The Unadjusted Trial Balance for James Basketball Academy Ltd for the year ended 30 June 2021 is presented in the Worksheet provided. Additional information on 30 June 2021: • On 1 June 2021, the company bought a Van and equipment for $84,000. The expected useful life is 10 years, and the estimated scrap value is $8,400. • A stocktake shows the balance of the office supplies is $300. •On 1 June 2021, the owner paid $18,000 as a lease payment for a basketball court for June and the next two months. • Provided training camp services for $1,200. The cash was received on 1 April. • The company has estimated that there is an unpaid Interest expense to the bank of $2,000. Required: Complete the Worksheet for the year ended 30 June 2021 using the additional information.

The Unadjusted Trial Balance for James Basketball Academy Ltd for the year ended 30 June 2021 is presented in the Worksheet provided. Additional information on 30 June 2021: • On 1 June 2021, the company bought a Van and equipment for $84,000. The expected useful life is 10 years, and the estimated scrap value is $8,400. • A stocktake shows the balance of the office supplies is $300. •On 1 June 2021, the owner paid $18,000 as a lease payment for a basketball court for June and the next two months. • Provided training camp services for $1,200. The cash was received on 1 April. • The company has estimated that there is an unpaid Interest expense to the bank of $2,000. Required: Complete the Worksheet for the year ended 30 June 2021 using the additional information.

Name: The Unadjusted Trial Balance for James Basketball Academy Ltd for the
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: The Unadjusted Trial Balance for James Basketball Academy Ltd for the year ended 30 June 2021 is presented in the Worksheet provided. Additionalinformation on 30 June 2021:On 1 June 2021, the company bought a Van and equipment for $84,000. The expec

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

New packaging equipment costing $ 52320 was installed during November 2024. The equipment tested in December and will be used for packaging starting in January 2025. The equipment has estimated useful life for 4 years and estimated residual value of $ 4360. The company use straight line depriciation. For this event indicate the amount of expense that should be recognised in 2024 income statement
The San Miguel Company self constructed an asset for its own use. Construction started on January 1, 2021 and the asset was completed on October 31, 2021. Costs incurred during the period of construction were as follows:January 1-P400,000 April 1-P500,000 August 1-P480,000October 1-P180,000 At the beginning of the year, the company obtained a two-year, 18% loan of P500,000, specifically to finance the asset construction. In addition to the specific borrowing, prior to the construction, San Miguel Company had a general borrowing amounting to P600,000 with interest of 15% and a five-year term that was used in part in the self construction.What is the total cost of the self constructed asset?
Hybrid Dealers bought computer equipment for R54 000 on 1 July 2018. The equipment is depreciated at 20% according to the diminishing balance method. Prepare the depreciation and closing transfer entries in the general journal of Hybrid Dealers on 31 March 2019 and 31 March 2020.
On June 1, 2020 Comfort Creamery Corp. purchased 9,000 wooden barrels on account for $900,000 (purchase price of $100/barrel). The terms of the purchase were 2/10, n/30. Comfort Creamery Corp. accounts for such purchases using the net method. Required: 1. Prepare the journal entry to record the purchase of 9,000 wooden barrels. 2. Comfort Creamery Corp. paid for the barrels on June 17, 2020. Prepare the journal entry to record the payment for the 9,000 wooden barrels.
Kingbird Construction Company began work on a $418,500 construction contract in 2020. During 2020, Kingbird incurred costs of $285,500, billed its customer for $233,000, and collected $172,000. At December 31, 2020, the estimated additional costs to complete the project total $155,765.Prepare Kingbird’s journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) No. Account Titles and Explanation Debit Credit (a) enter an account title to record the transaction using the percentage-of-completion method enter a debit amount enter a credit amount enter an account title to record the transaction using the percentage-of-completion method enter a debit…
Blossom Limited purchased a machine on account on April 1, 2021, at an invoice price of $365,470. On April 2, it paid $2,170 for delivery of the machine. A one-year, $4,120 insurance policy on the machine was purchased on April 5. On April 19, Blossom paid $7,580 for installation and testing of the machine. The machine was ready for use on April 30. Blossom estimates the machine's useful life will be five years or 6,118 units with a residual value of $87,910. Assume the machine produces the following numbers of units each year: 893 units in 2021; 1,448 units in 2022; 1,426 units in 2023; 1,222 units in 2024; and 1,129 units in 2025. Blossom has a December 31 year end. (a) Your Answer Correct Answer Your answer is correct. Determine the cost of the machine. acer
On January 1, 2019, AMAZING Company purchased a building worth P25,000,000 with estimated useful life of 50 years and estimated residual value of P500,000. The building is used as headquarter for the company. Employees were very excited and positive on this move by management and many promised to do better on their roles. On financial reporting side, the company prepares its financial statement every December 31. On December 31, 2020, what is the book value of the building?
what are the answers for 66 to 70?
Makati Inc. acquires a building on February 1, 2020 at a cost of 5,500,000. The building has an estimated useful life of 40 years and an estimated salvage value of 500,000. Question 1. What is the journal entry to record the purchase of building? Question 2. What is the adjusting entry on December 31 assuming the company prepares it's financial statements on this date . Question 3. What is the amount of expense to be recognized for 2020? Question 4. What is the book value of the building as of December 31,2020? Please answer it completely. Don't answer if you don't answer it completely. Thanks.
The following additional information is available at July 31, 2021: (i) Rent of $510,000 was paid on April 1, 2021, for six (6) -months to September 2021. (ii) The computer and equipment were purchased on December 1, 2020 and have an estimated useful life of 10 years. This asset is depreciated on the double-declining depreciation method down to a residual value of $100,000. (iii) The company has two deliver trucks and uses the units of production method to compute the depreciation charges. One of the trucks was purchased for $800,000 on August 1, 2018, and is recognized as truck A. The other which is recognized as truck B was purchased for $1,100,000 on October 1, 2020. The expected useful life of both truck is ten (10) years or 120,000 miles. And the residual value on both trucks is $200,000. In the 2018/2019 financial year truck A drove 12,000 miles, 18,000 miles in 2019/2020, and 21,000 miles in 2020/2021. Truck B drove 8,000 miles in 2020/2021. (iv) Wages earned by employees NOT…
Please prepare the following joiurnal entries: Show all calcualtions Bought a van, paying $10500 cash as a down payment and signed a 10 month $32000, 9% note payable for the balanceThe company paid 750 to have its company logo printed on the side of the van. The residual value is $7500. The old van was sold for $7500; it cost $32000 and acculumated depreciation up to the date of disposal was $30000