Homework Answers
| 1) | Account titles & Explanations | Debit | Credit | |||||
| Amortization expense | 15930 | |||||||
| patents | 15,930 | |||||||
| Balance sheet | ||||||||
| Intangible asset | ||||||||
| patents | 143370 | |||||||
| 2) | Account titles & Explanations | Debit | Credit | |||||
| Depreciation expense | 3,500 | |||||||
| Accumulated depreciation -Equipment | 3,500 | |||||||
| Cash | 23,160 | |||||||
| Accumulated depreciation-Equipment | 41800 | |||||||
| loss on disposal | 13,150 | |||||||
| Equipment | 78,110 | |||||||
Add Answer to:
help
Sandhill Co purchases a patent for $159,300 on January 2, 2022. Its estimated useful life...
help please Sandhill Chemicals Company acquires a delivery truck at a cost of $30,800 on January...
help please
Sandhill Chemicals Company acquires a delivery truck at a cost of $30,800 on January 1, 2022. The truck is expected to have a salvage value of $3,700 at the end of its 4-year useful life. Compute annual depreciation for the first and second years using the straight line method. First Year Second Year Annual depreciation under straight-line methods Pharoah Company sells office equipment on July 31, 2022, for $23,160 cash. The office equipment originally cost $78,110 and as...
On July 1, 2019, Sandhill Co, purchased new equipment for $90,000. Its estimated useful life was...
On July 1, 2019, Sandhill Co, purchased new equipment for $90,000. Its estimated useful life was 5 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful life was...
On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful life was 8 years with a $18,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Your answer is correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
On July 1, 2019, Wildhorse Co. purchased new equipment for $70,000. Its estimated useful life was 5 years with a $12,00...
On July 1, 2019, Wildhorse Co. purchased new equipment for $70,000. Its estimated useful life was 5 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful life was...
On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful life was 8 years with a $18,000 salvage value. On January 1, 2022, before making its depreciation entry for 2022, the company estimated the remaining useful life to be 10 years beyond December 31, 2022. The new salvage value is estimated to be $5,000. a.Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do...
On July 1, 2019, Oriole Company purchased new equipment for $80,000. Its estimated useful life was...
On July 1, 2019, Oriole Company purchased new equipment for $80,000. Its estimated useful life was 8 years with a $8,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Your answer is correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required,...
Exercise 9-08 On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful...
Exercise 9-08 On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful life was 5 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment’s remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
On July 1, 2019, Blossom Company purchased new equipment for 570,000. Its estimated useful life was 5 years with a 58,0...
On July 1, 2019, Blossom Company purchased new equipment for 570,000. Its estimated useful life was 5 years with a 58,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
On July 1, 2019, Carla Vista Co. purchased new equipment for $85,000. Its estimated useful life...
On July 1, 2019, Carla Vista Co. purchased new equipment for $85,000. Its estimated useful life was 5 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment’s remaining useful life was 10 years, with a revised salvage value of $5,000. Correct answer iconYour answer is correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
On July 1, 2019. Oriole Company purchased new equipment for $80,000. Its estimated useful life was...
On July 1, 2019. Oriole Company purchased new equipment for $80,000. Its estimated useful life was 8 years with a $8,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
help please
Sandhill Chemicals Company acquires a delivery truck at a cost of $30,800 on January 1, 2022. The truck is expected to have a salvage value of $3,700 at the end of its 4-year useful life. Compute annual depreciation for the first and second years using the straight line method. First Year Second Year Annual depreciation under straight-line methods Pharoah Company sells office equipment on July 31, 2022, for $23,160 cash. The office equipment originally cost $78,110 and as...
On July 1, 2019, Sandhill Co, purchased new equipment for $90,000. Its estimated useful life was 5 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful life was 8 years with a $18,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Your answer is correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
On July 1, 2019, Wildhorse Co. purchased new equipment for $70,000. Its estimated useful life was 5 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
On July 1, 2019, Oriole Company purchased new equipment for $80,000. Its estimated useful life was 8 years with a $8,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Your answer is correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required,...
On July 1, 2019, Blossom Company purchased new equipment for 570,000. Its estimated useful life was 5 years with a 58,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
On July 1, 2019. Oriole Company purchased new equipment for $80,000. Its estimated useful life was 8 years with a $8,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
Most questions answered within 3 hours.
-
1.b. Fiscal policy is said to suffer from ‘crowding out’.
Explain what this means and why...
asked 29 seconds from now -
The equation for the reaction of nitrogen and oxygen to form
nitrogen oxide is written as...
asked 3 minutes ago -
A scientist reproducing some photoelectric effect experiments
shines a light on a metal electrode, but doesn't...
asked 6 minutes ago -
In a study designed to test the effectiveness of magnets for
treating back pain, 35 patients...
asked 26 minutes ago -
Here are summary statistics for randomly selected weights of
newborn girls:
nequals=193,
x overbarxequals=30.5
hg,
sequals=7.3...
asked 16 minutes ago -
Exercise #3:
Create the “MathTest” class. It will have two class variables:
1) a question and...
asked 19 minutes ago -
In epidemiology, how do you calculate the overall incidence of
cure within two groups? What formula...
asked 22 minutes ago -
A 1 liter solution contains 0.357 M ammonium chloride and 0.268
M ammonia. Addition of 0.295...
asked 23 minutes ago -
What are the advantages and disadvantages of using virtual
reality simulations in health care education?
asked 28 minutes ago -
Given input { 66, 28, 43, 29, 44, 69, 19 } and a hash function
h(x)...
asked 49 minutes ago -
A pebble with mass m is thrown straight up with an initial speed
v0 so that...
asked 53 minutes ago -
Let X be a discrete random variable that follows a
binomial distribution with n = 11...
asked 1 hour ago