Homework Answers
| no | Account titles & Explanations | Debit | Credit | |||||
| 1) | cash | 118,000 | ||||||
| Accumulated dep | (330,000-50,000)/5*6/12+196,000 | 224000 | ||||||
| Gain on disposal | 12,000 | |||||||
| Equipment | 330,000 | |||||||
| Answer | $12,000 gain | |||||||
| no | Account titles & Explanations | Debit | Credit | |||||
| 2) | cash | 41,500 | ||||||
| Accumulated dep | 292,000 | |||||||
| Gain on disposal | 23,500 | |||||||
| Equipment | 310,000 | |||||||
| Answer | $23,500 gain | |||||||
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On July 1, 2022, Cullumber Company sells equipment for $118000. The equipment originally cost $330000, had...
On July 1, 2022, Blossom Company sells equipment for $119000. The equipment originally cost $320000, had...
On July 1, 2022, Blossom Company sells equipment for $119000.
The equipment originally cost $320000, had an estimated 5-year life
and an expected salvage value of $50000. The Accumulated
Depreciation account had a balance of $189000 on January 1, 2022,
using the straight-line method. The gain or loss on disposal is
$12000 gain.
$15000 gain.
$15000 loss.
$12000 loss.
On July 1, 2022, Crane Company sels equipment for $135000. The equipment originally cost s400000, had...
On July 1, 2022, Crane Company sels equipment for $135000. The equipment originally cost s400000, had an estimated 5-year life and an expected salvage value of $50000. The Accumulated Depreciation account had a balance of $245000 on January 1, 2022, using the straight-ine method. The gain or loss on disposal is O120000 gain. O $20000 loss. O s15000 loss O S15000 gan.
Sunland Company sells office equipment on July 31, 2022, for $22,080 cash. The office equipment originally...
Sunland Company sells office equipment on July 31, 2022, for $22,080 cash. The office equipment originally cost $72,560 and as of January 1, 2022, had accumulated depreciation of $38,910. Depreciation for the first 7 months of 2022 is $4.980. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
Crane Company sells office equipment on July 31, 2022, for $20,440 cash. The office equipment originally...
Crane Company sells office equipment on July 31, 2022, for $20,440 cash. The office equipment originally cost $82,640 and as of January 1, 2022, had accumulated depreciation of $38,770. Depreciation for the first 7 months of 2022 is $4,250. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
Multiple Choice yun 115 Flint Corporation bought equipment on January 1, 2022. The equipment cost $450000...
Multiple Choice yun 115 Flint Corporation bought equipment on January 1, 2022. The equipment cost $450000 and had an expected salvage value of $70000. The life of the equipment was estimated to be 4 years. The depreciable cost of the equipment is $450000 $95000. $380000 $70000 A company sells a plant asset that originally cost $550000 for $230000 on December 31, 2022. The accumulated depreciation account had a balance of $220000 after the current year's depreciation of $55000 had been...
In 2022, Flint Corporation has plant equipment that originally cost $190000 and has accumulated depreciation of...
In 2022, Flint Corporation has plant equipment that originally cost $190000 and has accumulated depreciation of $52000. A new processing technique has rendered the equipment obsolete, so it is retired. Which of the following entries should Flint use to record the retirement of the equipment? 138000 Loss on Disposal of Plant Assets Equipment 138000 52000 Accumulated Depreciation - Equipment Loss on Disposal of Plant Assets Equipment 138000 190000 Loss on Disposal of Plant Assets 138000 Accumulated Depreciation - Equipment 138000...
A company sells a plant asset that originally cost $300000 for $115000 on December 31, 2017. The accumulated depreciatio...
A company sells a plant asset that originally cost $300000 for $115000 on December 31, 2017. The accumulated depreciation account had a balance of $120000 after the current year's depreciation of $30000 had been recorded. The company should recognize a A. $65000 loss on disposal. B.$35000 loss on disposal. C.$185000 loss on disposal. D.$65000 gain on disposal.
Multiple Choice Question 147 A company sells a plant asset that originally cost $375000 for $110000...
Multiple Choice Question 147 A company sells a plant asset that originally cost $375000 for $110000 on December 31, 2017. The accumulated depreciation account had a balance of $150000 after the current year's depreciation of $37500 had been recorded. The company should recognize a O $265000 loss on disposal. O $115000 gain on disposal. $115000 loss on disposal. $77500 loss on disposal.
Sunland Company sells office equipment on July 31, 2017, for $23,830 cash. The office equipment originally...
Sunland Company sells office equipment on July 31, 2017, for $23,830 cash. The office equipment originally cost $79,860 and as of January 1, 2017, had accumulated depreciation of $39,690. Depreciation for the first 7 months of 2017 is $4,090. Prepare a tabular summary to (a) update depreciation to July 31, 2017, and (b) record the sale of the equipment. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of...
1. In 2017, Cullumber Corp. sold equipment for $36,200. The machine had originally cost $81,900 and...
1. In 2017, Cullumber Corp. sold equipment for $36,200. The machine had originally cost $81,900 and had accumulated depreciation of $34,800. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $191,500 before taxes. Assume that this transaction meets the criteria for discontinued operations. 3. An internal audit discovered that amortization of intangible assets was understated by $39,200 (net of tax) in a prior period....
On July 1, 2022, Blossom Company sells equipment for $119000.
The equipment originally cost $320000, had an estimated 5-year life
and an expected salvage value of $50000. The Accumulated
Depreciation account had a balance of $189000 on January 1, 2022,
using the straight-line method. The gain or loss on disposal is
$12000 gain.
$15000 gain.
$15000 loss.
$12000 loss.
On July 1, 2022, Crane Company sels equipment for $135000. The equipment originally cost s400000, had an estimated 5-year life and an expected salvage value of $50000. The Accumulated Depreciation account had a balance of $245000 on January 1, 2022, using the straight-ine method. The gain or loss on disposal is O120000 gain. O $20000 loss. O s15000 loss O S15000 gan.
Sunland Company sells office equipment on July 31, 2022, for $22,080 cash. The office equipment originally cost $72,560 and as of January 1, 2022, had accumulated depreciation of $38,910. Depreciation for the first 7 months of 2022 is $4.980. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
Crane Company sells office equipment on July 31, 2022, for $20,440 cash. The office equipment originally cost $82,640 and as of January 1, 2022, had accumulated depreciation of $38,770. Depreciation for the first 7 months of 2022 is $4,250. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
Multiple Choice yun 115 Flint Corporation bought equipment on January 1, 2022. The equipment cost $450000 and had an expected salvage value of $70000. The life of the equipment was estimated to be 4 years. The depreciable cost of the equipment is $450000 $95000. $380000 $70000 A company sells a plant asset that originally cost $550000 for $230000 on December 31, 2022. The accumulated depreciation account had a balance of $220000 after the current year's depreciation of $55000 had been...
In 2022, Flint Corporation has plant equipment that originally cost $190000 and has accumulated depreciation of $52000. A new processing technique has rendered the equipment obsolete, so it is retired. Which of the following entries should Flint use to record the retirement of the equipment? 138000 Loss on Disposal of Plant Assets Equipment 138000 52000 Accumulated Depreciation - Equipment Loss on Disposal of Plant Assets Equipment 138000 190000 Loss on Disposal of Plant Assets 138000 Accumulated Depreciation - Equipment 138000...
Multiple Choice Question 147 A company sells a plant asset that originally cost $375000 for $110000 on December 31, 2017. The accumulated depreciation account had a balance of $150000 after the current year's depreciation of $37500 had been recorded. The company should recognize a O $265000 loss on disposal. O $115000 gain on disposal. $115000 loss on disposal. $77500 loss on disposal.
Sunland Company sells office equipment on July 31, 2017, for $23,830 cash. The office equipment originally cost $79,860 and as of January 1, 2017, had accumulated depreciation of $39,690. Depreciation for the first 7 months of 2017 is $4,090. Prepare a tabular summary to (a) update depreciation to July 31, 2017, and (b) record the sale of the equipment. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of...
1. In 2017, Cullumber Corp. sold equipment for $36,200. The machine had originally cost $81,900 and had accumulated depreciation of $34,800. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $191,500 before taxes. Assume that this transaction meets the criteria for discontinued operations. 3. An internal audit discovered that amortization of intangible assets was understated by $39,200 (net of tax) in a prior period....
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