From the following particulars prepare a claim for loss of profits under the Consequential Loss Policy.Date of Fire:June 30, 2013Period of indemnity: Six MonthsParticularsSum InsuredTurnover for the year ended June 30, 2013Net Profit for the accounting year ending March 31, 2013Standing charges for the accounting year ending March 31, 2013Turn Over for the year ending March 31, 2013Turn Over for the indemnity period from 1.7.13 - 31.12.13Turn Over for the period from 1.7.12-31.12.12Amount$25,0001,00,0006,25014,25099,00028,00055,000The turnover of the year 12-13 had shown a tendency of increase of 10% over the turnover of thepreceding year.

The consequential loss policy is the policy for protection against any loss in business due to…

Answered: From the following particulars prepare…

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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Arrangement of the Income Statement Powers Wrecking Service demolishes old buildings and other structures and sells the salvaged materials. During 2019, Powers had $425,000 of revenue from demolition services and $137,000 of revenue from salvage sales. Powers also had $1,575 of interest income from investments. Powers incurred $243,200 of wages expense, $24,150 of depreciation expense, $48,575 of supplies expense, $84,000 of rent expense, $17,300 of miscellaneous expense, and $43,900 of income taxes expense.
Hybrid Dealers bought computer equipment for R54 000 on 1 July 2018. The equipment is depreciated at 20% according to the diminishing balance method. Prepare the depreciation and closing transfer entries in the general journal of Hybrid Dealers on 31 March 2019 and 31 March 2020.
Indigo Company is in the process of preparing its financial statements for 2020. Assume that no entries for depreciation have been recorded in 2020. The following information related to depreciation of fixed assets is provided to you. 1. 2. 3. 2019 2018 Straight-line $29.700 $29,700 Declining-balance 52.800 66,000 (a) Indigo purchased equipment on January 2, 2017, for $89,600. At that time, the equipment had an estimated useful life of 10 years with a $4,600 salvage value. The equipment is depreciated on a straight-line basis. On January 2, 2020, as a result of additional information, the company determined that the equipment has a remaining useful life of 4 years with a $2,800 salvage value 1. During 2020, Indigo changed from the double-declining-balance method for its building to the straight-line method. The building originally cost $330,000. It had a useful life of 10 years and a salvage value of $33,000. The following computations present depreciation on both bases for 2018 and…
An asset's book value is $36,000 on January 1, Year 6. The asset is being depreciated $500 per month using the straight-line method. Assuming the asset is sold on July 1, Year 7 for $25,000, the company should record: Multiple Choice O O O Neither a gain or loss is recognized on this type of transaction. A gain on sale of $2,000. A loss on sale of $1,000. A gain on sale of $1,000. A loss on sale of $2,000.
None
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?
Prepare the journal entry; to record depreciation expense for 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) Date
subject; accounting
Hybrid Dealers bought computer equipment for R54 000 on 1 July 2018. Theequipment is depreciated at 20% according to the diminishing balance method.Required:Prepare the depreciation and closing transfer entries in the general journal ofHybrid Dealers on 31 March 2019 and 31 March 2020 respectively.
The following is a statement of earned surplus prepared by the company for 2021: Balance, 1/1 Additions: Change in estimate of 2021 amortization expense Gain on sale of land Interest income Profit for 2021 Total 000 P 85,949 sediba P 2,800 18,350 4,500 13,680 39,330 125,279 Deductions: Increased depreciation due to change in estimated life O Dividends declared and paid Loss on sale of equipment Loss from major casualty Balance, 12/31 P 5,000 10,000 3,860 27,730 46,590 P 78,689 The adjusted profit or loss that should be reported in the company's income statement for the year ended Dec. 31, 2021 is a. P7,260 loss b. P5,060 loss c. P4,940 profit d. P2,740 profit
Provide the 2020 adjusting journal entry (both accounts and amounts) that Newell Brands made to record amortization on its finite-lived Intangible Assets. Assume that Newell Brands makes one adjusting journal entry for amortization expense at the end of each fiscal year as part of its adjusting entries
Colorado Pte Ltd commenced its first non-structural renovation works in accounting year 2017 at the cost of $120,000 and incurred a further $70,000 in accounting year 2018. In accounting year 2019, it upgraded its reception area and spent $250,000 on non-structural renovation costs. What is the amount deductible under Section 14Q in Year of Assessment 2020? Group of answer choices $100,000 $36,667 $116,667 $70,000

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