What should be reported in a hyper-inflationary statement of financial position prepared on December 31, 2021 as the carrying amount of the machinery?
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What should be reported in a hyper-inflationary
![BLACK Company reported the following machineries on December 31, 2021:
Accumulated
Cost
depreciation
P 1,600,000
Acquired in December 2018
Acquired in December 2020
4,000,000
1,000,000
200,000
Index numbers at the end of each year are 120 for 2018, 125 for 2020, and 350 for 2021.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9e1443fd-158c-471a-8fb4-fb98bff1e339%2Fe369470b-4df1-4900-873b-5490708ef83b%2Fn2wuiw4_processed.png&w=3840&q=75)
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- A company’s policy is to charge depreciation on plant and machinery @20% per year on cost, with proportional depreciation for items purchased during the year and no depreciation on items sold. The company’s Plant and machinery at cost account for the year ended 30 Sept 2019 is as below: Plant and Machinery 2018 £ 2019 01-Oct balance 200,000 30-Jun Disposal 40,000 2019 01-Apr Bank 50,000 30-Sep 210,000 250,000 250,000 Required: Calculate the depreciation charge for the plant and machinery for the year ended 30 September 2019 a. £50,000 b. £37,000 c. £42,000 d. £40,000The depreciation charges for the year to 31 March 2021 are to be apportioned as follows: Cost of sales 60% Distribution costs 20% Administrative expenses 20%Company provided the following information on January 1, 2019: Vehicle cost 5,000,000 Useful life in years 5 years Useful life in miles 100,000 miles Residual value 1,000,000 Actual Miles driven: 2019 30,000 2020 20,000 2021 15,000 What is the depreciation for 2021 using the Sum-of-years digit method?
- As of December 31, 2020, Andrei Corporation has P 5,000,000 contract in progress on which the following information is given. Cost Incurred to date 2018 P 640,000 2019 P 2,496,000 2020 P 4,046,000 Est. cost to complete at year-end 2018 P 2,560,000 2019 P 1,404,000 2020 P 0 How much should be the reported income for 2018 under the percentage of completion method of recognized income? How much should be the reported income for 2019 under the percentage of completion method of recognized income?Aluminium Manufacturing Co., income for the year 2018 and 2019 were OMR 400,000 and 600,000 respectively. The following pretax earnings are depreciation on plant and machinery every year OMR 200,000 and extraordinary gain 2019 OMR 150,000. What is the expected average future earnings. Select one: a. OMR 325,000 b. OMR 275,000 c. OMR 375,000 d. OMR 225,000Barker, Inc. had reported the foilowing details for the year ended December 31, 2019 Net sales $26,550,000 Total assets 16,100,000 Total liabilities 10,200,000 The company's beginning total assets and liabilities were $15,700,000 and S8,200,000, respectively. Calculate the asset turnover ratio for 2019. (Round your answer to two decimal places.) mp.pd Cla Enr O A. 128 times B. 1.67 times OC. 1.93 times OD. 1.46 times Cla Enre
- The current asset section of the Moorcroft Outboard Motor Company's balance sheet reported the following amounts: Accounts receivable, net The average collection period for 2021 is 50 days. 12/31/2021 12/31/2020 $500,000 $400,000 Required: Determine net sales for 2021. (Use 365 days in a year. Do not round intermediate calculations.) Net sales $ 450,000Casio Co. recognizes construction revenue and expenses using the percentage-of-completion method. During 2020, a single long-term project was begun, which continued through 2018 Information on the project follows: 12/31 Accounts Receivable balance Construction expenses for year Gross Profit recognized in year Bangs during year The 12/31/21 CIP balance is Select one O $50,000 Ob 1322,000 O 1619.000 Od $106.000 O $112,000 2020 $100,000 105,000 122,000 100,000 20121 $300.000 192,000 200,000 420.000On January 1, 2021, Concord Corporation purchased equipment for $20000. The company is depreciating the equipment at the rate of $800 per month. At January 31, 2022, the balance in Accumulated Depreciation is: $800 debit. $10400 credit. $49600 debit. $9600 credit.
- Prepare journal entries to record the following transactions. You are required to show all calculations: the financial year-end of the client is 30 November 2021. 3.1 The company adopted the straight-line depreciation method. Record the 15% depreciation on the plant and equipment purchased On 1 December 2020 for R125 000. 3.2 The allowance for credit losses account has an opening balance of R4 500. The policy requires the allowance to equate 8% of the total accounts receivable. The debtors sub-ledger totaled R52 000 prior receiving 40c in the rand on an account of R3 000. The financial manager instructed the write off on the balance WITH GENERAL LEDGER ENTERIES: Please dont provide answer in image format thnkuThe current asset section of the Moorcroft Outboard Motor Company’s balance sheet reported the following amounts:12/31/2018 12/31/2017Accounts receivable, net $400,000 $300,000The average collection period for 2018 is 50 days.Required:Determine net sales for 2018.Assume the following general ledger account balances for Xenon Inc. for December 31, 2019 Accumulated Depreciation 50,000 Building 70,000 Depreciation Expense 20,000 Equipment 53,000 Land 90,000 Unused Supplies 3,000 What is the carrying amount of the company’s plant and equipment section of thebalance sheet at December 31, 2019?
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