The annual depreciation taken on a vehicle totals $ 4100. The vehicle has been in service...
The annual depreciation taken on a vehicle totals $ 4100. The vehicle has been in service for full two years and the adjusting entries have been completed for the year. At the end of the second year, the balance in the depreciation expense account is_______ and the balance in the accumulated depreciation account is ______
Homework Answers
The balance in Depreciation expense account is $4,100
Accumulated Depreciation = (Depreciation per year * Completed years)
= $4,100 * 2 = $8,200
So, balance in the accumulated depreciation account is $8,200
So, Answers are $4,100 and $8,200
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The annual depreciation taken on a vehicle totals $ 4100. The
vehicle has been in service...
The annual depreciation taken on a vehicle totals $ 4100. The vehicle has been in service...
The annual depreciation taken on a vehicle totals $ 4100. The vehicle has been in service for full two years and the adjusting entries have been completed for the year. At the end of the second year, the balance in the depreciation expense account is_______ and the balance in the accumulated depreciation account is ______
The annual depreciation taken on a vehicle totals $3,000. The vehicle has been in service for...
The annual depreciation taken on a vehicle totals $3,000. The vehicle has been in service for three full years and the adjusting entries have been completed for the year. At the end of the third year, the balance in the Depreciation Expense account is $ and the balance in the Accumulated Depreciation account is s CA. 83,000; 89,000 B.$9,000; $9,000 C.$9,000, $3,000 D.$3,000; 53,000 QUESTION 22 A company was formed with $60,000 cash contributed by its owners in exchange for...
Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as...
Post the adjusting entries to the ledger accounts. Enter the
totals from the trial balance as beginning account balances.
(Post entries in the order of journal entries presented
in the previous part.)
Sharon Lee started her own consulting firm, Lee Consulting, on May 1, 2020. The trial balance at May 31 is as follows. LEE CONSULTING Trial Balance May 31, 2020 Credit Debit $4,600 5.900 2.000 4.800 10.200 Account Number 101 112 126 130 149 201 209 301 400 726...
- 46 Project #8: Depreciation pre Credits Debits 52,898 10,250 SSSSSSSSSSSSWAUMU 1,260 20,390 650 320 30,550...
- 46 Project #8: Depreciation pre Credits Debits 52,898 10,250 SSSSSSSSSSSSWAUMU 1,260 20,390 650 320 30,550 12,250 62,128 275 12,000 Fido's Food Mart Adjusted Trial Balance December 31, 20XX Account Title Cash Accounts Receivable Less: Allowance for Doubtful Accounts Inventory Supplies Prepaid Insurance Equipment Vehicle Less: Accumulated Depreciation - Equipment and Vehicle Accounts Payable Unearned Revenue (Gift Cards) Bonds Payable (mature 12/31/XX) Common Stock (200 shares @ $210/share, par $210) Retained Earnings Sales Revenue Less: Sales Discount Cost of Goods...
Travel Pickup and Delivery Customer Service Other Totals Driver and guard wages.......................... Vehicle operating expense...................... Vehicle...
Travel
Pickup and
Delivery
Customer
Service
Other
Totals
Driver and guard
wages..........................
Vehicle operating
expense......................
Vehicle
depreciation................................
Customer
representative salaries and
expenses..............................................
Office
expenses......................................
Administrative
expenses.........................
Total
cost................................................
$628,000
$306,000
$417,000
$279,000
$1,630,000
Each entry in the table is derived by
multiplying the total cost for the cost category by the percentage
taken from the table below that shows the distribution of resource
consumption:
Travel
Pickup and
Delivery
Customer
Service
Other
Totals
Driver and guard
wages..........................
Vehicle operating
expense......................
Vehicle...
The following trial balance was taken from the books of Snap Chat Corporation on December 31,...
The following trial balance was taken from the books of Snap Chat Corporation on December 31, 2019. Account Debit Credit Cash $ 9,000 Accounts Receivable 40,000 Notes Receivable 10,000 Allowance for Doubtful Accounts $ 1,800 Inventory 34,000 Prepaid Insurance 4,800 Equipment 100,000 Accumulated Depreciation--Equip. 15,000 Accounts Payable 10,800 Common Stock 44,000 Retained Earnings 55,000 Sales Revenue 260,000 Cost of Goods Sold 126,000 Salaries and Wages Expense 50,000 Rent Expense 12,800 Totals $386,600 $386,600 At year end, the following items have not...
Problem #5-Adjusting entries - 10 Points The following trial balance was taken from the books ing...
Problem #5-Adjusting entries - 10 Points The following trial balance was taken from the books ing trial balance was taken from the books of Fisk Corporation on December 31, 2014. Account Cash Debit Credit $ 9,000 Accounts Receivable 40,000 Notes Receivable 10,000 Allowance for Doubtful Accounts $ 1,800 Inventory 44,000 Prepaid Insurance 4,800 Equipment 110,000 Accumulated Depreciation-Equip. 15,000 Accounts Payable 10,800 Common Stock 44,000 Retained Earnings 55,000 Sales Revenue 280,000 Cost of Goods Sold Salaries and Wages Expense 50,000 Rent...
For each separate case below, follow the three-step process for adjusting the Accumulated Depreciation account at...
For each separate case below, follow the three-step process for adjusting the Accumulated Depreciation account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. The Krug Company's Accumulated Depreciation account has a $19,500 balance to start the year. A review...
a. The Krug Company's Accumulated Depreciation account has a $17,500 balance to start the year. A...
a. The Krug Company's Accumulated Depreciation account has a $17,500 balance to start the year. A review of depreciation schedules reveals that $19,400 of depreciation expense must be recorded for the year. Accumulated depreciation Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. b. The company has only one fixed asset (truck) that it...
The following is an unadjusted trial balance (before any adjustments have been made) for Garcia, Inc....
The following is an unadjusted trial balance (before any adjustments have been made) for Garcia, Inc. at December 31 of the current year: Account Titles Debit Credit 42,000 11,600 900 800 19,000 9,200 8,300 3,000 Cash Accounts Receivable Supplies Prepaid Insurance Service Vehicles Accumulated Depreciation Other Assets Accounts Payable Wages Payable Income Taxes Payable Note Payable (3 years) Common Stock (5,000 shares outstanding) Additional Paid-in-Capital Retained Earnings Service Revenue Remaining Expenses Income Tax Expense Totals 17,000 400 19,000 6,000 61,360...
The annual depreciation taken on a vehicle totals $3,000. The vehicle has been in service for three full years and the adjusting entries have been completed for the year. At the end of the third year, the balance in the Depreciation Expense account is $ and the balance in the Accumulated Depreciation account is s CA. 83,000; 89,000 B.$9,000; $9,000 C.$9,000, $3,000 D.$3,000; 53,000 QUESTION 22 A company was formed with $60,000 cash contributed by its owners in exchange for...
Post the adjusting entries to the ledger accounts. Enter the
totals from the trial balance as beginning account balances.
(Post entries in the order of journal entries presented
in the previous part.)
Sharon Lee started her own consulting firm, Lee Consulting, on May 1, 2020. The trial balance at May 31 is as follows. LEE CONSULTING Trial Balance May 31, 2020 Credit Debit $4,600 5.900 2.000 4.800 10.200 Account Number 101 112 126 130 149 201 209 301 400 726...
- 46 Project #8: Depreciation pre Credits Debits 52,898 10,250 SSSSSSSSSSSSWAUMU 1,260 20,390 650 320 30,550 12,250 62,128 275 12,000 Fido's Food Mart Adjusted Trial Balance December 31, 20XX Account Title Cash Accounts Receivable Less: Allowance for Doubtful Accounts Inventory Supplies Prepaid Insurance Equipment Vehicle Less: Accumulated Depreciation - Equipment and Vehicle Accounts Payable Unearned Revenue (Gift Cards) Bonds Payable (mature 12/31/XX) Common Stock (200 shares @ $210/share, par $210) Retained Earnings Sales Revenue Less: Sales Discount Cost of Goods...
Travel
Pickup and
Delivery
Customer
Service
Other
Totals
Driver and guard
wages..........................
Vehicle operating
expense......................
Vehicle
depreciation................................
Customer
representative salaries and
expenses..............................................
Office
expenses......................................
Administrative
expenses.........................
Total
cost................................................
$628,000
$306,000
$417,000
$279,000
$1,630,000
Each entry in the table is derived by
multiplying the total cost for the cost category by the percentage
taken from the table below that shows the distribution of resource
consumption:
Travel
Pickup and
Delivery
Customer
Service
Other
Totals
Driver and guard
wages..........................
Vehicle operating
expense......................
Vehicle...
Problem #5-Adjusting entries - 10 Points The following trial balance was taken from the books ing trial balance was taken from the books of Fisk Corporation on December 31, 2014. Account Cash Debit Credit $ 9,000 Accounts Receivable 40,000 Notes Receivable 10,000 Allowance for Doubtful Accounts $ 1,800 Inventory 44,000 Prepaid Insurance 4,800 Equipment 110,000 Accumulated Depreciation-Equip. 15,000 Accounts Payable 10,800 Common Stock 44,000 Retained Earnings 55,000 Sales Revenue 280,000 Cost of Goods Sold Salaries and Wages Expense 50,000 Rent...
For each separate case below, follow the three-step process for adjusting the Accumulated Depreciation account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. The Krug Company's Accumulated Depreciation account has a $19,500 balance to start the year. A review...
a. The Krug Company's Accumulated Depreciation account has a $17,500 balance to start the year. A review of depreciation schedules reveals that $19,400 of depreciation expense must be recorded for the year. Accumulated depreciation Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. b. The company has only one fixed asset (truck) that it...
The following is an unadjusted trial balance (before any adjustments have been made) for Garcia, Inc. at December 31 of the current year: Account Titles Debit Credit 42,000 11,600 900 800 19,000 9,200 8,300 3,000 Cash Accounts Receivable Supplies Prepaid Insurance Service Vehicles Accumulated Depreciation Other Assets Accounts Payable Wages Payable Income Taxes Payable Note Payable (3 years) Common Stock (5,000 shares outstanding) Additional Paid-in-Capital Retained Earnings Service Revenue Remaining Expenses Income Tax Expense Totals 17,000 400 19,000 6,000 61,360...
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