Questions from Accounting Principles

Q: LiveReel Media purchased for $588,000 machinery having an estimated

LiveReel Media purchased for $588,000 machinery having an estimated useful life of 10 years with an estimated residual value of $56,000. The company’s year-end is December 31. Deprec...

Q: Tundra Tours runs tundra buggy expeditions in northern Manitoba for tourists to

Tundra Tours runs tundra buggy expeditions in northern Manitoba for tourists to catch a glimpse of the abundant caribou, polar bears, and other wildlife. Tundra purchased a tundra buggy on October 19,...

Q: Refer to the information in Problem 9-5B. Redo the

Refer to the information in Problem 9-5B. Redo the question assuming that depreciation for partial periods is calculated using the half-year convention. Data from Problem 9-5: Tundra Tours runs tundr...

Q: CHECK FIGURES: 1. Dr. Depreciation Expense, Machinery $

CHECK FIGURES: 1. Dr. Depreciation Expense, Machinery $55,000; 1. Dr. Depreciation Expense, Equipment $126,667; 2. Total PPE = $241,666 Required 1. Calculate and record depreciation for the year ended...

Q: ID Watchdog Inc. recently negotiated a lump-sum purchase of

ID Watchdog Inc. recently negotiated a lump-sum purchase of several assets from a contractor who was planning to change locations. The purchase was completed on September 30, 2020, at a total cash pri...

Q: On May 2, 2020, Uniglobe Satellite Company purchased and installed

On May 2, 2020, Uniglobe Satellite Company purchased and installed a new machine that cost $273,000, with a five-year life and an estimated $38,220 residual value. Management estimated that the machin...

Q: Required: Refer to the information in Problem 16-11B.

Required: Refer to the information in Problem 16-11B. Prepare a statement of cash flows for 2020 using the direct method to report cash inflows and outflows from operating activities. Other informatio...

Q: Required: Refer to the information in Problem 16-1B.

Required: Refer to the information in Problem 16-1B. Prepare a statement of cash flows for 2020 using the direct method to report cash inflows and outflows from operating activities. Other information...

Q: Burrow Mining Inc.’s comparative balance sheet information at December 31

Burrow Mining Inc.’s comparative balance sheet information at December 31, 2020 and 2019, and its income statement for the year ended December 31, 2020, are as follows: During 2020,...

Q: Required: Refer to the information in Problem 16-3B.

Required: Refer to the information in Problem 16-3B. Prepare a statement of cash flows for 2020 using the direct method to report cash inflows and outflows from operating activities. Other information...