Homework Answers
Journal entries
| Date | General Journal | Debit | Credit |
| Jan 1 | Bulldozer | 64000 | |
| Cash | 64000 | ||
| May 1 | Office furniture | 15000 | |
| Cash | 15000 | ||
| Dec 31 | Depreciation expense | 7200 | |
| Accumulated depreciation-Bulldozer (64000*10%) | 6400 | ||
| Accumulated depreciation-Furniture (12000/10)*8/12 | 800 | ||
| June 30 | Cash | 11000 | |
| Accumulated depreciation | 1400 | ||
| Loss on sale of furniture | 2600 | ||
| Furniture | 15000 | ||
| Dec 31 | Depreciation expense (64000*90%*10%) | 5760 | |
| Accumulated depreciation-Bulldozer | 5760 | ||
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can anyone help me solve please
3. Recording purchase, depreciation, and disposal. The following transactions took...
can anyone help me to solve p9.5 2022 Instruc 2023 a. Prep 2024 b. Prep c....
can anyone help me to solve p9.5
2022 Instruc 2023 a. Prep 2024 b. Prep c. Prep P9.5 (LO 2, 3, 5) At December 31, 2019, Jimenez Enterprises reported the following as plant assets. € 3,000,000 14.400,000 Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation equipment Total plant assets €26,500,000 12,100,000 40,000,000 5,000,000 P9.8 (LO intangibl. 1. Bue men €60 tion 2. On J Buel good 35,000,000 €52,400,000 During 2020, the following selected cash transactions Aprill Purchased land for...
can anyone help me to solve p9.5 2022 Instruc 2023 a. Prep 2024 b. Prep c....
can anyone help me to solve p9.5
2022 Instruc 2023 a. Prep 2024 b. Prep c. Prep P9.5 (LO 2, 3, 5) At December 31, 2019, Jimenez Enterprises reported the following as plant assets. € 3,000,000 14.400,000 Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation equipment Total plant assets €26,500,000 12,100,000 40,000,000 5,000,000 P9.8 (LO intangibl. 1. Bue men €60 tion 2. On J Buel good 35,000,000 €52,400,000 During 2020, the following selected cash transactions Aprill Purchased land for...
For each of the following fixed assets, determine the depreciation expense for Year 3: Disposal date...
For each of the following fixed assets, determine the depreciation expense for Year 3: Disposal date is N/A if asset is still in use. Method: SL = Straight-Line; DDB = Double Declining Balance Assume the estimated life is 5 years for each asset. Item Cost Residual Value Purchase Date Disposal Date Depreciation Method Depreciation Expense Year 3 N/A A B C $40,000 $50,000 $60,000 $4,000 $5,000 $2,000 July 1, Year 3 Jan. 1, Year 1 Oct. 1, Year 3 Aug....
Here are selected 2018 transactions of Wildhorse Corporation. Jan. 1 Retired a piece of furniture that...
Here are selected 2018 transactions of Wildhorse Corporation. Jan. 1 Retired a piece of furniture that was purchased on January 1, 2008. The furniture cost $56,460 and had a useful life of 10 years with no residual value. June 30 Sold equipment that was purchased on January 1, 2016. The equipment cost $37,350 and had a useful life of 3 years with no residual value. The equipment was sold for $4,900 cash. Dec. 31 Sold a vehicle for $8,920 cash....
Question 3 Presented below are selected transactions at Ayayai Company for 2017. Jan. 1 Retired a...
Question 3
Presented below are selected transactions at Ayayai Company for
2017.
Jan. 1
Retired a piece of machinery that was purchased on January 1,
2007. The machine cost £59,570 on that date. It had a useful life
of 10 years with no residual value.
June 30
Sold a computer that was purchased on January 1, 2014. The
computer cost £35,540. It had a useful life of 5 years with no
residual value. The computer was sold for £13,650.
Dec....
Question 3 Presented below are selected transactions at Blossom Company for 2017. Jan. 1 Retired a...
Question 3
Presented below are selected transactions at Blossom Company for
2017.
Jan. 1
Retired a piece of machinery that was purchased on January 1,
2007. The machine cost £61,370 on that date. It had a useful life
of 10 years with no residual value.
June 30
Sold a computer that was purchased on January 1, 2014. The
computer cost £35,190. It had a useful life of 5 years with no
residual value. The computer was sold for £15,280.
Dec....
Transactions for Fixed Assets, Including Sale The following transactions and adjusting entries were complete...
Transactions for Fixed Assets, Including Sale The following transactions and adjusting entries were completed by Robinson Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double- declining-balance method of depreciation is used. Year 1 Jan. Purchased a used delivery truck for $24,000, paying cash. 8 Mar. Paid garage $900 for changing the oil, replacing the oil filter, and tuning the engine on 7. the delivery truck. Dec. Recorded depreciation on the truck for...
Presented here are selected transactions for Cullumber Limited for 2018. Cullumber uses straight-line depreciation and records...
Presented here are selected transactions for Cullumber Limited for 2018. Cullumber uses straight-line depreciation and records adjusting entries annually. Jan. 1 Sept. 1 Dec. 30 Sold a delivery truck for $18,840 cash. The truck cost $64,060 when it was purchased on January 1, 2015, and was depreciated based on a four-year useful life with a $5,800 residual value. Sold computers that were purchased on January 1, 2016. They cost $11,187 and had a useful life of three years with no...
The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year period....
The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method of depreciation is used. Year 1 Jan. 4. Purchased a used delivery truck for $27,200, paying cash. Nov. 2. Paid garage $630 for miscellaneous repairs to the truck. Dec. 31. Recorded depreciation on the truck for the year. The estimated useful life of the truck is four years, with a residual value...
Exercise 218 Mark's Repair Service uses the straight-line method of depreciation. The company's fiscal year end...
Exercise 218 Mark's Repair Service uses the straight-line method of depreciation. The company's fiscal year end is December 31. The following transactions and events occur years. 2016 July 1 Purchased equipment from the Equipment Center for $5,500 cash plus sales tax of $305, and shipping costs of $250. Nov. 3 Incurred ordinary repairs on computer of $240. Dec. 31 Recorded 2016 depreciation on the basis of a four-year life and estimated salvage value of $455. 2017 Dec. 31 Recorded 2017...
can anyone help me to solve p9.5
2022 Instruc 2023 a. Prep 2024 b. Prep c. Prep P9.5 (LO 2, 3, 5) At December 31, 2019, Jimenez Enterprises reported the following as plant assets. € 3,000,000 14.400,000 Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation equipment Total plant assets €26,500,000 12,100,000 40,000,000 5,000,000 P9.8 (LO intangibl. 1. Bue men €60 tion 2. On J Buel good 35,000,000 €52,400,000 During 2020, the following selected cash transactions Aprill Purchased land for...
can anyone help me to solve p9.5
2022 Instruc 2023 a. Prep 2024 b. Prep c. Prep P9.5 (LO 2, 3, 5) At December 31, 2019, Jimenez Enterprises reported the following as plant assets. € 3,000,000 14.400,000 Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation equipment Total plant assets €26,500,000 12,100,000 40,000,000 5,000,000 P9.8 (LO intangibl. 1. Bue men €60 tion 2. On J Buel good 35,000,000 €52,400,000 During 2020, the following selected cash transactions Aprill Purchased land for...
For each of the following fixed assets, determine the depreciation expense for Year 3: Disposal date is N/A if asset is still in use. Method: SL = Straight-Line; DDB = Double Declining Balance Assume the estimated life is 5 years for each asset. Item Cost Residual Value Purchase Date Disposal Date Depreciation Method Depreciation Expense Year 3 N/A A B C $40,000 $50,000 $60,000 $4,000 $5,000 $2,000 July 1, Year 3 Jan. 1, Year 1 Oct. 1, Year 3 Aug....
Question 3
Presented below are selected transactions at Ayayai Company for
2017.
Jan. 1
Retired a piece of machinery that was purchased on January 1,
2007. The machine cost £59,570 on that date. It had a useful life
of 10 years with no residual value.
June 30
Sold a computer that was purchased on January 1, 2014. The
computer cost £35,540. It had a useful life of 5 years with no
residual value. The computer was sold for £13,650.
Dec....
Question 3
Presented below are selected transactions at Blossom Company for
2017.
Jan. 1
Retired a piece of machinery that was purchased on January 1,
2007. The machine cost £61,370 on that date. It had a useful life
of 10 years with no residual value.
June 30
Sold a computer that was purchased on January 1, 2014. The
computer cost £35,190. It had a useful life of 5 years with no
residual value. The computer was sold for £15,280.
Dec....
Transactions for Fixed Assets, Including Sale The following transactions and adjusting entries were completed by Robinson Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double- declining-balance method of depreciation is used. Year 1 Jan. Purchased a used delivery truck for $24,000, paying cash. 8 Mar. Paid garage $900 for changing the oil, replacing the oil filter, and tuning the engine on 7. the delivery truck. Dec. Recorded depreciation on the truck for...
Presented here are selected transactions for Cullumber Limited for 2018. Cullumber uses straight-line depreciation and records adjusting entries annually. Jan. 1 Sept. 1 Dec. 30 Sold a delivery truck for $18,840 cash. The truck cost $64,060 when it was purchased on January 1, 2015, and was depreciated based on a four-year useful life with a $5,800 residual value. Sold computers that were purchased on January 1, 2016. They cost $11,187 and had a useful life of three years with no...
Exercise 218 Mark's Repair Service uses the straight-line method of depreciation. The company's fiscal year end is December 31. The following transactions and events occur years. 2016 July 1 Purchased equipment from the Equipment Center for $5,500 cash plus sales tax of $305, and shipping costs of $250. Nov. 3 Incurred ordinary repairs on computer of $240. Dec. 31 Recorded 2016 depreciation on the basis of a four-year life and estimated salvage value of $455. 2017 Dec. 31 Recorded 2017...
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