A retail store had the following transactions for its Motor Vehicle: 2019 Jan 1 Purchased Motor...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A retail store had the following transactions for its Motor Vehicle: 2019 Jan 1 Purchased Motor Vehicle costing $20 000 Jun 30 Purchased Motor Vehicle costing $40 000 2021 Jan 5 Purchased Motor Vehicle costing $30 000 Dec 31 Sold motor vehicle costing $20 000 for $6 000 NB. A full year's depreciation is charged on all assets on the books at December 31 each year. Depreciation is calculated at 15% using the Straight Line method. Required: A. Motor Vehicle Account for the 3 years B. Accumulated Provision for Depreciation account C. Disposal Account D. Profit & Loss Accounts and Statement of Financial Position (Balance Sheet) Extracts A retail store had the following transactions for its Motor Vehicle: 2019 Jan 1 Purchased Motor Vehicle costing $20 000 Jun 30 Purchased Motor Vehicle costing $40 000 2021 Jan 5 Purchased Motor Vehicle costing $30 000 Dec 31 Sold motor vehicle costing $20 000 for $6 000 NB. A full year's depreciation is charged on all assets on the books at December 31 each year. Depreciation is calculated at 15% using the Straight Line method. Required: A. Motor Vehicle Account for the 3 years B. Accumulated Provision for Depreciation account C. Disposal Account D. Profit & Loss Accounts and Statement of Financial Position (Balance Sheet) Extracts
Expert Answer:
Answer rating: 100% (QA)
Motor Vehicle Account Analysis Well analyze the Motor Vehicle account for the 3 years considering depreciation and the disposal of a vehicle Year 2019 ... View the full answer
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Posted Date:
Students also viewed these finance questions
-
I need help on this read from bottom to top. Image transcription text 7"} The second ?nancial statement to prepare is the statement of retained earnings. To determine the ending balance of...
-
Explain the meaning of the terms emoluments, employments and office for the purposes of PAYE as you earn systems. 2. Explain the actual receipts basis of assessing the emoluments from the employment...
-
In Problems 65-72, summarize all pertinent information obtained by applying the graphing strategy, and sketch the graph of y=f(x). 66. 68. 70. 72. x2x6 f(x) 2x 1x +14 f(x)-_-x2-4 x3-5x2-6x 3x +2...
-
A guitar string has a fundamental frequency of 300.0 Hz. (a) What are the next three lowest standing wave frequencies? (b) If you press a finger lightly against the string at its midpoint so that...
-
Recently, researchers discovered that treating mammalian cells with juniferdin, a plant-derived compound, affects protein secretion, and have reported that the target of this drug is protein...
-
For a sample of size n = 15, the following values were obtained: b0 = 3.71, b1 = 8.38, se = 1.13, (x x)2 = 7.71, x = 13.16. Construct a 95% prediction interval for an individual response when x = 8.
-
Performance-Based Share Option Plan On January' 1, 2016, Rhine Company adopts a performance-based share option plan for its 80 key executives. Each executive is granted a maximum of 70 share options,...
-
Rolex Ltd leased a highly specialised machine with a ten- year useful life on January 1, 2020. The lease agreement is for an initial three-year period with the option to extend the lease for a...
-
Elaborate around the concept of risk and how to address it when making an investment?
-
11. 4. A red not-so-bouncy bouncy ball is given a velocity of 15 m/s and has a head-on collision in which KE is conserved (what type of collision is that??) with another not-so-bouncy blue bouncy...
-
Simplify 3
-
According to the Productivity Commission's 2010 report on Australian not-for-profit organisations, which of the following legal structures was dominant in the not-for-profit sector in Australia? a....
-
Metro Event Planning Services collects fees from its customers in advance. On January 1 of the current year, the balance of its Unearned Revenue account was $4,200 (CR) During January and February,...
-
What is resilience (definition)? List the best definition of resilience you have found and cite where you found it. Describe resilience Give a personal example of resilience
-
One way of managing multi- cultural differences is to implement elements of managing diversity and equal opportunity. describe steps that will lead to managing diversity and equal opportunity....
-
Use a calculator to evaluate the expression. Round your result to the nearest thousandth. V (32 + #)
-
The financial condition of GreyCo Inc. is expressed in the following accounting equation: Required a. Are dividends paid to creditors or investors? Explain why. b. How much cash is in the Retained...
-
The following data were extracted from the 2010 financial statements of Penske Automotive Group, Inc. This company operates automobile dealerships, mostly in the United States and the United Kingdom....
-
Business Applications Case Understanding real-world annual reports Required Use the Target Corporations annual report in Appendix B to answer the following questions. a. What was Targets net income...
-
The shaft consists of a solid segment \(A B\) and a hollow segment \(B C\), which are rigidly joined by the coupling at \(B\). If the shaft is made from A-36 steel, determine the maximum torque \(T\)...
-
If \(\sigma_{Y}=50 \mathrm{ksi}\), determine the factor of safety for this state of stress against yielding, based on (a) the maximum shear stress theory and (b) the maximum distortion energy theory....
-
The state of plane stress at a critical point in a steel machine bracket is shown. If the yield stress for steel is \(\sigma_{Y}=36 \mathrm{ksi}\), determine if yielding occurs using the maximum...
Study smarter with the SolutionInn App