1. On 5 September 2018, Norris Corporation purchased a computer equipment for $100,000, paid $20,000 cash and signed a 6% two-year notes payable for the remaining balance. The equipment was expected to be used for 4 years with a residual value of $10,000. Straight-line depreciation method is used. Depreciation for fractional years is recorded to the nearest full month. The financial year-end date is 31 December.
On 25 February 2020, the company spent $25,000 to completely overhaul the equipment. The management believes the estimated useful life of the equipment will be extended for 3 years more with residual value of $6,000, with effect on 25 February 2020.
Required:
Calculate the depreciation expense of the computer equipment for the year of 2020. Show your workings. (Round ALL answers to 2 decimal places.)
2. Marvel Company purchased motor vehicle costing $1,200,000 on 15 September 2017. The motor vehicle has an estimated useful life of 5 years and residual value of $200,000. Straight-line depreciation method is used. Half-year convention is adopted. On 5 March 2020, the company sold the motor vehicle for $400,000 cash. The company adjusts its accounts annually with the year-end at 31 December.
Required:
(a) Prepare the journal entries to update the depreciation before disposal in 2020;
(b) Prepare the journal entries on 5 March 2020 regarding to the disposal.
In: Accounting
|
Trial balance |
||
|
Debit |
Credit |
|
|
Cash |
15300 |
|
|
Accounts receivable |
10800 |
|
|
Inventory 1/1/20 |
3800 |
|
|
Prepaid insurance |
2000 |
|
|
Equipment |
37000 |
|
|
Accumulated depreciation |
5600 |
|
|
Notes payable |
1500 |
|
|
Accounts payable |
6100 |
|
|
Unpaid salaries |
3600 |
|
|
Share capital |
3000 |
|
|
Retained earnings |
10600 |
|
|
Dividends |
5300 |
|
|
Sale |
81000 |
|
|
Purchase of inventory |
24600 |
|
|
Market cost |
4600 |
|
|
Insurance |
3500 |
|
|
Salaries |
18000 |
|
|
Total |
124900 |
124900 |
The inventory costing was 1500. Notes payable was taken at the beginning of 2018 to five years, 5% interest, the interests are paid at the beginning of each year. The equipment uses the straight-line method, 7000 each year. Salary bonuses for December are 1500 has not been recorded. Income tax is 20% of the net income.
A) Make an income statement for the year 2020.
B) Calculate gross profit and gross profit rate.
C) Calculate EBITDA and EBITDA margin
D) Make a retained earnings statement for the period 1/1 – 31/12 2020
Please respond quickly
In: Accounting
Q1. Carter Packaging Company is engaged in the business of producing customized tins for its corporate clients. The manufacturing facility is located in North Hamsphire, Olton.
On March 31, 2018 Boost Drinks Limited ordered 3000 tin cans to be supplied before April 16, 2008. The order is named as Job # 2 & was completed on April 11, 2008 and transferred to the warehouse. On April 14 the goods were shipped to the customer at a total prices of Cost + 25%.
Additional information:
1. Raw material was purchased for $ 13000. Out of this 22% was allocated to Job # 2B
2. Labor costs $9 per hour. Each tin requires 30 minutes to complete.
3. Supervision cost amounted to 400 for Job # 2B.
4. Machine and building depreciation were 1200 and 2000 respectively. 40% is allocated to the job # 2B.
Required:
You are required
1. Prepare a Job Order Cost Sheet for Job # 2B.
2. Pass Necessary Journal entries in the books of Carter Packaging Company
3. Prepare the FOH Control and Work in Process account for the Job # 2B.
In: Accounting
In: Operations Management
Please talk about Bank of America regarding its ethical issues.
provide introduction : you can describe the importance of ethical issues on the financial market
Body : What cause and impact from the ethical issues of a financial institution. How financial institution handle it.
Conclusion: Based on the body content.
Recommendation: you opinion to help them to prevent it.
References / Citations
This paper requires minimum 3 full pages.
In: Accounting
Post your thinking about the following: How do theist beliefs define atheist beliefs? Compare and contrast the two. What are the core beliefs of agnostics and atheists? Why does the U.S. Constitution dictate a division between the Government and all religions? How does the agnostic philosophy provide a positive counter-balance to religion, if it does? Please be sure to validate your opinions and ideas with citations and references in APA format.
In: Psychology
Discussed the history of healthcare. Summarize what stood out to you regarding the history of healthcare in the US. Also, research the history of healthcare of another country. What are similarities and what are differences?
Please add references and in-text citations.
Minimum 300 words, please
Reference:
An Introduction to Community Health. 8th ed.
McKenzie, J.F., Pinger, R.P., Kotecki, J.E.
Jones & Bartlett Learning. 2015
ISBN: 978-1284036596
In: Nursing
Module 4
· Select a developmental age group.
· Describe one way the RN’s physical assessment is unique for the developmental age you selected
· Discuss a health promotion focus specific for the developmental age selected
Base your initial post on your readings and research of this topic. Your initial post must contain a minimum of 250 words. References, citations, and repeating the question do not count towards the 250 word minimum.
In: Nursing
For your Written Assignment:
Your response must be in your own words, in paragraph form, with citations for your references APA style. Your response must be at least two double-spaced pages(500 words)..
In: Computer Science