Buerhle Company needs to determine if its indefinite-life intangibles other than goodwill have been impaired and should be reduced or written off on its balance sheet. The impairment test(s) to be used is (are) ______________. A. Both recoverability test and fair value test
B. Recoverability test but not fair value test
C. Not recoverability test but fair value test
D. Neither recoverability test nor fair value test

Assignment I1. On March 1, 2020, Tahir Muktar, a famous businessman in Addis, opened a business named “Universal Garage” which is organized as a sole proprietorship. The business is established to render car repair, maintenance and related services for fees. Below are chart of accounts for and selected transactions completed by Universal Garage in March 2020.


a) Chart of accounts

Universal Garage

Chart of Accounts


100 ASSETS

110 CURRENT ASSETS

111 Cash

112 Accounts Receivable

114 Supplies

116 Prepaid Rent

117 Prepaid Insurance

120 PLANT ASSETS

121 Land

123 Machinery

123.1 Accumulated Depreciation-Machinery

125 Office Equipment

0.1 Accumulated Depreciation-Office Equipment


200 LIABILITIES

210 CURRENT LIABILITIES

211 Account Payable

213 Salaries Payable

216 Interest Payable

220 NON-CURRENT LIABILITIES

221 Long-term Bank Loan


300 OWNER'S EQUITY

301 Tahir, Capital

302 Tahir, Drawings

303 Incomes Summary


400 REVENUES

401 Fees Earned

410 Other Income


500 EXPENSES

501 Salary Expenses

502 Supplies Expenses

503 Rent Expenses

504 Insurance Expenses

505 Depreciation Expenses

506 Interest Expenses

510 Miscellaneous Expenses




b) Transactions

Mar 1 Received the following assets from its owner, Tahir:

Cash....................................... Br, 8,300

Supplies ................................. 2,000

Office Equipment................... 10,000

2 Borrowed Br 5,000 from Dashen Bank

3 Paid Br 1,800 for rent on a building leased for business purposes

3 Purchased welding and other repair machinery for Br 3,600 cash

4 Paid Br 200 for a radio advertisement

8 Sold for Br 200 cash an old office equipment with a recorded cost of Br 200

13 Paid weekly salary Br 1,200

16 Received Br 4,400 from services rendered on cash

20 Paid weekly salary Br 1,200

20 Received Br500 royalties for idle repair machinery it leased to other businesses

20 Delivered service on credit, Br 6,000

21 Purchased additional repair machinery on account for Br 2,000 from Sámi-Engineers

23 Received Br 5,000 additional cash investment from its owner

24 Repaid Br 1,000 bank loan and paid Br 100 interest on bank loan

26 Purchased supplies for Br 800 cash

27 Paid Br 100 for customer entertainment and other items

27 Paid weekly salary Br 1,200

31 Paid Br 500 for electricity and other utilities consumed during the month

31 Received Br 4,200 cash from credit customers

31 Paid Tahir Br 1,800 for personal uses


Required:

a) Journalize the above transactions in a two-column journal

b) Post the journal entries to “T” accounts

c) Prepare and complete a worksheet based on the following additional information

i. Cost of supplies remained unconsumed on Mar 31 is Br 900

ii. The amount paid on Mar 3 is for a three-month rent

iii. The amounts of depreciation for machinery and office equipment are estimated to be Br 560 and Br 1,900 respectively

iv. Universal Garage usually pays Br 1,200 for employee's salary every saturday for a six-day work week ended on that day

v. Interest on bank loan accrued but not paid on March 31 total Br 100

d) Prepare financial statements for the month

e) Journalize and post adjusting entries

f) Journalize and post closing entries

g) Prepare post-closing trial balance

The McKnight Company expects sales in 2015 of 208 comma 000 units of serving trays. McKnight​'s beginning inventory for 2015 is 18 comma 000 ​trays, and its target ending inventory is 27 comma 000 trays. Compute the number of trays budgeted for production in 2015. Select the labels and enter the amounts to calculate the units of finished goods​ (trays) to be produced. Budgeted unit sales 208,000 Add target ending finished goods inventory 27,000 Total required units Deduct beginning finished goods inventory –18,000 Units of finished goods to be produced

Selected transactions for M. Coronado, an interior decorator, in her first month of business, are as follows. Jan. 2 Invested $11,700 cash in business.
3 Purchased used car for $3,510 cash for use in business.
9 Purchased supplies on account for $585.
11 Billed customers $2,808 for services performed.
16 Paid $410 cash for advertising.
20 Received $819 cash from customers billed on January 11.
23 Paid creditor $351 cash on balance owed.
28 Withdrew $1,170 cash for personal use by owner.
1. Journalize the above transactions.
Date Account Titles and Explanation Debit Credit
Jan. 2Jan. 3Jan. 9Jan. 11Jan. 16Jan. 20Jan. 23Jan. 28
Jan. 2Jan. 3Jan. 9Jan. 11Jan. 16Jan. 20Jan. 23Jan. 28
Jan. 2Jan. 3Jan. 9Jan. 11Jan. 16Jan. 20Jan. 23Jan. 28
Jan. 2Jan. 3Jan. 9Jan. 11Jan. 16Jan. 20Jan. 23Jan. 28
Jan. 2Jan. 3Jan. 9Jan. 11Jan. 16Jan. 20Jan. 23Jan. 28
Jan. 2Jan. 3Jan. 9Jan. 11Jan. 16Jan. 20Jan. 23Jan. 28
Jan. 2Jan. 3Jan. 9Jan. 11Jan. 16Jan. 20Jan. 23Jan. 28
Jan. 2Jan. 3Jan. 9Jan. 11Jan. 16Jan. 20Jan. 23Jan. 28

How much would you need to deposit in an account now in order to have $3000 in the account in 15 years

The standard costs and actual costs for direct materials for the manufacture of 2,300 actual units of product are Standard Costs Direct materials (per completed unit) 1,040 kilograms @$8.65 Actual Costs Direct materials 2,300 kilograms @ $8.05 Round your final answer to the nearest dollar. The amount of direct materials price variance is

Mitchell Company was authorized to issue 50,000 shares of common stock. The company issued 27,000 shares of stock and later purchased 5,000 shares of treasury stock. The number of outstanding shares of common stock is: A. 45,000. B. 28,000. C. 22,000. D. 17,000.