The following information relates to government grants received and receivable by Jorgbenue Gee ple, who operates...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following information relates to government grants received and receivable by Jorgbenue Gee ple, who operates children recreation centre in Manchester UK. Employment grant This is grant of £3,000 towards employment costs incurred during 2007. The grant has not yet been received but the conditions for receipt have been met. Capital grant A grant of £60,000 was applied for in 2007 to help finance the acquisition of new game machines costing £200,000. The machinery was acquired on 31 March 2007 and is expected to last for ten years, after which it will have a residual value of £20,000. Straight line depreciation is to be charged from the date of acquisition. The grant was received on 30 September 2007. Requirement State how each of these grants should be accounted for in accordance with SSAP 4 Accounting treatment of government grants in the financial statements for the year ended 31 December 2007. The following information relates to government grants received and receivable by Jorgbenue Gee ple, who operates children recreation centre in Manchester UK. Employment grant This is grant of £3,000 towards employment costs incurred during 2007. The grant has not yet been received but the conditions for receipt have been met. Capital grant A grant of £60,000 was applied for in 2007 to help finance the acquisition of new game machines costing £200,000. The machinery was acquired on 31 March 2007 and is expected to last for ten years, after which it will have a residual value of £20,000. Straight line depreciation is to be charged from the date of acquisition. The grant was received on 30 September 2007. Requirement State how each of these grants should be accounted for in accordance with SSAP 4 Accounting treatment of government grants in the financial statements for the year ended 31 December 2007.
Expert Answer:
Answer rating: 100% (QA)
SS AP 4 Accounting treatment of government grants in the financial statements for the year ended 31 December 2007 requires that the employment grant b... View the full answer
Related Book For
Elementary Linear Algebra with Applications
ISBN: 978-0471669593
9th edition
Authors: Howard Anton, Chris Rorres
Posted Date:
Students also viewed these accounting questions
-
x1 - 3x2 + x3 = 4 2x1 - x2 = - 2 4x1 - 3x3 = 0 Solve by Cramer's rule, where it applies.
-
Let x1 and x2 be solutions to the homogeneous linear system Ax = 0. (a) Show that x1 + x2 is a solution. (b) Show that x1 - x2 is a solution. (c) For any scalar r, show that rx1 is a solution. (d)...
-
Let X1 and X2 be a pair of random variables. Show that the covariance between the random variables Y1 = (X1 + X2) and Y2 = (X1 - X2) is 0 if and only if X1 and X2 have the same variance.
-
Use the following transactions to answer the questions. Use a 6% sales tax rate. Total and rule the sales journal. Jan. 3 Sold merchandise on account to J. J. Johnson, $1,500, plus sales tax. 7 Sold...
-
You are building a model for a global chemical company that has three plants, each making a unique set of products. They have a plant in Asia, one in North America, and one in Europe. They make...
-
A publishing house offers a new book as standard or luxury edition and with or without a CD. The publisher analyzes the first 1000 orders: Let \(A(B)\) the random event that a book, randomly choosen...
-
How to draft a statement of fact for complaints?
-
China is a signatory country to the Madrid Protocol on the international registration of trademarks. Starbucks opened its first cafe in China in 1999 and has added outlets in numerous locations...
-
You win the lottery and are faced with two choices (both pre-tax): you can either receive (i) 100 million in cash today, or (ii) receive an annuity of 10 million per year for the next 20 years...
-
Muldur Corporations comparative balance sheets are presented below. Additional information: 1. Net income was $18,300. Dividends declared and paid were $16,400. 2. Equipment which cost $10,000 and...
-
Should articles (such as the) and prepositions (such as on) be capitalized when they appear in titles? Explain briefly how and why ? What is the reason.
-
Explain the different types of payment plans that are deployed to regulate cash flow in projects.
-
Explain the different types and sources of finance for a project.
-
Write expressions in propositional calculus to represent the following statements: a. If you go to Mexico, you will be far away. b. I cannot hear you when you are far away. c. When I cant hear you, I...
-
Explain various types of payment arrangements that impact cash flow.
-
Discuss the main features of, and the difference between, financing a project and project finance.
-
Problem 3. Solve IBVP problem for a heat equation Ut = u|t-o = g(x) u|1=0 = h(t) t> 0, 0 < x < with
-
Classify each of the following as direct costs or indirect costs of operating the Pediatrics ward for children at the Cleveland Clinic: a. Wi-Fi covering the entire hospital campus b. Net cost of...
-
(a) Show that if A is invertible and AB = AC, then B = C. (b) Explain why part (a) and Example 3 do not contradict one another.
-
Let A be a square matrix such that A3 = A. What can you say about the eigenvalues of A?
-
Suppose that A is a 3 3 matrix whose nullspace is a line through the origin in 3-space. Can the row or column space of A also be a line through the origin? Explain.
-
Lexington Inns reported these figures for 2020 and 2019 (in millions): {Requirement} Evaluate Lexington's return on assets and return on equity for 2020. What additional information would help you...
-
Easton Company included the following items in its financial statements for 2020, the current year (amounts in millions): Evaluate Easton's return on assets and return on equity for 2020. Payment of...
-
A-1 Networking Solutions Inc. began operations on January 1, 2020. A-1's balance sheet at December 31, 2020, reported the following shareholders' equity During 2020, A-1: a. Issued 50,000 common...
Study smarter with the SolutionInn App