Topic 2 ExercisesQuestion 1Yasmina Ltd's non-current assets can be divided into two classes, equipmentand furniture. As at 1 July 2019 the carrying amounts of the non-current assetsof Yasmina Ltd. were as follows:Equipment (valued at fair value)Furniture (valued at cost)Accumulated depreciation-furniture100 000(25 000)6 years3 years$300 00075 000$375 000It is expected that they will generate benefits evenly over useful life. Theexpected remaining useful lives were as follows:EquipmentFurnitureAt 30 June 2020, the equipment had a fair value of $265 000 and the furniturehad an estimated recoverable amount of $52 000. At 30 June 2020, theestimated useful life of the equipment and the furniture is unchanged.On 1 January 2021, half of the furniture is sold for its carrying amount.Required:Prepare the journal entries in the records of Yasmina Ltd to record thetransactions and events described above as at 30 June 2020 and the sale ofthe furniture on 1 January 2021. Income tax rate is 30%.

Answered: Image /qna-images/answer/b75fb357-04f3-427c-b8f4-862b6db3dff3.jpg

Required: Prepare the journal entries in the records of Yasmina Ltd to record the transactions and events described above as at 30 June 2020 and the sale o the furniture on 1 January 2021. Income tax rate is 30%.

Required: Prepare the journal entries in the records of Yasmina Ltd to record the transactions and events described above as at 30 June 2020 and the sale o the furniture on 1 January 2021. Income tax rate is 30%.

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

Please use microsoft excel for calculations.
Big Blue University has a fiscal year that ends on June 30. The 2019 summer session of the university runs from June 10 through July 29. Total tuition paid by students for the summer session amounted to $123,000. Required: a. How much revenue should be reflected in the fiscal year ended June 30, 2019? Amount of revenue b. Would your answer to part a be any different if the university had a tuition refund policy that no tuition would be refunded after the end of the third week of summer session classes? O Yes O No
Lily began trading on 1 February 2021. Her tax adjusted trading profits for the 15-month period ended 30 April 2022 were £30,000. Subsequent accounts will be prepared to 30 April cach year. Required: The resulted overlap profit amount is: a.£22.000 b.£4,000 c.£48.000 d.£24.000
Beamish Incorporated, which produces a single product, has provided the following data for its most recent month of operations: Number of units produced Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense Multiple Choice There were no beginning or ending inventories. The absorption costing unit product cost was: $101 per unit $139 per unit $106 per unit 10,900 $ 51 $ 50 $223 per unit $5 $9 $359,700 $817,500
Prepare journal entries to record the following transaction: Ulta Inc. allows each employee to earn 15 paid vacation days each year with full pay. Unused vacation time can be carried over to the next year. By the end of 2020, three employees carried over to 2021 a total of 20 vacation days, which is represented 2020 salary of $6,000
rescue sequences llc purchased inventory by issuing a $45,000, 10%, 60-day note on october 1, 2019. what amount of interest expense should be recorded for 2019?
Complete Form 941 for the 2nd quarter of 2020 for Smith's Distributing Co. (employer identification #11-3333333). Assume that Smith's Distributing (located at 819 Main Street, Fremont, CA 94538) chooses to complete and mail Form 941 on the due date. Based on the lookback period, Smith's Distributing is a monthly depositor. Assume that all necessary deposits were made on a timely basis and that the employer made deposits equal to the total amount owed for the quarter. All five employees worked during each of the three months, and the company does not choose to allow a third party to discuss the form with the IRS. Note that the form is signed by the company's president, Juan Wilhelm (telephone #510-555-8293). Second quarter earnings, and associated taxes withheld from employee earnings, are as follows. Notes: • For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. April Taxes May Taxes June…
As the payroll administrator, you are given the following information regarding an employer leased automobile in Manitoba in 2019: Monthly lease cost: Days available: Total km: $423.75 (including GST & RST) 365 days 24,000 2,000 60 months (Enter this when using ABOC) Personal km: Total lease period: Required: Calculate the automobile benefit assuming: a. The employee did not elect to use the optional calculation for calculating the operating cost. b. The employee did elect to use the optional calculation for calculating the operating cost.
In 2018, DFS Medical Supply collected rent revenue for 2019 tenant occupancy. For income tax reporting, the rentis taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as income in the period tenants occupy the rental property. The deferred portion of the rent collected in 2018amounted to $300,000 at December 31, 2018. DFS had no temporary differences at the beginning of the year.Required:Assuming an income tax rate of 40% and 2018 income tax payable of $950,000, prepare the journal entry to recordincome taxes for 2018.
Payroll: Record Employer Payroll Tax Journal Entry