Tri-City Ironworks Co. reported $44,500,000 for equipment and $29,800,000 for accumulated depreciation-equipment on its balance sheet. Does
Question:
Does this mean
(a) That the replacement cost of the equipment is $44,500,000
(b) That $29,800,000 is set aside in a special fund for the replacement of the equipment? Explain.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 33% (12 reviews)
No 44500000 is not the replacement cost of the equipment Th...View the full answer
Answered By
Mishark muli
Having any assignments and any other research related work? worry less for I am ready to help you with any task. I am quality oriented and dedicated always to produce good and presentable work for the client once he/she entrusts me with their work. i guarantee also non plagiarized work and well researched work to give you straight As in all your units.Feel free to consult me for any help and you will never regret
4.70+
11+ Reviews
37+ Question Solved
Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Question Posted:
Students also viewed these Accounting questions
-
The replacement cost of a home is $255,000. It has been insured for $204,000 in a homeowners insurance policy with an 80% coinsurance clause. What part of a loss due to fire will the insurance...
-
The replacement cost of a home is $72,500. It is insured for $50,000 with an 80% coinsurance clause. If a fire causes $62,000 in damages, how much of the damages will the policy cover?
-
The Kingston Company reported the following on its balance sheet at December 31, 2014: Common Shares, 500,000 shares authorized, 350,000 shares issued and outstanding ......$ 473,000 Retained...
-
Use the Chain Rule to calculate the partial derivatives. Express the answer in terms of the independent variables. dh t -; h(x, y) = X x = tt, y = tt " y
-
A plasma-screen TV contains thousands of tiny cells filled with a mixture of Xe, Ne, and He gases that emits light of specific wavelengths when a voltage is applied. A particular plasma cell, 0.900...
-
State the efficient market hypothesis.
-
Meo Consulting, Inc., completed the following transactions during February 2010, its first month of operations: Requirements 1. Record transactions in the journal. Explanations are not required. 2....
-
On June 30, 2014, Pewter Ltd. gave 28,000 shares to Sterling Co. in exchange for 70% of Sterling's outstanding shares. At the time of the exchange, Pewter's shares had a fair value of $22.50 per...
-
Malaysian Agrifood Corporation Berhad reported sales of RM 7 0 , 0 0 0 in May and RM 8 0 , 0 0 0 in June. The forecast sales for July, August and September are RM 9 0 , 0 0 0 , RM 1 0 0 , 0 0 0 , and...
-
Megan wants to buy a designer handbag and plans to earn the money babysitting. Suppose the interest rate is 7% and she is willing to wait one year to purchase the bag. How much babysitting money will...
-
Quality Move Company made the following expenditures on one of its delivery trucks: Mar. 20. Replaced the transmission at a cost of $1,890. June 11. Paid $1,350 for installation of a hydraulic lift....
-
A refrigerator used by a meat processor has a cost of $60,000, an estimated residual value of $12,600, and an estimated useful life of 12 years. What is the amount of the annual depreciation computed...
-
Revise the following to avoid unnecessary there is/are and it is/was fillers. 1. There is a password-checker that is now available that can automatically evaluate the strength of your password. 2. It...
-
A small start-up biotech firm anticipates (8)that it will have cash outflows of $230,000 per year at the end of the next 3 years. Then the firm expects a positive cash flow of $50,000 at the end of...
-
A company is considering a new project requiring an initial investment of $ 8 0 0 , 0 0 0 . The projected annual revenue from the project is $ 2 0 0 , 0 0 0 . Calculate the project's net present...
-
The abstract syntax for case is defined as follows, where e represents general expressions and g represents guarded expressions: Expressions (e) An expression in our language can be: e ::= . . . |...
-
Explain the importance of the correlation coefficient in a multiple regression model. Support your reasoning with an example.
-
The Kroger Company is evaluating an investment project that will convert a vacant lot in Central Texas it owns to a warehousing and distribution center. The company acquired the property at a price...
-
The attempt to make sure that inputs and outputs meet desired levels of quality is called ______ ______.
-
Record the following selected transactions for March in a two-column journal, identifying each entry by letter: (a) Received $10,000 from Shirley Knowles, owner. (b) Purchased equipment for $35,000,...
-
The Fredette Business' Cash account shows the following entries for April: a Beginning cash balance, \(\$ 800\) b Receipt from issuance of note, \(\$ 20000\) c Payment of interest on loan, \(\$...
-
During the taking of its physical inventory on December 31, 2016, Waterjet Bath Company incorrectly counted its inventory as $728,660 instead of the correct amount of $719,880. Indicate the effect of...
-
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 10. Exhibit 10: Checking Account Company...
-
The following data (in thousands) were taken from recent annual reports of Apple Inc., a manufacturer of personal computers and related products, and American Greetings Corporation, a manufacturer...
-
Some support departments typically found in manufacturing and nonmanufacturing organizations are as follows: Cafeteria Personnel Maintenance Purchasing Accounting Required : For each of the preceding...
-
Bill Handy, The finance director of Northern Australia Global Investments Ltd (NAGIL), is unsure whether he should consolidate some of the investments that the company owns. He has asked your advice...
-
Link for question- https://docs.google.com/document/d/15rRNBPWxQM0b-qqlTtG9IEdD0jzp4r97m7xW7XNYOFM/edit?usp=sharing Link for answer sheet -...
Study smarter with the SolutionInn App