Reference no: EM132083514
Question - Assume Interstellar Communications Ltd's balance sheet includes the following assets under Property, Plant, and Equipment: Land, Buildings, and Motor-Carrier Equipment. Interstellar Communications has a separate accumulated depreciation account for each of these assets except land. Further, assume that Interstellar completed the following transactions:
Jan 2: Sold motor-carrier equipment with accumulated depreciation of $67,000 (cost of $130,000) for $70,000 cash. Purchased similar new equipment with a cash price of $176,000.
July 3: Sold a building that had cost $650,000 and had accumulated depreciation of $145,000 through December 31 of the preceding year. Depreciation is computed on a straight-line basis. The building had a 40-year useful life and a residual value of $250,000. Interstellar received $100,000 cash and a $400,000 note receivable.
Oct 29: Purchased land and a building for a single price of $420,000. An independent appraisal valued the land at $150,000 and the building at $300,000.
Dec 31: Recorded depreciation as follows:
New motor-carrier equipment has an expected useful life of six years and an estimated residual value of 5% of cost. Depreciation is computed on the double-diminishing-balance method.
Depreciation on buildings is computed by the straight-line method. The new building carries a 40-year useful life and a residual value equal to 10% of its cost.
Required: Please journalize each of the transactions from Jan 2nd - Dec 31st.
|
How much would absorption costing income
: How much would absorption costing income from operations differ between a plan to produce 3,500 units and a plan to produce 5,700 units
|
|
Compute the gross profit rate
: Prepare a multiple-step income statement - Compute the gross profit rate. (Round answer to 2 decimal places, e.g. 10.50.)
|
|
Retrieve data of students from past and current enrollment
: Faculty members can also retrieve list of his or her advisees. Select one, and then retrieve that student's past and current enrollment information.
|
|
Reserve requirements on time deposits
: What would be the estimated Eurodollar deposit rate if the domestic U.S. dollar deposit rate is 8½%, the reserve requirements on time deposits
|
|
Journalize each of the transactions
: Depreciation on buildings is computed by the straight-line method. Please journalize each of the transactions from Jan 2nd - Dec 31st
|
|
Compute the activity variance for these data
: Compute the activity variance for these data. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None"
|
|
Draw an erd for the database
: Professors and GTAs are assigned to teach the sections of each class being offered in a semester.
|
|
Record the issuance of the note
: Record the issuance of the note and the appropriate adjusting entry for interest expense at December 31, the end of the reporting period
|
|
Prepare a multi-step income statement for the year
: Compute the profit margin ratio and gross profit rate. Partin Company's assets at the beginning of the year were $770,000, and they were $830,000
|