Please type the answer by computer so I can see it clearly, thank you!!!Company (Newton Limited) is a watch manufacturing firm based in HK. It prepares yearly financialstatements up to the 31st of December.The following is a list of plant and machinery movements for the year ending December 31, 2020:DatesParticulars25.02.20Purchased a new lorry for HK$210,00005.04.20Sold an old lorry for HK$30,000 (original cost HK$100,000)31.05.20Purchased a motor car for HK$450,000 and only partly used for businesspurpose. The business portion was 40%.10.08.20Purchased 4 cabinets for HK$29,000.25.10.20Replaced an old fax machine (no scrap value) with a new one. The cost ofthe new fax machine was HK$9,000.30.11.20Purchased 1 air-conditioning plant for HK$110,000.Tax written-down values brought forward from the year of assessment 2019/20 are as follows:10% pool20% pool30% poolHK$250,000HK$400,000HK$280,000RequiredCompute the total depreciation allowances that Newton Limited is entitled to claim for the yearof assessment 2020/21.

Company (Newton Limited) is a watch manufacturing firm based in HK. It prepares yearly financial statements up to the 31st of December. The following is a list of plant and machinery movements for the year ending December 31, 2020: Dates Particulars 25.02.20 Purchased a new lorry for HK$210,000 05.04.20 Sold an old lorry for HK$30,000 (original cost HK$100,000) 31.05.20 Purchased a motor car for HK$450,000 and only partly used for busines purpose The business portion was 40%

Company (Newton Limited) is a watch manufacturing firm based in HK. It prepares yearly financial statements up to the 31st of December. The following is a list of plant and machinery movements for the year ending December 31, 2020: Dates Particulars 25.02.20 Purchased a new lorry for HK$210,000 05.04.20 Sold an old lorry for HK$30,000 (original cost HK$100,000) 31.05.20 Purchased a motor car for HK$450,000 and only partly used for busines purpose The business portion was 40%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On January 1, 2024, a company began construction of an automated cattle feeder system. The system was finished and ready for use on September 30, 2025. Expenditures on the project were as follows: January 1, 2024 $ 280,000 September 1, 2024 $ 360,000 December 31, 2024 $360,000 March 31, 2025 $ 360,000 September 30, 2025 $ 280,000 The company borrowed $770,000 on a construction loan at 10% interest on January 1, 2024. This loan was outstanding throughout the construction period. The company had $4,600,000 in 10% bonds payable outstanding in 2024 and 2025. Interest (using the specific interest method) capitalized for 2025 was: Multiple Choice A) $57,750. B) $97,070. C ) $113,820. D) $96,000.
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! Required information [The following information applies to the questions displayed below.] During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $28,000. On the date of delivery, January 2, the company paid $7,000 on the machine, with the balance on credit at 9 percent interest due in six months. On January 3, it paid $1,500 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,700. On July 1, the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period), Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $3,400. Required: 1. Indicate the effects of each transaction on the accounting equation. Note: Enter decreases to account categories as negative amounts. If the transaction does not impact the accounting equation choose "No effect" in the…
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