Using the transactions attached and the Unadjusted please create a Statement of Financial Position.
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Using the transactions attached and the Unadjusted please create a Statement of Financial Position.
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- 6icerca Dashboard My courses Which of these is an allowable cost of an asset under IAS 16? 1. Professional fees 2. General overheads 3. Cost of site preparation 4. Initial operating losses 5. Administration expenses 6. Decommissioning costs O a. 1, 3 and 6 O b. 1, 3 and 5 O c. 1, 2 and 6 O d. 1, 2 and 4 O Financial Reporting (level 5) (2022_23) t Y ASUS ZenBook AssessmentWorksheet Devlin Company has prepared the following partially completed worksheet for the year ended December 31, 2019: The following additional information is available: (a) salaries accrued but unpaid total 250; (b) the 80 heat and light bill for December has not been recorded or paid; (c) depreciation expense totals 810 on the buildings and equipment; (d) interest accrued on the note payable totals 380 (this will be paid when the note is repaid); (e) the company leases a portion of its floor space to KT Daniel Specialty Company for 50 per month, and KT Daniel has not yet paid its December rent; (f) interest accrued on the note receivable totals 80; (g) bad debts expense is 70; and (h) the income tax rate is 30% on current income and is payable in the first quarter of 2017. Required: 1. Complete the worksheet. (Round to the nearest dollar.) 2. Prepare the companys financial statements. 3. Prepare (a) adjusting and (b) closing entries in the general journal.
- Balance Sheet and Notes Listed here in random order are Wicks Construction Limiteds balance sheet accounts and related ending balances as of December 31, 2019: Additional information: 1. The company reports on the balance sheet the total amount for inventories and the net book value of property, plant, and equipment, with the related details for each account disclosed in notes. 2. The straight line method is used to depreciate buildings, machinery, and equipment, based upon their cost and estimated residual values and lives. A breakdown of property, plant, and equipment shows the following: land at a cost of 32,000, buildings at a cost of 182,400 and a net book value of 120,200, machinery at a cost of 63,900, and related accumulated depreciation of 18,600, and equipment (40% depreciated) at a cost of 53,000. 3. Patents are amortized on a straight line basis directly to the Patent account. 4. Inventories are listed at the lower of cost or market value using an average cost. The inventories include raw-materials, 22,200; work in process, 34,700; and finished goods, 41,600. 5. Common stock has a 10 par value per share, 12,000 shares are authorized, and 6,280 shares have been issued. 6. Preferred stock has a 100 par value per share, 1,000 shares are authorized, and 400 shares have been issued. 7. The investment in bonds is carried at the original cost, which is the face value, and is being held to maturity. 8. Short-term investments in marketable securities were purchased at year-end. 9. The bonds payable mature on December 31, 2024. 10. The company attaches a 1-year warranty on all the products it sells. Required: 1. Prepare Wicks Constructions December 31, 2019, balance sheet (including appropriate parenthetical notations). 2. Prepare notes to accompany the balance sheet that itemize company accounting policies; inventories; and property, plant, and equipment. 3. Next Level Compute the current ratio and the quick ratio. How do these two ratios provide different information about the companys liquidity? Why are these ratios useful?On January 1, 2019, Bridgeport Ic., a construction company, leased an excavator from Leaselt Inc. The lease terms are as follows: Annual lease payments of $26,900 at the beginning of each year for five years At the end of the lease term the asset reverts back to the lessor and the residual value guarantee is $8,100 The incremental borrowing rate is 7% and the implicit rate in the lease is 6% (known by the lessee) Bridgeport Inc. has a December 31 year end Prepare the journal entries for 2019 for Bridgeport Inc. Assume Bridgeport follow IFRS. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,275. Round factor values to 5 decimal places, e.g. 1.25124. If no entry is required, select "No entry" for the account titles and enter O for the amounts.)Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?
- * CengageNowv2 |Online teachin X +. ignment/takeAssignmentMain.do?invoker%3&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Calculator Print Item Entries for sale of fixed asset Chart of Accounts First Question Journal Instructions Equipment acquired on January 8 at a cost of S168,000 has an estimated useful life of 18 years, has an estimated residual value of $15,000, and is depreciated by the straight-line method. A. What was the book value of the equipment at December 31 the end of the fourth year? B. Assuming that the equipment was sold on April 1 of the fifth year for 5125,000, journalize the entries to record (1) depreciation for the three months until the sale date and (2) the sale of the equipment.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 CreditComplete the Form 4562 using the following information provided. Himple RetailFixed Asset Rollforward12/31/2019(book basis) DEPR COST 2017 2018 2019 ACCUM NET BOOK ASSET IN SERVICE METHOD LIFE BASIS DEPR DEPR DEPR DEPR VALUE CASH REGISTER 2/15/2017 SL 5 9,900.00 1,815.00 1,980.00 1,980.00 5,775.00 4,125.00 2017 TOTAL ADDITIONS 9,900.00 1,815.00 1,980.00 1,980.00 5,775.00 4,125.00 RETAIL FIXTURES 10/12/2018 SL 7 4,750.00 169.64 678.57 848.21 3,901.79 FURNITURE 10/12/2018 SL 7 3,900.00 139.29 557.14 696.43 3,203.57 2018 TOTAL ADDITIONS 8,650.00 - 308.93 1,235.71 1,544.64 7,105.36 TOTAL 18,550.00 1,815.00 2,288.93 3,215.71 7,319.64 11,230.36 DELIVERY TRUCK 6/1/2019 SL 5 37,500.00 4,375.00 4,375.00 33,125.00 DESK AND CABINETRY 6/1/2019 SL 7 11,900.00 991.67 991.67 10,908.33 COMPUTER 6/1/2019 SL 5 2,800.00 326.67 326.67 2,473.33 2019 TOTAL ADDITIONS 52,200.00 - - 5,693.34 5,693.34 46,506.66 TOTAL…
- Ee.102.Do not give answer in image formet and hand writingPrepare the journal entry (if any) to record the impairment of the asset at December 31, 2025. (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 debit entry before credit entry.) Date Account Titles and Explanation Dec. 31 Inventory Debit 4,800,000 Credit (b) Accumulated Depreciation - Equipment 4,800,000 Prepare the journal entry (if any) to record depreciation expense for 2026. (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 debit entry before credit entry.) Account Titles and Explanation Debit Credit (c) The asset was not sold by December 31, 2026. The fair value of the equipment on that date is $5,300,000. Prepare the journal entry (if any) necessary to record this increase in fair value.…