OMBA MOD2 Week 4 Pre-Live Assignment

Sale of Equipment Instructions Chart of Accounts First Questions Journal Instructions Equipment was acquired at the beginning of the year at a cost of $562,500. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 9 years and an estimated residual value of $49,785. Chart of Accounts CHART OF ACCOUNTS Required: a. What was the depreciation for the first year? Round your intermediate calculations to 4 decimal places. Round the depreciation for the year to the nearest whole dollar. b. Assuming that the equipment was sold at the end of the second year for $557,317, determine the gain or loss on the sale of the equipment. c. Journalize the entry on Dec. 31 to record the sale. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a…

Assignment 6.1: Session 6 Comprehensive Problem (Chapter 8) Instructions In this session, we have a 6-part comprehensive problem. Download the Session 6 Comprehensive Problem Templates below to complete the 6 required parts of the problem. You will need your Bergevin and MacQueen book for reference. Rancho Cucamonga Inc. began business on January 1, 2020. The firm earned $100 from sales in its first year of business. Rancho Cucamonga collected $90 of revenue earned in cash during 2020 and reported a $10 account receivable on its 2020 balance sheet. The firm paid $70 cash for operating expenses in 2020 and reported a $5 account payable for unpaid operating expenses on its 2020 balance sheet. Income tax laws only recognize cash collected from sales and cash paid for expenses as taxable items in the year collected or paid. Rancho Cucamonga also reported a $10 fine, paid in cash, to the federal government for unfair business practices. Generally accepted accounting principles allow firms…

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Question 1 Kingbird Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $13,000,000 on January 1, 2025. Kingbird expected to complete the building by December 31, 2025. Kingbird has the following debt obligations outstanding during the construction period. Construction loan—12% interest, payable semiannually, issued December 31, 2024   $5,200,000 Short-term loan—10% interest, payable monthly, and principal payable at maturity on May 30, 2026   3,900,000 Long-term loan—11% interest, payable on January 1 of each year; principal payable on January 1, 2029   2,600,000 (a) Assume that Kingbird completed the office and warehouse building on December 31, 2025, as planned, at a total cost of $13,520,000, and the weighted-average amount of accumulated expenditures was $9,360,000. Compute the avoidable interest on this project. (Use interest rates rounded to 2 decimal places, e.g. 7.58% for computational purposes…

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eBook Question Content Area Differential Analysis Involving Opportunity Costs On July 1, Campus Stores Inc. is considering leasing a building and purchasing the necessary equipment to operate a retail store. Alternatively, the company could use the funds to invest in $1,500,000 of 2% U.S. Treasury bonds that mature in 15 years. The bonds could be purchased at face value. The following data have been assembled: Line Item Description Amount Cost of store equipment $1,500,000 Life of store equipment 15 years Estimated residual value of store equipment $75,000 Yearly costs to operate the store, excludingdepreciation of store equipment $320,000 Yearly expected revenues—years 1-6 $400,000 Yearly expected revenues—years 7-15 $600,000   Required: Question Content Area 1.  Prepare a differential analysis as of July 1 presenting the proposed operation of the store for the 15 years (Alternative 1) as compared with investing in U.S. Treasury bonds (Alternative 2). If…

Online Test Window-Google Chrome tests.mettl.com/test-window/f55ac827#/testWindow/0/6/1 EY Accounting Assessment Total 00:55.46 Finish Test Section 1 of 1 Section #1 v 12 5. 7 8. 6. 10 11 7 of 45 All 2 43 Question #7 GRevisit Choose the best option Wages paid to own employees who have redecorated the office are O capital expenditure. debited to profit and loss account. debited to premises account., O credited to profit and loss account. Frev Question Next Question +91-82878-03040 Zaineh | Support +1-650-924-9221 4:12 PM metti 1/16/2021

Chapter 10 Problem Set A Problem 10-1 On January 1, 2019 Crampton Company acquired land on which to construct a new distribution warehouse. During 2019, the company made expenditures as follows: Contract price of the land $600,000 Closing costs $23,000 Hoerr Excavating for clearing and grading $65,000 Sparks Concrete Construction for sidewalk and parking lot $158,500 Touchstone Lighting for parking lot lighting $21,500 J Hacker and Associates, Architects $71,000 Town of Normal for building permits $9,500 Lewis General Contractors $4,100,000 Crampton also purchased $1,450,000 of warehousing equipment and conveyors. The entire facility was placed in service before December 31, 2019. Prepare Crampton Company’s PPE section of their balance sheet dated December 31, 2019 before the adjusting entries for depreciation

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Project - Comprehensive Problem                                                                                  RETL 261 For the past several years, Kell Dice has operated a part-time consulting business from his home. As of June 1, 2020, Kell decided to move to rented quarters and to operate the business, which was to be known as Dice Consulting, on a full-time basis. Dice Consulting entered into the following transactions during June. Transactions: June: Kell Dice deposited $55,000 into Dice Consulting as the sole owner. Dice Consulting purchased supplies, $3,500; and office equipment, $17,500 with a 3 year note payable of $10,000 and the remainder in cash. Paid three months’ rent on a lease rental contract, $ 6,000. Paid the yearly premium on property and casualty insurance policies, $3,000. Paid cash for a newspaper advertisement, $120.   Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $7,000.   Purchased…

Question 41 marty is a sales consultant. Marty incurs the following expenses related to the entertainment of his clients in 2018:  “picture attached with the i formation and two questions.

COLLEGE Question 4: The following details regarding Machines are provided: Machine Date of purchase Cost Date of sale Cash Proceeds $ 1,000,000 02/06/2020 450,000 XX Y 05/04/2017 01/01/2019 2,000,000 The policy of the company is to depreciate its PP&E at 10% on cost. Depreciation is charged in full in the year of purchase disposal. Required: For year ended 31st December 2020 prepare: Machinery account Accumulated depreciation account Machinery disposal a/c SPOL Extract SFP Extract Question 5: A machine was purchased on 2nd July 2016 for $1,200,000. It was traded in for new one whose price was $1,000,000 on 2nd June exchange. The policy of the company is to charge depreciation for its PP&E at 10% on cost per annum Depreciation is charged in depreciation is charged in the year of disposal.

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Question 4 On 22 February 2018, Sun Company entered into a contract to build an apartment building. It will take 3 years to complete and is originally estimated that the building will cost $6,500,000 which is subject to revision. The contract price was $9,000,000. The following information pertains to the construction period. 2018 2019 2020 Cost to date $2,275,000 $5,280,000 $7,000,000 Estimated costs to complete 4,225,000 1,320,000 Progress billing to date 2,000,000 4,500,000 9,000,000 Cash collected to date 1,400,000 3,800,000 8,800,000 Required: (a) Compute the amount of gross profit to be recognized each year assuming the percentage-of-completion method is used. (b) Prepare all necessary journal entries for year 2020. (c) Prepare a partial statement of financial position as at 31 December 2019, showing the balances in the receivables and inventory accounts.

10:19 x SEASON REQUIRED: 2.1 2.2 Phillip Mosena is the sole owner. The information relates to the VAT period ended 31 July 2022. The standard VAT rate of 15% is applicable to all goods purchased and sold. sü • INFORMATION Calculate the VAT amount that is payable to SARS on the 31 July 2022. During August, the accountant came across a document for furniture bought by Phillip Mosena for his personal home, for R46 000 cash. Phillip said that R6 000 VAT included in this amount must be regarded as input VAT. Further investigation revealed that similar documents were regularly entered in the books over the past year. Advise the Phillip on how to deal with this matter. State TWO points. DETAILS A. Amount due to SARS on 1 July 2022 is R31 470. B. The following transactions appeared in the records for July 2022. Total sales Purchases of stock Discount received from suppliers Goods returned by debtors Stock taken by owner at cost Debtors' accounts written off EXCLUDING VAT R535 000 385 000 11…

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Exercise 11-3 Blue Spruce Corporation purchased a new plant asset on April 1, 2020, at a cost of $984,000. It was estimated to have a useful life of 20 years and a residual value of $384,000, a physical life of 30 years, and a salvage value of $0. Blue Spruce's accounting period is the calendar year. Blue Spruce prepares financial statements in accordance with IFRS. Your answer is partially correct. Try again. Calculate the depreciation for this asset for 2020 and 2021 using the straight-line method. (Round answers to 0 decimal places, e.g. 5,275.) Depreciation 2020 2021 30000 LINK TO TEXT X Your answer is incorrect. Try again. Calculate the depreciation for this asset for 2020 and 2021 using the double-declining-balance method. (Round answers to 0 decimal places, e.g. 5,275.) Depreciation 2020 2021 LINK TO TEXT Your answer is partially correct. Try again. Calculate the depreciation for this asset for 2020 and 2021 using the straight-line method and assuming Blue Spruce prepares…

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