Dillard Company Question: 2Dillard Company starts the year with $10,000 in its cashaccount, $10,000 in its equipment account, $2,000 inaccumulated depreciation, and $18,000 in its retainedearnings account. During the year Dillard sells theequipment for $8,570. After the sale of equipment isrecorded, the retained earnings account will have a balanceof $

Explanation of Book Value: Book value represents the net carrying amount of an asset on the…

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Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter7: Fixed Assets, Natural Resources, And Intangible Assets

Section: Chapter Questions

Problem 7.3.2MBA

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Dillard Company starts the year with $10,000 in its cash account, $10,000 in its equipment account, $3,000 in accumulated depreciation and $17,000 in its retained earnings account. During the year Dillard sells the equipment for $6530. After the sale of equipment is recorded, the retained earnings account will have a balance of $________.
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Net present value method: The following data are accumulated by g e d dg e s company in evaluating the purchase of $117,800 of equipment, having a four-year useful life: Net income net cash flow Year 1 $ 36,000. $ 61,000 Year 2 22,000 47,000 Year 3 11,000 35,000 Year 4. 1,000 24,000 Present value of $1 at compound interest. Year 6% 10% 2% 15% 20% 1. 0.943 0.909 0.893 0.870 0.833 2 0.890 0.826 0.797 0.756 0.694 3 0.840 0.751 0.712. 0.658 0.579 4 0.792 0.683 0.636 0.572 0.482 5 0.747 0.621 0.567 0.497 0.402 6 0.705 0.564 0.507 0.432 0.335 7 0.665 0.513 0.452 0.376 0.279 8 0.627 0.467 0.404 0.327 0.233 9 0.592 0.424 0.361 0.284 0.194 10 0.558 0.386 0.322 0.247 0.162 A. Assuming that the desired rate of return is 15%, determine the net present value for the proposal. Use…
H6. BDU Company has net income of $500,000 and average assets of $2,000,000 for the current year. If its asset turnover is 1.25 times, what is its profit margin? Show proper step by step calculation
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At the end of its financial year, Tanner Co had the following non-current assets: Land and buildings at cost $10.4 million Land and buildings: accumulated depreciation $0.12 million Tanner Co decided to revalue its land and buildings at the year-end to $15 million. What will be the value of the revaluation surplus if the revaluation is accounted for? %24
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The company ‘El Camion’ sells machinery. It sells large tonnage trucks in two forms:1.- A cash instalment of 30 million plus 6 half-yearly instalments of 50 million each.2.- Cash payment of $299,518,114. This company gave mining company ‘Los 33’ a credit on 01-07-2009. In the AMORTIZED COST table (IFRS 9) of this sale, the END BALANCE for the first period amounts to $228,007,935.It is requested:1) Make the opening accounting entry for ‘El Camion' for the sale.2) Make the development table in EXCEL spreadsheet of the amortised cost.3) Make the accounting entries for the first payment.4) After making the payment of the 2nd instalment, ‘Los 33’ inform ‘El Camion’ that they have problems to pay the rest of the instalments. They estimate that they will only be able to pay 40% of each remaining instalment. Make the accounting entry for this fact.
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