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The Banks Company reports using IFRS and uses fair value for its valuation method under IAS 16. The company acquired a small sailboat on January 1, 2011. It would have liked to have purchased a yacht and helicopter but did not have adequate cash reserves to do so. The sailboat has an expected useful life of 10 years and an estimated zero residual value. The cost of the boat was $50,000. The company uses straight-line depreciation and the depreciation-elimination method for revaluations. On December 31, 2013, the fair value of the boat was $31,500. On December 31, 2016, the fair value of the boat was $25,000. At the end of each year, management has reviewed for impairment indicators and noted that none exist. In addition, the company’s policy is to reverse a portion of revaluation surplus related to any increased depreciation expense due to revaluation.
Provide all necessary journal entries for 2011 through 2016.
At the end of the current year, the following information is available for both pulaski company and scott company. Compute the debt to equity ratios for both companies
Assume landline sold 1,000,000 minutes. Assume all expenses, if any, are discussed explicitly in the case. How much is Landline's gross profit if they use (a) the Gross method? (b) the Net method?
If Shi has a target capital structure of 30% debt, 5% preferred stock, and 65% common stock, what is its WACC?
Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: On April 1, Mathis purchased merchandise on account from Reece with credit terms of 2/10, n/30. The selling price of t..
What is the net effect on appraisal costs for 20X6, assuming the new receiving method is implemented and that 800,000 material units are received?
The destruction that Hurricane Katrina brought to the Gulf Coast in 2005 devastated the city of New Orleans as well as the Mississippi Gulf Coast. The burgeoning casino gambling industry along the Mississippi coast was nearly destroyed. CGC Corporati..
Nature’s Garden, a new restaurant situated on a busy highway in Pomona, California, specializes in a chef’s salad selling for $7. Daily fixed cost are $1,200 and variable costs are $4 per meal. Determine the current average cost per meal
Definition of Return on Investment and Cash Flow and identification of their role in finance
Calculation of number of stock outstanding - How many shares of common stock are outstanding and What was the average issue price per share of preferred stock?
Two partners have a dispute regarding one partner's share of current earnings. One partner believes his share is $100,000 but the partner says it is $75,000. How to resolve this dispute?
During March, Doe corp. incurred $65,000 of direct labor costs and $9,000 of indirect labor costs. The journal entry to record accrual of these wages would comprise either a debit or credit to work in process of what amount?
Determine the April 2014 residual income for an investment center with the following information:
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