User Account

All Pages

Prepare the journal entries for Twister Ltd for the years

Assignment Help Accounting Basics
Reference no: EM132567043

Question - At 1 July 2018, Twister Ltd acquired the following non-current assets:

Equipment $200 000

Vehicles 160 000

They are in different classes of non-current assets and are to be measured at fair value. The expected useful lives of vehicles and equipment are 5 years and 10 years, respectively. At 30 June 2019, the fair values of both assets were assessed. The equipment had a fair value of $164 000, and the vehicles, $140 000. The remaining useful lives were assessed to be 8 years for equipment and 7 years for vehicles.

At 30 June 2020, the fair value of equipment was assessed to be $163 500 and the fair value of vehicles was $110 000.

Required - Prepare the journal entries for Twister Ltd for the years ending 30 June 2019 and 2020.

Reference no: EM132567043

Questions Cloud

Substances in order of increasing boiling points : List the following substances in order of increasing boiling points:
Unit 03 Global Finance and Strategy Assignment : Unit 03 Global Finance and Strategy Assignment Help and Solution, Othm Level 7 Diploma In Accounting And Finance - Assessment Writing Service
Prepare the pre-acquisition entries at June : On 1 January 2020, transferred $5 000 from the general reserve existing at 1 July 2019 to retained earnings. Prepare the pre-acquisition entries at June
Calculate the molar heat of solution of kbr : When a 3.00 g sample of KBr is dissolved in water in a calorimeter that has a total heat capacity of 1.36 kJ·K -1, the temperature decreases by 0.370 K.
Prepare the journal entries for Twister Ltd for the years : The remaining useful lives were assessed to be 8 years for equipment and 7 years for vehicles. Prepare the journal entries for Twister Ltd for the years
Calculate the molar solubility of baso4 and the mass : Most barium compounds are very poisonous; however, barium sulfate is often administered internally as an aid in the X-ray examination of the lower intestinal tr
Unit 02 Corporate Social Responsibility and Governance : Unit 02 Corporate Social Responsibility and Governance Assignment Help and Solution, Othm Level 7 Diploma In Accounting And Finance - Assessment Writing Service
Find how often the interest is compounded : Question - Mandarin Bank advertises 9.5% account that yields 9.84% annually. Find how often the interest is compounded
Procedure leads to the average oxidation state : In compounds with more than one atom of the same type, the oxidation state of those atoms derived from the procedure leads to the average oxidation state of the

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