At April 30, 2023, Hackney Building Products year-end, the balance sheet showed PPE information as detailed in
Question:
At April 30, 2023, Hackney Building Products’ year-end, the balance sheet showed PPE information as detailed in the schedule below. The company calculates depreciation for partial periods using the half-year convention.
RequiredComplete the schedule.
Transcribed Image Text:
Description Date of Purchase Equipment Oct. 3/2020 Machinery Oct. 28/2020 Nov. 3/2020 Tools Cost Information Depreciation Method Straight-line Units-of-production Double-declining- balance Cost¹ Residual $ 62,400 $ 16,800 540,000 180,000 Life 20 yr. 100,000 units 64,000 15,000 5 yr. Depreciation Balance of Accum. Deprec. Depreciation Expense Balance of Accum. Deprec. April 30, 2023 for 2024 April 30, 2024 1 There have been no disposals or betterments since the date of purchase. 2 Actual units produced were (for years ended April 30): 2021, 940; 2022, 10,150; 2023, 9,280; 2024, 10,590.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (5 reviews)
Description Date of Purchase Equipment Oct 320 Machinery Oct 2820 Tools Nov 320 Cost I...View the full answer
Answered By
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others.
I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years.
I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+
2+ Reviews
10+ Question Solved
Related Book For
Fundamental Accounting Principles Volume 2
ISBN: 9781260881332
17th Canadian Edition
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
Question Posted:
Students also viewed these Business questions
-
At April 30, 2014, Taiga Building Products year-end, the balance sheet showed PPE information as detailed in the schedule below. The company calculates depreciation for partial periods using the...
-
At April 30, 2020, Hackney Building Products? year-end, the balance sheet showed PPE information as detailed in the schedule below. The company calculates depreciation for partial periods using the...
-
At December 31, 2014, Halifax Servicings balance sheet showed capital asset information as detailed in the schedule below. Halifax calculates depreciation to the nearest whole month. 1 There have...
-
On October 1, 2017, Sharp Company (based in Denver, Colorado) entered into a forward contract to sell 100,000 rubles in four months (on January 31, 2018) and receive $39,000 in U.S. dollars. Exchange...
-
Describe the contents of the MD& A.
-
A 180-lb snowboarder has speed v = 15 ft/sec when in the position shown on the halfpipe. Determine the normal force on his snowboard and the magnitude of his total acceleration at the instant...
-
Suppose Pier 1 Imports issued 100,000 shares of 50.05 par common stock at \(\$ 1\) per share. Which journal entry correctly records the issuance of this stock? a. Cash. 100.000 Common Stock 100,000...
-
What examples of primary research that Embraces founders completed appear in the case?
-
Example 1 - Nave Approach Table A - Demand for Eggs During Easter Period Actual Demand Easter 2015 1.2 Million Easter 2016 1.0 Million Easter 2017 1.2 Million Easter 2018 1.1 Million Last Easter 1.2...
-
At December 31, 2023, Halifax Servicings balance sheet showed capital asset information as detailed in the schedule below. Halifax calculates depreciation to the nearest whole month. Required...
-
The adjusted balances at December 31, 2023, for Derlak Enterprises are shown in alphabetical order below: *The owner, Lee Derlak, made no additional investments during the year. Required Prepare a...
-
Sharon Burns, an attorney you know, was recently asked by a technology start-up to serve on its board of advisors. Sharon has a very busy practice. Shes leaning toward turning down the offer, but has...
-
Marwick s Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $ 1 , 4 9 9 per unit and then sells them to retail customers for an average price of $ 2 , 3 0 0...
-
You are an auditor at Andersen Auditing Firm. Your manager has asked you to evaluate a colleague's engagement and identify the engagement type based on the Statements on Standards for Accounting and...
-
Splish Repair Shop had the following transactions during the first month of business as a proprietorship. Journalize the transactions. (If no entry is required, select "No entry" for the account...
-
On January 1, 2020, Sage Company issued 10-year, $1,810,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 15 shares of Sage common stock. Sage's net income in 2020 was $403,200,...
-
On January 1, 2022, ABC acquired 80% of XYZ voting shares for $200,000. As of that date, XYZ reported in its equity section of the balance sheet common shares outstanding of $75,000 and retained...
-
The basket of goods and services included in the Consumer Price Index cost $21,350 on the base date. Eight years later, the same basket cost $26,090. What was the CPI on the latter date?
-
Complete problem P10-21 using ASPE. Data from P10-21 Original cost ................................................................. $7,000,000 Accumulated depreciation...
-
Fisher Inc. began operations on January 1, 2017. During its first year, $750,000 of common shares were issued and a loss of $28,000 was realized. In 2018, Fishers second year of operations, an...
-
Invisible Marketing Ventures had 186,000 shares outstanding on January 1, 2017, and issued an additional 24,000 shares during the year. The common shareholders equity was $5,841,000 at the end of the...
-
Sunray Solar Ltd is a growing company with a hot new marketing plan. On January 1, 2017, it had 127,650 shares outstanding and they issued an additional 44,500 shares during the year. The company...
-
(12) Create a random vector of birthdays with the following command: class_bdays = randi (365, [1, 20]); Make a comment after this line of code that describes what it accomplished. Create a for loop...
-
Q1. Draw the following function in MATLAB. Give the plot and your guess about the root based on the plot; f(x)= Sin(x) x3 + C Where C-Max [0.15, (last two digits of your ID/100)] x20, (x is in...
-
I. (20 pts) Design a temperature control system using an A-B PLC. The system must maintain the temperature within low and high limits and raise low and high temperature alarms. The A/C compressor...
Study smarter with the SolutionInn App