%24 %23 <> AaBbCcDd AaBbCcDo - A A Aav Ap EE E EE Create and 11 I Normal I No Spac.. Heading 1 Heading 2 - A Select Signatures Adobe PDF ab x, x A DA. Sensi Adobe Acrobat Voice Editing Styles Paragraph Font 4. Giant Corp. purchased a truck on January 1, Year 1 for $75,000. The truck is estimated to have a 5 year life and salvage value of $15,000. The company uses the straight line method. a) At the beginning of Year 3, Giant revises the expected life to 7 years, what is the new annual depreciation expense? b) At the beginning of Year 3, Giant keeps the life the same, but changes the salvage value to $10,000. What is the new annual depreciation expense? 1020 words Type here to search A 73°F 61 LI 12 SUi prt sc delete 5. -> backspace unu lock enter pause ↑ shift alt ctrl
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- Question 5The following balances were extracted from the books of Billion Precision for the year ended 31 December 2020. Dr (RM) Cr (RM) Land 500 000 Building 200 000 Motor Vehicles 120 000 Plant & machinery 70 000 Profit b/f as at 01.01.2020 237 650 Capital 438 000 Acc depreciation as at 1.1.2020 Building 60 000 Motor Vehicles 69 250 Plant & machinery 40 000 Returns 3 600 4 100 Revenue 800 000 Purchases 400 000 Discounts 5 000 Carriage inwards 7 700 Opening inventory 52 000 Provision for bad debts 2 000 Trade receivable / Trade payable 66 000 43 200 Advertising 18 000 Staff training cost 4 000 Bad debts 12 500 Motor expenses 27 000 Rental 90 000 Bank 7 600 Wages & Salaries 126 000 Grand Total 1 701 800 1 701 800 Additional information:i. The provision for bad debts should be 4% of trade receivables. ii. Depreciation is to be charged as follows:-Buildings 2% on…13- The company paid 1.180 TL, including 18% VAT, for the transportation and insurance cost of the photocopier it had purchased for 8.000 TL excluding 18% VAT. The amount paid as transportation and insurance cost is recorded in which of the following accounts? a) 760 Marketing Sales and Distribution Expenses Hs. B) 770 General Administrative Expenses Hs. NS) 255 Fixtures Hs. D) 253 Plant Machinery and Equipment Hs. TO) 251 Current Investments Hs.On August 1 of year 0, Dirksen purchased a machine for $25,500 to use in its business. On December 4 of year 0, Dirksen sold the machine for $24,000. Use MACRS Table. (Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Round other intermediate computations to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Problem 11-42 Part-a (Algo) a. What are the amount and character of the gain or loss Dirksen will recognize on the sale? b. Dirksen depreciated the machinery using MACRS (seven-year recovery period). What are the amount and character of the gain or loss Dirksen will recognize on the sale if the machine is sold on January 15 of year 1 instead?
- 14 - Our company has purchased a land for 472.000 TL including 18% VAT. Which of the following accounts is correct to use in the relevant accounting record ? a) 252 Buildings Hs. 72.000 TL (Borrower) B) 250 Land and Lands Hs. 400.000 TL (Creditor) NS) 250 Land and Lands Hs. 400.000 TL (Borrower) D) 391 Calculated VAT Hs. 72.000 TL (Borrower) TO) 191 VAT Deductible 72.000 TL (Creditor)1) The total assets of Best Service is P500,000. Twenty percent (20%) represents the claim of the owner. Its liability, therefore is: a. P100,000 b. P400,000 c. P500,000 d. None 2) The owner’s capital is P50,000. The creditors have 60% claim on the total assets. The correct amount of assets would be: a. P 83,333 b. P 80,000 c. P 30,000 d. P125,000QUESTION 1The following trial balance relates to Golden Ltd at 30th September 2018 GHS'000 GHS'000Sales (a) 760,000Material purchases (b) 128,000Production labour (b) 248,000Factory overheads (b) 160,000Distribution costs 28,400Administrative expenses (c) 92,800Finance costs 700Investment income 1,600Leased property - at cost (b) 100,000Plant and equipment - at cost (b) 89,000Accumulated amortisation/depreciation at 1/10/2017- leased property 20,000- plant and equipment…
- Q R and S carry on business sharing the profits in the ratio of 23: 4 respectively. Capitals as on 1st Jan 2020 are Q is OMR 20.000. Ris OMR 30,000 and Sis OMR 40,000. On 30th Sept 2020 S died due to accident and his executors claim the profit. Calculate Nine months company profit when average profits of the preceding 3 years were Profit 2017 OMR 50,000, Loss 2018 OMR 40.000, and 2019 Profit OMR 30,000? a. 13,333.33 b. None of the options are correct c. 40,000 d. 9999.99S Ltd is considering buying the business of R Ltd the final accounts of which for the last 3years were as follows: MGC-FN-705 Page 5 of 5Profit and loss account for the 3 years ended 31st Dec (Rs.)Particulars 2011 2012 2013Sales 200,000 190,000 224,000Material Consumed(100,000) (95,000) (112,000)Business Exp (80,000) (80,000) (82,000)Depreciation (12,000) (13,000) (14,000)Net Profit 8000 2000 16,000 Balance sheet as at 31st Dec (Rs.)Particulars 2010 2011 2012 2013Fixed Assets(at cost) 100,000 120,000 140,000 180,000Less: Depreciation (70,000) (82,000) (95,000) (109,000)Net fixed Assets 30,000 38,000 45,000 71,000Stock in Trade 16,000 17,000 18,500 21,000Sundry Debtors 21,000 24,000 26,000…Do not copy from bartleby In 20x1, XYZ Company enters into a construction contract with a customer. The contract price is P10,000,000.Information on the contract follows:20X1 20X2 20X3Contract costs incurred during the year P2,645,132 P236,451 P2,657,000Estimated costs to complete 2,697,451 2,116,777 -Progress Billings 5,000,000 3,000,000 2,000,000Collections on progress billings 2,000,000 4,000,000 4,000,000Using the cost-to-cost method, compute the following: Note: Use up to two (2) decimal places in presenting the answer for percentage of completion. Use six (6)decimal places when applying the percentage.7. Realized gross profit in 20x2 _____________8. The balance of "Contract Liability" at the end of 20x2 _____________9. Revenue that should be recognized in 20x3 _____________10. Realized gross profit in 20x3
- 7.14 Alpha sells machine B for $50,000 cash on 30 April 20X4. Machine B cost $100,000 when it was purchased and has a carrying value of $65,000 at the date of disposal. What are the journal entries to record the disposal of machine B? A Dr Accumulated depreciation $35,000 Dr Loss on disposal (SPL) $15,000 Dr Cash $50,000 Cr Non-current assets – cost $100,000 B Dr Accumulated depreciation $65,000 Dr Loss on disposal (SPL) $35,000 Cr Non-current assets – cost $100,000 C Dr Accumulated depreciation $35,000 Dr Cash $50,000 Cr Non-current assets $65,000 Cr Profit on disposal (SPL) $20,000 D Dr Non-current assets $65,000 Dr Accumulated depreciation $35,000 Cr Cash $50,000 Cr Profit on disposal (SPL) $50,000Consider a firm with a 2010 revenue of S60 million and cost of goods sold of $25 million lf the balance shert amount show $4million of inventory and $1.5 million ofproperty, plant & equipment how many weeks of suppiy does the fim bolat(2 weeksinoneyear)(use 2 decimals)Select oneO a.8.33O b.6.25Oc 13.75O d. 400Oe 12.5010. MHD LLC a trading company dealing in fast moving consumer goods. Their trading results for the year ending 31st Dec, 2019 shows profit.of RO45750. for Accannt The following additional information is also given: The company owned a building cost RO90000. Company charged depreciation on building dihawind d at 9% per annum while in Oman tax law it is prescribed @ 4%. Company purchased a land for business purposes costing RO30000. The accountant nan cdecd ci charged depreciation on land at 10% per annum. The company made a donation on the occasion of Ramadan festival worth of RO4500 which was charged on the income statement. The gross income of the company amounts RO52650 before correcting the inventory valuation. The ledger book overvalued the opening inventory by RO1350 and undervalued closing inventory by RO1250 Company purchased computers to make all billing and administrative work computerized for RO3000 and accountant has expensed this cost. Company also offering…