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Homework Answers
| 1 | |||
| Debit | Credit | ||
| Depreciation expense | 38600 | =(420000-34000)/10 | |
| Accumulated Depreciation-Equipment | 38600 | ||
| 2 | |||
| Accumulated Depreciation-Equipment | 231600 | ||
| Divide by Annual Depreciation | 38600 | ||
| Years of asset used | 6 | ||
| Remaining life = 4 years (10-6) |
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Required information (The following information applies to the questions displayed below.] Manrow Growers, Inc., owns equipment...
Required information (The following information applies to the questions displayed below.) Manrow Growers, Inc., owns equipment...
Required information (The following information applies to the questions displayed below.) Manrow Growers, Inc., owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of 2019, an asset account for the company showed the following balances: Equipment Accumulated depreciation through 2018 $ 410,000 151,200 During 2019, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 1, 2019, that improved...
Required information [The following information applies to the questions displayed below.) Manrow Growers, Inc., owns...
Required information [The following information applies to the questions displayed below.) Manrow Growers, Inc., owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of 2019, an asset account for the company showed the following balances: Equipment Accumulated depreciation through 2018 $ 420,000 231,600 During 2019, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 1, 2019, that improved...
Manrow Growers, Inc., owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts...
Manrow Growers, Inc., owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of 2016, an asset account for the company showed the following balances: Equipment............................................. $35,000 Accumulated depreciation through 2015......... 132,000 During 2016, the following expenditures were incurred for the equipment: Routine maintenance and repairs on the equipment................................... $ 5,000 Major overhaul of the equipment that improved efficiency on January 1, 2016... 42,000 The...
the journal entry to write down inventory under the lower of cost or net realizable value...
the journal entry to write down inventory under the lower of
cost or net realizable value rule results in a debit to cost of
goods sold and credit to inventory true
E8-6 8-2, 8-3 Recording Depreciation and Repairs (Straight-Line Depreciation) Manrow Growers. Ine.. owns equipment for sowing and harvesting its organic fruit nuts that are sold to local restaurants and grocery stores. At the beginning of 2019 company showed the following balances: fruit, vegetables, and tree 2019. an asset account...
journal entry worksheet financial accounting Required information The following information applies to the questions displayed below.)...
journal entry worksheet financial accounting
Required information The following information applies to the questions displayed below.) of 9 Allson and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Inc.) on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows (amounts are rounded to thousands of dollars to simplify). Debit Credit eBook Print Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes...
Required information [The following information applies to the questions displayed below.] Wardell Company purchased a mini...
Required information
[The following information applies to the questions
displayed below.]
Wardell Company purchased a mini computer on January 1, 2019, at a
cost of $37,450. The computer has been depreciated using the
straight-line method over an estimated five-year useful life with
an estimated residual value of $3,700. On January 1, 2021, the
estimate of useful life was changed to a total of 10 years, and the
estimate of residual value was changed to $910.
Required:
1. Prepare the appropriate...
Wiater Company operates a small manufacturing facility. On January 1, 2018, an asset account for the...
Wiater Company operates a small manufacturing facility. On January 1, 2018, an asset account for the company showed the following balances: Equipment Accumulated Depreciation (beginning of the year) $200,000 62,000 During the first week of January 2018, the following expenditures were incurred for repairs and maintenance: Routine maintenance and repairs on the equipment Major overhaul of the equipment that improved efficiency $ 2,450 27,000 The equipment is being depreciated on a straight-line basis over an estimated life of 15 years...
Required Parts 1-3 Please! Wiater Company operates a small manufacturing facility. On January 1, 2018, an...
Required Parts 1-3 Please!
Wiater Company operates a small manufacturing facility. On January 1, 2018, an asset account for the company showed the following balances: Equipment Accumulated Depreciation (beginning of the year) $250,000 172250 During the first week of January 2018, the following expenditures were incurred for repairs and maintenance: 750 Routine maintenance and repairs on the equipment Major overhaul of the equipment that improved efficiency 33,000 The equipment is being depreciated on a straight-line basis over an estimated life...
Required information (The following information applies to the questions displayed below.) Dyer, Inc., completed its first...
Required information (The following information applies to the questions displayed below.) Dyer, Inc., completed its first year of operations on December 31, 2018. Because this is the end of the annual accounting period, the company bookkeeper prepared the following preliminary income statement: $113,500 Income Statement, 2018 Rent Revenue Expenses: Salaries and Wages Expense $28,400 Repairs and Maintenance Expense 12,900 Rent Expense 8,900 Utilities Expense 3,900 Travel Expense 2,900 Total Expenses Income 57,000 $ 56,500 You are an independent CPA hired...
Required information The following information applies to the questions displayed below) Prist Co. had not provided...
Required information The following information applies to the questions displayed below) Prist Co. had not provided a warranty on its products, but competitive pressures forced management to add this feature at the beginning of 2019. Based on an analysis of customer complaints made over the past two years, the cost of a warranty - program was estimated at 0.4% of sales. During 2019, sales totaled $4.061000. Actual costs of servicing products under warranty totaled $20.700. a-2. Record the journal entry...
Required information (The following information applies to the questions displayed below.) Manrow Growers, Inc., owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of 2019, an asset account for the company showed the following balances: Equipment Accumulated depreciation through 2018 $ 410,000 151,200 During 2019, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 1, 2019, that improved...
Required information [The following information applies to the questions displayed below.) Manrow Growers, Inc., owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of 2019, an asset account for the company showed the following balances: Equipment Accumulated depreciation through 2018 $ 420,000 231,600 During 2019, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 1, 2019, that improved...
the journal entry to write down inventory under the lower of
cost or net realizable value rule results in a debit to cost of
goods sold and credit to inventory true
E8-6 8-2, 8-3 Recording Depreciation and Repairs (Straight-Line Depreciation) Manrow Growers. Ine.. owns equipment for sowing and harvesting its organic fruit nuts that are sold to local restaurants and grocery stores. At the beginning of 2019 company showed the following balances: fruit, vegetables, and tree 2019. an asset account...
journal entry worksheet financial accounting
Required information The following information applies to the questions displayed below.) of 9 Allson and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Inc.) on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows (amounts are rounded to thousands of dollars to simplify). Debit Credit eBook Print Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes...
Required information
[The following information applies to the questions
displayed below.]
Wardell Company purchased a mini computer on January 1, 2019, at a
cost of $37,450. The computer has been depreciated using the
straight-line method over an estimated five-year useful life with
an estimated residual value of $3,700. On January 1, 2021, the
estimate of useful life was changed to a total of 10 years, and the
estimate of residual value was changed to $910.
Required:
1. Prepare the appropriate...
Wiater Company operates a small manufacturing facility. On January 1, 2018, an asset account for the company showed the following balances: Equipment Accumulated Depreciation (beginning of the year) $200,000 62,000 During the first week of January 2018, the following expenditures were incurred for repairs and maintenance: Routine maintenance and repairs on the equipment Major overhaul of the equipment that improved efficiency $ 2,450 27,000 The equipment is being depreciated on a straight-line basis over an estimated life of 15 years...
Required Parts 1-3 Please!
Wiater Company operates a small manufacturing facility. On January 1, 2018, an asset account for the company showed the following balances: Equipment Accumulated Depreciation (beginning of the year) $250,000 172250 During the first week of January 2018, the following expenditures were incurred for repairs and maintenance: 750 Routine maintenance and repairs on the equipment Major overhaul of the equipment that improved efficiency 33,000 The equipment is being depreciated on a straight-line basis over an estimated life...
Required information (The following information applies to the questions displayed below.) Dyer, Inc., completed its first year of operations on December 31, 2018. Because this is the end of the annual accounting period, the company bookkeeper prepared the following preliminary income statement: $113,500 Income Statement, 2018 Rent Revenue Expenses: Salaries and Wages Expense $28,400 Repairs and Maintenance Expense 12,900 Rent Expense 8,900 Utilities Expense 3,900 Travel Expense 2,900 Total Expenses Income 57,000 $ 56,500 You are an independent CPA hired...
Required information The following information applies to the questions displayed below) Prist Co. had not provided a warranty on its products, but competitive pressures forced management to add this feature at the beginning of 2019. Based on an analysis of customer complaints made over the past two years, the cost of a warranty - program was estimated at 0.4% of sales. During 2019, sales totaled $4.061000. Actual costs of servicing products under warranty totaled $20.700. a-2. Record the journal entry...
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