User Account

All Pages

Prepare journal entry

Assignment Help Accounting Basics
Reference no: EM132634156

Question - On 1 July 2018, Geller Ltd purchased a vehicle. The vehicle cost $150 000 cash with a zero residual value and useful life of 5 years.

On 30 June 2019, Geller Ltd changed its method of measurement of PPE from the cost model to the revaluation model. They hired an independent valuer who assessed the value of the vehicle to be $135 000 with a remaining useful life of 4.5 years and a zero residual value.

On 30 June 2020, the vehicle was revalued again to its fair value of $85 000 with a remaining useful life of 3 years and residual value of $2 000.

The company uses straight-line depreciation method for depreciating all its PPE. Tax rate is 30%. The financial year ends on 30 June. Prepare journal entry from 2018 to 2020 (revaluation model)?

Reference no: EM132634156

Questions Cloud

Policy and legal-what is digital rights management : What is Digital Rights Management? Why is intellectual property entitled to legal protection? What is the Fair Use doctrine?
Different stages involved in sdlc : Briefly explain in your words the different stages involved in SDLC.
Policy and legal-what is most dangerous hacker tool : What is the most dangerous hacker tool? What was the Arpanet? What is the Red Team? What was the vulnerability in the Target Breach?
Why do negative behaviors affect organizational success : In the study of human behaviors, organizational leaders must understand concepts such as values, attitudes, perceptions
Prepare journal entry : Tax rate is 30%. The financial year ends on 30 June. Prepare journal entry from 2018 to 2020 (revaluation model)
What obstacles do US organizations face : What obstacles do US organizations face that make it more difficult for them to implement JIT than their counterparts in Japan?
Determining the cost of getting a loan at a bank : If we were talking about bank loans, we would look at the cost of getting a loan at a bank.
Find the cash received from customers : H Company's accounting records show: Credit sales for the year 600,000. Find thecash received from customer
Determine if is achieving each of the CSFs : Determine if is achieving each of the CSFs. Analyze each CSF and use data from the measures indicated in the Balanced Scorecard as support for the conclusions

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd