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Required: Prepare the journal entry to record the sale of the car assuming the car sold...
Disposal of Fixed Asset Perfect Auto Rentals sold one of its cars on January 1, 2019....
Disposal of Fixed Asset Perfect Auto Rentals sold one of its cars on January 1, 2019. Perfect had acquired the car on January 1, 2017, for $13,500. At acquisition Perfect assumed that the car would have an estimated life of 3 years and a residual value of $3,000. Assume that Perfect has recorded straight-line depreciation expense for 2017 and 2018. Required: Prepare the journal entry to record the sale of the car assuming the car sold for (a) $6,500 cash,...
please upload a tidy and detailed work explanation. Kindly :) Perfect Auto Rentals sold one of its cars on January 1, 2...
please upload a tidy and detailed work explanation. Kindly
:)
Perfect Auto Rentals sold one of its cars on January 1, 2019. Perfect had acquired the car on January 1, 2017, for $13,500. At acquisition Perfect assumed that the car would have an estimated life of 3 years and a residual value of $3,000. Assume that Perfect has recorded straight-line depreciation expense for 2017 and 2018 Required: Prepare the journal entry to record the sale of the car assuming the...
Exercise 7-58 Disposal of Fixed Asset Perfect Auto Rentals sold one of its cars on January...
Exercise 7-58 Disposal of Fixed Asset Perfect Auto Rentals sold one of its cars on January 1, 2019. Perfect had acquired the car on January 1, 2017, for $23,400. At acquisition Perfect assumed that the car would have an estimated life of 3 years and a residual value of $3,000. Assume that Perfect has recorded straight-line depreciation expense for 2017 and 2018. Required: Prepare the journal entry to record the sale of the car assuming the car sold for (a)...
prepare the journal entry to record the sale of the shelving units Required information (The following...
prepare the journal entry to record the sale of the shelving units
Required information (The following information applies to the questions displayed below.) As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Inc. sold shelving units (recorded as Equipment) that were 10 years old for $1,040 cash. The shelves originally cost $7,360 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $560....
Prepare the journal entry to record the sale of the shelving units.
As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Inc. sold shelving units (recorded as Equipment) that were 10 years old for $1,100 cash. The shelves originally cost $7,600 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $600. 2. Prepare the journal entry to record the sale of the shelving units. (If no entry is required for a transaction/event, select "No Journal...
Prepare the journal entry to record the sale of the shelving units.
As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Inc. sold shelving units (recorded as Equipment) that were 10 years old for $950 cash. The shelves originally cost $7,000 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $500. .1. Complete the table below, indicating the account, amount, and direction of the effect on disposal. Assume that depreciation has been recorded to the...
Please detail all final answers! e. Prepare the journal entry to record the sale of the patent...
Please detail all final answers!
e.
Prepare the journal entry to record the sale of the patent on
June 30, 2018.
Martinez, Inc. acquired ล patent on January 1 , 2016 for S40, 300 cash. The patent was estrated to have ล useful life: af 10 years with rar val O Decmber 31, 2017, bfreany astrmenls were recorded for the year, management detemined that the remaining ueeful life was 7 years (with that new astimate being effective as of January...
Required i Required 2 Prepare the journal entry to record depreciation expense at the end of...
Required i Required 2 Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: (Do not round inter calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the depreciation expense for the three used machines at the end of year 1 Note: Enter debits before credits. Transaction General Journal Debit Credit . . At the beginning...
Required 1 Prepare the journal entry to record the change in accounting principle. (If no entry...
Required 1
Prepare the journal entry to record the change in accounting
principle. (If no entry is required for a transaction/event, select
"No journal entry required" in the first account field. Enter your
answers in millions rounded to 1 decimal place (i.e., 5,500,000
should be entered as 5.5).)
Required 2
Determine the net income to be reported in the 2018–2017
comparative income statements. (Enter your answers in millions
rounded to 1 decimal place (i.e., 5,500,000 should be entered as
5.5).)...
Journal Entry 2 and 3: Record the sales revenue. Record the cost of goods sold. On...
Journal Entry 2 and 3:
Record the sales revenue.
Record the cost of goods sold.
On July 8, Compusoft recelves $200,000 from a customer toward a cash sale of $0.90 million for customized computer equipment to be completed on August 1. The remaining $700,000 payment is recelved upon delivery of the product on August 1. The equipment had a total production cost of $690,000. What Journal entries should Compusoft record on July 8 and August 1? Assume Compusoft uses the...
please upload a tidy and detailed work explanation. Kindly
:)
Perfect Auto Rentals sold one of its cars on January 1, 2019. Perfect had acquired the car on January 1, 2017, for $13,500. At acquisition Perfect assumed that the car would have an estimated life of 3 years and a residual value of $3,000. Assume that Perfect has recorded straight-line depreciation expense for 2017 and 2018 Required: Prepare the journal entry to record the sale of the car assuming the...
Exercise 7-58 Disposal of Fixed Asset Perfect Auto Rentals sold one of its cars on January 1, 2019. Perfect had acquired the car on January 1, 2017, for $23,400. At acquisition Perfect assumed that the car would have an estimated life of 3 years and a residual value of $3,000. Assume that Perfect has recorded straight-line depreciation expense for 2017 and 2018. Required: Prepare the journal entry to record the sale of the car assuming the car sold for (a)...
prepare the journal entry to record the sale of the shelving units
Required information (The following information applies to the questions displayed below.) As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Inc. sold shelving units (recorded as Equipment) that were 10 years old for $1,040 cash. The shelves originally cost $7,360 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $560....
Please detail all final answers!
e.
Prepare the journal entry to record the sale of the patent on
June 30, 2018.
Martinez, Inc. acquired ล patent on January 1 , 2016 for S40, 300 cash. The patent was estrated to have ล useful life: af 10 years with rar val O Decmber 31, 2017, bfreany astrmenls were recorded for the year, management detemined that the remaining ueeful life was 7 years (with that new astimate being effective as of January...
Required i Required 2 Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: (Do not round inter calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the depreciation expense for the three used machines at the end of year 1 Note: Enter debits before credits. Transaction General Journal Debit Credit . . At the beginning...
Required 1
Prepare the journal entry to record the change in accounting
principle. (If no entry is required for a transaction/event, select
"No journal entry required" in the first account field. Enter your
answers in millions rounded to 1 decimal place (i.e., 5,500,000
should be entered as 5.5).)
Required 2
Determine the net income to be reported in the 2018–2017
comparative income statements. (Enter your answers in millions
rounded to 1 decimal place (i.e., 5,500,000 should be entered as
5.5).)...
Journal Entry 2 and 3:
Record the sales revenue.
Record the cost of goods sold.
On July 8, Compusoft recelves $200,000 from a customer toward a cash sale of $0.90 million for customized computer equipment to be completed on August 1. The remaining $700,000 payment is recelved upon delivery of the product on August 1. The equipment had a total production cost of $690,000. What Journal entries should Compusoft record on July 8 and August 1? Assume Compusoft uses the...
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