Question
In: Accounting
The Mallory Corporation On December 31, 2006, the Mallory Corporation had the following activity in its...
The Mallory Corporation
On December 31, 2006, the Mallory Corporation had the following activity in its fixed assets record.
|
MALLORY CORPORATION - FIXED ASSETS |
||||||||||||
|
Equipment |
Cost |
Salvage |
Life |
Method of Depreciation |
||||||||
|
Machine 1 |
$65,000 |
$5,000 |
5 |
DDB purchased 1/1/2006 |
||||||||
|
Building #3 |
$900,000 not including land |
$50,000 |
25 |
S/L purchased 6/30/2006 |
||||||||
|
Mine 316 |
$1,000,000 |
$0 |
1,000,000 tons |
30,000 tons extracted. Mine purchased 1/1/2006 |
||||||||
|
Patent |
$50,000 |
0 |
17 |
Purchased 1/1/2006 |
||||||||
|
Truck 1 |
$35,000 |
$3,000 |
200,000 miles |
Units of production: total miles depreciated to date are 60,000 as of January 1, 2006. Miles this year 30,000 |
||||||||
|
REQUIRED: Compute the depletion, amortization, and depreciation expense on December 31, 2006 for each asset listed above Record the depreciation journal entries for the assets above Suppose that Machine 1 was sold for $40,000 on 12/31/2008, record the entry Suppose that the corporation spent $20,000 in 2006 to defend the patent. Record the entry. Financial Reporting on Fixed Assets:Prepare a partial balance sheet statement for Mallory Corporation showing Fixed and Intangible assets |
||||||||||||
Solutions
ekkarill92 answered 1 year agoRelated Solutions
On December 31, 2013, the Mallory Corporation had the following activity in its fixed assets record....
On December 31, 2013, the Mallory Corporation had the following
activity in its fixed assets
record. Assume all assets were purchased on January 1.
Equipment
Cost
Salvage
Date
Life
Method of Depreciation
Machine 1
$65,000
$5,000
2012
5
DDB
Building #3
$900,000 not including land
$50,000
2004
25
S/L
Mine 316
$1,000,000
$0
2010
1,000,000 tons
30,000 tons extracted
Mine 682
$500,000
$100,000
2011
40,000 barrels
6,000 barrels extracted
Patent
$50,000
0
2010
17
Truck 1
$35,000
$3,000
2010
200,000...
Construction Ltd. had the following activity related to its shares for the year ended December 31,...
Construction Ltd. had the following activity related to its
shares for the year ended December 31, 2020. Common shares
outstanding, January 1: 150,000 $3, cumulative preferred shares
outstanding, January 1: 3,000 During 2020 April 1: Declared a
2-for-1 stock split on common shares July 1: Issued 20,000 common
shares. August 1: Issued 1,000 $2, non-cumulative preferred shares.
October 1: Repurchased 50,000 common shares. December 1: Declared a
15% stock dividend on common shares. Net income for the year was
$476,000....
Waxfastic Corporation had the following balances on December 31, 2018, its year-end (in thousands): preferred shares...
Waxfastic Corporation had the following balances on December
31, 2018, its year-end (in thousands): preferred shares $3,012;
common shares $4,718; contributed surplus $1,750; retained earnings
$16,791; and accumulated other comprehensive income $514.
During the year ended December 31, 2019 the company earned net
income of $3,613,000, issued common shares for $30,000, and
declared and paid dividends of $14,000 and $5,000 to preferred and
common shareholders respectively. Waxfastic follows IFRS.
Required:
Prepare a statement of changes in equity for 2019, as...
On December 31 of last year, Wolfson Corporation had in inventory 450 units of its product,...
On December 31 of last year, Wolfson Corporation had in
inventory 450 units of its product, which cost $22 per unit to
produce. During January, the company produced 850 units at a cost
of $25 per unit. Assuming that Wolfson Corporation sold 800 units
in January, what was the cost of goods sold? (Assume FIFO inventory
accounting.)
2. Vel Corporation had the following information on December 31, 2020: - Assess = $350,000 -...
2. Vel Corporation had the following information on December 31,
2020:
- Assess = $350,000
- Liabilities = $100,000
- Stockholder's Equity:
Contributed Capital = $200,000
Retained Earnings = ?
On December 31, 2020, Vel Corporation's Retained Earnings
is:
Group of answer choices
A) $250,000
B) $50,000
C) $150,000
D) Cannot be determined from the information.
The Magnus Corporation, a publicly accountable entity, had the following investments as at December 31, 20x2:...
The Magnus Corporation, a publicly accountable entity, had the
following investments as at
December 31, 20x2:
Company
Type
Classification
Original
Cost
Carrying
Value
Fair
Value
Will Corp. Shares FVPL $65,000 $61,000 $58,000
Simon Co. Shares FVPL 205,000 212,000 225,000
Craig Inc. Shares FVOCI 82,000 88,000 106,000
Frey Inc. Shares FVOCI 94,000 80,000 88,000
Blandin Co. Bonds FVOCI 210,106 210,106 210,106
The Blandin Co. bonds were purchased on December 31, 20x2. The
bonds have a face value of
$200,000, pay interest...
Pronghorn Corporation had the following portfolio of investments at December 31, 2020, that qualified and were...
Pronghorn Corporation had the following portfolio of investments
at December 31, 2020, that qualified and were accounted for using
the FV-OCI method:
Quantity
Percent
Interest
Cost
per
Share
Fair
Value
per Share
Frank Inc.
2,000 shares
8%
$11
$17
Ellis Corp.
5,200 shares
14%
25
20
Mendota Ltd.
4,200 shares
2%
31
25
Early in 2021, Pronghorn sold all the Frank Inc. shares for $18 per
share, less a 1% commission on the sale. On December 31, 2021,
Pronghorn’s portfolio...
Blossom Corporation had the following items in inventory as at December 31, 2020: Item No. Quantity...
Blossom Corporation had the following items in inventory as at
December 31, 2020:
Item No.
Quantity
Unit
Cost
NRV
A1
140
$2.65
$4.45
B4
145
2.15
2.05
C2
105
2.45
10.85
D3
95
8.60
7.90
Assume that Blossom uses a perpetual inventory system, and that
none of the inventory items can be grouped together for accounting
purposes.
Prepare the year-end adjusting entry required to adjust to the
lower of cost or net realizable value on an item-by-item basis
using the...
Blossom Corporation had the following items in inventory as at December 31, 2020: Item No. Quantity...
Blossom Corporation had the following items in inventory as at
December 31, 2020:
Item No.
Quantity
Unit
Cost
NRV
A1
140
$2.65
$4.45
B4
145
2.15
2.05
C2
105
2.45
10.85
D3
95
8.60
7.90
Assume that Blossom uses a perpetual inventory system, and that
none of the inventory items can be grouped together for accounting
purposes.
Prepare the year-end adjusting entry required to adjust to the
lower of cost or net realizable value on an item-by-item basis
using the...
Monty Corporation had the following portfolio of investments at December 31, 2017, that qualified and were...
Monty Corporation had the following portfolio of investments at
December 31, 2017, that qualified and were accounted for using the
FV-OCI method:
Quantity
Percent
Interest
Cost per
Share
Fair Value
per Share
Frank Inc.
2,300 shares
8%
$10
$16
Ellis Corp.
4,900 shares
14%
24
21
Mendota Ltd.
4,000 shares
2%
30
24
Early in 2018, Monty sold all the Frank Inc. shares for $17 per
share, less a 1% commission on the sale. On December 31, 2018,
Monty’s portfolio...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- The requirements for your assignment are: Decode the IP address 172.16.31.255 /20 Determine the following: Subnet...
- Examine the various types of contracts available to Toyota when dealing with international suppliers and advise...
- Problem 10-08 NPVs, IRRs, and MIRRs for Independent Projects Edelman Engineering is considering including two pieces...
- Give an example for market segmentation for a new company developing either products for cats or...
- Suppose you have set a specific goal for the balance in your savings account 12 years...
- Explain in very good details the hardening and procedures of Microsoft Server 2019
- Straight-Line Depreciation A building acquired at the beginning of the year at a cost of $85,300...
ADVERTISEMENT