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QUESTION 1 On 1 July 2011, Hawks Ltd acquired land for $1 500 000 and machinery for $ 1 000 000. Hawks Ltd uses cost model to account land and revaluation model to account for machinery. Hawks Ltd depreciated the machinery over its useful life of four years, using straight-line method. Disposal value at the end of useful lifetime was assessed as Zero. The following information concerning the asset measurement was available. Detail Fair Value Cost of Diposal Value in Use 30 June 2012 Land Machinery $ 1 250 000 1 100 000 $100 000 Nil $1 200 000 Nil 30 June 2013 Land Machinery $ 1 200 000 700 000 $75 000 Nil $1 200 000 Nil 30 June 2014 Land Machinery $ 1 400 000 300 000 $100 000 Nil $1 500 000 Nil Indicators of impairment and/ or reversal of impairment existed at relevant dates for land only. Required: a) Prepare general journal entries in the books of Hawks Ltd over the period from, 1 July 2011 to 30 June 2014, in accordance with the requirements of AASB 116 " Property plant and Machinery and AASB 136 " Impairment of Assets" (Ignore the tax effect). b) Comment on the effects on the comprehensive income statement in relation to the revaluation method adopted for machinery from 30 June 2012 to 30 June 2014. c) What could be the possible reasons for impairment of land if there is any; you need to refer to AASB 136 " impairment of assets" when explaining your answer. Provide all workings necessary to derive your answer.
There is no work in process inventory for product Y at the beginning and end of March. For the month of March, how many kilograms of direct material A is Walman planning to purchase?
Calculate the labor rate variance, the labor efficiency variance, and the total direct labor cost variance for October and for November. Interpret the October direct labor variances.
Illustrate what is the misstatement in valuation? How do i know whether the inventory is overstated or understated? What is the projected misstatement in the entire population?
Identify which cost item above is fixed and variable and why and determine the cost per unit of each? what would be the total annual cost and unit cost of fixed and variable costs?
one check will be used to pay for several purchases. Preapare Big R's acquisition/payment business process model.
Could this lack of clarity in its financial reporting serve as a red flag in alerting you to the possibility of fraud at Enron?
Shannon has a long-term capital loss of $7,000 on the sale of bonds in 2011. His taxable income without this transaction is $48,000. What is his taxable income considering this capital loss?
Prepare a budgeted Income Statement - Prepare a budgeted income statement for next year assuming that the company reduces prices as planned.
Find Gregson ending inventory using absorption costing and evaluate Gregson ending inventory using variable costing?
For the analysis of financial position, compute McDonough Products' (a) Current ratio and (b) Debt ratio. Compare these ratios with the industry averages. Is McDonough Products' financial position better or worse than the average for the industry?
The finished-goods inventory at the end of July was $35,000 and the cost of goods sold during the month was $125,000. Cpst of goods manufacuted is?
Bob and Mary have been married for 25 years. They are both college professors. Mary makes $65,000 yearly and Bob makes $75,000 yearly
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