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Homework Answers
| Dec 31,2019 | Depreciation expense | 5250 | =(63000-6300)/9*10/12 | |
| Accumulated Depreciation-Machinery | 5250 | |||
| Dec 31,2020 | Depreciation expense | 6300 | =(63000-6300)/9 | |
| Accumulated Depreciation-Machinery | 6300 | |||
| Oct 30,2021 | Depreciation expense | 5250 | =(63000-6300)/9*10/12 | |
| Accumulated Depreciation-Machinery | 5250 | |||
| Oct 30,2021 | Cash | 59000 | ||
| Accumulated Depreciation-Machinery | 16800 | =5250+6300+5250 | ||
| Gain on Disposal of Machinery | 12800 | |||
| Machinery | 63000 |
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I want to know the answer for this..
Application Problem 8-12A a-b, cl-c2 (Part Level Submission)...
Pharoah Company had the following assets on January 1, 2022. Useful Life in years) Item Salvage...
Pharoah Company had the following assets on January 1, 2022. Useful Life in years) Item Salvage Value Machinery Cost $63,000 22,000 Purchase Date Jan 1, 2012 Jan 1, 2019 $0 5 O Forklift Truck 28,400 Jan 1, 2017 3,000 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $11,200. The truck was discarded on December 31. Journalize all entries required on the above dates,...
Exercise 10-24 (Part Level Submission) On December 31, 2017, Swifty Inc. has a machine with a...
Exercise 10-24 (Part Level Submission) On December 31, 2017, Swifty Inc. has a machine with a book value of $1,334,800. The original cost and related accumulated depreciation at this date are as follows. Machine Less: Accumulated depreciation Book value $1,846,000 511,200 $1,334,800 Depreciation is computed at $85,200 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation...
what is the right answer in the red circle? Also need help with Part B thx...
what is the right answer in the red circle? Also need help with
Part B thx
Problem 9-7A a-b (Part Level Submission) Carla Vista Productions Corp, purchased equipment on March 1, 2019, for $72,000. The company estimated the equipment would have a useful life of three years and produce 12,000 units, with a residual value of $10,200. During 2018, the equipment produced 4,900 units. On November 30, 2019, the machine was sold for $10,000 and had produced 5,700 units that...
Please help me fix these errors. Thanks. On December 31, 2020, Sheridan Inc. has a machine with a book value of $1,146,...
Please help me fix these errors. Thanks.
On December 31, 2020, Sheridan Inc. has a machine with a book value of $1,146,800. The original cost and related accumulated depreciation at this date are as follows. Machine Less: Accumulated depreciation Book value $1,586,000 439,200 $1,146,800 Depreciation is computed at $73,200 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure...
Current Attempt in Progress On December 31, 2020, Riverbed Inc. has a machine with a book...
Current Attempt in Progress On December 31, 2020, Riverbed Inc. has a machine with a book value of $1.278.400. The original cost and related accumulated depreciation at this date are as follows Machine Less: Accumulated depreciation Book value $1,768.000 489.600 $1.278.400 Depreciation is computed at $81,600 per year on a straight line basis. Presented below is a set of independent situations. For each independent situation indicate the journal entry to be made to recor the transaction. Make sure that depreciation...
Please help find the rest of the blank slots. Problem 9-7A a-b Sheridan Productions Corp. purchased...
Please help find the rest of the blank slots.
Problem 9-7A a-b Sheridan Productions Corp. purchased equipment on March 1, 2018, for $68,000. The company estimated the equipment would have a useful life of three years and produce 12,000 units, with a residual value of $9,200. During 2018, the equipment produced 4,900 units. On November 30, 2019, the machine was sold for $16,000 and had produced 6,000 units that year. Your answer is partially correct. Try again. Record all the...
Problem 9-03A Your answer is partially correct. Try again. Crane Company had the following assets on...
Problem 9-03A Your answer is partially correct. Try again. Crane Company had the following assets on January 1, 2022. Cost Useful Life (in years) 10 Salvage Value $ 0 Item Machinery Forklift Truck $70,000 29,000 35,400 Purchase Date Jan. 1, 2012 Jan. 1, 2019 Jan. 1, 2017 5 0 8 3,000 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $11,900. The truck was...
Problem 9-7A a-b Sandhill Productions Corp. purchased equipment on March 1, 2012, for $60,000. The company...
Problem 9-7A a-b Sandhill Productions Corp. purchased equipment on March 1, 2012, for $60,000. The company estimated the equipment would have a useful life of three years and produce 12,000 units, with a residual value of $9,000. During 2018, the equipment produced 4,900 units. On November 30, 2019, the machine was sold for $17,000 and had produced 5,600 units that year. Record all the necessary entries for the years ended December 31, 2018 and 2019, using the following depreciation methods:...
i don't have option accumated depreciation machine/forklift/truck CUCICA M TOTES Crane Company had the following assets...
i don't have option accumated depreciation
machine/forklift/truck
CUCICA M TOTES Crane Company had the following assets on January 1, 2022. Item Cost Purchase Date Useful Life (in years) Salvage Value Machinery $82,000 Jan 1, 2012 10 $0 Forklift 5 0 41,000 47.400 Jan 1, 2019 Jan 1, 2017 Truck 3,000 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $13,100. The truck was discarded...
Cullumber purchased land and a building on April for 398,400. The company paid 123,600 in cash...
Cullumber purchased land and a building on April for 398,400.
The company paid 123,600 in cash and signed a 5% note payable
Problem 9-6A Cullumber Company purchased land and a building on April 1, 2019, for $398,400. The company paid $123,600 in cash and signed a 5 % note payable for the balance. At that time, it was estimated that the land was worth $159,000 and the building, $239,400. The building was estimated to have a 25-year useful life with...
Pharoah Company had the following assets on January 1, 2022. Useful Life in years) Item Salvage Value Machinery Cost $63,000 22,000 Purchase Date Jan 1, 2012 Jan 1, 2019 $0 5 O Forklift Truck 28,400 Jan 1, 2017 3,000 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $11,200. The truck was discarded on December 31. Journalize all entries required on the above dates,...
Exercise 10-24 (Part Level Submission) On December 31, 2017, Swifty Inc. has a machine with a book value of $1,334,800. The original cost and related accumulated depreciation at this date are as follows. Machine Less: Accumulated depreciation Book value $1,846,000 511,200 $1,334,800 Depreciation is computed at $85,200 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation...
what is the right answer in the red circle? Also need help with
Part B thx
Problem 9-7A a-b (Part Level Submission) Carla Vista Productions Corp, purchased equipment on March 1, 2019, for $72,000. The company estimated the equipment would have a useful life of three years and produce 12,000 units, with a residual value of $10,200. During 2018, the equipment produced 4,900 units. On November 30, 2019, the machine was sold for $10,000 and had produced 5,700 units that...
Please help me fix these errors. Thanks.
On December 31, 2020, Sheridan Inc. has a machine with a book value of $1,146,800. The original cost and related accumulated depreciation at this date are as follows. Machine Less: Accumulated depreciation Book value $1,586,000 439,200 $1,146,800 Depreciation is computed at $73,200 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure...
Current Attempt in Progress On December 31, 2020, Riverbed Inc. has a machine with a book value of $1.278.400. The original cost and related accumulated depreciation at this date are as follows Machine Less: Accumulated depreciation Book value $1,768.000 489.600 $1.278.400 Depreciation is computed at $81,600 per year on a straight line basis. Presented below is a set of independent situations. For each independent situation indicate the journal entry to be made to recor the transaction. Make sure that depreciation...
Please help find the rest of the blank slots.
Problem 9-7A a-b Sheridan Productions Corp. purchased equipment on March 1, 2018, for $68,000. The company estimated the equipment would have a useful life of three years and produce 12,000 units, with a residual value of $9,200. During 2018, the equipment produced 4,900 units. On November 30, 2019, the machine was sold for $16,000 and had produced 6,000 units that year. Your answer is partially correct. Try again. Record all the...
Problem 9-03A Your answer is partially correct. Try again. Crane Company had the following assets on January 1, 2022. Cost Useful Life (in years) 10 Salvage Value $ 0 Item Machinery Forklift Truck $70,000 29,000 35,400 Purchase Date Jan. 1, 2012 Jan. 1, 2019 Jan. 1, 2017 5 0 8 3,000 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $11,900. The truck was...
Problem 9-7A a-b Sandhill Productions Corp. purchased equipment on March 1, 2012, for $60,000. The company estimated the equipment would have a useful life of three years and produce 12,000 units, with a residual value of $9,000. During 2018, the equipment produced 4,900 units. On November 30, 2019, the machine was sold for $17,000 and had produced 5,600 units that year. Record all the necessary entries for the years ended December 31, 2018 and 2019, using the following depreciation methods:...
i don't have option accumated depreciation
machine/forklift/truck
CUCICA M TOTES Crane Company had the following assets on January 1, 2022. Item Cost Purchase Date Useful Life (in years) Salvage Value Machinery $82,000 Jan 1, 2012 10 $0 Forklift 5 0 41,000 47.400 Jan 1, 2019 Jan 1, 2017 Truck 3,000 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $13,100. The truck was discarded...
Cullumber purchased land and a building on April for 398,400.
The company paid 123,600 in cash and signed a 5% note payable
Problem 9-6A Cullumber Company purchased land and a building on April 1, 2019, for $398,400. The company paid $123,600 in cash and signed a 5 % note payable for the balance. At that time, it was estimated that the land was worth $159,000 and the building, $239,400. The building was estimated to have a 25-year useful life with...
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