,000 and has an estimated useful life of four years, or 8,000 hours. At the end of four years, the equipment is estimated to have a residual value of $20,000. Requirements Use Excel to prepare depreciation schedules for straight-line, double-declining-balance, and units-of-production methods. Use cell references from the Data table. Prepare a second depreciation schedule for double-declining-balance method, using the Excel function DDB. The DDB function cannot be used in the last year of the asset's useful life. At December 31, 2018, Fraser River is trying to determine if it should sell the…

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…

Paragraph Styles A medical facility purchased a new copy machine for the billing office at a price of $25,000,000.00 on January 1, 2021. Its useful life is 6 years with a salvage value of $2,500,000.00. Calculate deprecation for the first 4 years using the following methods: (you may round all figures to the nearest dollar) Straight Line DDB SYD

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…

Question #1: Limits Incorporated Limits Incorporated [LI] had the following events occur during 2023: On March 1, 2023, LI signed a contract with a customer AIG Limited to manufacture specialized lawn equipment. The contract was signed for $500,000 and AIG paid $150,000 to LI on the date of the signing. Manufacturing and delivery to AIG is expected to begin in October. On July 2nd, LI sold $200,000 of lawn equipment to PMG for $320,000 cash. The lawn equipment comes with a one-year warranty. Based on history, warranty is expected to average 2% of the selling price of lawn equipment. On November 3rd, LI delivered $75,000 of lawn equipment to AIG. The cost of the equipment manufactured was $38,000. The lawn equipment carries the same warranty as all other lawn equipment. On December 15th some lawn equipment was returned for repair. The parts needed for repair amounted to $1,200, with $200 of labour being utilized to make the repairs. . . Required: Prepare journal entries for ALL the…

Problem 16: The following disbursements were made in relation to the construction of CAN'T BE WITH YOU TONIGHT Co. building which started January 1, 2020 and the building was completed August 31, 2021. CAN'T BE WITH YOu TONIGHT Company have the following loans outstanding during 2020 and 2021: Interest Rate Amount Specific loan 15% 2,000,000 General loan 12% 15,000,000 The following expenditures were paid during 2020 and 2021 to KASI NANDITO ASAWA KO Construction. January 1, 2020 2,000,000 July 1, 2020 5,000,000 November 1, 2020 3,000,000 July 1, 2021 1,000,000 August 31, 2021 2,000,000 13,000,000 Answer the following questions In accordance with PAS 16 and PAS 23. 46. How much is the balance of the Building-in-progress at December 31, 2020? 47. How much interest incurred was capitalized in 2020? 48. How much interest incurred was recognized in the 2020 profit and loss statement? 49. How much interest incurred was recognized in the 2021 profit and loss statement assuming the all…

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…

Current Attempt in Progress Riverbed Furniture started construction of a combination office and warehouse building for its own use at an estimated cost of €4,020,000 on January 1, 2022. Riverbed expected to complete the building by December 31, 2022. Riverbed has the following debt obligations outstanding during the construction period. Construction loan-12% interest, payable semiannually, issued December 31, 2021 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2023 Long-term loan-11% interest, payable on January 1 of each year. Principal payable on January 1, 2026 €1,610,000 1.288.000 805,000 (a) Assume that Riverbed completed the office and warehouse building on December 31, 2022, as planned at a total cost of €4,186,000. The following expenditures were made during the period forthis project: January 1, €805,000; April 1, €1,205,000; July 1, €1,605,000; and October 1, €560,000. Excess funds from the construction loans were invested during…

6 points American Construction Company has entered into a contract with American University in Cairo beginning January 1, 2017 to construct Digital Library Building. It has been estimated that the costs of the building to be $2,100,000 and the contract price will be $3,265,000. It will take 3 years to construct the building. The company uses cost recovery method. If the following data pertain to the building during the construction period. Save Answer 2017 $945,000 1,155,000 900,000 800,000 2018 $1,575,000 525,000 1,970,000 1,750,000 2019 $2,135,000 Costs to date Estimated costs to complete -0- Progress billings to date Cash collected to date 3,265,000 3,265,000 Requirements: Required 1: Compute the gross profit of loss recognized each year. Required 2: The balance of construction in process in 2017 and 2018 will be: Required 3: Assume the same data for the digital library contract except that the estimated cost in 2018 was $1.050.000 instead of $525,000. A. Compute the gross profit or…