I need help with 9b please!! Thank you!!
b) Journal entry
Account | October 1 | |
Cash | 650000 | |
Accumulated depreciation-Plant asset | 560625 | |
Gain on sale of plant assets | 10625 | |
Plant assets | 1200000 | |
(To record sale of assets) |
I need help with 9b please!! Thank you!! 9. The Bandor Group sold one of its...
Question Help The Sawyer Group sold one of its plant assets on August 1 of the current year for $500,000. The asset had an original cost of $900,000 and an estimated residual value of $18,000. Sawyer used the straight-line method of depreciation assuming an estimated useful life of twelve years. The asset was in service for five years as of January 1 of the current year. Read the requirements Requirement a. Prepare the journal entry required to record the depreciation...
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1: Data Table Plant and Equipment Asset Group Cost 4,230,000 (2,115,000) Less: Accumulated Depreciation/Amortization 2,115,000 Carrying value Future cash flows (occurring at the end of each year) Remaining Life Year $ 2019 2020 2021 2022 2023 640,000 500,000 389,000 2024 1,529,000 Total undiscounted future cash flows || on 1,399,071 Total discounted future cash flows at 5% llel 1,236,000 Fair value 1. On December 31, 2018, Upton Enterprises must measure its impairment loss for plant and equipment....
Assume that Hardy Corporation's comparative balance sheet reported these amounts: (Click on the icon to view the amounts.) Requirement 1. Assume that on January 1, 2018, Hardy sold one-half of its plant and equipment for $239,500 in cash. Journalize this transaction for Hardy. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Accounts Date Debit Credit Jan 1 Cash Accumulated depreciation, plant and equipment Gain on sale of assets Plant and equipment i Data Table X...
1 Data Table Estimated manufacturing overhead cost for the year Estimated direct labor cost for the year Actual manufacturing overhead cost for the year $ 150,000 93,750 118,000 Actual direct labor cost for the year 68,000 Print Done Requirement 2. Prepare the journal entry to allocate overhead cost for the year. (Record debits first, then credits. Exclude explanations from journal entries.) Date Accounts Debit Credit Dec. 31 verallocated manufacturing overhead. Accounts Payable Accounts Receivable Cash Requirement 3. Cost of Goods...
On August 1August 1, 20192019, The ResortThe Resort at Mill Lake, Inc., purchased inventory costing $ 50 comma 000$50,000 by signing aa 66%, six-month, short-term note payable. The company will pay the entire note (principal and interest) on the note's maturity date.Read the requirements LOADING... . Requirement 1. Journalize the company's purchase of inventory. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date Accounts Debit Credit 2019 Aug 1 Cash 50000 Note Payable, Short-term Requirement 2....
S3-4 (similar to) E Question Help Home Furniture Store's Prepaid rent balance is $9,000 on October 1. This prepaid rent represents twelve months' rent. Journalize and post the adjusting entry on October 31 to record one month's rent. Compute the balances of the two accounts involved on October 31 Journalize the adjusting entry for one month's rent. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Oct 31 Rent expense Prepaid rent
Rossi Lake Resort reported the following on its balance sheet at December 31, 2018: (Click the icon to view the partial balance sheet.) (Click the icon to view additional information.) Requirements 1. Journalize Rossi Lake Resort's plant asset purchase and depreciation transactions for 2019. 2. Report plant assets on the December 31, 2019, balance sheet. Requirement 1. Journalize Rossi Lake Resort's plant asset purchase and depreciation transactions for 2019. (Record debits first, then credits. Exclude explanations from any journal entries.)...
Jungle Publishing completed the following transactions for one subscriber during 2018: (Click the icon to view the transactions.) Requirement 1. Journalize these transactions (explanations not required). Then report any liability on the company's balance sheet at December 31, 2018. (Record debits first, then credits. Exclude explanations from journal entries.) Start by journalizing the October 1st transaction. Recall Jungle Publishing sold a one-year subscription, collecting cash of $2,000, plus sales tax of 12%. Journal Entry Accounts Date Debit Credit Oct Next,...
Requirement d.Prepare the
journal entry to record the current year's provision for bad
debts, assuming that Jet estimates bad debts at 14% of ending
accounts receivable.
Accounts Receivable
Beginning Balance $580,000
Allowance for uncollectible accounts
$143000 Beginning Balance
Jet Klothing Designs started the current year with the following account balances related to its customer accounts. (Click the icon to view the t-accounts.) Jet reported credit sales of $1,213,000 for the current year. The company collected $51,000 on account and determined...
M9-8 Recording Asset Impairment Losses [LO 9-4, LO 9-5] After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing equipment. The equlpment had cost $750,000, accumulated depreciation was $550,000, and its fair value (based on estimated future cash flows from selling the equlpment) was $50,000. 1. Determine whether the equipment is Impaired 2. Prepare the journal entries to record the Impaired asset Complete this question by entering your answers in the tabs below. Required...