Questions from Intermediate Accounting

Q: The 2020 annual report of Trocchi Inc. contains the following information

The 2020 annual report of Trocchi Inc. contains the following information (in thousands): Instructions a. Calculate the following ratios for Trocchi Inc. for 2020. Round answers to two decimal places....

Q: On August 1, 2020, Iroko Corporation purchased a new machine

On August 1, 2020, Iroko Corporation purchased a new machine for its assembly process at a cost of $136,400. The company estimated that the machine would have a trade-in value of $14,200 at the end of...

Q: During 2020, Laiken Limited sold its only Class 3 asset.

During 2020, Laiken Limited sold its only Class 3 asset. At the time of sale, the balance of the undepreciated capital cost for this class was $37,450. The asset originally cost $129,500. Instruction...

Q: Barnett Inc. purchased computer equipment on March 1, 2020,

Barnett Inc. purchased computer equipment on March 1, 2020, for $31, 000. The computer equipment has a useful life of five years and a residual value of $1,000. Barnett uses a double-declining-balance...

Q: Diderot Corp. acquired a property on September 15, 2020,

Diderot Corp. acquired a property on September 15, 2020, for $220,000, paying $3,000 in transfer taxes and a $1,500 real estate fee. Based on the provincial assessment information, 75% of the property...

Q: Gambit Corporation purchased a new plant asset on April 1, 2020

Gambit Corporation purchased a new plant asset on April 1, 2020, at a cost of $769,000. It was estimated to have a useful life of 20 years and a residual value of $300,000, a physical life of 30 years...

Q: Jupiter Wells Corp. purchased machinery for $315,000 on

Jupiter Wells Corp. purchased machinery for $315,000 on May 1, 2020. It is estimated that it will have a useful life of 10 years, residual value of $15,000, production of 240,000 units, and 25,000 wor...

Q: Jared Industries Ltd., a public company, presents you with the

Jared Industries Ltd., a public company, presents you with the following information: Instructions a. Complete the table for the year ended December 31, 2024. The company depreciates all assets for a...

Q: Deluxe Ezra Company purchases equipment on January 1, 2020, at

Deluxe Ezra Company purchases equipment on January 1, 2020, at a cost of $469,000. The asset is expected to have a service life of 12 years and a salvage value of $40,000. Instructions a. Calculate th...

Q: Jon Seceda Furnace Corp. purchased machinery for $260,000

Jon Seceda Furnace Corp. purchased machinery for $260,000 on July 1, 2020. It is estimated that it will have a useful life of 10 years, residual value of $40,000, production of 110,000 units, and work...