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QUESTION 6 An asset was purchased for $33,000 on January 1, 2019. The asset's estimated useful...
An asset was purchased for $30,000 on January 1, 2019. The asset's estimated useful life was...
An asset was purchased for $30,000 on January 1, 2019. The asset's estimated useful life was five years, and its residual value was $4,000. The straight – line method of depreciation was used. Calculate the gain or loss if the asset is sold for $21,000 on December 31, 2019, the last day of the accounting period. A. $3,800 loss B. $1,900 gain C. $3,800 gain D. no gain or no loss Gulfcoast Company purchased a van on January 1, 2019,...
An asset was purchased for $31,000 on January 1, 2019. The asset's estimated useful life was...
An asset was purchased for $31,000 on January 1, 2019. The asset's estimated useful life was five years, and its residual value was $4,000. The straight-line method of depreciation was used. Calculate the gain or loss if the asset is sold for $23,000 on December 31, 2019, the last day of the accounting period. O A. $2,600 gain OB. $1,300 gain OC $2,600 loss OD. no gain or no loss Click to select your answer. 28 Downl rays_P MacBook Air...
Anwwe was purchased for $37.000 on January 1, 2019. The assets estimated useful to was five years, and is residual v...
Anwwe was purchased for $37.000 on January 1, 2019. The assets estimated useful to was five years, and is residual value was $9.000 The straighting method of depreciation was used Calculate the pain or loss the sold for $19.000 on December 31, 2019, the last day of the accounting period O A 56,200 gain OB. 512,400 loss OC 512.400 gain OD no gain or na 1065
Equipment was purchased for $122.419 on January 1, 2018. The equipment's estimated useful life was five...
Equipment was purchased for $122.419 on January 1, 2018. The equipment's estimated useful life was five years, and its residual value was $7.277. The straight line method of depreciation was used. Calculate the gain or loss on sale if the equipment is sold for 564,012 on December 31, 2019, the end of the accounting period Make sure to round each calculation to the area o r Only input numbers (ne dollar signs or commal. If you calculate a los indicated...
Lorenzo Corporation purchased equipment on January 1, 2019 for $600,000. The equipment had an estimated useful...
Lorenzo Corporation purchased equipment on January 1, 2019 for $600,000. The equipment had an estimated useful life of 5 years and an estimated salvage value of $40,000. After using the equipment for 2 years, the company determined that the equipment could be used for an additional 6 years and have a salvage value of $8,000. Assuming Lorenzo Corporation uses straight-line depreciation, compute depreciation expense for the year ending December 31, 2021. (Round your final answer to the nearest dollar.) O...
Print item Calculator Show Me How Book Disposal of Foced Asset Equipment acquired on January 6...
Print item Calculator Show Me How Book Disposal of Foced Asset Equipment acquired on January 6 at a cost of $385,000, has an estimated useful Ife of 9 years and an estimated residual value of $50.200. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Depreciation Expense Year Yвar 1 Year 2 Year 3 b. What was the book value of the equipment on January 1 of Year 47 Feedba Check...
Check my wor Exercise 6-14 Revision of estimated useful life LO 6-2, 6-6 On January 1,...
Check my wor Exercise 6-14 Revision of estimated useful life LO 6-2, 6-6 On January 1, 2018, Poultry Processing Company purchased a freezer and related installation equipment for $63,600. The equipment had a three-year estimated life with a $3,900 salvage value. Straight-line depreciation was used. At the beginning of 2020, Poultry Processing revised the expected life of the asset to four years rather than three years. The salvage value was revised to $2,900. Required Compute the depreciation expense for each...
QUESTION 6 There are some liabilities, such as income taxes payable and the estimated warranty liability, for whi...
QUESTION 6 There are some liabilities, such as income taxes payable and the estimated warranty liability, for which the amounts must be estimated so they can be recorded in the same period as the related revenues. Failure to record these amounts in the same period as the related revenues is a violation of the 1. expense recognition principle. 2. limitation of materiality. 3. going concern assumption. 4. concept of historical cost. QUESTION 7 Generally accepted accounting principles (GAAP) require that...
Just want to double check my answers. and it its wrong, which one is the corrwcr...
Just want to double check my answers. and it its wrong, which
one is the corrwcr answer.
A) $147,368 B) 552.632 $200,000 D) $140,000 6) Which of the following items should be depreciated? Tangible property, plast, and equipment other than and B) Intangible property C) Land D) Natural resources 7) Which of the following accounting principles requires depreciation? A) The revenue recognition principle B. The matching principle C) The reliability principle D) The entity concept 8) Which of the following...
Exercise 9-08 On July 1, 2019, Cullumber Company purchased new equipment for $85,000. Its estimated useful l...
Exercise 9-08
On July 1, 2019, Cullumber Company purchased new equipment for
$85,000. Its estimated useful life was 5 years with a $12,000
salvage value. On December 31, 2022, the company estimated that the
equipment’s remaining useful life was 10 years, with a revised
salvage value of $5,000.
Prepare the journal entry to record depreciation on December
31, 2019. (Credit account titles are automatically
indented when amount is entered. Do not indent manually. If no
entry is required, select "No...
An asset was purchased for $30,000 on January 1, 2019. The asset's estimated useful life was five years, and its residual value was $4,000. The straight – line method of depreciation was used. Calculate the gain or loss if the asset is sold for $21,000 on December 31, 2019, the last day of the accounting period. A. $3,800 loss B. $1,900 gain C. $3,800 gain D. no gain or no loss Gulfcoast Company purchased a van on January 1, 2019,...
An asset was purchased for $31,000 on January 1, 2019. The asset's estimated useful life was five years, and its residual value was $4,000. The straight-line method of depreciation was used. Calculate the gain or loss if the asset is sold for $23,000 on December 31, 2019, the last day of the accounting period. O A. $2,600 gain OB. $1,300 gain OC $2,600 loss OD. no gain or no loss Click to select your answer. 28 Downl rays_P MacBook Air...
Anwwe was purchased for $37.000 on January 1, 2019. The assets estimated useful to was five years, and is residual value was $9.000 The straighting method of depreciation was used Calculate the pain or loss the sold for $19.000 on December 31, 2019, the last day of the accounting period O A 56,200 gain OB. 512,400 loss OC 512.400 gain OD no gain or na 1065
Equipment was purchased for $122.419 on January 1, 2018. The equipment's estimated useful life was five years, and its residual value was $7.277. The straight line method of depreciation was used. Calculate the gain or loss on sale if the equipment is sold for 564,012 on December 31, 2019, the end of the accounting period Make sure to round each calculation to the area o r Only input numbers (ne dollar signs or commal. If you calculate a los indicated...
Lorenzo Corporation purchased equipment on January 1, 2019 for $600,000. The equipment had an estimated useful life of 5 years and an estimated salvage value of $40,000. After using the equipment for 2 years, the company determined that the equipment could be used for an additional 6 years and have a salvage value of $8,000. Assuming Lorenzo Corporation uses straight-line depreciation, compute depreciation expense for the year ending December 31, 2021. (Round your final answer to the nearest dollar.) O...
Print item Calculator Show Me How Book Disposal of Foced Asset Equipment acquired on January 6 at a cost of $385,000, has an estimated useful Ife of 9 years and an estimated residual value of $50.200. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Depreciation Expense Year Yвar 1 Year 2 Year 3 b. What was the book value of the equipment on January 1 of Year 47 Feedba Check...
Check my wor Exercise 6-14 Revision of estimated useful life LO 6-2, 6-6 On January 1, 2018, Poultry Processing Company purchased a freezer and related installation equipment for $63,600. The equipment had a three-year estimated life with a $3,900 salvage value. Straight-line depreciation was used. At the beginning of 2020, Poultry Processing revised the expected life of the asset to four years rather than three years. The salvage value was revised to $2,900. Required Compute the depreciation expense for each...
QUESTION 6 There are some liabilities, such as income taxes payable and the estimated warranty liability, for which the amounts must be estimated so they can be recorded in the same period as the related revenues. Failure to record these amounts in the same period as the related revenues is a violation of the 1. expense recognition principle. 2. limitation of materiality. 3. going concern assumption. 4. concept of historical cost. QUESTION 7 Generally accepted accounting principles (GAAP) require that...
Just want to double check my answers. and it its wrong, which
one is the corrwcr answer.
A) $147,368 B) 552.632 $200,000 D) $140,000 6) Which of the following items should be depreciated? Tangible property, plast, and equipment other than and B) Intangible property C) Land D) Natural resources 7) Which of the following accounting principles requires depreciation? A) The revenue recognition principle B. The matching principle C) The reliability principle D) The entity concept 8) Which of the following...
Exercise 9-08
On July 1, 2019, Cullumber Company purchased new equipment for
$85,000. Its estimated useful life was 5 years with a $12,000
salvage value. On December 31, 2022, the company estimated that the
equipment’s remaining useful life was 10 years, with a revised
salvage value of $5,000.
Prepare the journal entry to record depreciation on December
31, 2019. (Credit account titles are automatically
indented when amount is entered. Do not indent manually. If no
entry is required, select "No...
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