Homework Answers
1) To record the effect of sale of equipment (Amounts in $)
| Assets | = | Liabilities | + | Stockholders' Equity | ||||||||||||
| Retained Earnings | ||||||||||||||||
| Cash | + | Equipment | - | Accum. Depr. Equip. | = | + | Common Stock | + | Revenue | - | Expense | - | Dividend | |||
| Bal. | 48,800 | 23,000 | ||||||||||||||
| (48,800) | (23,000) | 25,800 | Loss on sale | |||||||||||||
Loss on sale = $48,800-$23,000 = $25,800
2) To record the effect of sale of equipment (Amounts in $)
| Assets | = | Liabilities | + | Stockholders' Equity | ||||||||||||
| Retained Earnings | ||||||||||||||||
| Cash | + | Equipment | - | Accum. Depr. Equip. | = | + | Common Stock | + | Revenue | - | Expense | - | Dividend | |||
| Bal. | 48,800 | 23,000 | ||||||||||||||
| 36,200 | (48,800) | (23,000) | 10,400 | Gain on sale | ||||||||||||
Gain on sale = $36,200 - ($48,800-$23,000) = $10,400
3) To record the effect of sale of equipment (Amounts in $)
| Assets | = | Liabilities | + | Stockholders' Equity | ||||||||||||
| Retained Earnings | ||||||||||||||||
| Cash | + | Equipment | - | Accum. Depr. Equip. | = | + | Common Stock | + | Revenue | - | Expense | - | Dividend | |||
| Bal. | 48,800 | 23,000 | ||||||||||||||
| 19,800 | (48,800) | (23,000) | 6,000 | Loss on sale | ||||||||||||
Loss on sale = $19,800 - ($48,800-$23,000) = $6,000
Add Answer to:
Sandhill Co.has delivery equipment that cost $48,800 and has been depreciated $23,000. Prepare a tabular summary...
Ivanhoe Company has delivery equipment that cost $53,300 and has been depreciated $24,500. Prepare a tabular...
Ivanhoe Company has delivery equipment that cost $53,300 and has been depreciated $24,500. Prepare a tabular summary to record the disposal under the following assumptions It was scrapped as having no value. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount- entered for the particular Asset, Liability or Equity item that was reduced.) Stockholders' Equity Assets .Liabilities Retained Earnings Accum. Depr.- Equip. +Common Stock Expense Dividend...
Pharoah Company has delivery equipment that cost $47,800 and has been depreciated $25,000. Prepare a tabular...
Pharoah Company has delivery equipment that cost $47,800 and has been depreciated $25,000. Prepare a tabular summary to record the disposal under the following assumptions. Your answer is partially correct. It was scrapped as having no value. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parenthese of the amount entered for the particular Asset, Liability or Equity item that was reduced.) = Liabilities + Assets Common Stock: Cash Accum. Depr. -...
Exercise 7-7 Cullumber Company has delivery equipment that cost $53,100 and has been depreciated $23,800. Prepare...
Exercise 7-7 Cullumber Company has delivery equipment that cost $53,100 and has been depreciated $23,800. Prepare a tabular summary to record the disposal under the following assumptions. It was scrapped as having no value. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Stockholders' Equity Retained Earnings Revenue - Expense...
Current Attempt in Progress Ivanhoe Company has delivery equipment that cos: 553.300 and has been depreciated...
Current Attempt in Progress Ivanhoe Company has delivery equipment that cos: 553.300 and has been depreciated $24500 Prepare a tabular summary to record the disposat under the following assumptions It was scrapped as having no value foransactions decrease in Assets Liabilities or Stockholders'Eguilty place a native sin for parentheses in front of the amount entered for the articular biliyor Equity item that was reduced) Assets Liabilities Cash Equipment Accum. Depr.. Equip Bal $ $ $ e Textbook and Media It...
You can see where I need help with in red Exercise 7-7 Blossom Companyhas delivery equipment...
You can see where I need help
with in red
Exercise 7-7 Blossom Companyhas delivery equipment that cost $57,000 and has been depreciated $23,600. Prepare a tabular summary to record the disposal under the following assumptions. Your answer is partially correct. Try again. It was scrapped as having no value. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or...
Do It! Review 7-3 Concord Company has an old factory machine that cost $56,750. The machine has accumulated depreciatio...
Do It! Review 7-3 Concord Company has an old factory machine that cost $56,750. The machine has accumulated depreciation of $31,780. Concord has decided to sell the machine. (a) Prepare a tabular summary to record the sale of the machine for $28,375 cash. (b) Prepare a tabular summary to record the sale of the machine for $17,025 cash. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the...
Do It! Review 7-3 Concord Company has an old factory machine that cost $56,750. The machine...
Do It! Review 7-3 Concord Company has an old factory machine that cost $56,750. The machine has accumulated depreciation of $31,780. Concord has decided to sell the machine (a) Prepare a tabular summary to record the sale of the machine for $28,375 cash (b) Prepare a tabular summary to record the sale of the machine for $17,025 cash. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the...
A partial tabular summary for Metlock, Inc. on March 31 of the current year includes the...
A partial tabular summary for Metlock, Inc. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Assets Liabilities + Stockholders' Equity Acc. Depr: Int. Unearn. Rent Com. Reatined Earnings Supplies + Prepaid Insurance + Equip. - Equip - Pay + Notes Pay + Rev. + Stock + Rev.. Exp. Div Bal. 3,640 2,700 28,900 8,670 0 18,100 11.250 An analysis of the accounts shows the following 1. The equipment depreciates $400...
SOURCES Exercise 7-7 Crane Companyhas delivery equipment that cost $52.700 and has been depreciated $23,200. Prepare...
SOURCES Exercise 7-7 Crane Companyhas delivery equipment that cost $52.700 and has been depreciated $23,200. Prepare a tabular summary to record the disposal under the following assumption parentheses) in front of the amount entered for the It was scrapped as having no value. (ir a transaction causes a decrease in Assets, Liabies or Stockholders uity fare negative that was reduced - Liabilities + Stockholders' Equity Retained Earrings Equipment - Accum. Depr. - Equip. Common Stock + Revenue Expense Dividend antararentibes...
Do It! Review 7-2a On January 1, 2017, Marin Country Club purchased a new riding mower...
Do It! Review 7-2a On January 1, 2017, Marin Country Club purchased a new riding mower for $15,300. The mower is expected to have a 10-year life with a $2,800 salvage value. Prepare a tabular summary to record depreciation expense on December 31, 2017, if Marin uses straight-line depreciation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity...
Ivanhoe Company has delivery equipment that cost $53,300 and has been depreciated $24,500. Prepare a tabular summary to record the disposal under the following assumptions It was scrapped as having no value. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount- entered for the particular Asset, Liability or Equity item that was reduced.) Stockholders' Equity Assets .Liabilities Retained Earnings Accum. Depr.- Equip. +Common Stock Expense Dividend...
Pharoah Company has delivery equipment that cost $47,800 and has been depreciated $25,000. Prepare a tabular summary to record the disposal under the following assumptions. Your answer is partially correct. It was scrapped as having no value. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parenthese of the amount entered for the particular Asset, Liability or Equity item that was reduced.) = Liabilities + Assets Common Stock: Cash Accum. Depr. -...
Exercise 7-7 Cullumber Company has delivery equipment that cost $53,100 and has been depreciated $23,800. Prepare a tabular summary to record the disposal under the following assumptions. It was scrapped as having no value. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Stockholders' Equity Retained Earnings Revenue - Expense...
Current Attempt in Progress Ivanhoe Company has delivery equipment that cos: 553.300 and has been depreciated $24500 Prepare a tabular summary to record the disposat under the following assumptions It was scrapped as having no value foransactions decrease in Assets Liabilities or Stockholders'Eguilty place a native sin for parentheses in front of the amount entered for the articular biliyor Equity item that was reduced) Assets Liabilities Cash Equipment Accum. Depr.. Equip Bal $ $ $ e Textbook and Media It...
You can see where I need help
with in red
Exercise 7-7 Blossom Companyhas delivery equipment that cost $57,000 and has been depreciated $23,600. Prepare a tabular summary to record the disposal under the following assumptions. Your answer is partially correct. Try again. It was scrapped as having no value. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or...
Do It! Review 7-3 Concord Company has an old factory machine that cost $56,750. The machine has accumulated depreciation of $31,780. Concord has decided to sell the machine. (a) Prepare a tabular summary to record the sale of the machine for $28,375 cash. (b) Prepare a tabular summary to record the sale of the machine for $17,025 cash. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the...
Do It! Review 7-3 Concord Company has an old factory machine that cost $56,750. The machine has accumulated depreciation of $31,780. Concord has decided to sell the machine (a) Prepare a tabular summary to record the sale of the machine for $28,375 cash (b) Prepare a tabular summary to record the sale of the machine for $17,025 cash. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the...
A partial tabular summary for Metlock, Inc. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Assets Liabilities + Stockholders' Equity Acc. Depr: Int. Unearn. Rent Com. Reatined Earnings Supplies + Prepaid Insurance + Equip. - Equip - Pay + Notes Pay + Rev. + Stock + Rev.. Exp. Div Bal. 3,640 2,700 28,900 8,670 0 18,100 11.250 An analysis of the accounts shows the following 1. The equipment depreciates $400...
SOURCES Exercise 7-7 Crane Companyhas delivery equipment that cost $52.700 and has been depreciated $23,200. Prepare a tabular summary to record the disposal under the following assumption parentheses) in front of the amount entered for the It was scrapped as having no value. (ir a transaction causes a decrease in Assets, Liabies or Stockholders uity fare negative that was reduced - Liabilities + Stockholders' Equity Retained Earrings Equipment - Accum. Depr. - Equip. Common Stock + Revenue Expense Dividend antararentibes...
Do It! Review 7-2a On January 1, 2017, Marin Country Club purchased a new riding mower for $15,300. The mower is expected to have a 10-year life with a $2,800 salvage value. Prepare a tabular summary to record depreciation expense on December 31, 2017, if Marin uses straight-line depreciation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity...
Most questions answered within 3 hours.
-
An MNE is this kind of industry when competition in one country
is essentially independent of...
asked 55 minutes ago -
. For this set of questions, determine what
proportion of a normal distribution is located betweeneach...
asked 1 hour ago -
A college student is employed as a door-to-door newspaper
salesman. Historical data suggests that the student...
asked 2 hours ago -
MATLAB HW 11 problem using Switch Case and Input commands
Write a script file that calculates...
asked 2 hours ago -
Considering gravitational time dilation, calculate the time that
passes in Earth’s surface while 1 hour passes...
asked 2 hours ago -
Minitab Problem: Take the Lake Hume June rainfall data and find
use the processes outlined in...
asked 3 hours ago -
X Company is trying to decide whether to continue using old
equipment to make Product A...
asked 3 hours ago -
IN PYTHON ONLY !! Program 2: Re-work
program #5 (WeeklyHours) from the previous assignment such that...
asked 4 hours ago -
The average length of time between arrivals at a turnpike
toll-booth is 26 seconds. What is...
asked 5 hours ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 7 hours ago -
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 7 hours ago -
An empty test tube weighs 15.923 grams. Then,
MgCl2•6H2O is added into the test tube. After...
asked 7 hours ago