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Storm Ltd acquired an item of equipment on 1 July 2013 at a cost of $500,000. On 30 June 2014, Storm’s directors decide to continue using the cost model for equipment. They elect to depreciate the equipment acquired on 1 July 2013 using the straight-line method, over its useful life of five years. The estimated residual value is $50,000. The directors then decide to adopt the revaluation model for equipment from 1 July 2014. They determine that the fair value of this item of equipment on this date is $465,000. The useful life is revised on this date – estimated to be six years from 1 July 2014. The estimated residual value remains unchanged. On 30 June 2015, Storm’s directors estimate that the fair value of the item of equipment does not differ materially from its carrying amount. On 30 June 2016, Storm’s directors estimate that the fair value of the item of equipment is $220,000. The item of equipment is sold on 30 September 2016 for $210,000. Assume a tax rate of 30%. Prepare journal entries to account for all transactions that took place during the period 1 July 2013 to 30 September 2016, including entries for the acquisition of the equipment, depreciation, revaluations and its disposal. Show all relevant dates, narrations and workings.
Pronghorn Company began operations in 2017 and determined its ending inventory at cost and at LCNRV at December 31, 2017, and December 31, 2018. Prepare the journal entries required at December 31, 2017, and December 31, 2018, assuming inventory is r..
question q1. on june 30 2013 wisconsin inc. issued 300000 in debt and 15000 new shares of its 10 par value stock to
Intermediate Accounting Locate an article from a financial periodical from the past 2 years about a company that restated its financial statements due to an error in accounting principal. Write a paper of no more than 700 words with references disc..
Which financial statement reports information helpful in assessing working capital and the purchase of office equipment of credit has what effect on the accounting equation?
Munchkin currently has insufficient machine hours to meet demand for its products. Which product, X or Y, should receive priority in production, and why?
the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company's costing system and "do what you can to help us get better control of our manufacturing overhead costs."
Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions
moon company uses the variable cost idea of applying the cost-plus approach to product pricing. the costs and expenses
SecuriCorp operates a fleet of armored cars that make scheduled pickups and deliveries in the Los Angeles area. The company is implementing an activity-based costing system that has four activity cost pools: Travel, Pickup and Delivery, Customer Serv..
Colin is an 18-year-old worker in the receiving department of a company. On his first paycheck, he notices that he received $170.00 gross pay for 40 hours of work. Did his employer pay him correctly? Explain
The balance in accounts receivable at the beginning of 2016 was $300. During 2016, $1,600 of credit sales were recorded. If the ending balance in accounts receivable was $250 and $100 in accounts receivable were written off during the year, the amoun..
Financial statement presentation You are a senior financial accountant at Thunder Ltd. One of the new graduate accountants has prepared the following statement of financial position as at 30 June 2016, after its first year of operations: Review the s..
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