Carla Vista Ltd. received a $270000 grant from the federal government to help buy equipment as...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Carla Vista Ltd. received a $270000 grant from the federal government to help buy equipment as an incentive for them to establish manufacturing operations in Ottawa. The company assumes the equipment has a 10-year useful life and uses straight-line depreciation. If Carla Vista uses the cost reduction method for such transactions, it should record this transaction as a O credit to Equipment for $270000. O memo entry only. O credit to Deferred Revenue for $270000. O credit to Contribution Revenue for $270000. Carla Vista Ltd. received a $270000 grant from the federal government to help buy equipment as an incentive for them to establish manufacturing operations in Ottawa. The company assumes the equipment has a 10-year useful life and uses straight-line depreciation. If Carla Vista uses the cost reduction method for such transactions, it should record this transaction as a O credit to Equipment for $270000. O memo entry only. O credit to Deferred Revenue for $270000. O credit to Contribution Revenue for $270000.
Expert Answer:
Answer rating: 100% (QA)
Carla Vista Ltd received a 270000 grant from the federal government to help buy equipment This is co... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
You are considering the following two mutually exclusive projects. The required return on each project is 14 percent. Year Cash Flow (A) Cash Flow (B) -$54.000 -$23,000 12.700 11.600 23,200 11.200...
-
Start of Payroll Project 7-3a October 9, 20-- No. 1 The first payroll in October covered the two workweeks that ended on September 26 and October 3. This payroll transaction has been entered for you...
-
a. Given the following information, calculate the expected value for Firm Cs EPS. Data for Firms A and B are as follows: E(EPS A ) = $5.10, and A = $3.61; E(EPS B ) = $4.20, and B = $2.96. b. You...
-
Is Jill Johnson correct when she states the following: "I am currently producing 10,000 pizzas per month at a total cost of $50,000.00. If I produce 10,001 pizzas, my total cost will rise to...
-
The Loris Healthcare System employs 200 persons on the nursing staff. Fifty are nurses aides, 50 are practical nurses, and 100 are registered nurses. Nurses aides receive $12 an hour, practical...
-
How long have you been working in your current position?
-
An automobile manufacturer is considering mechanical design changes in one of its top-selling cars to reduce the weight of the car by at least 400 pounds to improve its fuel efficiency. Design...
-
(30 Pts.) Convert the following for loop into a while loop n=[] For Loop for x in range(100,0,-1): if x%10==0: n.append(x) print(n) While Loop (Write your answer below)
-
Jeffrey Helm owns a health and fitness center called Bulk- Up in Harrisburg. He is considering adding more floor space to meet increasing demand. He will either add no floor space ( N), a moderate...
-
Scala3 language to print out this output from toString method ofChessBoard: \( \begin{array}{lllllllll}8 & * & * & * & * & * & * & * & * \\ 7 & * & * & * & * & * & * & * & \mathbf{r} \\ 6 & * & * & *...
-
Your company has several running projects that were financed with various types of loans. It would like to start one more project, and finance the purchase of PROFIT the production equipment when the...
-
Your application is using ASG, and an ALB distributes traffic to the ASG. You want to add a scaling policy that keeps the average aggregate CPU utilization of the ASG to be 8 0 percent. The capacity...
-
Data for Questions 1 and 2 A reservoir has a drainage radius of 1500 ft, thickness of 100 ft, horizontal permeability of 20 md and a vertical permeability of 2 md. The oil viscosity is 2.5 cp and the...
-
Determine expressions for the mean residence time given "outward" diffusional release into a perfect sink from a) A cylindrical monolithic device of radius a, with ends capped. b) A spherical device...
-
You work as a financial analyst for the CFO of a big company, you have been asked to consider the following cash flows (Millions) from two mutually exclisive capital budgeting projects. If the firm's...
-
For the year 200C, the permanent fund requirement of Senen Co. has been estimated at $70,000. The total fund requirements are given as follows: Current Assets $20,000 first quarter $27,000 second...
-
Ask students to outline the reasons why the various elements of culture (social structures and control systems, language and aesthetics, religion and other belief systems, educational systems, etc.)...
-
Capital Region is a local government. It prepares general purpose financial statements in accordance with the CICA PSA Handbook. The following is a summarized adjusted trial balance for the year...
-
How would a not-for-profit organization identify an investment over which it has significant influence?
-
The statement of nancial position of Columba Ltd. at December 31, 2011, was as follows: The recorded amounts of Columbas identiable assets and liabilities at this date were equal to their fair values...
-
a. The equation of the Phillips curve from 1970 to 1995 is: \[\pi_{t}-\pi_{t-1}=7.4 \%-1.2 u_{t}\] Calculate and define the natural rate of unemployment using this curve. b. The equation of the...
-
Suppose that the mark-up of goods prices over marginal cost is \(5 \%\), and that the wage-setting equation is: \[W=P(1-u)\] where \(u\) is the unemployment rate. a. What is the real wage, as...
-
How can a lockdown result in stagflation? A lockdown can have three different effects: a. The first happens when demand during the lockdown decreases so that actual output, \(Y_{t}\), falls exactly...
Study smarter with the SolutionInn App