Mace Company acquired equipment that cost $60,000, which will be depreciated on the assumption that the equipment will last six years and have a $4,000 residual value. Component parts are not significant and need not be recognized and depreciated separately. Several possible methods of depreciation are under consideration.

Required:
1. Prepare a schedule that shows annual depreciation expense for the first two years, assuming the following (Round your answer to nearest whole dollar.):

1. Declining-balance method, using a rate of 30%.
2. Productive-output method. Estimated output is a total of 210,000 units, of which 24,000 will be produced the first year; 36,000 in each of the next two years; 30,000 the fourth year; and 42,000 the fifth and sixth years.
3. Straight-line method.

2. Repeat your calculations for requirement 1, assuming a useful life of 10 years, and a declining-balance rate of 20% that reflects the longer life, but the same number of units of production. The residual value is unchanged.

Jurassic Company purchased equipment for $900,000 on June 1 2019. DDB method is used, based on a 5-year life and $1,000 salvage value. At the end of 2020, Jurassic found that the expected future net cash flows from the use of the assets are expected to be $410,000. The fair value of the equipment is $380,000. Is this equipment impaired? If the answer is yes, prepare the journal entry to record the impairment loss.

Question 1:

Menara Wealth Management involved the following transactions during September 2020, the first month of its operation:

Required:

1. Prepare journal entries to record all of the above transactions.

(5.75)

2. Post the journal entries to the relevant three column ledgers.

(6)

3. Prepare the trial balance as at 30 September 2020.

(2.75)

“As the Internet of things advances, the very notion of a clear dividing line
between reality and virtual reality becomes blurred, sometimes in creative
ways.” Geoff Mulgan, University College London

What is the “Internet of Things” and what are what are the roles of the different
company functions in it’s implementation?

You are the new accountant for ABC, Co. ABC, Co. is a plumbing supply and installation company.

Your boss is the President, Mr. Bigg.

As the accountant, it is your job to explain to Mr. Bigg the following accounting terms.

1. What is a chart of accounts?

2. What are adjusting journal entries?

3. What is an income statement?

Based on your course work of accounting and information systems course (ACC 4310) at your University, what would you recommend to Mr. Bigg to improve his business in regards to the following situations?

1. Accounts Receivables are billed and due at 30 days from invoice, however, most customers tend to pay up to 45 days. The company needs to improve cash flows.

2. Several customers have bounced checks and this causes issues, especially the $25.00 fee charged from the bank?

3. The company needs capital for expansion, to purchase materials, and new equipment. Why would you suggest to Mr. Bigg.

At 30 June 2019, the financial statements of McMaster Ltd showed a building with a cost (net of GST) of $372,000 and accumulated depreciation of $188,000. The business uses the straight-line method to depreciate the building. When acquired, the building's useful life was estimated at 30 years and its residual value at $74,000. On 1 January 2020, McMaster Ltd made structural improvements to the building costing $117,000 (net of GST). Although the capacity of the building was unchanged, it is estimated that the improvements will extend the useful life of the building to 40 years, rather than the 30 years originally estimated. No change is expected in the residual value. Calculate the number of years the building had been depreciated to 30 June 2019.

Assume that at maximum hourly productions levels, the United States can produce either 8 yards of fabric or 4 bushels of wheat, whereas Japan can produce either 5 yards of fabric or 6 bushels of wheat. Based on this information,