Received cash of R9000 at the end of december 2022 from Maya coffee in respwct of rent for sub Iwaw od part of the building fron 1 January 2023 to 31 March 2024 Indicate the journal to be recorded and explain reference to the relevwnr definituon in rhe conxeptual deamwork whether the transaxtion is incone, asset, liability or expense

Received cash of R9000 at the end of december 2022 from Maya coffee in respwct of rent for sub Iwaw od part of the building fron 1 January 2023 to 31 March 2024 Indicate the journal to be recorded and explain reference to the relevwnr definituon in rhe conxeptual deamwork whether the transaxtion is incone, asset, liability or expense

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 20CE

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UPARIAM CANUAR 1 Required information. Requirea: 1. Record amortization expense for the intangible assets at December 31, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the amortization on goodwill. Note: Enter debits before credits. Transaction General Journal Debit Credit
Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense for 2019 if the units-of-production method were used ( Note: Round your answer to the nearest dollar)? a. $179,400 b. $184,000 c. $218,400 d. $224,000
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On January 1, 2020 (the first day of its fiscal year) Pina Ltd. acquired a patent which gave the company the right to use a production process. The process met the six criteria for capitalization as an intangible asset. Below is a listing of the events relating to the patent over the five fiscal years from 2020 through 2024: 2020: on January 1, acquired the patent for the production process from its inventory for a cash payment of $11,700,000, and determined that the process had an indefinite useful life. on December 31, tested the patent for impairment and determined that its fair value was $13,200,000. 2021: on December 31, tested the patent for impairment and determined that its fair value was $10,500,000. 2022: on December 31, tested the patent for impairment and determined that its fair value was $12,000,000. 2023: on January 1, determined that the useful life of the patent was no longer indefinite, its carrying amount was recoverable, its estimated remaining useful life was 5…
Question 3 Poppy Traders owns the following assets on 31 December 2021: 1. Ford EcoSport-CS 23 TM GP: Purchased on 30/6/2019 for R250 000. 2. Packaging machine: Purchased on 1/4/2020 for R300 00. Poppy Traders writes off depreciation as follows: Vehicles at 20% per annum using the diminishing balance method. Machinery at 25% per annum using the straight-line method.
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Owe A building with an appraisal value of $131,275 is made available at an offer price of $151,428. The purchaser acquires the property for $35,492 in cash, a 90-day note payable for $20,114, and a mortgage amounting to $51,247. The cost basis recorded in the buyer's accounting records to recognize this purchase is a. $151,428 b. $131,275 c. $115,936 d. $106,853
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