C.(a) Standard Manufacturing Company purchased a robot for its assembly operations. The cost of the robot...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
C.(a) Standard Manufacturing Company purchased a robot for its assembly operations. The cost of the robot was Rs 1.4 million. It had an estimated useful life of four years. it could be sold for an estimated Supplies 100,000 at the end of four years. Calculate the profit and loss on the disposal of the robot at the end of the second year in each of the following independent situations. Straight-line depreciation was charged. It was sold for Rs.660,000. It was sold for Rs 810,000. It was exchanged for a different robot costing Rs 1.7 million. It was allowed Rs 910,000, and the balance was paid in cash. 1. 2. 3. 4. Same as Requirement 3 except it was allowed Rs 690,000. 5. It was totally damaged in an accident. The insurer paid Rs 470,000 in full settlement. .(b) Why the useful life of an asset is often less than its physical life. .(c) Explain business entity concept and accounting period concept with examples. C.(a) Standard Manufacturing Company purchased a robot for its assembly operations. The cost of the robot was Rs 1.4 million. It had an estimated useful life of four years. it could be sold for an estimated Supplies 100,000 at the end of four years. Calculate the profit and loss on the disposal of the robot at the end of the second year in each of the following independent situations. Straight-line depreciation was charged. It was sold for Rs.660,000. It was sold for Rs 810,000. It was exchanged for a different robot costing Rs 1.7 million. It was allowed Rs 910,000, and the balance was paid in cash. 1. 2. 3. 4. Same as Requirement 3 except it was allowed Rs 690,000. 5. It was totally damaged in an accident. The insurer paid Rs 470,000 in full settlement. .(b) Why the useful life of an asset is often less than its physical life. .(c) Explain business entity concept and accounting period concept with examples.
Expert Answer:
Answer rating: 100% (QA)
QUESTION A Calculation of ProfitLoss on Disposal of Robot Robot sold for Rs660000 at the end of the second year Depreciation per year Cost of the Robot Useful life of the Robot Rs1400000 4 years Rs350... View the full answer
Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
Students also viewed these accounting questions
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
The following questions are adapted from a variety of sources including questions developed by the AICPA Board of Examiners and those used in the Kaplan CPA Review Course to study property, plant,...
-
The accountant preparing the income statement for Bakersfield, Inc. had some doubts about the appropriate accounting treatment of the seven items listed below during the fiscal year ending December...
-
Perez Manufacturing Company began operations on January 1. During the year, it started and completed 1,740 units of product. The financial statements are prepared in accordance with GAAP. The company...
-
The board of directors of Garden City Gaskets, Inc., set the profit goal for the calendar year 2011 at $2,200,000. It also established a bonus plan in which the top five officers of the company will...
-
Joan died April 17, 2017. Joan's executor chose March 31 as the tax year end for the estate. The estate's only beneficiary, Kathy, reports on a calendar year. The executor of Joan's estate makes the...
-
For the slope of an isothermal and adiabatic curves through a point on \(P-V\) diagram of an ideal gas, the relation is (a) Slope of an isothermal curve \(=\) slope of an adiabatic curve (b) Slope of...
-
Water World is considering purchasing a water park in Signal Mountain, Tennessee, for $ 1,850,000. The new facility will generate annual net cash inflows of $ 495,000 for nine years. Engineers...
-
Who was the plaintiff in the case? Who was the defendant? 2.What was the main reason why the plaintiff sued the defendant? 3.Describe the performance appraisal that was used by the defendant. 4.Who...
-
Refer to the FY2016 income statement and balance sheet for General Mills, Inc. (GMI), along with the forecasted FY2017 income statement that you computed in the last exercise. Use that information...
-
Oriole Incorporated has one plant asset. The asset's original cost was $1,054,500. There is a $49,500 expected residual value and the estimated useful life is 30 years. At the beginning of the...
-
True or False: The Revenue Requirements method determines the income that exactly "pays" for costs, depreciation, interest on borrowed money, taxes, and a desirable return to owners.
-
True or False: When several independent, indivisible investments are available, form the investment portfolio so that the present worth of the portfolio is maximized.
-
True or false: In solving a classical capital budgeting problem using binary linear programming (BLP), the objective function can be either the sum of present worths or the sum of annual worths...
-
True or False: When multiple independent, divisible investments are available, form the investment portfolio so that the internal rate of return is maximized.
-
Identify a public project that has been performed by a government unit at any level in your city, state, or country. Identify a. The main thrust or nature of the project. b. Who benefits from the...
-
An investor wants to acquire a firm and is analyzing the financials of the firm. Its balance sheet and income information are given as follows. Figures are in $ million. Balance Sheet Assets Cash and...
-
The Thomas Corporation was organized on Jan. 1, 2020. On Dec. 31, 2021, the corporation lost most of its inventory in a warehouse fire before the year-end count of inventory was to take place. just...
-
The comparative balance sheets for 2013 and 2012 are given below for Surmise Company. Net income for 2013 was $50 million. Required: Prepare the statement of cash flows of Surmise Company for the...
-
The following questions are adapted from a variety of sources including questions developed by the AICPA Board of Examiners and those used in the Kaplan CPA Review Course to study accounting for...
-
On January 2, 2013, David Corporation purchased a patent for $500,000. The remaining legal life is 12 years, but the company estimated that the patent will be useful only for eight years. In January...
-
How do you use functional requirements for this chapter?
-
How do you apply nonfunctional requirements for this chapter?
-
Identify the EBT for the word deployment.
Study smarter with the SolutionInn App