Question 1 Hogwarts Traders: Vehicle 2DatePurchased:1 August 2019 Date CurrentdepreciationAccumulateddepreciationMake andreg.:Hyundai Atos2019 (ZV109GP)31 Dec2019? ?Purchasedfrom:HyundaiAuto(Cash) Cost Price: R150 000 Rate ofDepreciation:15% accordingto straight linemethod. Sold to: Type of Sale: Date sold: Selling Price: Required:Prepare the following accounts in the general ledger of Hogwarts Traders for the financial year ended 31 December 2019 ONLY. Start with the opening balances. Balance the accounts at the end of the month. Ignore VAT.‐ Vehicles‐ Accumulated depreciation: Vehicles‐ Depreciation‐ Asset Disposal‐ Profit/Loss on sale of vehicles.

Question 1 Hogwarts Traders: Vehicle 2DatePurchased:1 August 2019 Date CurrentdepreciationAccumulateddepreciationMake andreg.:Hyundai Atos2019 (ZV109GP)31 Dec2019? ?Purchasedfrom:HyundaiAuto(Cash) Cost Price: R150 000 Rate ofDepreciation:15% accordingto straight linemethod. Sold to: Type of Sale: Date sold: Selling Price: Required:Prepare the following accounts in the general ledger of Hogwarts Traders for the financial year ended 31 December 2019 ONLY. Start with the opening balances. Balance the accounts at the end of the month. Ignore VAT.‐ Vehicles‐ Accumulated depreciation: Vehicles‐ Depreciation‐ Asset Disposal‐ Profit/Loss on sale of vehicles.

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 3.7C

See similar textbooks

Similar questions

Question 1 The following information was taken from the fixed assets register of Hogwarts Traders. The vehicles indicated below are the only vehicles owned by the sole trader. The company has a 31 December year end. Hogwarts Traders: Asset Register Hogwarts Traders: Vehicle 1 Date 1 May 2015 Date Current Accumulated Purchased: depreciation depreciation Make and Toyota Hilux 31 Dec 21 333.33 21 333.33 reg.: 2014 (FG765GP) 2015 Purchased Benji's Car Sales 31 Dec 29 866.67 51 200.00 from: (Credit) 2016 Cost Price: 320 000.00 31 Dec 26 880.00 78 080.00 2017 Rate of 10% according 31 Dec 24 192.00 102 272.00 Depreciation: to reducing 2018 balance method. Sold to: V. Limited. 31 Dec 2019 Type of Sale: Cash Date sold: 1 July 2019 Selling Price: 250 000.00
Spot rate A$1.00 = £0.37 Date Event Order £300,000 of inventory Purchase takes place as inventory shipped to Fujitsu Ltd | A$1.00 = £0.41 (FOB) End of financial year Inventory arrives at warehouse Payment of £300,000 to supplier 15 March 2019 11 May 2019 30 June 2019 A$1.00 = £0.43 02 July 2019 14 August 2019 A$1.00 = £0.42 A$1.00 = £0.39 Required: a) Prepare appropriate journal entries for each relevant event. nearest dollar). Show your working. b) What is a qualifying asset? Provide two (2) examples. (Round amounts to the
Question: 3On March 31, 2020, Sole way, Inc. sold 800 computers to Xavier Company. Prior to this sale the Sole way records for these units included the following cost layers: Purchase Date Quantity Unit Cost Total CostMar. 11, 2019500 20 10,000Mar. 19, 2019 1200 23 27,600Total on hand 1700 37,600 Required:⦁ Complete a subsidiary ledger record for the computer using each of the three inventory valuation methods listed below⦁ Average cost.⦁ FIFO. ⦁ LIFO. Your inventory records should show both purchases of this product, the sale on Mar 31, and the balance on hand on Mar 31, 2020.⦁ Which of the three cost flow assumptions will result in reporting the lowest net income for the current year? Explain
Question: 3 On February 27, 2019, Webmaster, Inc. sold 1200 printer to Marine Supplies. Prior to this sale the Webmaster perpetual inventory records for these units included the following cost layers: Purchase Date Quantity Unit Cost Total Cost Feb. 12, 2019 500 14 7,000 Feb. 18, 2019 1400 16 22,400 Total on hand 1,900 29400 Required: Refer to the cost of goods sold figures (computed column of sold items in subsidiary ledger). For financial reporting purposes, can the company use the valuation method that resulted in the highest cost of goods sold if, for tax purposes, it used the method that resulted in the lowest cost of goods sold? Explain.
! 1 Q A Crane Company reports the following: Inventory Accounts Payable 1 option If cost of goods sold for the year is $219800, the amount of cash paid to suppliers is O $204800. O $246200. O $193400. O $226000. Save for Later 2 N 20: W S End of Year $24700 #3 21800 20 X E command $ 4 Beginning of Year $41000 D 11700 R C 85 F FB MacBook Air T A 6 90% G Y & 7 H Attempts: 0 of 1 used 8 U CH N ( 9 1 M Submit Answer 0 MOSISO
Question: 3 On February 27, 2019, Webmaster, Inc. sold 1200 printer to Marine Supplies. Prior to this sale the Webmaster perpetual inventory records for these units included the following cost layers: Purchase Date Quantity Unit Cost Total Cost Feb. 12, 2019 500 14 7,000 Feb. 18, 2019 1400 16 22,400 Total on hand 1,900 29400 Required: Complete a subsidiary ledger record for the printer using each of the three inventory valuation methods listed below; Average cost. FIFO LIFO Your inventory records should show both (12. Feb and 18. Feb) purchases of this product, the sale on February 27, and the balance on hand at Feb 28, 2019.
TRANSACTIONS DURING January 2019 Cost (OMR) Amount (OMR) 3000 3000 Date Particulars Units Beginning Inventory 300 200 10 15 January 1 January 2 January 11 Purchase January 18 Purchase Purchase 100 17 1700 300 20 6000 Total Purchase 900 13,700 Date Particulars Units Cost (OMR) Amount (OMR) January 8 Sales 300 30 9000 January 15 Sales 250 40 10000 Total Sales 550 19000 Required a) How would issues and closing inventory be valued using FIFO b) Give journal entry assuming that if the business follows perpetual inventory method
QUESTION 1 a. Kpogo Ltd has the following products in inventory at the end of 2019: Units Cost per unit GH¢ XYZ (completed) 540 22 ABC (part complete) 280 26 Each product normally sells at GH¢34 per unit. Due to the difficult trading conditions, Kpogo Ltd intends to offer a discount of 15% per unit and expects to incur GH¢4 per unit in selling costs. GH¢10 per unit is expected to be incurred to complete each unit of ABC. Required: In accordance with IAS 2 Inventories, at what amount should inventory be stated in the financial statements of Kpogo Ltd as at 31 December 2019? b. According to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, an entity must select and apply its accounting policies consistently from one period to the next and among various items in the financial statements. However, an entity may change its accounting policies under certain conditions. Required: Identify the circumstances under which it may be appropriate to change accounting policy in…
ncial Reporting and Analysis Jul22 Y1 S2 Chad Partners: Balances on 30 June 2021. Vehicles R300 000 Accumulated depreciation R50 000. Adjustment Depreciation is calculated at 10% on cost. An old vehicle was disposed on 01 January 2022 for R20 000 cash. The disposed vehicle originally costed R25 000 and the Accumulated depreciation is R 3 000. Profit/loss for the disposed vehicle is: OA. Profit/loss R3 000 B. Profit/loss R750 OC. Profit/loss R500 O D. Profit /loss R1 250 Clear my choice Tyne here to search 0 sage
Qo' On 31, 2020 Ca and all o $1.350.000 $1.150.000 Red carings Acce 187.000 Cash $2.807.000 12.807.000 An appraisal indicated that the fair valse of the inventory was $372.000 and the fair value of the plast sirts was $1.590,000. The speed pack price www $1.500,000, and th amount was paid in cash to the previous owners of Brighton Company Required: a. Prepare the entry to record the purchase of Brighton Company b. Assume that the carrying amount of Brighton Company dission's net mets, including goodwill $2,550,000 The cevable amount of the division is to be 1 3,000,000. Prepare the journal urnal entry to record the impairment loss (If any) on December 11, 2020.
Q42 Dhofar LLC acquired an asset on 1st January 2019 for OMR 500,000 and the rate of depreciation is 10%p.a. Under Straight line method. Replacement cost of the asset on 31st December 2019 was OMR 700,000 and on 31st December 2020 was OMR 1,000,000. You are required to calculate for 2020 assuming switch year is made in the current year, the value of Backlog depreciation. a. OMR 50,000 b. None of these are correct c. OMR 85,000 d. OMR 15,000
Question 4 Answer the following 2 questions: 1- Hani has an inventory at 1/1/2020 of C60,000 and purchases during 2020 of €280,000, both at cost Sales at selling price amount to €200,000. Compute the estimated inventory at 31/12/2020 , assuming that the gross profit is 25% of sales v a-290000 b-190000 C-230000 d-150000 2- Which of the following is a product cost as it relates to inventory? a. Selling costs. b. Interest costs. Raw materials. d. Abnormal spoilage. A Moving to another question will save this response « 11:35 AM o search 37°C Haze^ 8/28/202 DELL F12 PrtScr Insert Delete F5 F7 F8 F9 F10 F11 F4 F6 Num Lock %24 % & * Backspace 4 { 5 8 R i T Y Y O × P