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A company depreciates its plant at the rate of 25 per cent per annum, straight line method, for each month of ownership. From the following details draw up the plant account and the provision for depreciation account for each of the years 2014, 2015, 2016 and 2017.
2014 Bought plant costing £2,600 on 1 January. Bought plant costing £2,100 on 1 October.
2016 Bought plant costing £2,800 on 1 September.
2017 Sold plant which had been bought for £2,600 on 1 January 2014 for the sum of £810 on 31 August 2017.
You are also required to draw up the plant disposal account and the extracts from the statement of financial position as at the end of each year.
On December 31, 2014, Lender Company entered into a debt restructuring agreement with Borrower Company, which is now experiencing financial trouble. Lender agrees to restructure a 12%, $4,000,000 note receivable by agreeing to the following: reducing..
Vijay sells land and receives $5,000 cash, a motorcycle worth $2,000, two tickets to the Super Bowl with a total face value (cost) of $800 but worth $1,200, and the buyer assumes the mortgage on the land of $12,000. What is Vijay's amount received in..
Using the information in the table below, determine how much of the supplies variance is due to a change in volume.
State the effect of accelerated depreciation relative to straight-line depreciation on Depreciation expense in the first year and The asset's net book value after two years.
Mr. and Mrs. Kroger gave their church $500,000 in a year when their AGI was $200,000; they made no other contributions. What is their charitable contribution deduction for that year? Ben’s adjusted gross income for 2013 was $175,000. Acquisition Inde..
Accounts receivable turnover. - Average collection period for accounts receivable.
Jessica wants to incorporate her business but is not sure of the differences between the current form of sole proprietorship and changing to a corporation.
The accounting records of Shinault Inc. show the following data for 2014. 1. Life insurance expense on officers was $8,400. Equipment was acquired in early January for $341,100. Straight-line depreciation over a 5-year life is used, with no salvage v..
question the brandon company the schimmel company and a manufacturer a retailer entered into a business combination
Explain the time value of money. Is it important for accountants to have an understanding of compound interest, annuities, and present and future value concepts? Why?
Thrifty Co. reported net income of $191,150 for its fiscal year ended January 31, 2017. At the beginning of that fiscal year, 50,000 shares of common stock were outstanding. On October 31, 2016, an additional 15,000 shares were issued. Calculate basi..
A taxpayer, age 64, purchases an annuity from an insurance company for $50,000. She is to receive $300 per month for life. Her life expectancy 20.8 years from the annuity starting date. Assuming that she receives $3,600 this year
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