Homework Answers
Solution:
Depreciation expense for 2017 = $11000*40% = $4400
Book value at beginning of 2018 = $11000 - $4400 = $6,600
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On January 2, 2017. Repeat Clothing Consignments purchased showroom fixtures for $11,000 cash, expecting the fixtures...
On January 2, 2017. Repeat Clothing Consignments purchased showroom futures for $11,000 cash, expecting the fixtures...
On January 2, 2017. Repeat Clothing Consignments purchased showroom futures for $11,000 cash, expecting the fixtures to remain in service for five years. Repeat has depreciated the fixtures on a double-declining balance basis, with zero residual value. On August 31, 2018, Repeat sold the futures for $5,000 cash Record both depreciation expense for 2018 and sale of the fixtures on August 31, 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table....
On January 2, 2017, Loved Clothing Consignments purchased showroom fixtures for $11,000 cash, expecting the fixtures...
On January 2, 2017, Loved Clothing Consignments purchased showroom fixtures for $11,000 cash, expecting the fixtures to remain in service for five years. Loved has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On September 30,2018, Loved sold the fixtures for $5,500 cash. Record both depreciation expense for 2018 and sale of the fixtures on September 30,2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Note that 2017depreciation...
On January 2, 2017, Loved Clothing Consignments purchased showroom fixtures for $19,000 cash, expecting the fixtures...
On January 2, 2017, Loved Clothing Consignments purchased showroom fixtures for $19,000 cash, expecting the fixtures to remain in service for five years. Loved has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On October 31, 2018, Loved sold the fixtures for $8,200 cash. Record both depreciation expense for 2018 and sale of the fixtures on October 31, 2018. (Record debits first, then credits. Select the explanation on the last line of the jounal entry table. Note...
On January 2, 2017 Repeat Cling Consignment purchased showroom futures for $11.000 expecting the futures to...
On January 2, 2017 Repeat Cling Consignment purchased showroom futures for $11.000 expecting the futures to remain in service for five years. Repeat has deprecated the fixtures on a double-declining-balance basis with zero residual value. On August 31, 2018, Repeat sold the fures for 55.000 cash. Record both depreciation expense for 2018 and sale of the fixtures on August 31, 2018. (Record debitis first, then credits. Select the explanation on the last ine of the journal entry table. Note that...
On January 2, 2017, Snug Clothing Consignments purchased showroom fixtures for $12,000 cash, expecting the fixtures...
On January 2, 2017, Snug Clothing Consignments purchased showroom fixtures for $12,000 cash, expecting the fixtures to remain in service for five years. Snug has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On September 30, 2018, Snug sold the fixtures for $6,500 cash. Record both depreciation expense for 2018 and sale of the fixtures on September 30, 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Note...
in January 2, 2017 Shug Clothing Consignments purchased showroom Textures for 10 poucash, expecting the futures...
in January 2, 2017 Shug Clothing Consignments purchased showroom Textures for 10 poucash, expecting the futures tu ervice for five years. Snug has depreciated the futures on a double declining balance basis with zero residual value. On September 30, 2018. Snug sold the fixtures for 55.000 cash. Record both depreciation expense for 2018 and sale of the fixtures on September 30, 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Note...
On January 2, 2017, Snug Clothing Consignments purchased showroom fixtures for $ 12 comma 000 cash,...
On January 2, 2017, Snug Clothing Consignments purchased showroom fixtures for $ 12 comma 000 cash, expecting the fixtures to remain in service for five years. Snug has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On September 30 comma 2018, Snug sold the fixtures for $ 6 comma 200 cash. Record both depreciation expense for 2018 and sale of the fixtures on September 30, 2018. (Record debits first, then credits. Select the explanation on the last...
On January 2,2017, Comfy Clothing Consignments ourchased showroom fixtures for $17,000 cash, expecting the fixtures to...
On
January 2,2017, Comfy Clothing Consignments ourchased showroom
fixtures for $17,000 cash, expecting the fixtures to remain in
service for five years. Comfy has depreciated the fixtures on the
double-declining-balance basis, with zero residual value. On
October 31,2018, Comfy sold the fixtures for $7,600 cash. Record
both depreciation for 2018 and sale of the fixtures on October
31,2018.
3,400 Oct 31 Depreciation Expense-Fixtures Accumulated Depreciation Fixtures 3,400 To record depreciation on fixtures. Before recording the sale of the fixtures, let's...
On January 2, 2016, Pet Oasis purchased fixtures for $20,200 cash, expecting the fixtures to remain...
On January 2, 2016, Pet Oasis purchased fixtures for $20,200 cash, expecting the fixtures to remain in service for eight years. Pet Oasis has depreciated the fixtures on a straight-line basis, with $1,000 residual value. On August 31, 2018, Pet Oasis sold the fixtures for $10,300 cash. Record both depreciation expense for 2018 and sale of the fixtures on August 31, 2018. (Assume the modified half-month convention is used. Record debits first, then credits. Select the explanation on the last...
On January 2, 2016 Pet HavenPet Haven purchased fixtures for $30,800 cash, expecting the fixtures to...
On January 2, 2016 Pet HavenPet Haven purchased fixtures for
$30,800 cash, expecting the fixtures to remain in service for six
years. Pet Haven has depreciated the fixtures on a straight-line
basis, with $2,000 residual value. On August 31,2018, Pet HavenPet
Haven sold the fixtures for $13,500 cash. Record both depreciation
expense for 2018 and sale of the fixtures on August 31,2018.
On January 2, 2016, Pet Haven purchased foxtures for $30,800 cash, expecting the foxtures to remain in service...
On January 2, 2017. Repeat Clothing Consignments purchased showroom futures for $11,000 cash, expecting the fixtures to remain in service for five years. Repeat has depreciated the fixtures on a double-declining balance basis, with zero residual value. On August 31, 2018, Repeat sold the futures for $5,000 cash Record both depreciation expense for 2018 and sale of the fixtures on August 31, 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table....
On January 2, 2017, Loved Clothing Consignments purchased showroom fixtures for $19,000 cash, expecting the fixtures to remain in service for five years. Loved has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On October 31, 2018, Loved sold the fixtures for $8,200 cash. Record both depreciation expense for 2018 and sale of the fixtures on October 31, 2018. (Record debits first, then credits. Select the explanation on the last line of the jounal entry table. Note...
On January 2, 2017 Repeat Cling Consignment purchased showroom futures for $11.000 expecting the futures to remain in service for five years. Repeat has deprecated the fixtures on a double-declining-balance basis with zero residual value. On August 31, 2018, Repeat sold the fures for 55.000 cash. Record both depreciation expense for 2018 and sale of the fixtures on August 31, 2018. (Record debitis first, then credits. Select the explanation on the last ine of the journal entry table. Note that...
On January 2, 2017, Snug Clothing Consignments purchased showroom fixtures for $12,000 cash, expecting the fixtures to remain in service for five years. Snug has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On September 30, 2018, Snug sold the fixtures for $6,500 cash. Record both depreciation expense for 2018 and sale of the fixtures on September 30, 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Note...
in January 2, 2017 Shug Clothing Consignments purchased showroom Textures for 10 poucash, expecting the futures tu ervice for five years. Snug has depreciated the futures on a double declining balance basis with zero residual value. On September 30, 2018. Snug sold the fixtures for 55.000 cash. Record both depreciation expense for 2018 and sale of the fixtures on September 30, 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Note...
On
January 2,2017, Comfy Clothing Consignments ourchased showroom
fixtures for $17,000 cash, expecting the fixtures to remain in
service for five years. Comfy has depreciated the fixtures on the
double-declining-balance basis, with zero residual value. On
October 31,2018, Comfy sold the fixtures for $7,600 cash. Record
both depreciation for 2018 and sale of the fixtures on October
31,2018.
3,400 Oct 31 Depreciation Expense-Fixtures Accumulated Depreciation Fixtures 3,400 To record depreciation on fixtures. Before recording the sale of the fixtures, let's...
On January 2, 2016, Pet Oasis purchased fixtures for $20,200 cash, expecting the fixtures to remain in service for eight years. Pet Oasis has depreciated the fixtures on a straight-line basis, with $1,000 residual value. On August 31, 2018, Pet Oasis sold the fixtures for $10,300 cash. Record both depreciation expense for 2018 and sale of the fixtures on August 31, 2018. (Assume the modified half-month convention is used. Record debits first, then credits. Select the explanation on the last...
On January 2, 2016 Pet HavenPet Haven purchased fixtures for
$30,800 cash, expecting the fixtures to remain in service for six
years. Pet Haven has depreciated the fixtures on a straight-line
basis, with $2,000 residual value. On August 31,2018, Pet HavenPet
Haven sold the fixtures for $13,500 cash. Record both depreciation
expense for 2018 and sale of the fixtures on August 31,2018.
On January 2, 2016, Pet Haven purchased foxtures for $30,800 cash, expecting the foxtures to remain in service...
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