Business, 25.06.2021 14:00, kaileasample8259
The accounting records of Riffon, a limited liability company included the following balances at 30 June 20X2:
$'000
Office buildings – cost 1,600
– accumulated depreciation (10 years at 2% per year) 320
Plant and machinery – cost (all purchased in 20X0 or later) 840
– accumulated depreciation
– (straight line basis at 25% per year) 306
During the year ended 30 June 20X3 the following events occurred:
20X2
1 July It was decided to revalue the office building to $2,000,000, with no change to the estimate of its remaining useful life.
1 October New plant costing $200,000 was purchased.
20X3
1 April Plant which had cost $240,000 and with accumulated depreciation at 30 June 20X2 of $180,000 was sold for $70,000.
It is the company's policy to charge a full year's depreciation on plant in the year of acquisition and none in the year of sale.
Required
Prepare the following ledger accounts to record the above balances and events:
(a) Office building: cost/valuation
accumulated depreciation revaluation reserve
(b) Plant and machinery: cost
accumulated depreciation disposal
Answers: 3
Other questions on the subject: Business
Business, 22.06.2019 02:20, selenaK9514
Archangel manufacturing calculated a predetermined overhead allocation rate at the beginning of the year based on a percentage of direct labor costs. the production details for the year are given below. calculate the manufacturing overhead allocation rate for the year based on the above data. (round your final answer to two decimal places.) a) 42.42% b) 257.14% c) 235.71% d) 1, 206.90% archangel production details.
Answers: 3
Business, 22.06.2019 06:40, ayleenmorar
Vintage fun reproduces oldminusfashioned style roller skates and skateboards. the annual production and sales of roller skates is 950 units, while 1,750 skateboards are produced and sold. the company has traditionally used direct labor hours to allocate its overhead to products. roller skates require 2.5 direct labor hours per unit, while skateboards require 1.25 direct labor hours per unit. the total estimated overhead for the period is $114,300. the company is looking at the possibility of changing to an activityminusbased costing system for its products. if the company used an activityminusbased costing system, it would have the following three activity cost pools: the overhead cost per skateboard using the traditional costing system would be closest to: a. $9.31. b. $65.31. c. $25.05. your answer is not correct. d.
Answers: 2
Business, 22.06.2019 07:10, carlybeavers50
In a team environment, a coordinator is? a person with expert knowledge or skills in a particular area the team needs. a good listener who works to resolve social problems among teammates. a leader who team members focus on their tasks. a good networker who likes to explore new ideas and possiblities.
Answers: 2
Business, 22.06.2019 09:50, anonymous777739
Beck company had the following accounts and balances at the end of the year. what is net income or net loss for the year? cash $ 74 comma 000 accounts payable $12,000 common stock $21,000 dividends $12,000 operating expenses $ 13 comma 000 accounts receivable $ 49 comma 000 inventory $ 47 comma 000 longminusterm notes payable $33,000 revenues $ 91 comma 000 salaries payable $ 30 comma 000
Answers: 1
Do you know the correct answer?
The accounting records of Riffon, a limited liability company included the following balances at 30...
Questions in other subjects:
Health, 24.07.2019 09:50
History, 24.07.2019 09:50
English, 24.07.2019 09:50
