The estimated amount of depreciation on equipment for the current year is $8,255. Journalize the adjusting entry to record the depreciation. Refer to the Chart of Accounts for exact wording of account titles.
Q: 7) You purchased a commercial building and lot for $190,000 on March 3rd, 2020. The lot itself was v...
A: Modified Accelerated Cost Recovery System that allows a deduction for depreciation for the tax purpo...
Q: Using the following balance sheet and income statement data, what is the debt to assets ratio? Curre...
A: Formula: Debt to Assets ratio = ( Total liabilities / Total Assets ) x 100
Q: and had a fair market value o ompute the capital gains tax on the sale
A: Capital gains tax rate is 15% Capital gains = disposed value - acquirdd value = 2,000,000-1,000,...
Q: 30 Which of the following are some of the defining characteristics of total quality management? . O ...
A: total quality management is such management approach that places emphasis on continuous improvement ...
Q: ABC County Established in 2014 a Cafeteria for the use of its employees and the public. The followin...
A: Income and expenditure account: It is a financial statement that calculates the net income generat...
Q: The below information is related to ABC Corporation: Common Stock, $1 par value $4,500,000 Paid-in...
A: Total capital contributed means amount contributed by stockholders to company. It can be through I...
Q: me is $24.
A: Given; Price of E= $3 Price of O= $1 Income= $24
Q: not traded th
A: Capital Gain Tax = 15% Capital Gain on Real Property situated in Philippines = 6% higher of the Sell...
Q: Vergo Company acquired a motor vehicle for P1,000,000 for the use of one of its on-call employees. C...
A: If the Employer owns and maintains a motor vehicle for the use by employee for the business purposes...
Q: LoneStar Co. is a manufacturing company that produces only one product, cowboy boots, has provided t...
A: Manufacturing Overheads: Manufacturing overheads constitutes all the costs of indirect nature, that ...
Q: BALAH TRANS DATE WITHDRAWAL DEPOSIT CODE 0.00 T16/17 Balance Forwar ded 100.00 26576 DP 011617 2 011...
A: In the present case, The compounding frequency can be determined by finding the number of times each...
Q: Rose's VISA balance is $1,880 . She may pay it off in 10 equal end-of- month payments of $200 each. ...
A: Interest Rate: It is possible to calculate the interest rate by comparing the cost of borrowing agai...
Q: Andover Inc. has projected sales to be: February, $10,000; March, $9,000; April, $8,000; May, S10,00...
A: Total cash receipts in May = (30% * Projected sales of May) + (70% * 40% * Projected sales of April)...
Q: Focus company accounts for its 10% interest in Bee Company using the cost method. This investment wa...
A: The carrying amount refers to the amount invested in the associate and its fair value as of the date...
Q: At the break-even point of 1800 units, variable costs are $138000, and fixed costs are $96000. How m...
A: At 1800 units, the net income is $0. So, Contribution margin = Fixed costs = $96000
Q: Billing department Collections Bill of lading Shipping documents Collection agency Positive Assume t...
A: The question is related to Auditing and is of fill in the blanks with the appropriate word.
Q: ESPAÑOL INGLÉS FRANCÉS On which of the following dates related to the declaration and payment of div...
A: The date of record is the date upon which a corporation reviews its records to determine who the cor...
Q: Sales are $400000 and variable costs are $260000. What is the contribution margin ratio? A. 65%. B....
A: Under Marginal costing (variable costing) contribution percentage or contribution per unit of produc...
Q: Finish the Income Statement and Balance Sheet using the data provided, and calculate the final total
A: An income statement is a financial report that indicates the revenue and expenses of a business. It ...
Q: Last month, senior management decided to recharge head office costs to the divisions. Consequently, ...
A: An operating budget is a detailed prediction of a company's revenue and expenses over a set period o...
Q: ba
A: Annual depreciation = (Cost of the assets - residual value)life of the assets = (P22,000,000 - 2,00...
Q: Record the following in the adjustment journal template then post it to the T-accounts. additional i...
A: Adjustment journals are the journal entries passed at the end of the reporting period to record the ...
Q: Haynes, Inc., obtained 100 percent of Turner Company’s common stock on January 1, 2020, by issuing 1...
A: A business combination is a transaction in which a buyer takes over control of another company (the ...
Q: The pre-emptive right of common shareholders is defined as the right: a. to receive cash dividends ...
A: Common shareholder's are true owner's of the company. These shareholder's is entitled to vote in com...
Q: 19.Design cycle time is an example of a(n): Financial performance measure Service-after-sale process...
A: When there are no interruptions, the DESIGNED CYCLE TIME is the calculated time it takes for a works...
Q: ted. Does the expected loss meet the definitio
A: Conceptual Framework A conceptual framework is a written or visual representation of how variables s...
Q: ABC Corporation has an investment of 4,000,000 shares in XYZ Corporation. On December 31, 2021, ABC ...
A: Normally dividend in form of stock is to be issued when company has less cash reserves.
Q: Finished goods inventory, beginning Finished goods inventory, ending Depreciation, factory Administr...
A: Cost of goods manufactured - Cost of Goods Manufactured is the total cost incurred for manufactured ...
Q: 22 An example of a prevention cost would be: Scrap O Product recalls O Adjusting test equipment O Pr...
A: Preventive costs are the costs that a company incurs to prevent defects from occurring in a product ...
Q: Accounting Complete the missing information in the columns below: A C Sales $100,000 (d) $450,000 Va...
A: Variable Cost- A variable cost is a business expense that changes in percentage to how much a corpor...
Q: Blossom Leasing Company agrees to lease equipment to Blue Corporation on January 1, 2020. The follow...
A: Lease liability under a lease contract is the sum of the discounted values all the lease rentals pay...
Q: BHP Billiton and Vale do Rio Doce own 50% of a company called Samarco. After the mineral explorati...
A: Provision for Contingencies Provision for contingencies which are made to meet the unexpected losses...
Q: Upriver Parts manufactures two products, V-1 and V-2, at its River Plant. Selected data for an avera...
A: The question is based on the concept of Cost Accounting.
Q: X derived the following income in 2020: Business income of P400,000 Compensation income of P200,000...
A: There are many income sources which an individual receives and including them, certain incomes are t...
Q: A managerial employee shows the following details for the year 2021: Regular compensation Overtime p...
A: Regular income tax is the tax applicable on net income after deductions from gross income that are g...
Q: Placid Lake Corporation acquired 80 percent of the outstanding voting stock of Scenic, Inc., on Janu...
A: Disclaimer: As posted multiple sub parts questions we are answering first three sub parts only kindl...
Q: Your friend shows you a summary of her compensation for the year as follows: Basic salary Overtime a...
A: Gross pay = Basic salary + Overtime + 13th month pay & Bonuses = P 985000 + 60000 + 190000 = P 1...
Q: The number of days from 14 March, 2023 to 17 August, 2023 using 30/360 is: O A 153 O B. 156 O. 155 O...
A: The question pertains to counting the number of days on the basis of 30/360 between two specific dat...
Q: Which is not a capital asset
A: Personal use of vehicles are not charged depreciation. Hence they are not capital assets
Q: Pemberley Marine Ltd has a boat that it acquired some months ago at a cost of £8,000. The boat need...
A: In this question, we are required to calculate the amount at which boat with new engine should be so...
Q: Undeclared dividends (in arrears) to cumulative preferred stockholders must be filed to. in the note...
A: Dividends are payments made by a company to its shareholders in the form of cash, stock, or other pr...
Q: Pacifica Manufacturing retired a computerized metal stamping machine on December 31, 2019.Pacifica s...
A: I am answering the first 3 sub-parts of the question as per bartleby guidelines. Please re-submit th...
Q: 5.Pedro earned and incurred the following income and expenses: Compensation (exclusive of mandatory ...
A: Graduated tax rates in Philippines is applied to the business taxable income , the individuals who h...
Q: What did Lali Company show as total credits on its Trial Balance?* $574,000 $224,000 $462,900 None o...
A: The question is related to the Trial Balance. Trial balance contains various ledger balances on a p...
Q: Dancin' Donuts, established in January 2019, is a thriving new business specializing in low-carb don...
A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the quest...
Q: of the partne claims exce er two partm
A: Given: Mactal capital balance=P 350,000 Macadang capital balance =P 250,000 Pangan capital balance =...
Q: ABC Corporation presented the following information in its 2021 statement of financial position: Co...
A: Journal entry is the first step in recording financial transactions in the books of the company. It ...
Q: Garry Santos, company chief accountant: “Mark, you are asking to8 Accounting principles are designed...
A: Ethical issues in Accounting There are many types of ethical issues which are incurred to the busine...
Q: 7.Domex Corporation is a resident foreign corporation. It shows the following for the taxable year 2...
A: A foreign corporation in Philippines, whether resident or non-resident, is taxed only on income deri...
Q: LLED has purchased a new chip making machine for $1,500,000 with a salvage value of $100,000 in 10 y...
A: Straight-line depreciation per year=Cost of asset-Salvage valueUseful life
Step by step
Solved in 2 steps
- Visit www.sec.gov/edgar and search for the BJ's Wholesale annual report (10-K) for the year ended February 1, 2020, using EDGAR (Electronic Data Gathering, Analysis, and Retrieval system). Search or scroll within the annual report to find the balance sheet, labeled "Consolidated Balance Sheets." Required: 1. Find the amounts reported for accumulated depreciation for the period ended February 1, 2020, and February 2, 2019. Assuming no depreciable assets were sold during the year, determine the adjustment for BJ's depreciation for the year and compute the adjusted balances of the related accounts. 2. For simplicity, assume the entire amount reported for "Prepaid expenses and other current assets" represents the balance of the Supplies account. If the year-end balance of the Supplies account prior to any adjustment is $200,000 (in thousands), determine the adjustment that was made to Supplies (and Supplies Expense) at the end of the current year and compute the adjusted balances of the…Record the entry for additional depreciation expense on revaluation of equipment due to conversion from U.S. GAAP to IFRS. Note: Enter debits before credits. Date Account Title Debit Credit 12/31/2021Using the following information, A. Make the December 31 adjusting journal entry for depreciation. B. Determine the net book value (NBV) of the asset on December 31. Cost of asset, $195,000 Accumulated depreciation, beginning of year, $26,000 Current year depreciation, $13,000
- UPARIAM CANUAR 1 Required information. Requirea: 1. Record amortization expense for the intangible assets at December 31, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the amortization on goodwill. Note: Enter debits before credits. Transaction General Journal Debit CreditThe estimated amount of depreciation on equipment for the current year is $8,330. Journalize the adjusting entry, to record the depreciation. Refer to the Chart of Accounts for exact wording of account titles.Please help me with part c in the general ledger for the depreciation expense -building & equipment and the accumulated depreciation - building & equipment where you will see the red X please. Make sure to round to the next dollar please and thank you. I have attached a picture.
- Hi there Please help with the following accounting question Journalise ALL the above transactions for the year ended 28 February 2021 in the General Journal including the year-end adjustment entries for depreciation. Round off to the nearest Rand Narrations are not required The format has been provided ??P8-6 Part 2 2. For each of these the assets Involved in transactions (a) through (f), record the adjusting entry for depreciation or amortization expense at the end of the current year. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. View transaction list Journal entry worksheet 2 3 4 5 6 On December 31 of the current year, sold Machine A for $6,700 cash. Original cost was $24,000; accumulated depreciation to December 31 of the prior year was $16,800 (on a straight-line basis with a $3,000 residual value and five- year useful life). Record the sale. Note: Enter debits before credits. Transaction General Journal Debit Credit e Record entry Clear entry View general journal8 Record depreciation for Winn. 9 Record the lease payment for Winn. 10 Record the amortization of the right-of-use asset for Winn. 11 Record depreciation for Winn. Note : = journal entry has been entered Record entry Clear entry it Credit View general journal
- al Exam The estimated amount of depreciation on equipment for the current year is $7,130. Journalize the adjusting entry to record the depreciation. If an amount box does not require an entry, leave it blank.Using the following information: Cost of asset, $290,000 Accumulated depreciation, beginning of year, $80,000 Current year depreciation, $40,000 A. Make the December 31 adjusting journal entry for depreciation. If an amount box does not require an entry, leave it blank. December 31 B. Determine the net book value (NBV) of the asset on December 31.Use the trial balance, adjustments and additional information to prepare the Statement ofComprehensive Income for the year ended 28 February 2022.Liat TradersPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022Balance sheet accounts section Debit CreditR RCapital 550 854Drawings 75 150Land and buildings 477 164Vehicles at cost 91 000Equipment at cost 67 000Accumulated depreciation on vehicles 31000Accumulated depreciation onequipment 23800Trading inventory 68 800Debtors control 45 850Provision for bad debts 1900Bank 15 560Cash float 1 250Petty cash 250Creditors control 38 860Loan: MUFG Bank (15%) 21600Nominal accounts sectionSales 498 000Cost of sales 244 000Sales returns 8 000Wages 42 500Bank charges 2 300Rent income 26000Packing materials 12 000Advertising 8 500Rates 3 000Bad debts 900Discount allowed 750Discount received 980Stationery 8 500Interest on loan 2 970Water and electricity 5 550Insurance 5 000Telephone 7 0001 192 994 1 192 994Adjustments and additional information1. A…
