Renaining Time: 1 hour. 38 minutes, 40 seconds.* Question Completion Status:Question 1The below selected information is taken from the work sheet for Mmed by Edward, at s yer dIncome StatementSt vs EaityEdward's ContributionEdward, WithdrawalsTotalsDr.CrDxC.100,00052,00065,000150,000Determine the amount for beginning Capital. Note that Edward's Capital was $200,000 at year-end balance sheet (Please rFor the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).BIUSParagraphArial14pxE E X X, ST Te田田hp133escW+1%24%23(3)区

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Description: Renaining Time: 1 hour. 38 minutes, 40 seconds.* Question Completion Status:Question 1The below selected information is taken from the work sheet for Mmed by Edward, at s yer dIncome StatementSt vs EaityEdward's ContributionEdward, WithdrawalsTotals

closing capital = opening capital + additional capital introduced + net income - drawings opening…

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Remaining Time: 1 hour. 38 minutes, 40 seconds. * Question Completion Status: Question 1 The below selected information is taken from the work sheet for M d by Eal, a ye nd Income Statement qty Dr. Cr Edward's Contribution Edward, Withdrawals Totals 100,000 52,000 65,000 150,000 Determine the amount for beginning Capital Note that Edward's Capital was $200,000 at year-end balance sheet (Please n For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). niזPatan BIUS

Remaining Time: 1 hour. 38 minutes, 40 seconds. * Question Completion Status: Question 1 The below selected information is taken from the work sheet for M d by Eal, a ye nd Income Statement qty Dr. Cr Edward's Contribution Edward, Withdrawals Totals 100,000 52,000 65,000 150,000 Determine the amount for beginning Capital Note that Edward's Capital was $200,000 at year-end balance sheet (Please n For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). niזPatan BIUS

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter6: Investing And Financing Activities

Section: Chapter Questions

Problem 1.4C

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On March 1, Wenger Co. began construction of a small building. Payments of$120,000 were made monthly for three months beginning March 1. The buildingwas completed and ready for occupancy on June 1. In determining the amount ofinterest cost to be capitalized, the weighted-average accumulated expenditures area. $30,000.b. $60,000c. $120,000.d. $240,000.
On December 31 Y1, the Company ARL develop a Product: Master 3D. The disbursement associate to the Product are the following: Research $6,000,000 and Development $4,000,000. The criteria have been met for recognition of the development costs as an asset. Product Master D will be in the market in Year 2 and is expected to marketable for 5 years. Total sales of the product are estimated at $100,000,000. Instructions: Using IAS 38, determine the effect of the Research & Development costs have on Company’s Net Income. Answer the following questions. 1. Choose one and explain Net Income using IFRS will be in Year 1: a. Higher by $________ larger than U.S. GAAP income. b. Lower by $________ larger than U.S. GAAP income. c. Both will be the same. 2. Explanation: 3. Year 3 (ending balance) Determine the Book Value of the asset 4. Explanation:
On December 31 Y1, the Company ARL develop a Product: Master 3D. The disbursement associate to the Product are the following: Research $6,000,000 and Development $4,000,000. The criteria have been met for recognition of the development costs as an asset. Product Master D will be in the market in Year 2 and is expected to marketable for 5 years. Total sales of the product are estimated at $100,000,000. Instructions: Using IAS 38, determine the effect of the Research & Development costs have on Company’s Net Income. Answer the following questions. 1. Choose one and explain Net Income using IFRS will be in Year 1: a. Higher by $________ larger than U.S. GAAP income. b. Lower by $________ larger than U.S. GAAP income. c. Both will be the same. 2. Explanation: 3. Year 3 (ending balance) Determine the Book Value of the asset 4. Explanation: Show you computations.
Doner Company Inc. begins operations on January 1, Year 1. The company’sunadjusted financial statements for the year ended December 31, Year 1,appear as follows:Date Transaction Cost Useful Life GPIJanuary 15, Year 1 . . . . . . . . . Purchase Machine X $ 20,000 4 years 100March 20, Year 1 . . . . . . . . . . Purchase Machine Y 55,000 5 years 110October 10, Year 1 . . . . . . . . Purchase Machine Z 130,000 10 years 130December 31, Year 1 . . . . . . . 140April 15, Year 2 . . . . . . . . . . . Sold Machine X 160December 31, Year 2 . . . . . . . 180Balance Sheets 1/1/Y1 12/31/Y1Cash and receivables . . . . . . . . . . . . . . . . . . . . . . $20,000 $35,000Fixed assets, net . . . . . . . . . . . . . . . . . . . . . . . . . 50,000 45,000Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $70,000 $80,000Payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15,000 $15,000Contributed capital . . . . . . . . . . . . . . . . . . . . . . . 55,000…
You are presented with the following trial balance of Carl Ltd at 31 October 2018.Dr CrR,000 R,000Building at cost 740Buildings, accumulated depreciation, 1 November 2018 60Plant at cost 220Plant, accumulated depreciation, 1 November 2018 110Land at cost 235Bank balance 50Revenue 1,800Purchases 1,105Discounts received 90Returns inwards 35Wages 180Energy expenses 105Trade Payables 250Trade Receivables 320Inventory at 1 November 2018 160Allowance for debtors at 1 November 2018 10Administrative expenses 80Director's remuneration 70Accumulated profit at 1 November 2018 13010% Debenture 50Dividend paid 30R1 Ordinary shares 650Share premium account 803,280 3,280Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost,…
You are presented with the following trial balance of Carl Ltd at 31 October 2018.Dr CrR,000 R,000Building at cost 740Buildings, accumulated depreciation, 1 November 2018 60Plant at cost 220Plant, accumulated depreciation, 1 November 2018 110Land at cost 235Bank balance 50Revenue 1,800Purchases 1,105Discounts received 90Returns inwards 35Wages 180Energy expenses 105Trade Payables 250Trade Receivables 320Inventory at 1 November 2018 160Allowance for debtors at 1 November 2018 10Administrative expenses 80Director's remuneration 70Accumulated profit at 1 November 2018 13010% Debenture 50Dividend paid 30R1 Ordinary shares 650Share premium account 803,280 3,280Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost,…
You are presented with the following trial balance of Carl Ltd at 31 October 2018.Dr CrR,000 R,000Building at cost 740Buildings, accumulated depreciation, 1 November 2018 60Plant at cost 220Plant, accumulated depreciation, 1 November 2018 110Land at cost 235Bank balance 50Revenue 1,800Purchases 1,105Discounts received 90Returns inwards 35Wages 180Energy expenses 105Trade Payables 250Trade Receivables 320Inventory at 1 November 2018 160Allowance for debtors at 1 November 2018 10Administrative expenses 80Director's remuneration 70Accumulated profit at 1 November 2018 13010% Debenture 50Dividend paid 30R1 Ordinary shares 650Share premium account 803,280 3,280Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost,…
The following amounts were spent on development expenses relating to a new product. Assume the capitalization criteria was met on 1 September 20X3, when financing for the project was secured. Assume all costs were incurred evenly over the period, unless otherwise noted. Description Amount Product development costs (January – August) $ 98,000 Product development costs (September - December) $ 66,000 Employee salaries for development team (January - December) $ 120,000 Brand awareness, and advertising expenses $ 7,900 Interest on loans to finance development (October - December) $ 12,500 Required: Prepare the journal entries to record the above costs.
Choose the correct letter of the answer for each question. 1. On January 1, 20x1, Johnny Company acquires a building for ₱10M. The building is estimated to have a useful life of 20 years. How much expense is recognized in 20x1 in relation to the building? A. 10,000,000B. 1,000,000C. 500,000D. 0 2. Which of the following accounts is increased by debiting it? A. Accounts payableB. EquipmentC. SalesD. Accumulated depreciation 3. The equipment of ABC Co. has a historical cost of ₱500,000 and an accumulated depreciation of ₱120,000. How much is the carrying amount of the equipment? A. 620,000B. 500,000C.480,000D. 380,000 4. Which of the following results to the amount of cost of goods sold? A. Inventory, beg. + Inventory, end. – Net purchasesB. Net purchases – Inventory, end.C. Sale price x number of units soldD. Inventory, beg. + Net purchases – Inventory, end.
The following trial balance was extracted from the ledger of Juliana at 31December 2020. Juliana Trial Balance as at 31 December 2020 RM RM Land at cost 26,000 Plant at cost 83,000 Accumulated Depreciation at 1 January 2020- Plant 13,000 Office Equipment 33,000 Accumulated Depreciation at 1 January 2020 Office Equipment 8,000 Receivables 198,000 Payables 52,000 Sales 763,000 Purchases 516,000 Returns Inwards 47,000 Discount allowed 4,000 Capital at 1st January 2020 230,000 Drawings 14,000 Provision for doubtful debts at 1 Jauary 2020 23,000 Salaries Expense 44,000 Administration costs 38,000 Bank 75,000 Bad debts written off 77,000 Inventory at 1 January 2020 84,000 1,164,000 1,164,000 Additional information: Closing inventory is RM74,000. Depreciation on plant is charged at 10% per annum on cost. Depreciation on office equipment is charged at 20% per annum using the reducing…
Zone Sdn. Bhd. (accounting year ended 30 November), bought Furniture and Fittings on 1st June 2022 for RM10,000. Compute the residual expenditure for the assets for the year of assessment 2022 (Rates for the AA is at 10%). Select one: a. RM3,000 b. RM4,000 c. RM6,000 d. RM7,000 e. Tiada jawapan di atas/ None of the answer above
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