Homework Answers
Part 19
Option D
D. debits
Left side of the T-account is known as debits and right side is known as credits.
Part 20
Option A
A. residual value
At the end of the useful life of a depreciated asset, the expected value is termed as residual value and it is deducted from the cost in calculating the depreciation expense in the straight-line method and then it is divided by the estimated useful life.
Add Answer to:
which of the following is recorded on the left side of a t-
account?
USULULUmpany purchased...
Identify the statement below that is correct. A. The left side of a T-account is the...
Identify the statement below that is correct. A. The left side of a T-account is the credit side. B. Debits decrease asset and expense accounts, and increase liability, equity, and revenue accounts. C. The left side of a T-account is the debit side. D. Credits increase asset and expense accounts, and decrease liability, equity, and revenue accounts. E. In certain circumstances the total amount debited need not equal the total amount credited for a particular transaction.
Question 1 0.5 pts The credit side of an account is the left side of the...
Question 1 0.5 pts The credit side of an account is the left side of the account O depends on whether the account is an asset. liability or stockholders' equity can be either side of the account depending on how the accountant set up the system is the right side of the account Question 2 0.5 pts The stockholders' equity will be increased by which of the following. revenues none of the above dividends expenses Question 3 0.5 pts @...
1. An account is made up of which three characteristics? a. A title, the left side...
1. An account is made up of which three characteristics? a. A title, the left side (debit side), and the right side (credit side). b. The T account, the left side (debit side), and the right side (credit side). c. A title, the T account and the right side (credit side). d. A title, the left side (debit side) and the T account. 23514 2. There are 5 major types of accounts. They are: a. Assets, Liabilities, Drawing, Revenue, and...
^answes for question ^multiple choice for that question Which of the following statements regarding debits and...
^answes for question
^multiple choice for that question
Which of the following statements regarding debits and credits is always correct? Multiple Choice The total value of all debits to a particular account must equal the total value of all credits to that account. O The total value of all debits recorded in the ledger must equal the total value of all credits recorded in the ledger. Debits decrease accounts while credits increase them. The normal balance for an account is...
A metal sewing machine was purchased four years ago for $55,000. Suppose that it has a...
A metal sewing machine was purchased four years ago for $55,000. Suppose that it has a depreciation schedule with a five-year ACRS class life at the time of its purchase (four years ago). The metal sewing machine can be sold now for $35,000, or an updated gine can be purchased and installed at a cost of $9,000 (capital investment with three-year depreciable life, straight line, salvage value ). If you keep the machine in service, you will have operating and...
1 Zephyr Minerals completed the following transactions involving machinery. Machine No. 1550 was purchased for cash...
1
Zephyr Minerals completed the following transactions involving machinery. Machine No. 1550 was purchased for cash on April 1, 2017, at an installed cost of $88,000. Its useful life was estimated to be six years with a $7,000 trade-in value. Straight-line depreciation was recorded for the machine at the ends of 2017, 2018, and 2019. On March 29, 2020, it was traded for Machine No. 1795, with an installed cash price of $82,000. A trade-in allowance of $32,210 was received...
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...
Ivanhoe Limited purchased a machine on account on April 2, 2018, at an invoice price of...
Ivanhoe Limited purchased a machine on account on April 2, 2018,
at an invoice price of $378,380. On April 4, it paid $2,130 for
delivery of the machine. A one-year, $3,710 insurance policy on the
machine was purchased on April 5. On April 18, Ivanhoe paid $7,920
for installation and testing of the machine. The machine was ready
for use on April 30.
Ivanhoe estimates the machine’s useful life will be five years or
6,054 units with a residual value...
Solich Sandwich Shop had the following long-term asset balances as of December 31, 2021: Accumulated Depreciation...
Solich Sandwich Shop had the following long-term asset balances as of December 31, 2021: Accumulated Depreciation Land Building Equipment Patent Cost $ 83,000 448,000 250,000 190,000 $(85, 120) (47, 600) (76, 000) Book Value $ 83,000 362, 880 202, 400 114,000 Solich purchased all the assets at the beginning of 2019 (3 years ago). The building is depreciated over a 20-year service life using the double-declining-balance method and estimating no residual value. The equipment is depreciated over a 10- year...
In 2018, the internal auditors of KJI Manufacturing discovered the following material errors made in prior...
In 2018, the internal auditors of KJI Manufacturing discovered
the following material errors made in prior years:
Equipment was purchased on June 30, 2016, for $175,000. The
purchase was incorrectly recorded as a debit to repair and
maintenance expense. The equipment has a useful life of five years
and no residual value.
On March 31, 2017, $40,000 was paid to a contractor to
landscape the area around a manufacturing plant including the
installation of a sprinkler system. The expenditure...
Question 1 0.5 pts The credit side of an account is the left side of the account O depends on whether the account is an asset. liability or stockholders' equity can be either side of the account depending on how the accountant set up the system is the right side of the account Question 2 0.5 pts The stockholders' equity will be increased by which of the following. revenues none of the above dividends expenses Question 3 0.5 pts @...
1. An account is made up of which three characteristics? a. A title, the left side (debit side), and the right side (credit side). b. The T account, the left side (debit side), and the right side (credit side). c. A title, the T account and the right side (credit side). d. A title, the left side (debit side) and the T account. 23514 2. There are 5 major types of accounts. They are: a. Assets, Liabilities, Drawing, Revenue, and...
^answes for question
^multiple choice for that question
Which of the following statements regarding debits and credits is always correct? Multiple Choice The total value of all debits to a particular account must equal the total value of all credits to that account. O The total value of all debits recorded in the ledger must equal the total value of all credits recorded in the ledger. Debits decrease accounts while credits increase them. The normal balance for an account is...
A metal sewing machine was purchased four years ago for $55,000. Suppose that it has a depreciation schedule with a five-year ACRS class life at the time of its purchase (four years ago). The metal sewing machine can be sold now for $35,000, or an updated gine can be purchased and installed at a cost of $9,000 (capital investment with three-year depreciable life, straight line, salvage value ). If you keep the machine in service, you will have operating and...
1
Zephyr Minerals completed the following transactions involving machinery. Machine No. 1550 was purchased for cash on April 1, 2017, at an installed cost of $88,000. Its useful life was estimated to be six years with a $7,000 trade-in value. Straight-line depreciation was recorded for the machine at the ends of 2017, 2018, and 2019. On March 29, 2020, it was traded for Machine No. 1795, with an installed cash price of $82,000. A trade-in allowance of $32,210 was received...
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...
Ivanhoe Limited purchased a machine on account on April 2, 2018,
at an invoice price of $378,380. On April 4, it paid $2,130 for
delivery of the machine. A one-year, $3,710 insurance policy on the
machine was purchased on April 5. On April 18, Ivanhoe paid $7,920
for installation and testing of the machine. The machine was ready
for use on April 30.
Ivanhoe estimates the machine’s useful life will be five years or
6,054 units with a residual value...
Solich Sandwich Shop had the following long-term asset balances as of December 31, 2021: Accumulated Depreciation Land Building Equipment Patent Cost $ 83,000 448,000 250,000 190,000 $(85, 120) (47, 600) (76, 000) Book Value $ 83,000 362, 880 202, 400 114,000 Solich purchased all the assets at the beginning of 2019 (3 years ago). The building is depreciated over a 20-year service life using the double-declining-balance method and estimating no residual value. The equipment is depreciated over a 10- year...
In 2018, the internal auditors of KJI Manufacturing discovered
the following material errors made in prior years:
Equipment was purchased on June 30, 2016, for $175,000. The
purchase was incorrectly recorded as a debit to repair and
maintenance expense. The equipment has a useful life of five years
and no residual value.
On March 31, 2017, $40,000 was paid to a contractor to
landscape the area around a manufacturing plant including the
installation of a sprinkler system. The expenditure...
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