Tullahoma Company purchased equipment for $27,500. It depreciated the equipment over a five-year life by the double-declining-balance method until the end of the second year, at which time the asset was sold for $8,500. Calculate the gain or loss on the sale at the end of the second year.
Coffman’s Warehouse purchased a forklift on January 1, 2012, for $6,000. The forklift is expected to last for five years and have a residual value of $600. Koffman’s uses the double-declining-balance method for depreciation. Required1. Calculate the depreciation expense, accumulated depreciation, and book value foreach year of the forklift’s life.2. Koffman’s Warehouse purchased a forklift on January 1, 2012, for $6,000. The forklift is expected to last for five years and have a residual value of $600. Koffman’s uses the double-declining-balance
Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $1,870 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $3,000. During the year, he drove his car a total of 19,800 miles (a combination of business and personal travel). (Do not round intermediate calculations. Round your final answer to the nearest dollar amount.)
Using the continuous weighted average method of pricing the issue of materials to production, calculate the value of the closing inventory as at 30 April 2016.
Individual assignment information Value: 20% of overall assessment
Word limit: 2000 words (excluding references)
Assignment Requirements:
1) Structure:
Use report structure which must contain the following: report cover page, table of contents, executive summary, introduction, body, conclusion, recommendations and bibliography.
- Formatting and referencing:
The assignment must be word-processed, 1.5 line spacing. The word size should be 12 with ‘Times new roman’ font type. Harvard style reference preferred.
You are required to obtain the annual reports of two ASX Top 200 companies in the same industry and write a business research report to address the following questions related to the items included in property, plant and equipment.
- Review and evaluate the PPE disclosure of your selected companies which may include:
- What range of measures is used to determine amounts for these items in the reports of the individual companies?
- Do you think it is valid to add the items, given the measures used?
- How would you interpret the total amount for property, plant and equipment in the financial statements?
- Compare the measures used by the different companies for similar items. Are there any inconsistencies in how similar items are measured by the different companies?
- Discuss the factors that accountants should consider when setting up company accounting policy relating to PPE.
- Detail your view on the subsequent measurement of PPE and provide recommendations to accounting standard setters.
Please refer to the marking rubric for marking criteria.
(Depreciation for Partial Periods–SL, Act., SYD, and DDB)
The cost of equipment purchased by Charleston, Inc., on June 1, 2010 is $89,000. It is estimated that the machine will have a $5,000 salvage value at the end of its service life. Its service life is estimated at 7 years; its total working hours are estimated at 42,000 and its total production is estimated at 525,000 units. During 2010 the machine was operated 6,000 hours and produced 55,000 units. During 2011 the machine was operated 5,500 hours and produced 48,000 units.
Compute depreciation expense on the machine for the year ending December 31, 2010, and the year ending December 31, 2011, using the following methods. (Round all answers to 0 decimal places, i.e. 10,510.)
Straight-line.
2010 $2011 $
Units-of-output.
2010 $2011 $
Working hours.
2010 $2011 $
Sum-of-the-years’-digits.
2010 $2011 $
Declining balance (twice the straight-line rate).
2010 $2011 $
Write a paper that describes the main aspects of the regulatory environment which will protect the public from fraud within corporations, Pay particular attention to SOX requirements.
Required Elements:
- No more than 1400 words
- Specifically evaluate whether SOX will be effective in avoiding future frauds.
- Format consistent with APA guidelines
- 1. Prepare a monthly operating budget for the DMV for the fiscal year ending August 31, 2014. Determine the operating surplus and deficit for each month and for the year as a whole. Use one page or worksheet in your spreadsheet to list all of the base information, and another for the operating budget. [ Hint: It may be easier to prepare the budget if you add a third page or worksheet to calculate the number of transactions each month.]
- 2. To what do you attribute the changing surplus/ deficit pattern during the year?
- 3. What would happen to the overall deficit or surplus if the number of vehicles failing inspections increased from 15 percent to 30 percent? Keep in mind that vehicles must be re- inspected, so this would also increase the total number of inspections. Does this give the DMV a reason to make its standards tougher? Is this good policy?
- 4. Suppose the DMV can choose when to implement the new digitized licensing system.
- a. What would happen to the finances of the DMV if the new licenses are implemented at the beginning of the year and issued throughout the year?
- b. What would happen if the new licenses are not implemented at all during the coming year? In either case, assume the total number of licenses issued for any month does not change. Is that assumption realistic? How does it affect your results?
- 5. What other changes would you suggest that might help the DMV’s situation? What are the advantages and disadvantages of the various suggested changes? Select the approach that you believe is best, create a worksheet showing the resulting budget, and provide an explanation defending your choice of changes.
Please respond to the following:
- Why would you want to have a thorough on-boarding process in place at your company?
Write a 150- to 200-word summary (PER QUESTION) of the team' s discussion about IFRS versus GAAP, based on your team collaborative discussions. The summary should be structured in a subject-by-subject format. An introduction and a conclusion are NOT needed. Your essay should include the answers to the following:
- IFRS 10-2: Explain how IFRS defines a contingent liability and provide an example.
- IFRS10-3: Briefly describe some similarities and differences between GAAP and IFRS with respect to the accounting for liabilities.
Format your essay consistent with APA guidelines.
Use the Financial Accounting text and at least two additional scholarly-reviewed references.
Question
Define “Needs Assessment?” Describe the three levels of needs analysis and indicate their significance. Answer must be a minimum of 200 words. Please list reference used
The following questions must be answered in the report to receive full credit:
- Define and explain two common types of receivables.
- Why does a business depreciate?
- What are three methods of depreciation?
- Provide the formula for each of the three methods of depreciation along with an example and rationale for use.
- Example would-be straight-line depreciation, provide the formula, and why a business would choose to use it.
Budget Development Given all of the information you have gained in this and other courses, develop a budget for a restaurant business establishment. Develop a monthly budget for one financial year (12 months) by using a sales forecast and variable and fixed costs based on your business concept. Using industry averages, develop a one-year total budget based on the monthly budgets created. Save the budget sheet as an Excel file Discuss the following aspects that you analyzed or experienced while creating this budget: What was the most challenging aspect? What do you see as the biggest financial benefit to your organization
Jim stops at his local Tim Horton' s every morning between 7:00 and 8:00 to get a coffee on his way to work. He observes that there are, on average, 5 people waiting in line. He also notes that he spends an average of 6 minutes in the coffee shop. If the typical customer spends $8, estimate Tim Horton' s revenue on a weekday morning between 7:00 and 8:00 AM.
A. $300
B. $360
C. $480
D. $400
E. $500
Which of the following ethical approaches face the challenge of sacrificing the benefit of the minority groups at the expense of majority? Deontological approach b. Virtue ethics approach c. John Rawls justice approach d. Teleological approach a. focuses on moral principles or values such as honesty, integrity whereas focuses on doing what will maximize societal welfare. 3. A. Utilitarian, Virtue follower b. Kantian, Consequentialist c. Virtue Theory; Utilitarian d.
Consequentialist; Kantian the main benefit of living within society is that it allows us to escape 4. According to the physical hazards associated with the state of nature. a. John Locke b. Thomas Hobbes c. Jean-Jacques Rousseau d. John Rawls 5. In ethical decision making, business managers generally rely on: Consequentialist approach b. Kantian approach c. Virtue approach d. Social contract approach a. 6. Which theory of ethics emphasizes character over other ethical considerations such as duty or consequences? a. Consequentialist b. Kantian c. Virtue ethics d. Social contract theory