Homework Answers
| Debit | Credit | ||
| Dec 29 | Depreciation Expense | 2000 | |
| Accumulated Depreciation—Equipment | 2000 | ||
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Knowledge Check 01 On December 29, 2020, Patel Products, Inc., sells a delivery van that cost...
Saved Required information Knowledge Check 01 On December 29, 2020, Patel Products, Inc, sells a delivery...
Saved Required information Knowledge Check 01 On December 29, 2020, Patel Products, Inc, sells a delivery van that cost $20,000 The equipment had accumulated depreciation of $16,000 at December 31, 2019. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation Complete the necessary journal entry to bring the accumulated depreciation up-to-date by selecting the account names from the drop- down menus and entering the dollar amounts in the debit or credit columns View transaction fist Journal entry worksheet...
Knowledge Check 01 On December 29, 2020, Patel Products, Inc., sells a delivery van that cost $20.000. The equipmen...
Knowledge Check 01 On December 29, 2020, Patel Products, Inc., sells a delivery van that cost $20.000. The equipment had accumulated depreciation of $16,000 at December 31, 2019. Annual depreciation on this equipment is $2.000 computed using straight-line depreciation Complete the necessary journal entry to bring the accumulated depreciation up-to-date by selecting the acccount names from the drop- down menus and entering the dollar amounts in the debit or credit columns.
Required information Knowledge Check 01 On December 29, 2019, Patel Products, Inc, sells a delivery van...
Required information Knowledge Check 01 On December 29, 2019, Patel Products, Inc, sells a delivery van that cost $20,000. After recording the entry to bring the accumulated depreciation up-to-date, the delivery van had accumulated depreciation of $18,000. Patel received $2,000 cash from the purchaser of the delivery van Complete the necessary journal entry to record the sale by selecting the account names from the drop-down menus and entering the dollar amounts in the debitor credit columns View transaction list Journal...
The following transactions and adjusting entries were completed by a local delivery company called Fast Delivery....
The following transactions and adjusting entries were completed by a local delivery company called Fast Delivery. The company uses straight-line depreciation for delivery vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for franchise rights. 2018 January 2 Paid $174,000 cash to purchase a small warehouse building near the airport. The building has an estimated life of 20 years and a residual value of $3,400. July 1 Paid $39,000 cash to purchase a delivery van. The van has an estimated useful...
Required information kon/lend images Knowledge Check 01 On January 2, Dixie, Inc. pays a salvage company...
Required information kon/lend images Knowledge Check 01 On January 2, Dixie, Inc. pays a salvage company $1,000 to haul away a machine costing $28,000 with accumulated depreciation of $28,000 Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit of credit columns View transaction list Journal entry worksheet 1 > On January 2, Dixie, Inc., pays a salvage company $1,000 to haul away a machine costing $28,000 with...
Depreciation and Disposal Pipes a Million (PAM) a plumbing supply company purchased a used van on April 1, 2015. The co...
Depreciation and Disposal Pipes a Million (PAM) a plumbing supply company purchased a used van on April 1, 2015. The cost. including taxes and transportation was $50,000. PAM expects to use the van for 4 years and they estimate that at the end of its 4 year useful life it will have a salvage value of $2,000. PAM uses straight-line depreciation. A) Record the purchase of the asset. Date Account Name Debit Credit B) Complete the depreciation table below. Period...
Knowledge Check 01 On January 1 Truesdale, Inc., purchased a piece of machinery for use in...
Knowledge Check 01 On January 1 Truesdale, Inc., purchased a piece of machinery for use in operations. The total acquisition cost was $33,000. The machine has an estimated useful life of 3 years and a salvage value of $3,000. Using the stralght-line method, the amount of depreciation that should be recorded during year 1, is approximately Knowledge Check 01 On January 2, Dixie, Inc., pays a salvage company $1,000 to haul away a machine costing $28,000 with accumulated depreciation of...
Check The property, plant, and equipment section of the Jasper Company's December 31, 2020, balance sheet...
Check The property, plant, and equipment section of the Jasper Company's December 31, 2020, balance sheet contained the following: $116,000 Property, plant, and equipment: Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Total property, plant, and equipment $ 936,000 (180,00) 163,000 756,000 ? The land and building were purchased at the beginning of 2016. Straight-line depreciation is used and a residual value of $36.000 for the building is anticipated The equipment is comprised of the following three machines Life...
UNCTIUNEnteps%253A%252F%252Fkei... 01 HW Saved Help Save & Exi- Check Required information Knowledge Check 01 The company's...
UNCTIUNEnteps%253A%252F%252Fkei... 01 HW Saved Help Save & Exi- Check Required information Knowledge Check 01 The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000, Accumulated Depreciation, $25,000, Accounts Payable, $10,000; Owner, Capital, $63,500; Owner, Withdrawals, $2,000; Sales, $56,000; Sales Returns and Allowances, $3,000: Sales Discounts, $1,500; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare the second closing entry by selecting the account names from the pull-down menus and entering...
Presented below is information related to equipment owned by Whispering Company at December 31, 2020. Cost...
Presented below is information related to equipment owned by Whispering Company at December 31, 2020. Cost (residual value $0) Accumulated depreciation to date Value-in-use Fair value less cost of disposal $8,924,900 995,900 5.510,000 4,395,380 Assume that Whispering will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 8 years. Whispering uses straight-line depreciation. la) Your answer is correct. Prepare the journal entry (if any) to record the impairment...
Saved Required information Knowledge Check 01 On December 29, 2020, Patel Products, Inc, sells a delivery van that cost $20,000 The equipment had accumulated depreciation of $16,000 at December 31, 2019. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation Complete the necessary journal entry to bring the accumulated depreciation up-to-date by selecting the account names from the drop- down menus and entering the dollar amounts in the debit or credit columns View transaction fist Journal entry worksheet...
Knowledge Check 01 On December 29, 2020, Patel Products, Inc., sells a delivery van that cost $20.000. The equipment had accumulated depreciation of $16,000 at December 31, 2019. Annual depreciation on this equipment is $2.000 computed using straight-line depreciation Complete the necessary journal entry to bring the accumulated depreciation up-to-date by selecting the acccount names from the drop- down menus and entering the dollar amounts in the debit or credit columns.
Required information Knowledge Check 01 On December 29, 2019, Patel Products, Inc, sells a delivery van that cost $20,000. After recording the entry to bring the accumulated depreciation up-to-date, the delivery van had accumulated depreciation of $18,000. Patel received $2,000 cash from the purchaser of the delivery van Complete the necessary journal entry to record the sale by selecting the account names from the drop-down menus and entering the dollar amounts in the debitor credit columns View transaction list Journal...
The following transactions and adjusting entries were completed by a local delivery company called Fast Delivery. The company uses straight-line depreciation for delivery vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for franchise rights. 2018 January 2 Paid $174,000 cash to purchase a small warehouse building near the airport. The building has an estimated life of 20 years and a residual value of $3,400. July 1 Paid $39,000 cash to purchase a delivery van. The van has an estimated useful...
Required information kon/lend images Knowledge Check 01 On January 2, Dixie, Inc. pays a salvage company $1,000 to haul away a machine costing $28,000 with accumulated depreciation of $28,000 Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit of credit columns View transaction list Journal entry worksheet 1 > On January 2, Dixie, Inc., pays a salvage company $1,000 to haul away a machine costing $28,000 with...
Depreciation and Disposal Pipes a Million (PAM) a plumbing supply company purchased a used van on April 1, 2015. The cost. including taxes and transportation was $50,000. PAM expects to use the van for 4 years and they estimate that at the end of its 4 year useful life it will have a salvage value of $2,000. PAM uses straight-line depreciation. A) Record the purchase of the asset. Date Account Name Debit Credit B) Complete the depreciation table below. Period...
Knowledge Check 01 On January 1 Truesdale, Inc., purchased a piece of machinery for use in operations. The total acquisition cost was $33,000. The machine has an estimated useful life of 3 years and a salvage value of $3,000. Using the stralght-line method, the amount of depreciation that should be recorded during year 1, is approximately Knowledge Check 01 On January 2, Dixie, Inc., pays a salvage company $1,000 to haul away a machine costing $28,000 with accumulated depreciation of...
Check The property, plant, and equipment section of the Jasper Company's December 31, 2020, balance sheet contained the following: $116,000 Property, plant, and equipment: Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Total property, plant, and equipment $ 936,000 (180,00) 163,000 756,000 ? The land and building were purchased at the beginning of 2016. Straight-line depreciation is used and a residual value of $36.000 for the building is anticipated The equipment is comprised of the following three machines Life...
UNCTIUNEnteps%253A%252F%252Fkei... 01 HW Saved Help Save & Exi- Check Required information Knowledge Check 01 The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000, Accumulated Depreciation, $25,000, Accounts Payable, $10,000; Owner, Capital, $63,500; Owner, Withdrawals, $2,000; Sales, $56,000; Sales Returns and Allowances, $3,000: Sales Discounts, $1,500; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare the second closing entry by selecting the account names from the pull-down menus and entering...
Presented below is information related to equipment owned by Whispering Company at December 31, 2020. Cost (residual value $0) Accumulated depreciation to date Value-in-use Fair value less cost of disposal $8,924,900 995,900 5.510,000 4,395,380 Assume that Whispering will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 8 years. Whispering uses straight-line depreciation. la) Your answer is correct. Prepare the journal entry (if any) to record the impairment...
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