sct.enh - ElearningOd. Cash Debit & Sales CreditSalam Air has the following assets: Calculate the amount of tangible assets:Building and EquipmentOMR 24.000,000PatentsOMR 2,600,000TrademarksOMR 12,000,000LandOMR 14,000,000GoodwillOMR 3,000,000CashOMR 7,000,000O a. OMR 45,000,000O b. OMR 25,000,000O c. OMR 48,000,000O d. OMR 47,000,000Which of the following statement is correct?O a. crodit memo increates the bank dccount balanceO b. Direct deposit is deducted from the cash book balanceOc. debit memo increases the bank account balanceofod Deposit in transit is deducted from the balance as per the bank statementDXLLF2F3F4F5F6F7F8F9%233r&2r50677V

“Since you have asked multiple question, we will solve the first question for you. If you want any…

Salam Air has the following assets: Coalculate the amount of tangible assets: Building and Equipment OMR 24,000,000 Patents OMR 2,600,000 Trademarks OMR 12,000,000 Land OMR 14,000,000 Goodwill OMR 3,000,000 Cash OMR 7,000.000 O a OMR 45,000,000 O b. OMR 25,000,000 Oc. OMR 48,000,000 Od. OMR 47,000,000

Salam Air has the following assets: Coalculate the amount of tangible assets: Building and Equipment OMR 24,000,000 Patents OMR 2,600,000 Trademarks OMR 12,000,000 Land OMR 14,000,000 Goodwill OMR 3,000,000 Cash OMR 7,000.000 O a OMR 45,000,000 O b. OMR 25,000,000 Oc. OMR 48,000,000 Od. OMR 47,000,000

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

305. Subject : - Accounting
auisitions Problem 23-5 (IAA) 1. Nutty Company made the following individual cash purchases: 000,000 taken. Land and building Machinery and office Delivery equipment 6,000,000 1,800,000 500,000 equipment the old lachine An appraisal disclosed the following fair value: 1,000,000 3,000,000 800,000 400,000 350,000 Land entity onthly chine Building Machinery Office equipment Delivery equipment 2. Nutty Company acquired the assets of another entity with the following fair value: sed a rest The 1,000,000 5,000,000 2,000,000 Land Building Machinery The entity issued 60,000 shares with P100 par value in exchange. The share had a quoted price of P150 on the date of purchase of the property. of ary 3. Received a parcel of land located in Davao City from a philanthropist as an inducement to locate a plant in the city. The land has a fair value of P1,500,000. is- 4. The entity paid cash for machinery, P900,000 subject to 2% cash discount, and freight on machinery, P35,000. 5. The entity acquired…
Information has been collected regarding Orange Company’s cash-generating unit that includes goodwill. At 31 December 20X5, the assets of the Orange Company’s cash-generating unit are shown as follows (in millions) on the company’s SFP: Cost Accumulated Depreciation Net Book Value Goodwill $ 1,360 $ 0 $ 1,360 Equipment 4,850 3,150 1,700 Building 7,320 2,330 4,990 Patent rights 1,290 320 970 $ 14,820 $ 5,800 $ 9,020 An impairment test indicates that the recoverable amount assigned to the assets of this CGU is $6,200 million. The assets are not separable—they must be operated or sold together as a group.Required:1. Prepare an adjusting journal entry to record the impairment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate percentage answers to the nearest whole number (i.e.…
The following information has been provided for Relink Corporation for 20X2-20X5: 20X2 20X3 20X4 20X5 Capital asset additions $ 1,001,007 $0 $2,015,000 $0 Depreciation expense 115,000 115,000 315,000 315,000 Capital cost allowance 215, 000 175,000 543, 000 437, 400 Development costs incurred 105,000 115,000 135, 000 65,000 Development costs amortized 0 33,000 53,000 65,000 Tax rate 40 % 37% 37 % 35 % Required: 1. What is the tax basis of the capital assets in each year? 2. What is the tax basis of the development costs in each year? 3. What is the accounting basis of the capital assets in each year? 4. What is the accounting basis of the development costs in each year? 5. What is the deferred tax balance in each year? (Negative amounts and deductible amounts should be indicated by a minus sign.) 6. Is the deferred tax balance in each year an asset or a liability? multiple choice Asset Liability
Check my w Exercise 10-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $405,405 for real estate with land, land improvements, and a building. Land is appraised at $243,000, land improvements are appraised at $108.000; and the building is appraised at $189,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Comptete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. (Round your "Apportioned Cost" answens to 2 decimal places.) Appraised Value Percent of Total Appraised Value Total Cost of Acquisition - Apportioned Cost 243.000 108 000 Land Land improvements
Problem 7-6A (Algo) Record amortization and prepare the intangible assets section (LO7-5) The following information relates to the intangible assets of University Testing Services (UTS): a. On January 1, 2024, UTS completed the purchase of Heinrich Corporation for $3,306,000 in cash. The fair value of the net identifiable assets of Heinrich was $3,000,000. b. Included in the assets purchased from Heinrich was a patent valued at $92,400. The original legal life of the patent was 20 years; there are 12 years remaining, but UTS believes the patent will be useful for only eight more years. c. UTS acquired a franchise on July 1, 2024, by paying an initial franchise fee of $362,000. The contractual life of the franchise is 10 years. Required: 1. Record amortization expense for the intangible assets at December 31, 2024. 2. Prepare the intangible asset section of the December 31, 2024, balance sheet. Complete this question by entering your answers in the tabs below. Required: Required 2…
Information has been collected regarding Orange Company’s cash-generating unit that includes goodwill. At 31 December 20X5, the assets of the Orange Company’s cash-generating unit are shown as follows (in millions) on the company’s SFP: Cost Accumulated Depreciation Net Book Value Goodwill $ 1,360 $ 0 $ 1,360 Equipment 4,850 3,150 1,700 Building 7,320 2,330 4,990 Patent rights 1,290 320 970 $ 14,820 $ 5,800 $ 9,020 An impairment test indicates that the recoverable amount assigned to the assets of this CGU is $6,200 million. The assets are not separable—they must be operated or sold together as a group.Required:1. Prepare an adjusting journal entry to record the impairment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate percentage answers to the nearest whole number (i.e.…
How much is the total amount that would normally be reported as investment property? A. 130,000,000 B. 128,000,000 C. 137,000,000 D. 106,000,000 Show solution
The entity has the following data during the year Building 5,000,000 Land 6,000,000 Equipment 2,000,000 The total fair market value is equal to P9,000,000. The fair market value of land as of that date is 7,000,000. How much is the impairment loss attributable to the building? O 3,571,428 1,000,000 O 2,000,000 O 1,538,461
None
This is the consolidated journal entries. How do we come to the accumulated depreciation of 25,000 ?
Only need e..... thnakyou