On January 2, 2017, Chair King Co. purchased a new van for $45,000. The van had an expected useful life of six years, and an expected salvage value of $15,000. The company expected that in those six years, the van would be driven for 150,000 miles based on the following schedule:

2017 – 13,000 miles

2018 – 21,000 miles

2019 – 28,000 miles

2020 – 29,000 miles

2021 – 37,000 miles

2022 – 22,000 miles

Required:

Assuming a December 31 year-end, prepare a depreciation schedule for the life of the van using:

Straight-line depreciation

Units-of-production depreciation

Double-declining-balance depreciation

The following is a random list showing the account balances of various assets, liabilities, revenues and expenses for Jones Painting Company at December 31, 2020, the end of its first year of operations.

Accounts receivable 7,100

Acounts payable 2,500

salary expense 3,200

repair expense 700

truck 8,300

equipment 6,700

unearned revenue 3,000

cash 6,100

supplies expense 1,600

service revenue 15,800

Gasoline Expense 3,000

Salary payable 2,100

3. the Statement of owners equity would show an ending balance of

A. 21,800

B. 18,800

C. 20,600

D. 25,300

E. 26, 500

On December 31, 2019, Armstrong realized that a piece of equipment may be impaired. The equipment was originally purchased for $9,000,000. Armstrong will continue to use this piece of equipment in the future. As of December 31, 2019, the equipment has a remaining useful life of 4 years and had been depreciated for six years. The equipment initially had a salvage value of $450,000 and the company uses the straight-line method of depreciation.

The expected future cash flows are presented below. The proper discount rate is 8%.

Year

2020 - 800,000

2021-600,000

2022-1,000,000

2023- 800,000

1. Determine if the asset is impaired   
2. If the asset is impaired determine the amount of the impairment loss.

Kingbird Corporation enters into a 6-year lease of equipment on December 31, 2019, which requires 6 annual payments of $37,400 each, beginning December 31, 2019. In addition, Kingbird guarantees the lessor a residual value of $22,000 at the end of the lease. However, Kingbird believes it is probable that the expected residual value at the end of the lease term will be $12,000. The equipment has a useful life of 6 years. Assume that for Lost Ark Company, the lessor, collectibility of lease payments is probable and the carrying amount of the equipment is $160,000.

Prepare Lost Ark’s 2019 and 2020 journal entries, assuming the implicit rate of the lease is 11% and this is known to Kingbird.

Allen Company had the following accounts and balances on December 31, 2019:
Estimated Liabilities $51,250 Discount on Notes Payable $150
Cash $20,000 Notes Receivable, maturity 2/1/22 $5,000
Notes Payable, due June 2, 2020 $1,000 Current Maturities of Long-Term

Debt

$6,900
Accounts Receivable $267,500 Unearned Revenue $4,320
Equipment $950,000 Interest Payable $1,010
Accounts Payable $104,400 Wages Payable $6,000
Inventory $85,000 Marketable Equity Securities $40,000
Land $600,000 Common Stock $900,000
Allowance for Doubtful Accounts $12,000
What is Allen Company’s current ratio?

On January 1, 2019, Ridge Company issued $10,000,000 face value bonds for 10 years at 12%. The bonds are issued at 96, and dated January 1. Interest is paid annually on January 1. The end of Ridge’s fiscal year is December 31. Required: 1. Prepare the necessary journal entries for the year 2019. 2. Show the balance sheet presentation on December 31, 2019. 3. Prepare the necessary journal entries for the year 2020. 4. What is the carrying value of the bonds at the end of the year 2024? What do you observe? 5. Prepare the necessary journal entries on the maturity date January 1, 2029.

On January 1, 2019, Ridge Company issued $10,000,000 face value bonds for 10 years at 12%. The bonds are issued at 96, and dated January 1. Interest is paid annually on January 1.

The end of Ridge’s fiscal year is December 31.

Required:

1.      Prepare the necessary journal entries for the year 2019.

2.      Show the balance sheet presentation on December 31, 2019.

3.      Prepare the necessary journal entries for the year 2020.

4.      What is the carrying value of the bonds at the end of the year 2024? What do you observe?

5.      Prepare the necessary journal entries on the maturity date January 1, 2029.

The Sunrise enterprises, a single product company, provides you the following data for the Month of Sep. 2020.

• Sales (4,000 units @ $25/unit): $1,00000

• Contribution Margin per unit: $12

• Total fixed expenses for the month: $18,000 Required: Calculate break-even point( in units and in dollars) and margin of safety( in Percentage, units and Dollars) for Sunrise enterprises using above data. Also draw a CVP graph and show the sales volume representing break-even point and margin of safety on the graph.

This question is from Economics, I want answer of this question with diagram and explanation of diagram

Please help me.

ABC Co. provides a company car to Danny. The cost of the car was $20,000 including HST. The car was driven for a total of 26,000 kilometres during 2020 and its operating costs for the year were $4,000. It was used by Danny for the whole year. He drove a total of 9,000 kilometres for personal purposes.

Instructions:

Calculate the Auto Benefit that Danny will include in his employment income by filling in the five (5) blanks below. Do not leave any blanks - if there is no value to input, enter "none" :