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Question 23 (3 points) Lighting Company sold an old machine on December 31, 2009, for $12,000...
2019 Exam 33. Equipment with an estimated residual value at acquisitionof $15,000 was sold on December...
2019 Exam 33. Equipment with an estimated residual value at acquisitionof $15,000 was sold on December 31, for $20,000 cas The following data were available at the time of sale: $100,000 85,000 Acquisition cost Accumulated depreciation on December 31, after adjustment When this transaction is recorded, it should include a a. debit of $80,000 to the Loss on Disposal account. b. credit of $20,000 to the Equipment account. c. credit of $5,000 to the Gain on Disposal account. d. debit...
Chart of Accounts General Journal Analysis Instructions Swann Company sold a delivery truck on April 1,...
Chart of Accounts General Journal Analysis Instructions Swann Company sold a delivery truck on April 1, 2019. Swann had acquired the truck on January 1, 2015, for $12,000. At acquisition, Swann had estimated that the truck would have an estimated life of 5 years and a residual value of $5,000 Swann uses the straight-line method of depreciation. At December 31, 2018, the truck had a book value of $12.400. Required: 1. Prepare any necessary journal entries to record the sale...
Recording Asset Acquisition, Depreciation, and Disposal On January 2, 2016, Verdi Company acquired a machine for...
Recording Asset Acquisition, Depreciation, and Disposal On January 2, 2016, Verdi Company acquired a machine for $85,000. In addition to the purchase price, Verdi spent $2,000 for shipping and installation, and $2,500 to calibrate the machine prior to use. The company estimates that the machine has a useful life of five years and a residual value of $7,000. Required a. Prepare journal entries to record the acquisition costs. Description Debit Credit 1/2/2016 b. Calculate the annual depreciation expense using straight-line...
The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Trucking Company.
The following is the adjusted year-end trial balance at December
31, 2018, of Wilson Trucking Company.Account TitleDebitCreditCash$8,000Accounts receivable17,500Office supplies3,000Trucks172,000Accumulated depreciation—Trucks$36,000Land85,000Accounts payable12,000Interest payable4,000Long-term notes payable53,000Common stock20,000Retained earnings, December 31, 2017155,000Dividends20,000Trucking fees earned130,000Depreciation expense—Trucks23,500Salaries expense61,000Office supplies expense8,000Repairs expense—Trucks12,000Totals$410,000$410,000Prepare its balance sheet as of December 31, 2018.
1. Assume that a machine with a cost of $3,000 has accumulated depreciation of $1.500. Assume it is sold for $2,500...
1. Assume that a machine with a cost of $3,000 has accumulated depreciation of $1.500. Assume it is sold for $2,500. Which of the following would be part of the journal entry to record this sale? a credit Accumulated Depreciation for $1,500 b. debit the Machine Account for $3.000 c. debit Loss on Disposal for $1.000 d. credit Gain on Disposal for $1.000 2. Assume that a machine with a cost of $5,000 has accumulated depreciation of $1,500. It was...
On May 31, 2015, a company sold a storage shed. The company had purchased the shed...
On May 31, 2015, a company sold a storage shed. The company had purchased the shed on January 1, 2008 for $414,600. When purchased, it had been estimated to have a useful life of 16 years and a residual value of $69,000. Assume that the company has been using the straight-line method and sold the asset for $258,000. Calculate the gain or loss on disposal of the asset. The on the disposal of the asset is $ Cheney Co. paid...
A partial statement of financial position of Wildhorse Ltd. on December 31, 2019, showed the following...
A partial statement of financial position of Wildhorse Ltd. on December 31, 2019, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2019): Buildings Less: accumulated depreciation Equipment Less: accumulated depreciation $326,000 126,000 $200,000 $125,000 45,000 80,000 Wildhorse uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of 8 years, no residual value). Wildhorse applies IFRS and...
- Your answer is partially correct On January 1, 2020, Swifty Animation sold a truck to...
- Your answer is partially correct On January 1, 2020, Swifty Animation sold a truck to Peete Finance for $49,000 and immediately leased it back. The truck was carried on Swifty's books at $43.000 The term of the lease is 3 years, there is no bargain purchase option, and title does not transfer to Swifty at lease-end. The lease requires three equal rental payments of $14.900 at the end of each year (first payment on January 1, 2021). The appropriate...
Please help me fix these errors. Thanks. On December 31, 2020, Sheridan Inc. has a machine with a book value of $1,146,...
Please help me fix these errors. Thanks.
On December 31, 2020, Sheridan Inc. has a machine with a book value of $1,146,800. The original cost and related accumulated depreciation at this date are as follows. Machine Less: Accumulated depreciation Book value $1,586,000 439,200 $1,146,800 Depreciation is computed at $73,200 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure...
Current Attempt in Progress On December 31, 2020, Riverbed Inc. has a machine with a book...
Current Attempt in Progress On December 31, 2020, Riverbed Inc. has a machine with a book value of $1.278.400. The original cost and related accumulated depreciation at this date are as follows Machine Less: Accumulated depreciation Book value $1,768.000 489.600 $1.278.400 Depreciation is computed at $81,600 per year on a straight line basis. Presented below is a set of independent situations. For each independent situation indicate the journal entry to be made to recor the transaction. Make sure that depreciation...
2019 Exam 33. Equipment with an estimated residual value at acquisitionof $15,000 was sold on December 31, for $20,000 cas The following data were available at the time of sale: $100,000 85,000 Acquisition cost Accumulated depreciation on December 31, after adjustment When this transaction is recorded, it should include a a. debit of $80,000 to the Loss on Disposal account. b. credit of $20,000 to the Equipment account. c. credit of $5,000 to the Gain on Disposal account. d. debit...
Chart of Accounts General Journal Analysis Instructions Swann Company sold a delivery truck on April 1, 2019. Swann had acquired the truck on January 1, 2015, for $12,000. At acquisition, Swann had estimated that the truck would have an estimated life of 5 years and a residual value of $5,000 Swann uses the straight-line method of depreciation. At December 31, 2018, the truck had a book value of $12.400. Required: 1. Prepare any necessary journal entries to record the sale...
Recording Asset Acquisition, Depreciation, and Disposal On January 2, 2016, Verdi Company acquired a machine for $85,000. In addition to the purchase price, Verdi spent $2,000 for shipping and installation, and $2,500 to calibrate the machine prior to use. The company estimates that the machine has a useful life of five years and a residual value of $7,000. Required a. Prepare journal entries to record the acquisition costs. Description Debit Credit 1/2/2016 b. Calculate the annual depreciation expense using straight-line...
The following is the adjusted year-end trial balance at December
31, 2018, of Wilson Trucking Company.Account TitleDebitCreditCash$8,000Accounts receivable17,500Office supplies3,000Trucks172,000Accumulated depreciation—Trucks$36,000Land85,000Accounts payable12,000Interest payable4,000Long-term notes payable53,000Common stock20,000Retained earnings, December 31, 2017155,000Dividends20,000Trucking fees earned130,000Depreciation expense—Trucks23,500Salaries expense61,000Office supplies expense8,000Repairs expense—Trucks12,000Totals$410,000$410,000Prepare its balance sheet as of December 31, 2018.
1. Assume that a machine with a cost of $3,000 has accumulated depreciation of $1.500. Assume it is sold for $2,500. Which of the following would be part of the journal entry to record this sale? a credit Accumulated Depreciation for $1,500 b. debit the Machine Account for $3.000 c. debit Loss on Disposal for $1.000 d. credit Gain on Disposal for $1.000 2. Assume that a machine with a cost of $5,000 has accumulated depreciation of $1,500. It was...
On May 31, 2015, a company sold a storage shed. The company had purchased the shed on January 1, 2008 for $414,600. When purchased, it had been estimated to have a useful life of 16 years and a residual value of $69,000. Assume that the company has been using the straight-line method and sold the asset for $258,000. Calculate the gain or loss on disposal of the asset. The on the disposal of the asset is $ Cheney Co. paid...
A partial statement of financial position of Wildhorse Ltd. on December 31, 2019, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2019): Buildings Less: accumulated depreciation Equipment Less: accumulated depreciation $326,000 126,000 $200,000 $125,000 45,000 80,000 Wildhorse uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of 8 years, no residual value). Wildhorse applies IFRS and...
- Your answer is partially correct On January 1, 2020, Swifty Animation sold a truck to Peete Finance for $49,000 and immediately leased it back. The truck was carried on Swifty's books at $43.000 The term of the lease is 3 years, there is no bargain purchase option, and title does not transfer to Swifty at lease-end. The lease requires three equal rental payments of $14.900 at the end of each year (first payment on January 1, 2021). The appropriate...
Please help me fix these errors. Thanks.
On December 31, 2020, Sheridan Inc. has a machine with a book value of $1,146,800. The original cost and related accumulated depreciation at this date are as follows. Machine Less: Accumulated depreciation Book value $1,586,000 439,200 $1,146,800 Depreciation is computed at $73,200 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure...
Current Attempt in Progress On December 31, 2020, Riverbed Inc. has a machine with a book value of $1.278.400. The original cost and related accumulated depreciation at this date are as follows Machine Less: Accumulated depreciation Book value $1,768.000 489.600 $1.278.400 Depreciation is computed at $81,600 per year on a straight line basis. Presented below is a set of independent situations. For each independent situation indicate the journal entry to be made to recor the transaction. Make sure that depreciation...
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