equipment has an original cost and book value of P2,000,000 and P1,550,000 respectively. It has been depreciated over 25% of its life. If the sound value is currently P1,850,000, how much the equipment's replacement cost be?
Q: In a typical 5-day period, the operations team programs a machine to work for 94 hours. Changeovers…
A: Introduction:- The gold standard for assessing industrial productivity is OEE (Overall Equipment…
Q: USA Trading Corporation and you need to record the following transactions in the General Journal &…
A: Separate entries are passed for sales and cost of sales
Q: On January 2, 2021, the Statement of Financial Position of Parent and Subsidiary Company prior to…
A: Consolidated Shareholder's Equity- Consolidated Shareholders’ Equity means the sum of Assets of the…
Q: Outrigger Leisure Products sells 2,000 kayaks per year at a price of $450 per unit. Outrigger sells…
A: A variable cost is one that varies according to the amount of production or the quantity of services…
Q: A number of significant issues face the accounting profession and annual reporting. Select with…
A: The accounting profession is related to creating, maintaining, and updating the accounting record of…
Q: Use the following information from the accounting records of Africa Traders to calculate the cost of…
A: Cost of sales is the amount of cost which is incurred in relation to sale of product. Given,…
Q: Pls help me find: 1. the net cash flow from operating activities 2. the net cash flow from…
A: Following statement is prepared to identify required information: Cash flows from operating…
Q: general journal adjusting entry on December 31, 2021
A: Depreciation refers to the reduction in the value of the fixed asset recorded in the books in a…
Q: The declaration, record, and payment dates in connection with a cash dividend of $31,100 on a…
A: A CASH DIVIDEND IS THE DISTRIBUTION OF FUNDS OR MONEY PAID TO STOCKHOLDERS GENERALLY AS PART OF THE…
Q: condominium unit is being amortized with a quarterly payment of P56,000 for 5 years at % compounded…
A: Quarterly Payment 56000 Rate of Interest 3% No of years 5 years
Q: How much is the share of B in the gain on sale of the land in the partnership’s financial…
A: Partnership refers to a group of individuals (either persons or corporations) who comes together…
Q: Accounting Tulip Company decided to change from LIFO to FIFO inventory costing, effective January 1,…
A: Introduction: Net income is an individual's income after taxes and deductions are deducted.…
Q: ABC Company paid P2,000,000 for a 70% interest in XYZ Co. on January 1, 2022. ABC Company elected to…
A:
Q: Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: ed as a passthrough entity. If Grant's marginal tax rate is 35 percent and Marvin's marginal tax…
A: Net Present Value: Net Present Value is the difference between the present value of cash inflows…
Q: P400,000 Year Purchased Useful life Salvage value Depreciation method 2014 2015 2016 2018 10 years…
A: Carrying value refers to the concept which determines the value of an asset after subtracting…
Q: Question 16 Increasing the sales price will increase the contribution margin per unit. True False
A: Variable costing: It implies to a method of accounting where only variable costs are assigned to the…
Q: Chic Design is a manufacturer of large flower pots for urban settings. The company has these…
A: Standard costing means where standard is set for various cost element and actual cost is then…
Q: How much is the VAT Payable?
A: VAT payable is the amount of vat tax which is to be paid to the tax authority of the country and…
Q: I. Journalize the following transactions that occurred for Jane Long's Restaurant in the month of…
A: The question is related to the Journal entries and posting the same into ledger Accounts.…
Q: Rodriguez Company pays $352,755 for real estate with land, land improvements, and a building. Land…
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Q: Here is some financial statement data for Nestlé (in millions of Swiss francs): 2020 Total current…
A: Working note: Average inventory = (beginning inventory + ending inventory) /2 = (11982+10101) /2 =…
Q: Average age of inventory of PETRON STATEMENT OF FINANCIAL POSITION AND INCOME STATEMENT OF 3…
A: Average age of inventory means the number of days the company will take to sell its inventory. The…
Q: Make-or-Buy Decision Somerset Computer Company has been purchasing carrying cases for its portable…
A: Differential analysis is done to select between one or more alternatives, the benefit of one or more…
Q: Accepting Business at a Special Price Forever Ready Company expects to operate at 85% of productive…
A: A variable cost is one that varies in response to changes in an activity. The "activity" in a firm…
Q: The following labor standards have been established for a particular product: Standard labor-hours…
A: Formula: Labor rate variance = (Standard labor rate per hour - Actual labor rate per hour) X Actual…
Q: Healthy Life Co. is an HMO for businesses in the Fresno area. The following account balances appear…
A: In case of declaration of stock dividend the dividend to the shareholders is paid in form of shares…
Q: Evan, a single individual, operates a service business that earned $110,000 (after all applicable…
A: Even if you select the standard deduction over an itemized deduction, the QBI deduction is only…
Q: ecorded in the applicable asset and liability accounts of the parent
A: Business combination refers to a transaction in which the acquirer has complete control over the…
Q: Q1. Adjusted Trial Balance Cash Accounta recaivable Umce supphes.. Prepaid insurance Ofice equipment…
A: Closing Entries refers to Those entries which are made at the end of the period to closed the all…
Q: a ezto.mheducation.com/e ON0 Uptate 3-30) i Saed Exit Submit Which of the following is true…
A: State statutory laws in all jurisdiction requires the written articles of Partnership...
Q: The following transactions are for Sheridan Company. On December 3, Sheridan Company sold $613,400…
A: Net cash received = Net accounts receivables - Discount allowed where, Discount allowed = Net…
Q: Which of th
A: The forecast may also be done about the cash balance in hand the organization forecasts to keep and…
Q: Fogel Company expects to produce and sell 116,000 units for the period. The company's flexible…
A: The flexible budget is prepared on the basis of standard rates and actual production data. The…
Q: Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department…
A: Solution: Equivalent units under weighted average method = Units completed and transferred out +…
Q: DETAILS BRECMBC9 13.1.010. 0/100 Submissions Used Kathy Hansen has a revolving credit account, The…
A: Credit account: It implies to an account that is created for storing the transactions takes place on…
Q: Unconditional transfers of cash or other resources to an entity in a voluntary, nonreciprocal…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Recognition of tax benefits in the loss year due to a NOL carry back involves: O The establishment…
A: Recognition of Tax Benefits in the loss year due to NOL carry back Basically its a treatment of Tax…
Q: I. Intercompany transfer of inventory at cost need not be eliminated in consolidation. II.…
A: Answer: Both statements are false. Explanation : An intercompany transaction takes place between the…
Q: A company had two divisions – AA and BB. AA Division makes and sells K7 motors which can either be…
A: The question is related to the Transfer Pricing. Transfer pricing is the pricing which occurs when…
Q: Company A calculates the cost per unit of its product at $ 28 (with $ 18 variable cost & $ 10 fixed…
A: Increase (decrease) in net profit = (Selling price per unit - relevant cost per unit) x No. of units…
Q: A company purchased a piece of equipment by paying $5,000 cash. A shipping cost of $400 to get the…
A: As per IAS 16 Property,plant and Equipment The cost of Property,plant and Equipment includes its…
Q: 7.On its balance sheet, a company undergoing reorganization should Select one: a.report its assets…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders…
A: The standard VAT rate of Africa is 15% for trade. Therefore, the value of VAT output to be disclosed…
Q: 1. Sales revenues should increase by 3% in 2021: 4% in 2022 and decreased by 3% in 2023 and remains…
A: Since you have posted question with multiple sub-parts, we will do the first three sub-parts for…
Q: Dr. Jones is evaluating whether to open a private MRI clinic in leased office space in a local strip…
A: Operating cash flow is determined after making adjustments for non-cash related incomes and expenses…
Q: Assume the cost of a company’s long-term asset is $20,000, expected salvage value is $1,000, and…
A: Working Note: Double declining depreciation rate = Straight line depreciation rate x 2 = (100/10…
Q: H. Marc, Jacobs and Benetton share profits in the ratio 2:3:5. On September 30, Partner Benetton…
A: Benetton has decided to retire on September 30. On the date of his retirement, his capital balance…
Q: ABC has developed a new kitchen utensil. The firm has conducted significant market research and…
A: >Target cost is the cost of the product that has been determined by analysing the difference…
Q: Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year,…
A: Treasury stock: Shares which are bought back by the company from the open market but not retired…
A equipment has an original cost and book value of P2,000,000 and P1,550,000 respectively. It has been
Step by step
Solved in 2 steps
- Utica Machinery Company purchases an asset for 1,200,000. After the machine has been used for 25,000 hours, the company expects to sell the asset for 150,000. What is the depreciation rate per hour based on activity?Montello Inc. purchases a delivery truck for $25,000. The truck has a salvage value of $6,000 and is expected to be driven for 125,000 miles. Montello uses the units-of-production depreciation method, and in year one it expects to use the truck for 26,000 miles. Calculate the annual depreciation expense.At the end of the expected useful life of a depreciable asset with an estimated 15% residual value, the accumulated depreciation would equal the original cost of the asset under which of the following depreciation methods?
- Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the purchase of the printer impacts not only depreciation expense each year but also the assets book value. What amount will be recorded as depreciation expense each year, and what will the book value be at the end of each year after depreciation is recorded?Montello Inc. purchases a delivery truck for $25,000. The truck has a salvage value of $6,000 and is expected to be driven for 125,000 miles. Montello uses the units-of-production depreciation method, and in year one the company expects the truck to be driven for 26,000 miles; in year two, 30,000 miles; and in year three, 40,000 miles. Consider how the purchase of the truck will impact Montellos depreciation expense each year and what the trucks book value will be each year after depreciation expense is recorded.An equipment has an original cost and book value of 2,100,000 and 1,560,000 respectively. It has been depreciated over 30% of its life. If the replacement cost is currently 2,400,000, how much will the equipment's sound value be?
- A piece of machinery costs P50,000 and has an anticipated P8,000 salvage value at the end of its six-year depreciable life. Using straight line method, what is the annual cost of depreciation?A piece of machinery costs P50,000 and has an anticipated P8,000 salvage value at the end of its six-year depreciable life. Using straight line method, what is the annual cost of depreciation? a) P7,000 b) P8,000 c) P10,500 d) P12,000Equipment with a cost of $180,000 has an estimated residual value of $14,400, has an estimated useful life of 16 years, and is depreciated by the straight-line method?
- A depreciable asset has a cost of P120,000, estimated useful life of 8 years, and an estimated residual value of P20,000.1. What is the depreciation rate if you are using the straight line method?2. What is the depreciation rate if you are using 150% declining balance method?3. What is the depreciation rate if you are using double declining balance method?Note: For nos. 1 to 3, the rate must be rounded off to two decimal places. Ex: 10.00%, 12.30%, 15.55%4. What is the depreciation rate if you are using the declining balance method?Note: For no. 4, the rate must be rounded off to 6 decimal places. Ex: 10.123456%5. Using SYD method, what is the depreciation expense for the 1st year?6. Using SYD method, what is the carrying amount at the end of the 6th year?7. Using double declining balance method, what is the carrying amount at the end of the 3rd year? Subparts 6-7onlyA depreciable asset has a cost of P120,000, estimated useful life of 8 years, and an estimated residual value of P20,000.1. What is the depreciation rate if you are using the straight line method?2. What is the depreciation rate if you are using 150% declining balance method?3. What is the depreciation rate if you are using double declining balance method?Note: For nos. 1 to 3, the rate must be rounded off to two decimal places. Ex: 10.00%, 12.30%, 15.55%4. What is the depreciation rate if you are using the declining balance method?Note: For no. 4, the rate must be rounded off to 6 decimal places. Ex: 10.123456%5. Using SYD method, what is the depreciation expense for the 1st year?6. Using SYD method, what is the carrying amount at the end of the 6th year?7. Using double declining balance method, what is the carrying amount at the end of the 3rd year?The purchased price of the equipment is P12,000 and its estimated maintenance costs are P500 for the first year, P1,500 for the second year, and P2,500 for the third year. After three years of use the equipment is replaced, it has no salvage value. Compute the present equivalent cost of the equipment using 10% interest. (capitalized cost)