Unadjusted Trial Balance Debit Credit Property plant and equipment Accumulated depreciation Prepaid insurance Supplies Unearned service revenue 320,000 89,500 24,000 7,500 3,000
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Prepare
A. | supplies actual count at year end, $6,500 |
B. | remaining unexpired insurance, $6,000 |
C. | remaining unearned service revenue, $1,200 |
D. | salaries owed to employees, $2,400 |
E. | depreciation on property plant and equipment, $18,000 |
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- AASB 116 requires disclosure of the following by asset class: I II III IV The useful lives of assets Yes No Yes Yes Accumulated impairment losses No Yes Yes Yes Items pledged as security Yes Yes No Yes Additions during the year Yes Yes Yes No ΟΙ O IV. O III OllQuestion When computing depreciation expence of PE bo g toutle-decing e depreciation method produce the seme OA aual book vatue of the asset OR lotal depreciation expecse over the assets usetul e Oc amnua depreciation expense of the assat. OD. annual tax paid. MacBookk ProNet interest on the net defined benefit liability (asset) Remeasurements of the net defined benefit liability benefit plan shows the following information: How much will be shown in profit or loss and in other 9. The actuarial valuation report of Entity A's post-employment c. P200,000 net defined benefit liability in noncurrent P200,000 net defined benefit asset in noncurrent assets unting for de PAS 259 Emplayer Benefits ned benefit liabilities y (asset) d. PIM in noncurrent liabilities 300,000 Service cost 90,000 (20,000) 370,000 unting for whid Total defined benefit cost comprehensive income? Profit or loss ans Other comprehensive income a. 370,000 b. 300,000 C. 390,000 d. 70,000 (20,000) 370,000 ly to affect te benefit plan? 10. According to PAS 19, how are other long-term benefits accounted for? a. similar to defined benefit plans. b. similar to short-term employee benefits except that the cash flows are discounted. C. similar to defined benefit plans except that all the…
- Kiewit Corporation is an American construction company based in Omaha, Nebraska founded in 1884. Kiewit Corporation constructed a new subdivision during 2023 and 2024 under contract with Desert Development Company. Relevant data are summarized below: Contract amount Cost: Gross profit: Contract billings: 2023 2024 2023 2024 2023 2024 Multiple Choice $ 3,315,000 1,270,000 670,000 905,000 470,000 1,657,500 1,657,500 Kiewit Corporation recognizes revenue upon completion of the contract. In its December 31, 2023, balance sheet, Kiewit Corporation would report: the contract asset, contract amount in excess of billings, of $1,657,500. 4 the contract asset, cost and profits in excess of billings, of $517,500. [( Appendix 7A) Impairment Listed below is information related to three assets reported in the financial statements of Grant Company: Required: For each scenario, indicate whether the asset has been impaired and, if so, the amount of the impairment loss that should recorded.PLEASE USE ACCOUNTS FROM THIS LIST Accumulated Other Comprehensive IncomeAllowance for Investment ImpairmentBond Investment at Amortized CostCashDividends ReceivableDividend RevenueFV-NI InvestmentsFV-OCI InvestmentsGain on Disposal of Investments in AssociateGain on Disposal of Investments - Cost/Amortized CostGain on Disposal of Investments - FV-NIGain on Disposal of Investments - FV-OCIGain or Loss in Value of Investment PropertyGST ReceivableInterest ExpenseInterest IncomeInterest PayableInterest ReceivableInvestment in AssociateInvestment Income or LossLoss on Discontinued OperationsLoss on Disposal of Investments - Cost/Amortized CostLoss on Disposal of Investments - FV-NILoss on Disposal of Investments - FV-OCILoss on ImpairmentNo EntryNote Investment at Amortized CostOther InvestmentsRecovery of Loss from ImpairmentRetained EarningsUnrealized Gain or LossUnrealized Gain or Loss - OCI
- Current Attempt in Progress Assuming there are no impairment losses, the balance in the Accumulated Depreciation account represents the R O amount charged to depreciation expense since the acquisition of the asset. O amount to be deducted from the cost of the asset to arrive at its fair value. O amount charged to depreciation expense in the current period. O cash fund to be used to replace assets. eTextbook and MediaOn January 1, 2022, Ivanhoe Inc., a construction company, leased an excavator from Oriole inc. The lease terms are as follows: Annual lease payments of $26.900 at the beginning of each year for five years At the end of the lease term the asset reverts back to the lessor and the residual value guarantee is $8.100 The incremental borrowing rate is 7% and the implicit rate in the lease is 6% (known by the lessee) Ivanhoe Inc. has a December 31 year end • • . Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. Prepare the journal entries for 2022 for Ivanhoe Inc. Assume Ivanhoe Inc. follows IFRS. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275. Round factor values to 5 decimal places, e.g. 1.25124. If no entry is required, select "No entry" for the account titles and enter O for the amounts)icerca Dashboard My courses Which of these is an allowable cost of an asset under IAS 16? 1. Professional fees 2. General overheads 3. Cost of site preparation 4. Initial operating losses 5. Administration expenses 6. Decommissioning costs O a. 1, 3 and 6 O b. 1, 3 and 5 O c. 1, 2 and 6 O d. 1, 2 and 4 O Financial Reporting (level 5) (2022_23) t Y ASUS ZenBook Assessment
- Fair value of plan assets 6,000,000 9,000,000Projected benefit obligation 4,500,000 5,000,000Prepaid/accrued benefit cost – surplus 1,500,000 4,000,000Asset ceiling 1,000,000 2,500,000Effect of asset ceiling 500,000 1,500,000During the year, the entity recognized current service cost P2,000,000, actual return on plan assets P400,000,and contribution to the plan P4,550,000 and benefits paid P1,950,000. The discount rate is 10%REQUIRED:6. Compute the employee benefit expense for the current year7. Compute the net remeasurement loss for the current year8. Compute the defined benefit cost9. Compute the amount of prepaid benefit cost that should be reported on December 31signment/takeAssignmentMain.do?invoker%-D&etakeAssignmentSessionLocator%-&inprogress%3false The earliest date that condemned property can be replaced and still qualify for involuntary conversion (nonrecognition) treatment is: Oa. 2 years before the actual condemnation. Ob. 3 years after the date of the condemnation. Oc. the date of the threat of condemnation. Od. 2 years before the threat of condemnation. Oe, the date of the actual condemnation.In which method of depreciation, equal amount of depreciation is charged on the asset over its useful life O a. Written Down Value Method O b. Straight Line Method C. Sinking Fund Method d Annuity Method