Homework Answers
Answer: Credit to gain on disposal for $12000
|
Date |
Account Title and Explanation |
Debit $ |
Credit $ |
|
Cash |
36,000 |
||
|
Accumulated Depreciation |
120,000 |
||
|
Equipment |
144,000 |
||
|
Gain on sale of Equipment |
12,000 |
||
|
(Entry to Record Disposal of Equipment) |
Working:
Book value of the equipment on date of sale
= Purchase cost – Accumulated Depreciation
= $144,000 - $120,000
= $24,000
As the sales price is more than the book value, there will be gain on sale of equipment
Gain = Sales price – Book value
= $36,000 - $24,000
= $12,000
Add Answer to:
Question 6 0.6 points Save Answer Equipment that cont $144,000 and on which $120,000 of accumulated...
Question 6 0.6 points Save Answer Equipment that cost $144,000 and on which $120,000 of accumulated...
Question 6 0.6 points Save Answer Equipment that cost $144,000 and on which $120,000 of accumulated depreciation has been recorded was disposed of for $36,000 cash. The entry to record this event would include a credit to gain on disposal for $12,000. debit to loss on disposal for $12,000. credit to the Equipment account for $36,000 credit to Accumulated Depreciation for $120,000
Question 17 Current Attempt in Progress Equipment that cost $426000 and on which $198000 of accumulated...
Question 17 Current Attempt in Progress Equipment that cost $426000 and on which $198000 of accumulated depreciation has been recorded was disposed of for $176000 cash. The entry to record this event would include a credit to the Equipment account for $228000. credit to Accumulated Depreciation for $198000. loss of $52000. gain of $52000. Attempts: 0 of 1 used Save for Later Check Answer
A truck that cost $73100 and on which $59100 of accumulated depreciation has been recorded was...
A truck that cost $73100 and on which $59100 of accumulated
depreciation has been recorded was disposed of for $17000 cash. The
entry to record this event would include a
a
gain of $3000.
b
loss of $3000.
c
credit to Accumulated Depreciation for $59100.
d
credit to the Equipment account for $14000.
Gaston owns equipment that cost $28,000 with accumulated depreciation of $5,600. Gaston sells the equipment for...
Gaston owns equipment that cost $28,000 with accumulated depreciation of $5,600. Gaston sells the equipment for $20.200. Which of the following would not be part of the journal entry to record the disposal of the equipment? Multiple Choice Debit Accumulated Depreciation $5,600 Credit Equipment $28,000 Debit Loss on Disposal of Equipment $2,200. Credit Gain on Disposal of Equipment $2.200 Debit Cash $20.200
Time 1142 AM Ra n g 56 min CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Multiple...
Time 1142 AM Ra n g 56 min CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Multiple Choice Question 152 Equipment that cost $145000 and on which $122000 of accumulated depreciation has been recorded was disposed of for $34000 cash. The entry to record this event would include O credit to Accumulated Depreciation for $122000 gain of $11000 loss of $11000 credit to the Louiment account for $34000 LINK TO THE question Attempts of I used SAVE FOR LATER SET ASWER
Gaston owns equipment that cost $22,000 with accumulated depreciation of $6,600. Gaston asks $14,900 for the...
Gaston owns equipment that cost $22,000 with accumulated depreciation of $6,600. Gaston asks $14,900 for the equipment but sells the equipment for $13,900. Which of the following would not be part of the journal entry to record the disposal of the equipment? Multiple Choice Credit Equipment $22,000. Debit Loss on Disposal of Equipment $1,500. Debit Cash $13,900. Credit Gain on Disposal of Equipment $1,500. Debit Accumulated Depreciation $6,600.
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a...
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance. Calculate the gain to be recognized from the exchange. Gain recognized SHOW LIST OF ACCOUNTS the entry for the exchange. Show a check of the amount recorded for the new equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation...
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a...
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance. Calculate the gain to be recognized from the exchange. Gain recognized SHOW LIST OF ACCOUNTS Prepare the entry for the exchange. Show a check of the amount recorded for the new equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and...
on March 31, 2018, wonderful landscapes discarded equipment that had a cost of $28,900. Accumulated depreciation as of D...
on
March 31, 2018, wonderful landscapes discarded equipment that had a
cost of $28,900. Accumulated depreciation as of December 31, 2017,
was 28,000. Assume annual depreciation on the equipment is $900.
Journalize the partial year depreciation expense and disposal of
the equipment
Journalize the partial-year depreciation expense. Date Accounts and Explanation Debit Credit Mar 31 Question Viewer Calculate any gain or loss on the disposal of the equipment (Enter a "O" for items with a zero value. Enter a loss...
Data Table Appraised Value Lot 1 144,000 120,000 3 216,000 Print Done %24 Eastwood Properties bought...
Data Table Appraised Value Lot 1 144,000 120,000 3 216,000 Print Done %24 Eastwood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: E (Click the icon to view the values.) Eastwood paid $400,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to two places, and use the computed percentages throughout. (Record a single compound journal entry. Record debits...
Question 6 0.6 points Save Answer Equipment that cost $144,000 and on which $120,000 of accumulated depreciation has been recorded was disposed of for $36,000 cash. The entry to record this event would include a credit to gain on disposal for $12,000. debit to loss on disposal for $12,000. credit to the Equipment account for $36,000 credit to Accumulated Depreciation for $120,000
Question 17 Current Attempt in Progress Equipment that cost $426000 and on which $198000 of accumulated depreciation has been recorded was disposed of for $176000 cash. The entry to record this event would include a credit to the Equipment account for $228000. credit to Accumulated Depreciation for $198000. loss of $52000. gain of $52000. Attempts: 0 of 1 used Save for Later Check Answer
A truck that cost $73100 and on which $59100 of accumulated
depreciation has been recorded was disposed of for $17000 cash. The
entry to record this event would include a
a
gain of $3000.
b
loss of $3000.
c
credit to Accumulated Depreciation for $59100.
d
credit to the Equipment account for $14000.
Gaston owns equipment that cost $28,000 with accumulated depreciation of $5,600. Gaston sells the equipment for $20.200. Which of the following would not be part of the journal entry to record the disposal of the equipment? Multiple Choice Debit Accumulated Depreciation $5,600 Credit Equipment $28,000 Debit Loss on Disposal of Equipment $2,200. Credit Gain on Disposal of Equipment $2.200 Debit Cash $20.200
Time 1142 AM Ra n g 56 min CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Multiple Choice Question 152 Equipment that cost $145000 and on which $122000 of accumulated depreciation has been recorded was disposed of for $34000 cash. The entry to record this event would include O credit to Accumulated Depreciation for $122000 gain of $11000 loss of $11000 credit to the Louiment account for $34000 LINK TO THE question Attempts of I used SAVE FOR LATER SET ASWER
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance. Calculate the gain to be recognized from the exchange. Gain recognized SHOW LIST OF ACCOUNTS the entry for the exchange. Show a check of the amount recorded for the new equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation...
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance. Calculate the gain to be recognized from the exchange. Gain recognized SHOW LIST OF ACCOUNTS Prepare the entry for the exchange. Show a check of the amount recorded for the new equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and...
on
March 31, 2018, wonderful landscapes discarded equipment that had a
cost of $28,900. Accumulated depreciation as of December 31, 2017,
was 28,000. Assume annual depreciation on the equipment is $900.
Journalize the partial year depreciation expense and disposal of
the equipment
Journalize the partial-year depreciation expense. Date Accounts and Explanation Debit Credit Mar 31 Question Viewer Calculate any gain or loss on the disposal of the equipment (Enter a "O" for items with a zero value. Enter a loss...
Data Table Appraised Value Lot 1 144,000 120,000 3 216,000 Print Done %24 Eastwood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: E (Click the icon to view the values.) Eastwood paid $400,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to two places, and use the computed percentages throughout. (Record a single compound journal entry. Record debits...
Most questions answered within 3 hours.
-
5 situations are listed below and 8 reduction chemicals are
listed A-H below, match the letters...
asked 3 minutes ago -
1. If more spouses decide to quit their jobs to stay home with
their young children...
asked 6 minutes ago -
Please use algebraic manipulation to prove the following
statement:
x'y'z' + x'yz' + x'yz + xyz'...
asked 7 minutes ago -
3.Another patient has a family history in which:
1. the disease was equally distributed among the...
asked 10 minutes ago -
If you are the TM of a shipper of cooking oil the sales
department wants to...
asked 8 minutes ago -
NEED THIS URGENTLY PLEASEEE
Suppose a fair coin is tossed 5 times and the result are...
asked 17 minutes ago -
Find the magnetic field B produced by several circular loops of
which has a radius given...
asked 25 minutes ago -
A mole of monatomic ideal gas is expanded from 0.45 L to 0.75L
at an external...
asked 24 minutes ago -
Carbon dioxide (CO2) gas is steadily pressurized and cooled by
sending it sequentially through a compressor...
asked 28 minutes ago -
calculare the standard deviation of a portfolio that contains 40%
of one stock with a standard...
asked 26 minutes ago -
When exposed to sunlight, a hole in a sheet of copper expands in
diameter by 0.160...
asked 43 minutes ago -
Economists believe that there are many nonmonetary gains from
further trade opening. Which of the following...
asked 46 minutes ago