Question in image, thanks! Current Attempt in ProgressBramble, Inc. has 8 computers which have been part of the inventory for over two years. Each computer cost $530 and originallyretailed for $930. At the statement date, each computer has a net realizable value of $350. How much loss should Bramble, Inc., recordfor the year?O $4640.O $1440.○ $2800.O $2120.

Step 1: Calculate the original cost of the computersCost per computer: $530Number of computers:…

Answered: Current Attempt in Progress Bramble,…

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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Sheffield, Inc. has 8 computers which have been part of the inventory for over two years. Each computer cost $550 and originally retailed for $940. At the statement date, each computer has a current replacement cost of $350. How much loss should Sheffield, Inc., record for the year? $4400. $1600. $2800. $2200.
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Crane, Inc. has 8 computers which have been part of the inventory for over two years. Each computer cost $580 and originally retailed for $930. At the statement date, each computer has a current replacement cost of $430. What value should Crane, Inc., have for the computers at the end of the year? $7440. $2320. $4640. $3440.
Sheridan, Inc. has 8 computers which have been part of the inventory for over two years. Each computer cost $620 and originally retailed for $920. At the statement date, each computer has a net realizable value of $420. What value should Sheridan, Inc., have for the computers at the end of the year? $3360. $7360. $4960. $2480.
In their first three months of operations, John and Thabo buy parts to the value of R50 000, and resell 80% of this inventory for R85 000. At the end of the year, the closing balance of the inventory is R10 000. According to the information above, the Cost of sales that will need to be recorded in the Income Statement is R40000. Question 9Select one: True False Please step by step answer.
Suppose that there has been no additional acquisition and no customer who has returned as an active customer once she left. Which of the following statements is NOT correct? A) The acquisition rate is 5%. B) The retention rate at the end of year 2 is 29.63%. C) The acquisition cost per customer is $15. D) The survival rate at the end of year 1 is 53.22%.
computer equipmenr was purchased 5 years ago for 170,000 with an estimated life of 8 years and a residual value of 10,000. the company used straigh line depreciaton. a. compute the balance of accumlated depreciationas of the end of 5 years. b.if the equipment is 45,000 cash at the end of 5 years. Journalize the sale of the equipment.
6. A certain corporation purchased a machine for plastic lamination of posters for 720,000. At the end of its life of 10years, the worth of machine is only 40,500. What would be the book value of the machine at the end of the 6th year using declining balance method. a. 218,057.79 b. 128,057.79 c. 198,867.79 d. 220,582.79
On the first day of its fiscal year, Spearhead Company purchased a new computer systemfor a total cost of $50,000. The computer system is expected to have a life of 5 years witha residual value of $5,000. If the company uses the double-declining-balance method, itsdepreciation expense for this computer system in the first year will bea. $9,000.b. $10,000.c. $18,000.d. $20,000.
You have equipment with a beginning UCC of $100,000. You purchased the equipment a few years ago for $140,000. during the year, you sold ALL the equipment for 80000. what happens on the CCA schedule? A. $20000 terminal loss DEDUCTED FROM INCOME. B. $20000 Recapture ADDED TO INCOME C. $60000 Recapture ADDED TO INCOME D. $60000 terminal loss DEDUCTED FROM INCOME
Traylor Corporation began the year with three items in beginning inventory, each costing $5. During the year Traylor purchased five more items at a cost of $6 each and then two more items at a cost of $7 each. Traylor sold eight items for $10 each. If Traylor uses a periodic LIFO system, what would be Traylor’s gross profit for this year? 45 $45 $80 $80 $51 $51 $36

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