Messages
Proposals
Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.
Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support
Question One: 30 marks
Jefry’s Boss purchased a small delivery truck on January 1, 2020.
Cost $55,000
Expected residual value $4,000
Estimated useful life in years 5 years
Estimated useful life in miles 100,000 miles
Instructions: Prepare the deprecation schedule using:
1- Straight line method
2- Double Declining method
1- Straight Line (15 marks)
Year
Depreciable Cost
Annual Expense
Accumulated Depreciation
Book Value
2020
2021
2022
2023
2024
2- Double Declining Method ( 15 marks)
Year
Depreciable Cost
Annual Expense
Accumulated Depreciation
Book Value
2020
2021
2022
2023
2024
Question Two: (25 Marks: 5 marks each):
On September 1, Reid Supply had an inventory of 15 backpacks at a cost of $20 each. The company uses a perpetual inventory system . During September, the following transactions and events occurred.
Sept. 4 Purchased 80 backpacks at $20 each from Hunter, terms 2/10, n/30.
Sept. 6 Received credit of $120 for the return of 6 backpacks purchased on Sept. 4 that were defective.
Sept. 9 Sold 40 backpacks for $25 each to Oliver Books, terms 2/10, n/30. Sept. 14 Paid Hunter in full, less discount.
Instructions
Post the above transactions to the ledger of Inventory account in Reid Supply books and find the ending balance. The beginning balance is added to the T account already.
Dr
Inventory
Cr
Sep. 1
st
$300
Sep 30
Question Three: 20 marks (5 marks each): Presented below is an adjusted trial balance for Cowell Company, at December 31, 2017.
Cash
€10,700
Accounts payable
€10,000
Accounts receivable
20,000
Notes payable
9,000
Prepaid insurance
15,000
Accumulated depreciation—
Equipment
35,000
equipment
14,000
Depreciation expense
7,000
Service revenue
30,000
Dividends
1,500
Retained earnings
12,000
Advertising expense
1,400
Unearned service revenue
11,000
Rent expense
800
Share capital-ordinary
12,000
Salaries and wages expense
5,000
Insurance expense
1,600
€98,000
€98,000
Instructions: Post the closing entries to the retained earnings account, and determine the ending balance after the closing entries have been posted.
Dr
Retained Earnings
Cr
Jan. 1
st
Jan. 30
Question Four: 25 marks: Explain the Accounting cycle
| Writer | Writer Name | Amount | Client Comments & Rating |
|---|---|---|---|
ONLINE |
Instant Homework Helper |
$36 |
She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! |
Custom Original Solution And Get A+ Grades
Custom Original Solution And Get A+ Grades
Custom Original Solution And Get A+ Grades
| Writer | Writer Name | Offer | Chat |
|---|---|---|---|
ONLINE |
University Coursework HelpI have done dissertations, thesis, reports related to these topics, and I cover all the CHAPTERS accordingly and provide proper updates on the project. |
$26 | Chat With Writer |
ONLINE |
Smart TutorI have worked on wide variety of research papers including; Analytical research paper, Argumentative research paper, Interpretative research, experimental research etc. |
$38 | Chat With Writer |
ONLINE |
Coursework Help OnlineI have worked on wide variety of research papers including; Analytical research paper, Argumentative research paper, Interpretative research, experimental research etc. |
$18 | Chat With Writer |
ONLINE |
Accounting & Finance MentorI have read your project description carefully and you will get plagiarism free writing according to your requirements. Thank You |
$49 | Chat With Writer |
ONLINE |
Assignments HutAfter reading your project details, I feel myself as the best option for you to fulfill this project with 100 percent perfection. |
$34 | Chat With Writer |
ONLINE |
Ideas & InnovationsI have read your project details and I can provide you QUALITY WORK within your given timeline and budget. |
$47 | Chat With Writer |
Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.