Prepare General Journal , closing entries and post to Ledger and show the balance sheet presentation of assets at December 2017 .***Answer not Handwritten*** The following selected transactions for Leaf Industries, operating in New Brunswickoccurred in 2016 and 2017. The company's year-end is December 31.2016Purchased land, building and equipment for $320,000 by signing a notepayable. The appraised values for the new assets are: Land $138,000, Building$276,000, equipment $46,000. The building will be amortized using thestraight-line method over 20 years with a $50,000 residual value. Theequipment will be amortized over 4 years with no residual value using thedouble declining balance method.Paid $8,000 to improve the efficiency of the equipment.Purchased a vehicle for $15,000 bv signing a note. The vehicle has a residualAprJun29value of $3,000 and it is estimated that the car will be driven 150,000 km over itsuseful life. The units of production method will be used to amortize this asset.Purchased a patent paving S25,920 cash.The remaining useful life of theDec3patient is 4 vears and has no residual value.31Recorded amortization on the assets. The vehicle was driven 26,000 km in2016.2017The vehicle purchased last vear proved to be very unreliable so the companysold it for $5,000. The vehicle had been driven 32,000 km in 2017DecAfter using the building for a vear the company estimated that wear and tearon the building would force replacement in 15 vears instead of 20.3131Record amortization on the assets.

Hi, since you have posted multiple questions, I am answering the first question. If you want the…

The following selected transactions for Leaf Industries, operating in New Brunswick occurred in 2016 and 2017. The company's year-end is December 31. 2016 Purchased land, building and equipment for $320,000 by signing a note payable. The appraised values for the new assets are: Land $138,000, Building $276,000, equipment $46,000. The building will be amortized using the straight-line method over 20 years with a $50,000 residual value. The equipment will be amortized over 4 years with no residual value using the double declining balance method. Paid $8,000 to improve the efficiency of the equipment. Apr 1 29 Purchased a vehicle for $15,000 bv signing a note. The vehicle has a residual value of $3,000 and it is estimated that the car will be driven 150,000 km over its useful life. The units of production method will be used to amortize this asset. Jun 3 Purchased a patent paving S25,920 cash. The remaining useful life of the Dec patient is 4 vears and has no residual value.

The following selected transactions for Leaf Industries, operating in New Brunswick occurred in 2016 and 2017. The company's year-end is December 31. 2016 Purchased land, building and equipment for $320,000 by signing a note payable. The appraised values for the new assets are: Land $138,000, Building $276,000, equipment $46,000. The building will be amortized using the straight-line method over 20 years with a $50,000 residual value. The equipment will be amortized over 4 years with no residual value using the double declining balance method. Paid $8,000 to improve the efficiency of the equipment. Apr 1 29 Purchased a vehicle for $15,000 bv signing a note. The vehicle has a residual value of $3,000 and it is estimated that the car will be driven 150,000 km over its useful life. The units of production method will be used to amortize this asset. Jun 3 Purchased a patent paving S25,920 cash. The remaining useful life of the Dec patient is 4 vears and has no residual value.

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

On January 1, 2020, Corgan Company acquired 70 percent of the outstanding voting stock of Smashing, Inc., for a total of $980,000 in cash and other consideration. At the acquisition date, Smashing had common stock of $790,000, retained earnings of $340,000, and a noncontrolling interest fair value of $420,000. Corgan attributed the excess of fair value over Smashing's book value to various covenants with a 20-year remaining life. Corgan uses the equity method to account for its investment in Smashing. During the next two years, Smashing reported the following: Inventory Dividends Purchases from Net Income Declared Corgan $190,000 210, 000 $240, 000 $44,000 54,000 2020 2021 220,000 Corgan sells inventory to Smashing using a 60 percent markup on cost. At the end of 2020 and 2021, 50 percent of the current year purchases remain in Smashing's inventory. a. Compute the equity method balance in Corgan's Investment in Smashing, Inc., account as of December 31, 2021. b. Prepare the worksheet…
The following information was obtained from the books of NChoc Sdn. Bhd., a chocolate factory for September 2020. [Berikut adalah maklumat yang diambil daripada buke-buku NChoc Sdn. Bhd, kilang coklat untuk September 2020.] 2020 Owner started business by bringing in his used van costing RM 45,000 and cash amounting to RM 12,000 into the business. Sept 1 2 Deposited RM 5,000 of the cash into the bank. 3 Bought fixtures and fittings on credit from ARO I Bhd. worth RM 4,500. 4 Bought goods on credit from Suzie Ltd worth RM 3,350. 5 Paid utilities by cheque RM 500. 6. Received loan of RM 8,000 by cheque from Mayobank Berhad. 7 Sold goods on credit to Alfafa Enterprise worth RM 6,500. Cash sale RM 520. Paid wages by cash RM 2,100. 10 Bought office stationery by cash worth RM 170. Received rent worth RM 750 by cash. I rent 11 12 Sold goods by cash to Salwani Ltd worth RM470. Returned some of damaged goods to Suzie Ltd amounting to RM 50 and settled amount due by cash after receiving discount…
Please Do not Give image format
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
don't give answer in image format
Requirements Sheet in Workbook Requirement 1—Prepare the Journal Entries in the General Journal Journal Entries Requirement 2—Post Journal Entries to the General Ledger General Ledger Requirement 3—Prepare a Trial Balance Trial Balance Requirement 4—Prepare the Adjusting Entries Adjusting Entries Requirement 5—Post Adjusting Entries to the General Ledger General Ledger Requirement 6—Prepare an Adjusted Trial Balance Adjusted Trial Balance Requirement 7—Prepare the Financial Statements Financial Statements Requirement 8—Prepare the Closing Entries Closing Entries Requirement 9—Post Closing Entries to the General Ledger General Ledger Requirement 10—Prepare the Post Closing Trial Balance Post-Closing Trial Balance During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation, completed the following transactions. July 1 Began business by making a deposit in a company…
to Financial Accounting / FINAL EXAM ACCT101 FALL 2020-2021 Muscat Company Paid R.O 4, 000 on balance owed for Account Payable incurred last month. Which of the following journal entries is recorded correctly and in the standard format? Select the correct answer: ion Select one: O a. DEBIT Cash OMR 4,000 and CREDIT Account Payable OMR 4,000 O b. DEBIT Account Payable OMR 4,000 and CREDIT Cash OMR 4,000 Oc. No entry-not a transaction O d. DEBIT Cash OMR 4,000 and CREDIT Utilities Expense OMR 55,000 e. DEBIT Utilities Expense OMR 4,000 and CREDIT Account Payable OMR 4,000 Finish attempt Seyll lis si page
Please do not give image format
Do not give image format
In the account below, calculate the balance for September 16, 20-. Then perform the forwarding procedures required to start a new account page. 3. Account: A/R – Manitoba Equipment Co. No. 211 Date(2021) PARTICULARS P.R. DEBIT CREDIT Dr/Cr BALANCE Aug 15 J22 1,600 00 Sep 4 J26 825 00 16 Ј30 176 00 Асcount: No. Date2021) PARTICULARS P.R. DEBIT CREDIT Dr/Cr BALANCE
Current Attempt in Progress Cheyenne Corporation, in preparation of its December 31, 2025, financial statements, is attempting to determine the proper accounting treatment for each of the following situations. 1. 2. 3. No. 1. (a) Prepare the journal entries that should be recorded as of December 31, 2025, to recognize each of the situations above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) 2. As a result of uninsured accidents during the year, personal injury suits for $668,600 and $126,800 have been filed against the company. It is the judgment of Cheyenne's legal counsel that an unfavorable outcome is unlikely in the $126,800 case but that an unfavorable verdict approximating $550,000 (reliably estimated) will probably result in the $668,600 case. 3. Cheyenne owns a subsidiary in a foreign…
Accounting Homework