Business
Business, 24.05.2021 17:50, book0001

Kohlbeck Corporation, a manufacturer of steel products, began operations on October 1, 2019. The accounting department of Kohlbeck has started the fixed-asset and depreciation schedule presented below. You've been asked to assist in completing this schedule. In addition to ascertaining that the data already on the schedule are correct, you've obtained the following information for the company's record and personnel. 1. Depreciation is computed from the 1st of the month of acquisition to the 1st of the month of disposition.
2. Land A & Building A were acquired from a predecessor corporation. Kohlbeck paid $800,000 for the land & building together. At the time of the acquisition, the land had an appraised value of $90,000 & the building had an appraised value of $810,000.
3. Land B was acquired on October 2, 2019, in exchange for 2,500 newly isued shares of Kohlbeck's common stock. At the date of acquisition, the stock had a par value of $5 per share and a fair value of $30 per share. During October 2019, Kohlbeck paid $16,000 to demolish an existing building on this land so it could construct a new building.
4. Construction of Building B on the newly acquired land began on October 1, 2020. By September 30, 2021, Kohlbeck had paid $320,000 of the estimated total construction costs of $450,000. It's estimated that the building will be completed and occupied by July 2022.
5. Certain equipment was donated to the corporation by a local university. An independent appraisal of the equipment when donated placed the fair value at $40,000 and the salvage value at $3,000.
6. Machinery A's total cost of $182,900 includes installation expense of $600 and normal repairs and maintenance of $14,900. Salvage value is estimated at $6,000. Machinery A was sold on February 1, 2021.
7. On October 1, 2020, Machinery B was acquired with a down payment of $5,740 and the remaining payments to be made in 11 annual installments of $6,000 each beginning October 1, 2014. The prevailing interest rate was 8%. The following data were abstracted from present value tables (rounded).
Present Value of $1.00 at 8% Present Value of an Ordinary Annuity of $1.00 at 8%
10 years 0.463 10 years 6.710
11 years 0.429 11 years 7.139
15 years 0.315 15 years 8.559
Instructions:
For each numbered item on the schedule above, supply the correct amount.

answer
Answers: 3

Other questions on the subject: Business

image
Business, 21.06.2019 17:40, jjackson0010
Steffi is reviewing various licenses and their uses. match the licenses to their respective uses.
Answers: 3
image
Business, 22.06.2019 07:30, cacaface311
Miko willingly admits that she is not an accountant by training. she is concerned that her balance sheet might not be correct. she has provided you with the following additional information. 1. the boat actually belongs to miko, not to skysong, inc.. however, because she thinks she might take customers out on the boat occasionally, she decided to list it as an asset of the company. to be consistent, she also listed as a liability of the corporation her personal loan that she took out at the bank to buy the boat. 2. the inventory was originally purchased for $27,500, but due to a surge in demand miko now thinks she could sell it for $39,600. she thought it would be best to record it at $39,600. 3. included in the accounts receivable balance is $11,000 that miko loaned to her brother 5 years ago. miko included this in the receivables of skysong, inc. so she wouldn’t forget that her brother owes her money. (b) provide a corrected balance sheet for skysong, inc.. (hint: to get the balance sheet to balance, adjust stockholders’ equity.) (list assets in order of liquidity.)
Answers: 1
image
Business, 22.06.2019 10:00, Randomkid0973
University car wash built a deluxe car wash across the street from campus. the new machines cost $219,000 including installation. the company estimates that the equipment will have a residual value of $19,500. university car wash also estimates it will use the machine for six years or about 12,500 total hours. actual use per year was as follows: year hours used 1 3,100 2 1,100 3 1,200 4 2,800 5 2,600 6 1,200 prepare a depreciation schedule for six years using the following methods: 1. straight-line. 2. double-declining-balance. 3. activity-based.
Answers: 1
image
Business, 22.06.2019 20:00, samanthasheets8925
Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact thatmr=mc at the optimal quantity for each firm. furthermore, a monopolistically competitive firm's average total cost in long-run equilibrium isless than the minimum average total cost. true or false: this indicates that there is a markup on marginal cost in the market for engines. true false monopolistic competition may also be socially inefficient because there are too many or too few firms in the market. the presence of the externality implies that there is too little entry of new firms in the market.
Answers: 3
Do you know the correct answer?
Kohlbeck Corporation, a manufacturer of steel products, began operations on October 1, 2019. The acc...

Questions in other subjects:

Konu
Mathematics, 24.05.2021 18:10
Konu
Advanced Placement (AP), 24.05.2021 18:10