1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Effectus [21]
2 years ago
13

Lomani Ltd acquired two new machines for cash on 1 January 2017. The cost of machine A was $400 000, plus GST, and of machine B,

$600 000, plus GST. Each machine was expected to have a useful life of 10 years, and residual values were estimated at $20 000 for machine A and $50 000 for machine B. Because of technological advances, Lomani Ltd decided to replace machine A. It traded in machine A on 31 March 2021 for a new machine, C, which cost $420 000. A $200 000, plus GST, trade-in was allowed for machine A, and the balance of machine C’s cost was paid in cash. Machine C was expected to have a useful life of 8 years and a residual value of $20 000. On 2 July 2021, extensive repairs were carried out on machine B for $66 000 cash. Lomani Ltd expected these repairs to extend machine B’s useful life by 4 years and it revised machine B’s estimated residual value to $19 500. Machine B was eventually sold on 1 April 2023 for $300 000, plus GST, cash. On 1 July 2023, Lomani Ltd decided to use the revaluation model for valuation of Machine C. The fair value of Machine C was assessed to be $220 000 and the future useful life was estimated to be 5 years, residual value remains the same. Lomani Ltd uses the straight-line depreciation method, recording depreciation to the nearest whole month. The end of the reporting period is 30 june. prepare general journal entries to record the above transactions and depreciation journal entries required at the end of each reporting period up to 30 june 2024​
Business
1 answer:
PolarNik [594]2 years ago
7 0

Answer:

Explanation:هاي

You might be interested in
In the financial projections section, the sba recommends this for the projections for the first year:______
alisha [4.7K]

In the financial projections section, the SBA recommends this for the projections for the first year quarterly or monthly projections.

<h3>Financial Projections</h3>

One of the most crucial things you can do for your business each year is to plan out and work on your company's financial projections. The process itself frequently has more significance than the outcomes, or formal projections. At a minimum, strategic planning enables you to "come up for air" from the day-to-day challenges of managing the business, assess its current state, and chart a clear way forward.

Regular planning also assists your business in adjusting to change on both an internal and external level. You are better equipped to identify issues and possibilities by routinely reevaluating your company's capabilities, markets, and competition.

To know more about "Financial Projections", visit :brainly.com/question/28007394

#SPJ4

4 0
1 year ago
The chart shows facts related to professional interpreters. To enter this field, a worker would be required to have earned a deg
Kisachek [45]
Earned a degree from a four-year college at least. I HOPE IT HELPS :)
5 0
3 years ago
Read 2 more answers
Radner Shipping purchased a truck and a trailer for $90,000. An appraisal has set the fair market values of the truck and the tr
Monica [59]

Answer:

Truck $54,000

Explanation:

Basket purchase price of assets is always pro rated in ratio of their fair values

=90,000*(60,000/100,000

=54,000

Truck=$54,000

Trailer=90,000-54,000=$36,000

3 0
3 years ago
Payson Sports, Inc., sells sports equipment to customers. Its fiscal year ends on December 31. The following transactions occurr
sladkih [1.3K]

Answer & Explanation:

Req. A

Journal Entries

a. Debit        Inventory           $250,000

  Credit                Cash                           $90,000

  Credit                Accounts payable     $160,000

Note: Purchase of raw materials with cash and on account.

b. Debit        Wages expense   $184,000

  Credit                 Cash                          $180,300

  Credit                  Wages payable        $3,700

Note: Total salary (180,300 + 3,700)= 184,000 usd. 180,300 were charged over the course of the year, $3,700 only being compensated, thereby the responsibility (salaries payable).

c. Debit        Cash                            $500,000

  Debit        Accounts receivable  $250,000

  Credit                 Sales revenue            $750,000

Note: Offer cash and on account to consumers pillows.

Since the company is a sales business, the expense of the products sold must be registered.

Debit       Cost of goods sold      $485,000

Credit               Inventory                           $485,000

d. Debit      Utilities expense       $17,200

  Credit                   Cash                           $17,200

e. Debit     Cash                             $70,000

  Credit                    Unearned revenue       $70,000

Note: If the service is done in the future and cash is earned now, taxes are reported on an accrual basis as earned, not when the service is conducted.

f. Debit      Utilities expense        $1,930

 Credit           Utilities payable                      $1,930

Note: As it is unpaid, a liability will arise.

Req. B

Accrual accounting framework provides owners, borrowers and other consumers with more accurate and powerful knowledge. This shows distinctly the savings, profits and obligations of the company against its internal and external employees. Owing to the fact that all documents (whether charged or not) were kept independently under an accrual accounting.

5 0
3 years ago
What is the function of the organelles that are labeled f? to temporarily store water, waste products, food, and other cellular
wel

The function of the organelles that are labeled F is to move proteins and other substances through the cell. Thus the correct answer is C.

<h3>What is Organelles?</h3>

Organelles are tiny structures in the cytoplasm that perform tasks crucial for a cell to stay in balance. In the diagram, the organelle designated "F" is the endoplasmic reticulum.

They carry out a variety of tasks inside cells, including the creation of energy and the synthesis of proteins and secretions.

Therefore, option C to move proteins and other substances through the cell is the appropriate answer.

Learn more about organelles, here:

brainly.com/question/6358664

#SPJ1

4 0
2 years ago
Other questions:
  • During the first quarter of the Super Bowl, Chris keeps track of actual game time vs. time devoted to commercials. Game time amo
    12·1 answer
  • Described below are certain transactions of Sheridan Corporation. The company uses the periodic inventory system.
    8·1 answer
  • During last month, your beginning inventory was $17,500, your purchases were $19,252, and your ending inventory was $15,757. Wha
    8·1 answer
  • Rahls issues stock to investors for $20,000, and has $5,000 of net income in its first year of operations. During Year 2, Rahls
    6·1 answer
  • Suppose the real interest rate is 4% and expected inflation is 1% . What is the nominal interest rate? nominal interest rate: %
    10·1 answer
  • U.S. Treasury deposits at the Federal Reserve Banks are:A. A liability of the Federal Reserve Banks and the U.S. TreasuryB. An a
    11·1 answer
  • Granny Gums has established a scholarship at the Martin College of Dentistry. She will make deposits into an endowment account t
    8·1 answer
  • Suppose the banking system does NOT hold excess reserves and the reserve ratio is 25%. If Melanie deposits $1,000 of cash into h
    9·1 answer
  • A group of 26 different families have shared ownership of a vacation condominium. Each family spends two weeks annually at the c
    8·1 answer
  • In the workplace today, more emphasis is being put on mental health. But sometimes, employees don't want to be seen as being una
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!