On January 2, 2017, Loved Clothing Consignments purchased showroom fixtures for $11,000 cash, expecting the fixtures...
On January 2, 2017, Loved Clothing Consignments purchased showroom fixtures for $11,000 cash, expecting the fixtures to remain in service for five years. Loved has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On September 30,2018, Loved sold the fixtures for $5,500 cash. Record both depreciation expense for 2018 and sale of the fixtures on September 30,2018.
(Record debits first, then credits. Select the explanation on the last line of the journal entry table. Note that 2017depreciation was recorded and posted in 2017.)
Begin by recording Begin by recording the depreciation expense for January 1,2018 through September 30, 2018.
Homework Answers
Solution:
Double declining rate = (1/5)*2 = 40%
Depreciation for 2017 = $11000 *40% = $4,400
Book Value on January 1, 2018 = $11000 - $4400 = $6,600
Depreciation expense for 2018 (for 9 months upto September 30, 2018) = $6600 *40% *9/12 = $1,980
| Date | Accounts title | Debit | Credit |
| 30-Sep-18 | Depreciation expense | 1980 | |
| Accumulated depreciation | 1980 | ||
| (To record Depreciation for 2018) | |||
| 30-Sep-18 | Cash | 5500 | |
| Accumulated depreciation ($4400+$1980) | 6380 | ||
| Fixtures | 11000 | ||
| Gain on sale of Fixtures | 880 |
Add Answer to:
On January 2, 2017, Loved Clothing Consignments purchased
showroom fixtures for $11,000 cash, expecting the fixtures...
On January 2, 2017, Loved Clothing Consignments purchased showroom fixtures for $19,000 cash, expecting the fixtures...
On January 2, 2017, Loved Clothing Consignments purchased showroom fixtures for $19,000 cash, expecting the fixtures to remain in service for five years. Loved has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On October 31, 2018, Loved sold the fixtures for $8,200 cash. Record both depreciation expense for 2018 and sale of the fixtures on October 31, 2018. (Record debits first, then credits. Select the explanation on the last line of the jounal entry table. Note...
On January 2, 2017. Repeat Clothing Consignments purchased showroom fixtures for $11,000 cash, expecting the fixtures...
On January 2, 2017. Repeat Clothing Consignments purchased showroom fixtures for $11,000 cash, expecting the fixtures to remain in service for five years. Repeat has depreciated the fixtures on a double-declining balance basis with zero residual value. On August 31, 2018, Repeat sold the fixtures for $5,000 cash. Record both depreciation expense for 2018 and sale of the fixtures on August 31, 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table....
On January 2, 2017. Repeat Clothing Consignments purchased showroom futures for $11,000 cash, expecting the fixtures...
On January 2, 2017. Repeat Clothing Consignments purchased showroom futures for $11,000 cash, expecting the fixtures to remain in service for five years. Repeat has depreciated the fixtures on a double-declining balance basis, with zero residual value. On August 31, 2018, Repeat sold the futures for $5,000 cash Record both depreciation expense for 2018 and sale of the fixtures on August 31, 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table....
On January 2, 2017, Snug Clothing Consignments purchased showroom fixtures for $12,000 cash, expecting the fixtures...
On January 2, 2017, Snug Clothing Consignments purchased showroom fixtures for $12,000 cash, expecting the fixtures to remain in service for five years. Snug has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On September 30, 2018, Snug sold the fixtures for $6,500 cash. Record both depreciation expense for 2018 and sale of the fixtures on September 30, 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Note...
in January 2, 2017 Shug Clothing Consignments purchased showroom Textures for 10 poucash, expecting the futures...
in January 2, 2017 Shug Clothing Consignments purchased showroom Textures for 10 poucash, expecting the futures tu ervice for five years. Snug has depreciated the futures on a double declining balance basis with zero residual value. On September 30, 2018. Snug sold the fixtures for 55.000 cash. Record both depreciation expense for 2018 and sale of the fixtures on September 30, 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Note...
On January 2, 2017, Snug Clothing Consignments purchased showroom fixtures for $ 12 comma 000 cash,...
On January 2, 2017, Snug Clothing Consignments purchased showroom fixtures for $ 12 comma 000 cash, expecting the fixtures to remain in service for five years. Snug has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On September 30 comma 2018, Snug sold the fixtures for $ 6 comma 200 cash. Record both depreciation expense for 2018 and sale of the fixtures on September 30, 2018. (Record debits first, then credits. Select the explanation on the last...
On January 2,2017, Comfy Clothing Consignments ourchased showroom fixtures for $17,000 cash, expecting the fixtures to...
On
January 2,2017, Comfy Clothing Consignments ourchased showroom
fixtures for $17,000 cash, expecting the fixtures to remain in
service for five years. Comfy has depreciated the fixtures on the
double-declining-balance basis, with zero residual value. On
October 31,2018, Comfy sold the fixtures for $7,600 cash. Record
both depreciation for 2018 and sale of the fixtures on October
31,2018.
3,400 Oct 31 Depreciation Expense-Fixtures Accumulated Depreciation Fixtures 3,400 To record depreciation on fixtures. Before recording the sale of the fixtures, let's...
On January 2, 2017 Repeat Cling Consignment purchased showroom futures for $11.000 expecting the futures to...
On January 2, 2017 Repeat Cling Consignment purchased showroom futures for $11.000 expecting the futures to remain in service for five years. Repeat has deprecated the fixtures on a double-declining-balance basis with zero residual value. On August 31, 2018, Repeat sold the fures for 55.000 cash. Record both depreciation expense for 2018 and sale of the fixtures on August 31, 2018. (Record debitis first, then credits. Select the explanation on the last ine of the journal entry table. Note that...
On January 2, 2016, Pet Retreat purchased fixtures for $35,500 cash, expecting the fixtures to remain...
On January 2, 2016, Pet Retreat purchased fixtures for $35,500 cash, expecting the fixtures to remain in service for five years. Pet Retreat has depreciated the fixtures on a straight-line basis, with $7,000 residual value. On April 30, 2018, Pet Retreat sold the fixtures for $17,700 cash. Record both depreciation expense for 2018 and sale of the fixtures on April 30, 2018. (Assume the modified half-month convention is used. Record debits first, then credits. Select the explanation on the last...
On January 2, 2017, Couture Ching Consigmore purchased howoon factures $12.000 cash, puting the fures to...
On January 2, 2017, Couture Ching Consigmore purchased howoon factures $12.000 cash, puting the fures to remain i n for the years Couture has deprecathers on a double-cigare basis with zero v e O d bor 31, 2018 Couture sold the futures for 55.000 or beth depreciation expense for 2018 and sale of the futures on October 31, 2018 Record deb t , the credits Select the p ain on the last line of the may be Nor d en...
On January 2, 2017, Loved Clothing Consignments purchased showroom fixtures for $19,000 cash, expecting the fixtures to remain in service for five years. Loved has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On October 31, 2018, Loved sold the fixtures for $8,200 cash. Record both depreciation expense for 2018 and sale of the fixtures on October 31, 2018. (Record debits first, then credits. Select the explanation on the last line of the jounal entry table. Note...
On January 2, 2017. Repeat Clothing Consignments purchased showroom fixtures for $11,000 cash, expecting the fixtures to remain in service for five years. Repeat has depreciated the fixtures on a double-declining balance basis with zero residual value. On August 31, 2018, Repeat sold the fixtures for $5,000 cash. Record both depreciation expense for 2018 and sale of the fixtures on August 31, 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table....
On January 2, 2017. Repeat Clothing Consignments purchased showroom futures for $11,000 cash, expecting the fixtures to remain in service for five years. Repeat has depreciated the fixtures on a double-declining balance basis, with zero residual value. On August 31, 2018, Repeat sold the futures for $5,000 cash Record both depreciation expense for 2018 and sale of the fixtures on August 31, 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table....
On January 2, 2017, Snug Clothing Consignments purchased showroom fixtures for $12,000 cash, expecting the fixtures to remain in service for five years. Snug has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On September 30, 2018, Snug sold the fixtures for $6,500 cash. Record both depreciation expense for 2018 and sale of the fixtures on September 30, 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Note...
in January 2, 2017 Shug Clothing Consignments purchased showroom Textures for 10 poucash, expecting the futures tu ervice for five years. Snug has depreciated the futures on a double declining balance basis with zero residual value. On September 30, 2018. Snug sold the fixtures for 55.000 cash. Record both depreciation expense for 2018 and sale of the fixtures on September 30, 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Note...
On
January 2,2017, Comfy Clothing Consignments ourchased showroom
fixtures for $17,000 cash, expecting the fixtures to remain in
service for five years. Comfy has depreciated the fixtures on the
double-declining-balance basis, with zero residual value. On
October 31,2018, Comfy sold the fixtures for $7,600 cash. Record
both depreciation for 2018 and sale of the fixtures on October
31,2018.
3,400 Oct 31 Depreciation Expense-Fixtures Accumulated Depreciation Fixtures 3,400 To record depreciation on fixtures. Before recording the sale of the fixtures, let's...
On January 2, 2017 Repeat Cling Consignment purchased showroom futures for $11.000 expecting the futures to remain in service for five years. Repeat has deprecated the fixtures on a double-declining-balance basis with zero residual value. On August 31, 2018, Repeat sold the fures for 55.000 cash. Record both depreciation expense for 2018 and sale of the fixtures on August 31, 2018. (Record debitis first, then credits. Select the explanation on the last ine of the journal entry table. Note that...
On January 2, 2016, Pet Retreat purchased fixtures for $35,500 cash, expecting the fixtures to remain in service for five years. Pet Retreat has depreciated the fixtures on a straight-line basis, with $7,000 residual value. On April 30, 2018, Pet Retreat sold the fixtures for $17,700 cash. Record both depreciation expense for 2018 and sale of the fixtures on April 30, 2018. (Assume the modified half-month convention is used. Record debits first, then credits. Select the explanation on the last...
On January 2, 2017, Couture Ching Consigmore purchased howoon factures $12.000 cash, puting the fures to remain i n for the years Couture has deprecathers on a double-cigare basis with zero v e O d bor 31, 2018 Couture sold the futures for 55.000 or beth depreciation expense for 2018 and sale of the futures on October 31, 2018 Record deb t , the credits Select the p ain on the last line of the may be Nor d en...
Most questions answered within 3 hours.
-
Recently I purchased a second vehicle for our family. The
vehicle we had was too small...
asked 3 minutes ago -
Two narrow, parallel slits separated by 0.850 mm are illuminated
by 570-nm light, and the viewing...
asked 10 minutes ago -
Write a balanced equation for the double-replacement
precipitation reaction described, using the smallest possible
integer coefficients....
asked 9 minutes ago -
Would You expect the analysis produced by the Legislative
Analyst’s Office to be more or less...
asked 27 minutes ago -
How configuring websites to use a common NFS share could
strengthen business continuity efforts
asked 27 minutes ago -
Arrange the following aqueous solutions in order of increasing
boiling point: 0.25 m NaCl (sodium chloride)...
asked 28 minutes ago -
calculate the mass of forsterite (Mg2SiO4) that contains a
million (1.00•10^6) oxygen
asked 51 minutes ago -
A heat engine has an efficiency of 0.48. Initially,
the engine performs net work W per...
asked 41 minutes ago -
identify the effect on the financial statement on the
following senarios:
b) the clients business mainly...
asked 38 minutes ago -
Whenever two Apollo astronauts were on the surface of the Moon,
a third astronaut orbited the...
asked 48 minutes ago -
Suppose that Marriott’s production process is characterized by
constant returns to scale at all output levels....
asked 48 minutes ago -
If a customer places a buy order for one millisecond only on an
electronic limit order...
asked 56 minutes ago