ACCT Casino Halifax

ACCOUNTING FOR INVESTMENT PROPERTY.PROBLEM 3.  PLEASE ANSWER  AND SHOW SOLUTION

Family Resorts, Inc., is a holding company for severalvacation hotels in the northeastern and mid-Atlantic states. The firm originally purchased severalold inns, restored the buildings, and upgraded therecreational facilities. Vacationing families havebeen well pleased with the inns because many servicesare provided that accommodate children andafford parents time for themselves. Since the completionof the restoration 10 years ago, the company hasbeen profitable.Family Resorts has just concluded its annualmeeting of regional and district managers. Thismeeting is held each November to review the resultsof the previous season and to help the managers preparefor the upcoming year. Before the meeting, themanagers submitted proposed budgets for their districtsor regions, as appropriate. These budgets arereviewed and consolidated into an annual operatingbudget for the entire company. The 2015 budget hasbeen presented at the meeting, and the managersaccepted it.To evaluate the performance of…

Family Resorts, Inc., is a holding company for several vacation hotels in the northeastern and Mid-Atlantic states. The firm originally purchased several old Inns, restored the buildings, and upgraded the recreational facilities. Vacationing families have been well pleased with the Inns because many services are provided that accommodate children and afford parents time for themselves. Since the completion of the restoration 10 years ago, the company has been profitable.   Family Resorts has just concluded its annual meeting of regional and district managers. This meeting is held each November to review the results of the previous season and to help the managers prepare for the upcoming year. Before the meeting, the managers submitted proposed budgets for their districts or regions as appropriate. These budgets are reviewed and consolidated into an annual operating budget for the entire company. The 2008 budget has been presented at the meeting and the managers accepted it.   To…

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Required information [The following information applies to the questions displayed below.] Precision Construction entered into the following transactions during a recent year. January   2   Purchased a bulldozer for $282,000 by paying $36,000 cash and signing a $246,000 note due in five years. January   3   Replaced the steel tracks on the bulldozer at a cost of $36,000, purchased on account. The new steel tracks increase the bulldozer's operating efficiency. January   30   Wrote a check for the amount owed on account for the work completed on January 3. February   1   Repaired the leather seat on the bulldozer and wrote a check for the full $2,400 cost. March   1   Paid $13,200 cash for the rights to use computer software for a two-year period.   For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and amortization that Precision Construction should report for the quarter ended March 31. The equipment is…

Required information [The following information applies to the questions displayed below.] Precision Construction entered into the following transactions during a recent year. January 2 Purchased a bulldozer for $282,000 by paying $36,000 cash and signing a $246,000 note due in five years. January 3 Replaced the steel tracks on the bulldozer at a cost of $36,000, purchased on account. The new steel tracks increase the bulldozer's operating efficiency. January 30 Wrote a check for the amount owed on account for the work completed on January 3. February 1 Repaired the leather seat on the bulldozer and wrote a check for the full $2,400 cost. March 1 Paid $13,200 cash for the rights to use computer software for a two-year period. Required: 1-a. Complete the table below, for the above transactions. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Date                     Assets         =       Liabilities    +   Stockholders' Equity January 02…

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Required information [The following information applies to the questions displayed below.] Petro Motors Inc. (PMI) produces small gasoline-powered motors for use in lawn mowers. The company has been growing steadily over the past five years and is operating at full capacity. PMI recently completed the addition of new plant and equipment at a cost of $7,800,000, thereby increasing its manufacturing capacity to 100,000 motors annually. The addition to plant and equipment will be depreciated on a straight-line basis over 10 years. Sales of motors were 60,000 units prior to the completion of the additional capacity. Cost records indicated that manufacturing costs had totaled $60 per motor, of which $48 per motor was considered to be variable manufacturing costs. PMI has used the volume of activity at full capacity as the basis for applying fixed manufacturing overhead. The normal selling price is $80 per motor, and PMI pays a 5% commission on the sale of its motors. LawnPro.com offered to…

Required information [The following information applies to the questions displayed below.] Petro Motors Inc. (PMI) produces small gasoline-powered motors for use in lawn mowers. The company has been growing steadily over the past five years and is operating at full capacity. PMI recently completed the addition of new plant and equipment at a cost of $7,800,000, thereby increasing its manufacturing capacity to 100,000 motors annually. The addition to plant and equipment will be depreciated on a straight-line basis over 10 years. Sales of motors were 60,000 units prior to the completion of the additional capacity. Cost records indicated that manufacturing costs had totaled $60 per motor, of which $48 per motor was considered to be variable manufacturing costs. PMI has used the volume of activity at full capacity as the basis for applying fixed manufacturing overhead. The normal selling price is $80 per motor, and PMI pays a 5% commission on the sale of its motors. LawnPro.com offered to…

Required information [The following information applies to the questions displayed below.] Petro Motors Inc. (PMI) produces small gasoline-powered motors for use in lawn mowers. The company has been growing steadily over the past five years and is operating at full capacity. PMI recently completed the addition of new plant and equipment at a cost of $7,800,000, thereby increasing its manufacturing capacity to 100,000 motors annually. The addition to plant and equipment will be depreciated on a straight-line basis over 10 years. Sales of motors were 60,000 units prior to the completion of the additional capacity. Cost records indicated that manufacturing costs had totaled $60 per motor, of which $48 per motor was considered to be variable manufacturing costs. PMI has used the volume of activity at full capacity as the basis for applying fixed manufacturing overhead. The normal selling price is $80 per motor, and PMI pays a 5% commission on the sale of its motors. LawnPro.com offered to…

Required information [The following information applies to the questions displayed below.] Petro Motors Inc. (PMI) produces small gasoline-powered motors for use in lawn mowers. The company has been growing steadily over the past five years and is operating at full capacity. PMI recently completed the addition of new plant and equipment at a cost of $7,800,000, thereby increasing its manufacturing capacity to 100,000 motors annually. The addition to plant and equipment will be depreciated on a straight-line basis over 10 years. Sales of motors were 60,000 units prior to the completion of the additional capacity. Cost records indicated that manufacturing costs had totaled $60 per motor, of which $48 per motor was considered to be variable manufacturing costs. PMI has used the volume of activity at full capacity as the basis for applying fixed manufacturing overhead. The normal selling price is $80 per motor, and PMI pays a 5% commission on the sale of its motors. LawnPro.com offered to…

CMA-ADAPTED RESPONSIBILITYACCOUNTINGFamily Resorts, Inc., is a holding company for severalvacation hotels in the northeastern and mid-Atlantic states. The firm originally purchased severalold inns, restored the buildings, and upgraded therecreational facilities. Vacationing families havebeen well pleased with the inns because many servicesare provided that accommodate children andafford parents time for themselves. Since the completionof the restoration 10 years ago, the company hasbeen profitable.Family Resorts has just concluded its annualmeeting of regional and district managers. Thismeeting is held each November to review the resultsof the previous season and to help the managers preparefor the upcoming year. Before the meeting, themanagers submitted proposed budgets for their districtsor regions, as appropriate. These budgets arereviewed and consolidated into an annual operatingbudget for the entire company. The 2015 budget hasbeen presented at the meeting, and the…

CMA-ADAPTED RESPONSIBILITYACCOUNTINGFamily Resorts, Inc., is a holding company for severalvacation hotels in the northeastern and mid-Atlantic states. The firm originally purchased severalold inns, restored the buildings, and upgraded therecreational facilities. Vacationing families havebeen well pleased with the inns because many servicesare provided that accommodate children andafford parents time for themselves. Since the completionof the restoration 10 years ago, the company hasbeen profitable.Family Resorts has just concluded its annualmeeting of regional and district managers. Thismeeting is held each November to review the resultsof the previous season and to help the managers preparefor the upcoming year. Before the meeting, themanagers submitted proposed budgets for their districtsor regions, as appropriate. These budgets arereviewed and consolidated into an annual operatingbudget for the entire company. The 2015 budget hasbeen presented at the meeting, and the…

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Required information [The following information applies to the questions displayed below] University Car Wash built a deluxe car wash across the street from campus. The new machines cost $231,000 including installation. The company estimates that the equipment will have a residual value of $25,500. University Car Wash also estimates it will use the machine for six years or about 12,500 total hours. Actual use per year was as follows: Year 1 2 3 4 5 6 Total Year 1 2. Prepare a depreciation schedule for six years using the double-declining balance reinod (Do not round your intermediate calculations.) Hours Used 2,900 1,800 1,900 2,100 $ 1,900 1,909 UNIVERSITY CAR WASH Depreciation Schedule-Double-Declining Balance Depreciation Expense End of year amounts Accumulated Depreciation Book Value

Wonder Mountain Company operates a snow sports resort for skiers and snowboarders. The company has recently decided to replace an existing old chair lift with a new high-speed quad chair and expand the hill to allow for increased capacity. The chair lift was a $886,000 asset on the books, 90% depreciated. The work was completed from April to November. Wonder Mountain incurred the following costs for the expansion: Invoice price high-speed quad chair lift Costs to dismantle old chair lift Cash received for sale used chair lift Shipping costs for delivery Landscape architect fees, grading expansion hill Permit costs Clearing trees/grading land for expansion Installation of concrete bases for chair lift Helicopter rental to install towers for chair lift Labour installation ski lift Training employees on maintenance and operation Testing of chair lift Interest costs on loan for construction General overhead costs Annual routine maintenance Purchase tools required for annual maintenance…

! Required information [The following information applies to the questions displayed below.] Petro Motors Inc. (PMI) produces small gasoline-powered motors for use in lawn mowers. The company has been growing steadily over the past five years and is operating at full capacity. PMI recently completed the addition of new plant and equipment at a cost of $7,800,000, thereby increasing its manufacturing capacity to 100,000 motors annually. The addition to plant and equipment will be depreciated on a straight-line basis over 10 years. Sales of motors were 60,000 units prior to the completion of the additional capacity. Cost records indicated that manufacturing costs had totaled $60 per motor, of which $48 per motor was considered to be variable manufacturing costs. PMI has used the volume of activity at full capacity as the basis for applying fixed manufacturing overhead. The normal selling price is $80 per motor, and PMI pays a 5% commission on the sale of its motors. LawnPro.com offered…

Required information Skip to question   [The following information applies to the questions displayed below.] Precision Construction entered into the following transactions during a recent year.  January 2 Purchased a bulldozer for $254,000 by paying $22,000 cash and signing a $232,000 note due in five years. January 3 Replaced the steel tracks on the bulldozer at a cost of $22,000, purchased on account. The new steel tracks increase the bulldozer's operating efficiency. January 30 Wrote a check for the amount owed on account for the work completed on January 3. February 1 Repaired the leather seat on the bulldozer and wrote a check for the full $1,000 cost. March 1 Paid $4,800 cash for the rights to use computer software for a two-year period.     Required: 1-a. Complete the table below, for the above transactions. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.)

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Printpro services is evaluating the purchase of a new solve this accounting questions

Consider each of the transactions below independently. All of the expenditures were made in cash. 1. During 2020, PC Software Inc. developed a new personal computer database management software package. Total expenditures on the project were $800,000, of which 30% occurred after the technological feasibility of the product had been established. 2. Xon Corporation paid $35,000 in 2020 for continuing, frequent, and low-cost repairs to an existing building. 3. In March, the Cleanway Laundromat bought equipment. Cleanway paid $5,000 down and signed a noninterest-bearing note requiring the payment of $30,000 in nine months. The cash price for this equipment was $34,000. Required: Prepare all necessary journal entries to record each of the above transactions. Note: You may create a table as follows to organize your journal entries. Date Account titles Debit Credit Cash 10,000 10,000 Sales Revenue