Homework Answers
March 01, 2019
| Accounts title and description /Explanation | Debit | Credit |
| Equipment account | $ 95,000 | |
| Cash account | $ 95,000 |
31st August 2019
| Accounts title and description /Explanation | Debit | Credit |
| Depreciation expenses | $ 9,500 | |
| Accumulated depreciation | $ 9,500 |
Depreciation from 1st March 19 to 31st August 19
= $ 95,000 X 20% X 6/12 = $ 9,500
31st August 2020
| Accounts title and description / Explanation | Debit | Credit |
| Depreciation expenses | $ 17,100 | |
| Accumulated depreciation | $ 17,100 |
Depreciation from 1st September 19 to 3st August 2020
= [ $ 95,000 - $ 9,500 ] X 20% = $ 17,100
31st August 2021
| Accounts title and description /Explanation | Debit. | Credit. |
| Depreciation expenses | $ 13,680 | |
| Accumulated depreciation | 13,680 |
Depreciation from 1sept 2020 to 31st August 2021
=[ $ 95,000 - ( $ 9,500 + $ 17,100 ) ] X 20% = $ 13,680
Journal entries according to the given situation
| Date | Accounts title and description / Explanation | Debit | Credit |
| 2022, Feb 01 | Depreciation expenses | $ 4,560 | |
| Accumulated depreciation | $ 4,560 | ||
| = [ $ 95,000 - ( $ 9,500 + $ 17,100 + $ 13,680)] X 20% X 5/12 = $ 4,560 | |||
| 1st option 2022, Feb 01 | Accumulated depreciation ( $ 9,500 + $ 17,100 + $ 13,680 + $ 4,560) | $ 44,840 | |
| Loss on disposal | $ 50,160 | ||
| Equipment | $ 95,000 | ||
| 2nd option 2022 ,Feb 01 | Cash account | $ 55,000 | |
| Accumulated depreciation | $ 44,840 | ||
| Equipment | $ 95,000 | ||
| Gain on disposal | $ 4,840 | ||
| 3rd option 2022,Feb 01 | Cash account | $ 45,000 | |
| Accumulated depreciation | $ 44,840 | ||
| Loss on disposal | $ 5,160 | ||
| Equipment | $ 95,000 | ||
| 4th option 2022, Feb 01 | New equipment account | $ 97,000 | |
| Accumulated depreciation | $ 44,840 | ||
| Equipment old | $ 95,000 | ||
| Cash [ $ 97,000 - $ 52,000] | $ 45,000 | ||
| Gain on exchange of equipment [ $ 97,000 + $ 44,840 ] - [ $ 95,000 + $45,000] | $ 1,840 |
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Table of Comtents FMGI100 X Chapter 9 Homework b myBCT learn.wileyplus.com/courses/33315/assignments/3653831 Express Co purchased equipment on...
On July 1, 2019, Sandhill Co, purchased new equipment for $90,000. Its estimated useful life was...
On July 1, 2019, Sandhill Co, purchased new equipment for $90,000. Its estimated useful life was 5 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
Pharoah Company purchased equipment in 2020 for $104,000 and estimated an $8,000 salvage value at the end of the equipm...
Pharoah Company purchased equipment in 2020 for $104,000 and estimated an $8,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2021, there was $67,200 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2022, the equipment was sold for $21,000. Prepare the appropriate journal entries to remove the equipment from the books of Pharoah Company on March 31, 2022. (Credit account titles are automatically indented when...
On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful life was...
On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful life was 8 years with a $18,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Your answer is correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
On July 1, 2019, Wildhorse Co. purchased new equipment for $70,000. Its estimated useful life was 5 years with a $12,00...
On July 1, 2019, Wildhorse Co. purchased new equipment for $70,000. Its estimated useful life was 5 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
Exercise 9-08 On July 1, 2019, Crane Company purchased new equipment for $75,000. Its estimated useful...
Exercise 9-08 On July 1, 2019, Crane Company purchased new equipment for $75,000. Its estimated useful life was 5 years with a 58,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
Current Attempt in Progress On July 1.2019. Carla Vista Co, purchased new equipment for $90,000. Its...
Current Attempt in Progress On July 1.2019. Carla Vista Co, purchased new equipment for $90,000. Its estimated useful life was 8 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
Sandhill Company purchased equipment in 2020 for $104,000 and estimated an $8,000 salvage value at the...
Sandhill Company purchased equipment in 2020 for $104,000 and estimated an $8,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2021, there was $67,200 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2022, the equipment was sold for $21,000. Prepare the appropriate journal entries to remove the equipment from the books of Sandhill Company on March 31, 2022. (Credit account titles are automatically indented when...
Exercise 9-08 On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful...
Exercise 9-08 On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful life was 5 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment’s remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
please help 1.a) b) c) 2.a) b) 3. a) b) Teyplus.com/courses/35390/assignments/3837441?module_item_id=12237372 Current Attempt in Progress Sheffield...
please help
1.a)
b)
c)
2.a)
b)
3. a)
b)
Teyplus.com/courses/35390/assignments/3837441?module_item_id=12237372 Current Attempt in Progress Sheffield Corp. is authorized to issue 2,100,000 shares of $1 par value common stock. During 2020, the company has the following stock transactions Jan. 15 Issued 755,000 shares of stock at $5 per share. Sept. 5 Purchased 26,000 shares of common stock for the treasury at $8 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable...
Need Help on C! On July 1, 2019, Wildhorse Co. purchased new equipment for $90,000. Its...
Need Help on C!
On July 1, 2019, Wildhorse Co. purchased new equipment for $90,000. Its estimated useful life was 8 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. ✓ Your answer is correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually....
On July 1, 2019, Sandhill Co, purchased new equipment for $90,000. Its estimated useful life was 5 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
Pharoah Company purchased equipment in 2020 for $104,000 and estimated an $8,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2021, there was $67,200 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2022, the equipment was sold for $21,000. Prepare the appropriate journal entries to remove the equipment from the books of Pharoah Company on March 31, 2022. (Credit account titles are automatically indented when...
On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful life was 8 years with a $18,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Your answer is correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
On July 1, 2019, Wildhorse Co. purchased new equipment for $70,000. Its estimated useful life was 5 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
Exercise 9-08 On July 1, 2019, Crane Company purchased new equipment for $75,000. Its estimated useful life was 5 years with a 58,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
Current Attempt in Progress On July 1.2019. Carla Vista Co, purchased new equipment for $90,000. Its estimated useful life was 8 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
Sandhill Company purchased equipment in 2020 for $104,000 and estimated an $8,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2021, there was $67,200 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2022, the equipment was sold for $21,000. Prepare the appropriate journal entries to remove the equipment from the books of Sandhill Company on March 31, 2022. (Credit account titles are automatically indented when...
please help
1.a)
b)
c)
2.a)
b)
3. a)
b)
Teyplus.com/courses/35390/assignments/3837441?module_item_id=12237372 Current Attempt in Progress Sheffield Corp. is authorized to issue 2,100,000 shares of $1 par value common stock. During 2020, the company has the following stock transactions Jan. 15 Issued 755,000 shares of stock at $5 per share. Sept. 5 Purchased 26,000 shares of common stock for the treasury at $8 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable...
Need Help on C!
On July 1, 2019, Wildhorse Co. purchased new equipment for $90,000. Its estimated useful life was 8 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. ✓ Your answer is correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually....
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