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8A-4. PEACH Winery purchased a wine 20x1. The press has a useful life of eight years and no salvage end of the time. PEACH makes all the appropriate adjusting December 31 of each year using straight line depreciation. Mo years later, on May 1, 20x5, PEACH press for $120,000 on January 1, value at the entries on re than four sells the press for $32,000 cash. Required x5 1. Calculate the accumulated depreciation on the press as of January 1,...
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8A-18 8A-4. PEACH Winery purchased a wine press for $84.000 on January 1. 20xl. The press has a useful life of eight years and no salvage value at the end of the time. PEACH makes all the appropriate adjusting entries on December 31 of each year using straight line depreciation. More than four years later, on May 1, 20x5, PEACH sells the press for $36,000 cash. Required: 1. Calculate the accumulated depreciation on the press as of January 1, 20x5...
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8A-4. PEACH Winery purchased a wine press for $84,000 on January 1, 20x1. The press has a useful life of eight years and no salvage value at the end of the time. PEACH makes all the appropriate adjusting entries on December 31 of each year using straight line depreciation. More than four years later, on May 1, 20x5, PEACH sells the press for $36,000 cash. Required: 12 1. Calculate the accumulated depreciation on the press as of January 1, 20x5...
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8A-18 8A-4. PEACH Winery purchased a wine press for $84,000 on January 1, 20X1. The press has a useful life of eight years and no salvage value at the end of the time. PEACH makes all the appropriate adjusting entries on December 31 of each year using straight line depreciation. More than four years later, on May 1, 20x5, PEACH sells the press for $36,000 cash. Required: 1. Calculate the accumulated depreciation on the press as of January 1, 20x5...
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*Problem 9-8A a-c (Part Level Submission) At January 1, 2018, Oriole Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings $67,700,000 49,400,000 90,500,000 145,400,000 20,900,000 Equipment Land The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a 10-year useful life and no residual...
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*Problem 9-8A a-c (Part Level Submission) At January 1, 2018, Oriole Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings Equipment Land $67,700,000 49,400,000 90,500,000 145,400,000 20,900,000 The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a 10-year useful life and no residual...
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Problem 9-8A (Part Level Submission) In recent years, Wildhorse Co. has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Salvage Value Useful Life (in years) 10 Depreciation Method Machine Acquired Jan. 1, 2015 July 1, 2016 Nov. 1, 2016 Cost $123,000 $23,000 11,400 6,700 Straight-line Declining-balance...
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Problem 3-8A Complete the full accounting cycle (LO3-3, 3-4,
3-5, 3-6, 3-7)
The general ledger of Red Storm Cleaners at January 1, 2021,
includes the following account balances:
Accounts
Debits
Credits
Cash
$
17,500
Accounts Receivable
7,500
Supplies
3,500
Equipment
12,500
Accumulated Depreciation
$
4,000
Salaries Payable
6,000
Common Stock
22,500
Retained Earnings
8,500
Totals
$
41,000
$
41,000
The following is a summary of the transactions for the year:
1.
March
12
Provide services to customers, $55,000, of...
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Please help me out with this:)
Problem 9-8A a-c (Part Level Submission) At January 1, 2018, Ivanhoe Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings Equipment Land $60,900,000 53,800,000 96,400,000 146,000,000 21,100,000 The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a...
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James Company purchased four identical machines on January 10,
2019, paying $6,090 for each. The useful life of each machine is
expected to be six years, with a salvage value of $690 each. The
company uses the straight-line method of depreciation. Selected
transactions involving the machines follow. The accounts for
recording these transactions are also given.
DATE
TRANSACTIONS FOR 2019
Jan.
10
Paid $6,090, in cash, for each of four machines.
Dec.
31
Recorded depreciation for the year on the...
8A-4. PEACH Winery purchased a wine 20x1. The press has a useful life of eight years and no salvage end of the time. PEACH makes all the appropriate adjusting December 31 of each year using straight line depreciation. Mo years later, on May 1, 20x5, PEACH press for $120,000 on January 1, value at the entries on re than four sells the press for $32,000 cash. Required x5 1. Calculate the accumulated depreciation on the press as of January 1,...
8A-18 8A-4. PEACH Winery purchased a wine press for $84.000 on January 1. 20xl. The press has a useful life of eight years and no salvage value at the end of the time. PEACH makes all the appropriate adjusting entries on December 31 of each year using straight line depreciation. More than four years later, on May 1, 20x5, PEACH sells the press for $36,000 cash. Required: 1. Calculate the accumulated depreciation on the press as of January 1, 20x5...
8A-4. PEACH Winery purchased a wine press for $84,000 on January 1, 20x1. The press has a useful life of eight years and no salvage value at the end of the time. PEACH makes all the appropriate adjusting entries on December 31 of each year using straight line depreciation. More than four years later, on May 1, 20x5, PEACH sells the press for $36,000 cash. Required: 12 1. Calculate the accumulated depreciation on the press as of January 1, 20x5...
8A-18 8A-4. PEACH Winery purchased a wine press for $84,000 on January 1, 20X1. The press has a useful life of eight years and no salvage value at the end of the time. PEACH makes all the appropriate adjusting entries on December 31 of each year using straight line depreciation. More than four years later, on May 1, 20x5, PEACH sells the press for $36,000 cash. Required: 1. Calculate the accumulated depreciation on the press as of January 1, 20x5...
*Problem 9-8A a-c (Part Level Submission) At January 1, 2018, Oriole Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings $67,700,000 49,400,000 90,500,000 145,400,000 20,900,000 Equipment Land The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a 10-year useful life and no residual...
*Problem 9-8A a-c (Part Level Submission) At January 1, 2018, Oriole Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings Equipment Land $67,700,000 49,400,000 90,500,000 145,400,000 20,900,000 The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a 10-year useful life and no residual...
Problem 9-8A (Part Level Submission) In recent years, Wildhorse Co. has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Salvage Value Useful Life (in years) 10 Depreciation Method Machine Acquired Jan. 1, 2015 July 1, 2016 Nov. 1, 2016 Cost $123,000 $23,000 11,400 6,700 Straight-line Declining-balance...
Please help me out with this:)
Problem 9-8A a-c (Part Level Submission) At January 1, 2018, Ivanhoe Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings Equipment Land $60,900,000 53,800,000 96,400,000 146,000,000 21,100,000 The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a...