CPPREP4005_SW_1of1
.docx
keyboard_arrow_up
School
TAFE NSW - Sydney Institute *
*We aren’t endorsed by this school
Course
2320
Subject
Accounting
Date
Feb 20, 2024
Type
docx
Pages
81
Uploaded by DukeLorisPerson1010
Student workbook
CPPREP4005
Prepare to work with real estate trust accounts
TAFE NSW would like to pay our respect and acknowledge Aboriginal and Torres Strait Islander Peoples as the Traditional Custodians of the Land, Rivers and Sea. We acknowledge and pay our respect to the Elders, both past and present of all Nations.
Version:
20200817
Date created:
15 April 2019
Date modified:
17 August 2020
For queries contact: Technology and Business Services Skillspoint
© TAFE NSW 2020
RTO Provider Number 90003 | CRICOS Provider Code: 00591E
This resource can be found in the TAFE NSW Learning Bank.
The content in this document is copyright © TAFE NSW 2020 and should not be reproduced without the permission of TAFE NSW. Information contained in this document is correct at time of printing: 17 February 2024. For current information please refer to our website or your teacher as appropriate. Document title: CPPREP4005_SW_1of1
Resource ID: TBS_19_001_CPPREP4005_SW_1of1
Page 3 of 81
© TAFE NSW 2020
Contents
Icon legends
................................................................................................................................
5
Getting started
............................................................................................................................
6
What will I learn by completing this workbook?
....................................................................
6
Video: 11 real estate agents and trust accounts
....................................................................
7
Topic 1: Trust accounts and legislation
.................................................................................
8
Overview
.....................................................................................................................................
9
Purpose of trust accounts
.........................................................................................................
10
Activity 1.1: Multiple choice
.................................................................................................
12
Trust account legislation
...........................................................................................................
13
Knowledge of the Act and regulations
.................................................................................
13
Licensee must ensure employees comply with the Act and regulations
.............................
13
Legislation tables
..................................................................................................................
14
Opening a trust account in NSW
...............................................................................................
18
Requirements when opening a trust account
......................................................................
18
Audit of licensee’s records
........................................................................................................
21
Purpose of an internal audit
.................................................................................................
21
Purpose of an external audit
................................................................................................
21
Legal requirement
................................................................................................................
21
Audit period
..........................................................................................................................
22
Unclaimed trust monies
.......................................................................................................
24
Additional resources
.............................................................................................................
24
Activity 1.2: Trust account legislation
..................................................................................
25
How did you go?
...................................................................................................................
26
Topic 2: Trust account controls and responsibilities
...........................................................
27
Overview
...................................................................................................................................
28
Trust account obligations and responsibilities
..........................................................................
29
Trust account fraud
..............................................................................................................
31
Internal controls to prevent fraud
.......................................................................................
31
Penalties for trust account offences and impact on agency and consumers
......................
32
Trust account integrity, security and confidentiality integrity
.............................................
33
Activity 2.1: Identifying the responsibilities when transacting trust accounts
....................
34
How did you go?
...................................................................................................................
35
Topic 3: Trust account transactions and inaccuracies
.........................................................
36
Overview
...................................................................................................................................
37
Trust account transactions
........................................................................................................
38
Types of trust money
............................................................................................................
38
Trust receipts and bank deposit slips
...................................................................................
39
Document title: CPPREP4005_SW_1of1
Resource ID: TBS_19_001_CPPREP4005_SW_1of1
Page 4 of 81
© TAFE NSW 2020
Trust account payment documents
.....................................................................................
43
Electronic funds transfer
......................................................................................................
44
Vendor statement
................................................................................................................
44
Activity 3.1: Identify trust account transactions
..................................................................
45
Trust account cashbooks
......................................................................................................
47
Activity 3.2: Identify trust account transactions
..................................................................
50
Trial balance and bank reconciliation
..................................................................................
53
Additional resources
.............................................................................................................
53
Bank reconciliations and bank statements
..........................................................................
54
Sources of inaccuracies in trust accounts
............................................................................
56
Monthly trust account processes
.........................................................................................
57
Computerised trust accounting
............................................................................................
58
Software packages
................................................................................................................
58
Computerised trust accounting legal requirements
............................................................
60
Answers to practice activities
....................................................................................................
63
Activity 1.1: Multiple choice
.................................................................................................
63
Activity 1.2: Trust account legislation
..................................................................................
64
Activity 2.1: Identifying the responsibilities when transacting trust accounts
....................
66
Activity 3.1: Identify trust account transactions
..................................................................
68
Activity 3.2: Identify trust account transactions
..................................................................
70
Hyperlinks
..................................................................................................................................
73
Image attributions
.....................................................................................................................
75
Document title: CPPREP4005_SW_1of1
Resource ID: TBS_19_001_CPPREP4005_SW_1of1
Page 5 of 81
© TAFE NSW 2020
Icon legends
Icon
Description
Practice activity
Learning activities help you to gain a clear understanding of the content in this resource. It is important for you to complete these activities, as they will enhance your learning. The activities will prepare you for assessments.
Collaboration
You will have opportunities to collaborate with others during your study. This could involve group activities such as mini projects or discussions that will enable you to explore and expand your understanding of the content. Self-check
An activity that allows you to check your learning progress. The self-check activity gives you the opportunity to identify areas of learning where you could improve. If you identify these, you could review the relevant content or activities.
Resources (required and suggested)
Additional resources throughout this workbook such as chapters from textbooks, online articles, videos etc. These are supplementary resources, which will enhance your learning experience and may help you complete the unit.
Assessment task
At different stages throughout the workbook, after you have completed the readings and activities, you may be prompted to complete one or more of your assessment tasks.
Video
Videos will give you a deeper insight into the content covered in this workbook. If you are working from a printed version, you will need to look these up using the URL provided.
Document title: CPPREP4005_SW_1of1
Resource ID: TBS_19_001_CPPREP4005_SW_1of1
Page 6 of 81
© TAFE NSW 2020
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
Related Questions
<
6:26
Assignment Details
Fall 2024 Introduction to Ethnic Studies (ESTU-1...
Description
Assimilation and the Native
American
In this assignment you are to read Chapter
2- U.S. Federal Policy: Assimilation Verses
Cultural and Sovereignty, 1870s-1950s
Instructions
You are to write 1-3 paragraphs on:
1. Why was it important for the
colonizers to Americanize the Native
American?
2. Address wny Christians promoted
Assimilation.
3. Discuss the difference between
Assimilation and Cultural Autonomy.
◄ Previous
Submit Assignment
Next ▸
2
000
Dashboard
Calendar
To Do
Notifications
Inbox
arrow_forward
Conceptual Question
Ito Ltd. receives a local government grant to help defray the cost of its plant facilities.
The grant is provided to encourage Ito to move its operations to a certain area.
Explain how the grant might be reported. Your answer must be supported by referring
to relevant accounting standards.
Edit View
Insert
Format
Tools Table
12pt v
Paragraph v
BIUA
arrow_forward
Testbank Multiple Choice Question 79
On March 1, 2020, Sunland Company purchased land for an office site by paying $2770000 cash. Sunland began construction on the office building on March 1. The following expenditures were
incurred for construction:
Date
Expenditures
March 1, 2020
$1890000
April 1, 2020
May 1, 2020
2540000
4520000
June 1, 2020
4820000
The office was completed and ready for occupancy on July 1. To help pay for construction, and purchase of land $3540000 was borrowed on March 1, 2020 on a 9%, 3-year note payable. Other
than the construction note, the only debt outstanding during 2020 was a $1470000, 12%, 6-year note payable dated January 1, 2020.
The actual interest cost incurred during 2020 was
$441900.
$412500.
O $247500.
O $495000.
arrow_forward
PART A. EXPLORING CHARTERED ENGINEER ROUTE (GROUP)
Question 1: PRIVATE SECTOR AND ITS ROLE IN OMAN
Provide a detailed analysis of the current status of private sector job market in Oman. Discuss the role of private sector in providing employment in Oman (Support your answer by including most relevant and latest available research findings / surveys / publications by government and / or other relevant agencies / organisations / individuals / professional bodies and the like (250-300 words).
arrow_forward
plem Set: Mod x
* CengageNOW2| On x
* Cengage Learning
B Milestone Two Guidel x
G module 5 problem se x+
ow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogres..
еBook
Show Me How
Determining Cost of Land
On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $44,000 in cash and giving a short-term note for $272,000.
Legal fees paid were $1,780, delinquent taxes assumed were $14,700, and fees paid to remove an old building from the land were $21,700. Materials
salvaged from the demolition of the building were sold for $4,700. A contractor was paid $960,600 to construct a new warehouse.
Determine the cost of the land to be reported on the balance sheet.
Next
Previous
3:20 PM
Check My Work
11/28/2021
56 F
arrow_forward
t: Modi X
* CengageNOWv2 | On x
* Cengage Learning
m/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=. CD
B Milestone Two Guideli x
G module 5 problem set x
A eBook
Show Me How
Impaired Goodwill and Amortization of Patent
On April 1, a patent with an estimated useful economic life of 12 years was acquired for $43,200. In addition, on December 31, it was estimated that
goodwill of $41,000 was impaired.
a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank.
April 1
b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. If an amount box
does not require an entry, leave it blank.
Dec. 31
C. Journalize the adjusting entry on December 31 for the impaired goodwill. If an amount box does not require an entry, leave it blank.
Dec. 31
Next
Previous
3:24 PM
Check My Work
11/28/2021
56°F Mostly cloudy a O E - A 0
home
delete
prt sc
%23
arrow_forward
I would like to get help from this activity
arrow_forward
Tue 9:08 AM
Bookmarks Window Help
A v2.cengagenow.com
CengageNOWv2 | Online teaching and..
A AAMA - State Scope
Learning Module 1- ACCT1105: Financi..
C https://geyser.cl-cms.com/assets/fr5am..
Show Me How
O eBook
Straight-Line Depreciation
A building acquired at the beginning of the year at a cost of $1,630,000 has an estimated residual value of $340,000 and an estimated useful life of 10 years.
Determine the following.
a. The depreciable cost
X
10
b. The straight-line rate
c. The annual straight-line depreciation
Feedback
Check My Work
Next
All work saved.
Save and Exit
Submit Assignment for Gra
tv
MacBook Air
DII
F3
DD
F4
F6
F9
F10
F11
F12
%23
24
&
4
6.
8.
9.
T.
Y
U
{
D
G
H J
K
+ ||
....
arrow_forward
QUESTION 6
Which of the following statements would be part of a vision statement?
Company XYZ is a globally recognized financial institution providing
services now and in the future.
ABC Memorial Hospital provides an appropriate mix of services to the
residents of ABC region and surrounding areas.
BCD Company makes, distributes, and sells the finest-quality widgets.
To be the largest and most complete antique radio community site on the
Internet.
arrow_forward
QUESTION THREE
Sea shores is a property investment company that focuses on buying landing and buildings for purposes for rental and resale purposes. The company currently own the follow
land and buildings.
Braamfontein
land
Umhlanga
building
Richards bay
building
Use
Richards Bay
land
Pretoria
Building
Rented to the 30 June
local
2019
30
Purchase Depreciation cost Model
date
policy
municipality
Consists of 5001 May 20% on cost 20 000 Cost
apartments
2020
000
apartments
are rented to
tenants
Will be sold
on
appreciation
of the value
Rented to
tenants
30 April
2020
Occupied by 1 January
sea shores
2020
10 000 Fair value
000
& 400 cost
000
12 000 Cost
000
1 February 20% on cost 8 000
2019
000
Fair value
Fair value on
31 Dec 2020
14 000 000
25 000 000
5 400 000
10 000 000
10 545 800
Required
Prepare all the necessary journal entry for the year ended 31 December 2020.
arrow_forward
e Degree
X M Chegg Expert Registration: Accou X
Zoho Creator - Chegg Expert Hir X
experthiring.cheggindia.com/#Form:Subject_test?User_Name%=3709413000267626765&Number=D1
B * * S :
negg Expert Hiring
Shobha joshi
Following is information pertaining to an investment made in an equipment by Sunset
Incorporation. Using the given information calculate the payback period of the investment.
Round the answer to 2 decimal places.
erms and Conditions
Valk-Through Video
Dashboard
Initial Investment
$210,000
Useful life
10 years
Salvage Value
Annual net income generated
Cost of Capital
$25,000
$18.900
11%
a. 9 years
b. 5.16 years
c. 5.61 years
d. 11.11 years
A
Answer
B.
arrow_forward
MGMT2023 - Financial Management 1-UWI Open Campus
Stephanie Carter has been gifted a sum of $50,000 by her grandparents on completing her graduation successfully. She is a fresh finance graduate and is excited to invest some money in the capital market, for which she intends to use the gifted sum of $50,000. However, instead of committing this money to the market immediately, she decides to wait for some time, work in the field and acquire some experience before proceeding with her intended investment. She thus contemplates an extremely conservative investment in a portfolio of stocks and bonds, at the start of year 5 from now. For now, she will leave the $50,000 in a fixed deposit with the bank which promises an interest rate of 6% per annum. She will require a return of at least 9% on her stock investments and 4% on bond investments. Stephanie would have to pay 25% taxes on any interest income. Dividends will be tax-free. Stephanie's research has allowed her to narrow down on the…
arrow_forward
H1.
arrow_forward
Question 1 IFRS 15 defines a performance obligation. Which one of the following statements
is correct? Belfry Pty. Ltd. is commissioned to build a tower during the refurbishment of a
historic Chapel. Given the various goods and services involved in the build are capable of
being distinct the goods and services are distinct. Pool Inc. builds a cement swimming pool for
the Smit family, which involves a significant service of integrating various goods and services.
Therefore, these goods and services are combined into one performance obligation. We Print
Ltd. regularly sells large format printers and ink cartridges separately. The printer cannot
function without the ink cartridges therefore the sale of a printer with ink cartridges is one
performance obligation. DC-AC Ltd. regularly sells high performance battery chargers and
batteries separately. The battery charger cannot function without the batteries therefore the
battery charger and batteries are not separately identifiable.
arrow_forward
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
arrow_forward
Pls draw correct lines on graph for question
arrow_forward
d EXCHANGE PASSWORD REQUIRED
Financial Accounting : Overview
E CengageNowv2 | Online teaching and learning resource
Enter your password for "hjmolin" in Internet
Accounts.
eBook
Show Me How
Depreciation Methods
Clearcopy, a printing company, acquired a new press on January 1 The press cost $171,600 and had an expected life
residual value of $15,000. Clearcopy printed 683,600 pages during the year. Do not round intermediate calculations. If required, round your answers to the
8 years or 4,500,000 pages and an expected
nearest whole dollar.
Required:
1. Compute depreciation expense using the:
Depreciation Expense
a.
Straight-line method
b.
Double-declining-balance method
c. Units-of-production method
2. What is the book value of the machine at the end of the year under each method?
Book Value
a.
Straight-line method
b.
Double-declining-balance method
с.
Units-of-production method
Previous
arrow_forward
uestions
Problem 15-15 Algo (Decision Analysis
with Sample Information)
Question 3 of 3
Hint(s)
Check My Work
A-Z
A real estate investor has the opportunity to purchase land
currently zoned as residential. If the county board approves a
request to rezone the property as commercial within the next
year, the investor will be able to lease the land to a large
discount firm that wants to open a new store on the property.
However, if the zoning change is not approved, the investor will
have to sell the property at a loss. Profits (in thousands of
dollars) are shown in the following payoff table:
Office
Decision
Alternative
State of Nature
Rezoning
Approved
Rezoning Not
Approved
S1
S2
Purchase, di
600
-200
Do not purchase,
0
0
d2
(a) If the probability that the rezoning will be approved is 0.5,
what decision is recommended?
Recommended Decision: Purchase
What is the expected profit? Enter your answer in dollars.
For example, an answer of $200 thousands should be
entered as 200,000.
$
20000…
arrow_forward
A M3 - CHAPTER 4 PROBLEM SOLVING.pdf - Adobe Acrobat Reader DC
File Edit View Sign Window Help
Home
Tools
МЗ - СНАРТЕR 4 ... X
Sign In
/ 4
SECTION:
PROFESSOR:
Search 'Draw Shape'
Problem #1
Lump-Sum Liquidation with Gain on Realization
L2 Export PDF
After several years of operations, the partnership of Arenas, Dulay and Laurente is to be
liquidated. After making the closing entries on June 30, 2019, the following accounts
remained open:
O= Edit PDF
A Create PDF
Account Balance
Account Title
Debit
Credit
Comment
Cash
P 50,000
2,350,000
Non-cash Assets
Liabilities
Combine Files
Arenas, Capital
Dulay, Capital
Laurente, Capital
P400,000
900,000
500,000
EI Organize Pages
600,000
The non-cash assets are sold for P2,650,000. Profits and losses are shared equally.
2 Redact
Required:
U Protect
Prepare a statement of partnership liquidation and the entries to record the following:
1. Sale of all non-cash assets.
2. Distribution of gain on realization to the partners.
3. Payment of the…
arrow_forward
question a) answer can only be input or output
Thank you
arrow_forward
Task 2B:
Critically evaluate the hey benefits and limitations of each of the differing investment appraisal techniques, supporting this response with relevant academic research as to whether each of the differing techniques is applied in practice within a real-life business context.
Unilever PLC planning to meet the environmental protection strategy including an introduction of the UN approved 120-litre plastic open-top drums, known as the ‘Blue-drum’. It was highlighted in 2022 AGM that Comfort’ one of their products delivered high growth in Latin America, South Asia, and Turkey, but declined in Europe where consumers reduced their spending in the category. Hence, the company is trying to reduce cost in producing plastic containers used for this washing detergent product, ‘Comfort’.
Assume that cost of manufacturing a ten-pack of Blue-drum includes direct material at C19, direct labour is 111 and variable overheads at f3. The depreciation of a special equipment is C7 with no…
arrow_forward
write a two page paper after listening to the Count Me In Podcast, Ep. 235Links to an external site. featuring Brian Hock, President of Hock International. His discussion centers on the value of obtaining professional certifications to increase your career opportunities.
https://www.imanet.org/podcast/235
arrow_forward
← Chapter 9 Homework Assignment (Graded)
Question 3 of 5
View Policies
-/1 E
Current Attempt in Progress
Wildhorse Company owns equipment that cost $121,000 when purchased on January 1, 2019. It has been depreciated using the
straight-line method based on an estimated salvage value of $12,100 and an estimated useful life of 5 years. Depreciation expense
adjustments are recognized annually.
Instructions:
Prepare Wildhorse Company's journal entries to record the sale of the equipment in these four independent situations. Update
depreciation on assets disposed of at time of sale. (Credit account titles are automatically indented when the amount is entered. Do not
indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the
amounts.)
(a)
Sold for $73,000 on January 1, 2022.
(b)
Sold for $73,000 on April 1, 2022.
(c)
Sold for $25,500 on January 1, 2022.
(d)
Sold for $25,500 on September 1, 2022.
(e)…
arrow_forward
Patent Item
Patent A
Patent B
Patent C
1.
2.
3.
Year
2026
2027
The following events occurred during the year ended December 31, 2025.
2028
Initial Cost
$41,820
$15,600
$16,800
(a)
(b)
Expected Future
Cash Flows
$2,050
2,050
Research and development costs of $235,000 were incurred during the year.
Patent D was purchased on July 1 for $45,372. This patent has a useful life of 9¹/2 years.
2,050
Click here to view factor tables.
As a result of reduced demands for certain products protected by Patent B, a possible impairment of Patent B's value may
have occurred at December 31, 2025. The controller for Sheridan estimates the expected future cash flows from Patent B
will be as follows.
Date Acquired
Your answer is correct.
3/1/21
The proper discount rate to be used for these flows is 8%. (Assume that the cash flows occur at the end of the year.)
Total carrying amount $
7/1/22
9/1/23
eTextbook and Medial
Useful Life at Date Acquired
17 years
10 years
4 years
Compute the total carrying amount…
arrow_forward
SEE MORE QUESTIONS
Recommended textbooks for you
Accounting Information Systems
Finance
ISBN:9781337552127
Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Publisher:Cengage Learning
Financial Reporting, Financial Statement Analysis...
Finance
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Pkg Acc Infor Systems MS VISIO CD
Finance
ISBN:9781133935940
Author:Ulric J. Gelinas
Publisher:CENGAGE L
Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Related Questions
- < 6:26 Assignment Details Fall 2024 Introduction to Ethnic Studies (ESTU-1... Description Assimilation and the Native American In this assignment you are to read Chapter 2- U.S. Federal Policy: Assimilation Verses Cultural and Sovereignty, 1870s-1950s Instructions You are to write 1-3 paragraphs on: 1. Why was it important for the colonizers to Americanize the Native American? 2. Address wny Christians promoted Assimilation. 3. Discuss the difference between Assimilation and Cultural Autonomy. ◄ Previous Submit Assignment Next ▸ 2 000 Dashboard Calendar To Do Notifications Inboxarrow_forwardConceptual Question Ito Ltd. receives a local government grant to help defray the cost of its plant facilities. The grant is provided to encourage Ito to move its operations to a certain area. Explain how the grant might be reported. Your answer must be supported by referring to relevant accounting standards. Edit View Insert Format Tools Table 12pt v Paragraph v BIUAarrow_forwardTestbank Multiple Choice Question 79 On March 1, 2020, Sunland Company purchased land for an office site by paying $2770000 cash. Sunland began construction on the office building on March 1. The following expenditures were incurred for construction: Date Expenditures March 1, 2020 $1890000 April 1, 2020 May 1, 2020 2540000 4520000 June 1, 2020 4820000 The office was completed and ready for occupancy on July 1. To help pay for construction, and purchase of land $3540000 was borrowed on March 1, 2020 on a 9%, 3-year note payable. Other than the construction note, the only debt outstanding during 2020 was a $1470000, 12%, 6-year note payable dated January 1, 2020. The actual interest cost incurred during 2020 was $441900. $412500. O $247500. O $495000.arrow_forward
- PART A. EXPLORING CHARTERED ENGINEER ROUTE (GROUP) Question 1: PRIVATE SECTOR AND ITS ROLE IN OMAN Provide a detailed analysis of the current status of private sector job market in Oman. Discuss the role of private sector in providing employment in Oman (Support your answer by including most relevant and latest available research findings / surveys / publications by government and / or other relevant agencies / organisations / individuals / professional bodies and the like (250-300 words).arrow_forwardplem Set: Mod x * CengageNOW2| On x * Cengage Learning B Milestone Two Guidel x G module 5 problem se x+ ow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogres.. еBook Show Me How Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $44,000 in cash and giving a short-term note for $272,000. Legal fees paid were $1,780, delinquent taxes assumed were $14,700, and fees paid to remove an old building from the land were $21,700. Materials salvaged from the demolition of the building were sold for $4,700. A contractor was paid $960,600 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet. Next Previous 3:20 PM Check My Work 11/28/2021 56 Farrow_forwardt: Modi X * CengageNOWv2 | On x * Cengage Learning m/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=. CD B Milestone Two Guideli x G module 5 problem set x A eBook Show Me How Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $43,200. In addition, on December 31, it was estimated that goodwill of $41,000 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. If an amount box does not require an entry, leave it blank. Dec. 31 C. Journalize the adjusting entry on December 31 for the impaired goodwill. If an amount box does not require an entry, leave it blank. Dec. 31 Next Previous 3:24 PM Check My Work 11/28/2021 56°F Mostly cloudy a O E - A 0 home delete prt sc %23arrow_forward
- I would like to get help from this activityarrow_forwardTue 9:08 AM Bookmarks Window Help A v2.cengagenow.com CengageNOWv2 | Online teaching and.. A AAMA - State Scope Learning Module 1- ACCT1105: Financi.. C https://geyser.cl-cms.com/assets/fr5am.. Show Me How O eBook Straight-Line Depreciation A building acquired at the beginning of the year at a cost of $1,630,000 has an estimated residual value of $340,000 and an estimated useful life of 10 years. Determine the following. a. The depreciable cost X 10 b. The straight-line rate c. The annual straight-line depreciation Feedback Check My Work Next All work saved. Save and Exit Submit Assignment for Gra tv MacBook Air DII F3 DD F4 F6 F9 F10 F11 F12 %23 24 & 4 6. 8. 9. T. Y U { D G H J K + || ....arrow_forwardQUESTION 6 Which of the following statements would be part of a vision statement? Company XYZ is a globally recognized financial institution providing services now and in the future. ABC Memorial Hospital provides an appropriate mix of services to the residents of ABC region and surrounding areas. BCD Company makes, distributes, and sells the finest-quality widgets. To be the largest and most complete antique radio community site on the Internet.arrow_forward
- QUESTION THREE Sea shores is a property investment company that focuses on buying landing and buildings for purposes for rental and resale purposes. The company currently own the follow land and buildings. Braamfontein land Umhlanga building Richards bay building Use Richards Bay land Pretoria Building Rented to the 30 June local 2019 30 Purchase Depreciation cost Model date policy municipality Consists of 5001 May 20% on cost 20 000 Cost apartments 2020 000 apartments are rented to tenants Will be sold on appreciation of the value Rented to tenants 30 April 2020 Occupied by 1 January sea shores 2020 10 000 Fair value 000 & 400 cost 000 12 000 Cost 000 1 February 20% on cost 8 000 2019 000 Fair value Fair value on 31 Dec 2020 14 000 000 25 000 000 5 400 000 10 000 000 10 545 800 Required Prepare all the necessary journal entry for the year ended 31 December 2020.arrow_forwarde Degree X M Chegg Expert Registration: Accou X Zoho Creator - Chegg Expert Hir X experthiring.cheggindia.com/#Form:Subject_test?User_Name%=3709413000267626765&Number=D1 B * * S : negg Expert Hiring Shobha joshi Following is information pertaining to an investment made in an equipment by Sunset Incorporation. Using the given information calculate the payback period of the investment. Round the answer to 2 decimal places. erms and Conditions Valk-Through Video Dashboard Initial Investment $210,000 Useful life 10 years Salvage Value Annual net income generated Cost of Capital $25,000 $18.900 11% a. 9 years b. 5.16 years c. 5.61 years d. 11.11 years A Answer B.arrow_forwardMGMT2023 - Financial Management 1-UWI Open Campus Stephanie Carter has been gifted a sum of $50,000 by her grandparents on completing her graduation successfully. She is a fresh finance graduate and is excited to invest some money in the capital market, for which she intends to use the gifted sum of $50,000. However, instead of committing this money to the market immediately, she decides to wait for some time, work in the field and acquire some experience before proceeding with her intended investment. She thus contemplates an extremely conservative investment in a portfolio of stocks and bonds, at the start of year 5 from now. For now, she will leave the $50,000 in a fixed deposit with the bank which promises an interest rate of 6% per annum. She will require a return of at least 9% on her stock investments and 4% on bond investments. Stephanie would have to pay 25% taxes on any interest income. Dividends will be tax-free. Stephanie's research has allowed her to narrow down on the…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Accounting Information SystemsFinanceISBN:9781337552127Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan HillPublisher:Cengage LearningFinancial Reporting, Financial Statement Analysis...FinanceISBN:9781285190907Author:James M. Wahlen, Stephen P. Baginski, Mark BradshawPublisher:Cengage LearningPrinciples of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
- Pkg Acc Infor Systems MS VISIO CDFinanceISBN:9781133935940Author:Ulric J. GelinasPublisher:CENGAGE LSurvey of Accounting (Accounting I)AccountingISBN:9781305961883Author:Carl WarrenPublisher:Cengage LearningIntermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
Accounting Information Systems
Finance
ISBN:9781337552127
Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Publisher:Cengage Learning
Financial Reporting, Financial Statement Analysis...
Finance
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Pkg Acc Infor Systems MS VISIO CD
Finance
ISBN:9781133935940
Author:Ulric J. Gelinas
Publisher:CENGAGE L
Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning