Homework Answers
a.
Cost of equipment = $52,000
Accumulated depreciation = $27,800
Book value of equipment = Cost of equipment - Accumulated depreciation
= 52,000-27,800
=$24,200
Sale price of equipment = $31,000
Gain on sale of equipment = Sale price of equipment - Book value of equipment
= 31,000-24,200
= $6,800
| Transaction | Account Titles and Explanations | Debit | Credit |
| (a) | Cash | $31,000 | |
| Accumulated depreciation- equipment | $27,800 | ||
| Equipment | $52,000 | ||
| Gain on sale of equipment | $6,800 | ||
| ( To record sale of equipment) |
b.
Cost of equipment = $52,000
Accumulated depreciation = $27,800
Book value of equipment = Cost of equipment - Accumulated depreciation
= 52,000-27,800
=$24,200
Sale price of equipment = $15,000
Loss on sale of equipment = Book value of equipment - Sale price of equipment
= 24,200-15,000
= $9,200
| Transaction | Account Titles and Explanations | Debit | Credit |
| (b) | Cash | $15,000 | |
| Accumulated depreciation- equipment | $27,800 | ||
| Loss on sale of equipment | $9,200 | ||
| Equipment | $52,000 | ||
| ( To record sale of equipment) |
Kindly comment if you need further assistance.
Thanks‼!
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The machine has accumulated depreciation of $33,460. Bramble has
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automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the
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What entry would Bramble make to record the sale of the machine
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for the preceding 5-day week (Monday through Friday). Assume
December 31 falls on a Tuesday, so Whispering Winds’s employees
have worked 2 days without being paid at the end of the fiscal
year.
Assume the company does not use reversing entries. Prepare the December 31 adjusting entry and the entry on Monday, January 6, when Whispering Winds pays the payroll. (Credit account titles are automatically indented when amount is entered. Do...
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Whispering Winds, Inc., a private company that applies ASPE,
incurred $14,400 in materials and $12,700 in direct labour costs
between January and March 2017 to develop a new product. In May
2017, the criteria required to capitalize development costs were
met. A further $49,400 was spent for materials, $16,200 for direct
labour costs, $3,100 for borrowing costs, and $66,100 for directly
related legal fees.
Prepare the appropriate journal entries. (Credit
account titles are automatically indented when the amount...
To increase sales, Whispering Winds Inc., a public company
following IFRS, implemented a customer loyalty program that rewards
a customer with 1 loyalty point for every $10 of purchases on a
select group of products. Each point is redeemable for a $1
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next two years. Following the implementation of the program, during
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