Oyears. In Year 5, the machinery has been sold for P280,000. Show the accounting entries for each year up to Year 5 using 8%. You are to show for each year up to 31 Dec Year 5: ) Machinery account ) Provision for depreciation =) Disposal account

Oyears. In Year 5, the machinery has been sold for P280,000. Show the accounting entries for each year up to Year 5 using 8%. You are to show for each year up to 31 Dec Year 5: ) Machinery account ) Provision for depreciation =) Disposal account

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

for a motor vehicle which cost $12000 was bought on credit from trucks ltd on 1 January 20X9. financial statements are prepared annually to 31 December and depreciation of vehicle is provided at 25% per annum under the reducing balance method. prepare the motor vehicle account and the accumulated provision for depreciation on motor vehicles account for the first 2 years of the motor vehicle's working life
Bramble Company purchased equipment for $15600 on December 1. It is estimated that annual depreciation on the equipment will be $3900. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: O Debit Depreciation Expense, $11700; Credit Accumulated Depreciation, $11700, O Debit Depreciation Expense, $3900; Credit Accumulated Depreciation, $3900. O Debit Equipment, $15600; Credit Accumulated Depreciation, $15600. O Debit Depreciation Expense, $325; Credit Accumulated Depreciation, $325.
A car which was bought for Ghc 9,000 when new was valued at Ghc Ghc7, 500 at the end of the first year. It then depreciated each year by 12 1/2 of its value at the beginning of the year. Calculate to the nearest whole number the value of the car at the third year
The net income reported on the income statement for the current year was $313,659. Depreciation recorded on fixed assets and amortization of patents for the year were $38,968, and $9,722, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $42,392 $55,782 Accounts receivable 126,305 101,016 Inventories 100,582 80,433 Prepaid expenses 4,060 7,575 Accounts payable (merchandise creditors) 50,302 78,390 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? Oa. $214,402 Ob. $432,360 Oc. $412,916 Od. $292,338
Wolfpack Corp. has determined it should record depreciation expense of $40,000 for the year ending 12/31/X7. Required: In the general journal below, complete the year-end entry to record depreciation. Debit Credit Dec 31 ? 40,000 ? 40,000
A business with a reporting period of the 12 months ended 30 June buys a non-current asset on 1 July 20X3 for £200,000. Depreciation is charged at 15% per annum on the reducing balance basis. On 30 June 20X5 the asset was sold for £54,800. What was the loss on sale of the asset?
A machine can be purchased for $90,000 and used for five years, yielding the following income. This income computation includes annual depreciation expense of $18,000 Income Year 1 Year 3 Year 5. $6,000 $36,000 $60,000 Compute the machine's payback period. (Round payback period answer to 2 decimal places.) Year Initial invest - Year 1 Year 2 Year 3 Year 4 Year 5 Net Income Depreciation $ Year 2 $15,000 6,000 15,000 36,000 22,500 60,000 Year 4 $22,500 Net Cash Flow $ Cumulative Net Cash Flow (90,000) $ Payback period- (90,000)
The net income reported on the income statement for the current year was $282,126. Depreciation recorded on fixed assets and amortization of patents for the year were $33,351, and $9,402, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $37,370 $64,930 Accounts receivable 106,715 123,079 Inventories 80,207 102,432 Prepaid expenses 8,982 4,271 Accounts payable (merchandise creditors) 77,139 54,111 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? Select the correct answer. $303,001 $363,468 $381,785 $306,304
The net income reported on the income statement for the current year was $250,000. Depreciation recorded on fixed assets and amortization of patents for the year were $40,000 and $9,000, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: Cash End Beginning $50,000 $60,000 Accounts Receivable 112,000 108,000 Inventories 105,000 93,000 Prepaid Expenses 4,500 6,500 Accounts Payable 75,000 89,000 What is the amount of cash flows from operating activies reported on the statement of cash flows prepared by the indirect method? a. $271,000 b. $327,000 c. $256,000 d. $279,000
A fixed asset has a useful life of 5 years is purchased on the first of January of a certain. The purchasing price of the asset is $3,017.15, and its residual value is expected to be $759.01.. Based on this information, the depreciation for year 1 will be equal to (in three digits):
was depreciated by the straight line method at 2% per year, assumine a 50-vear life and ni Tes walue. The building was re-valued to $2,250,000 on 1 January 20x6. The useful life was not ten The excess depreciation charge will be transferred from the revaluation surplus to retained earnings each year. The company's financial year ends on 31 December. What is the balance on the revaluation surplus at 31 December 20X6? %24 42 8.19 Banter Co an on 1 January 20X1. The cost was and ths
A property was purchased for $3976.00 down and payments of $1249.00 at the end of every six months for 6 years. Interest is 8% per annum compounded monthly. What was the purchase price of the property? How much is the cost of financing? The purchase price of the property was $ $☐ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)