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Snowbot Snow Removal Company of Halifax purchased some snowplow equipment on March 10, 2020, that had...
i need help answering this Problem 10-2A Asset purchased with a note LO2,3 SOLATA Quebec Construction...
i need help answering this
Problem 10-2A Asset purchased with a note LO2,3 SOLATA Quebec Construction Company purchased some equipment on September 10, 2020, that had a cost of $190,000 (ignore GST/PST). Show the journal that would record this purchase and payment under these three separate situations: a. The company paid cash for the full purchase price. b. The company purchased the equipment on credit with terms 1/30, n/60. Payment was made on October 9, 2020. c. The company signed...
December 31 2021 2022 2020 2023 Current liabilities: Current portion of non-current debt Interest payable Non-current...
December 31 2021 2022 2020 2023 Current liabilities: Current portion of non-current debt Interest payable Non-current liabilities: Long-term debt................ Problem 10-2A Asset purchased with a note LO2,3 cm Quebec Construction Company purchased some equipment on September 10, 2020, that had a cost of $190,000 (ignore GST/PST). Show the journal entries that would record this purchase and payment under these three separate situations: a. The company paid cash for the full purchase price. b. The company purchased the equipment on credit...
Vita Water purchased a used machine for $117,500 on January 2, 2020. It was repaired the...
Vita Water purchased a used machine for $117,500 on January 2, 2020. It was repaired the next day at a cost of $5,250 and installed on a new platform that cost $1,650. The company predicted that the machine would be used for six years and would then have a $14,720 residual value. Depreciation was to be charged on a straight-line basis to the nearest whole month. A full year's depreciation was recorded on December 31, 2020. On September 30, 2025,...
Vita Water purchased a used machine for $117,500 on January 2, 2020. It was repaired the...
Vita Water purchased a used machine for $117,500 on January 2, 2020. It was repaired the next day at a cost of $5,250 and installed on a new platform that cost $1,650. The company predicted that the machine would be used for six years and would then have a $14,720 residual value. Depreciation was to be charged on a straight-line basis to the nearest whole month. A full year's depreciation was recorded on December 31, 2020. On September 30, 2025,...
Vita Water purchased a used machine for $122,300 on January 2, 2020. It was repaired the...
Vita Water purchased a used machine for $122,300 on January 2, 2020. It was repaired the next day at a cost of $10,038 and installed on a new platform that cost $1.662. The company predicted that the machine would be used for six years and would then have a $24.320 residual value. Depreciation was to be charged on a straight line basis to the nearest whole month. A full year's depreciation was recorded on December 31, 2020. On September 30,...
On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The...
On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $1,020,000 to the various types of assets along with estimated useful lives and residual values are as follows: Asset Land Building Equipment Vehicles Total Cost $ 110,000 520,000 220,000 170,000 $1,020,000 Estimated Residual Value N/A none 12% of cost $14,000 Estimated Useful Life (in years) N/A 25 10 On June 29, 2022, equipment included in the March...
A company has the following transactions during March: March 3 Purchases inventory on account for $3,100, terms 3/10, n...
A company has the following transactions during March: March 3 Purchases inventory on account for $3,100, terms 3/10, n/30. March 5 Pays freight costs of $290 on inventory purchased on March 3. March 6 Returns inventory with a cost of $500. March 12 Pays the full amount due on March 3 purchase. March 29 Sells all inventory purchased on March 3 (less those returned on March 6) for $5,800 on account. tormiunt due on March 3 purchase the returned Record...
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $115,000. The residual...
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $115,000. The residual value of the equipment was estimated to be $10,000 at the end of a five-year life. The equipment was sold on March 31, 2021, for $34,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Required: 1. Prepare the journal entry to record the sale....
Chem-Lite, Inc., maintains its accounts on the basis of a fiscal year ending March 31. At...
Chem-Lite, Inc., maintains its accounts on the basis of a fiscal year ending March 31. At March 31, 20X1, the Equipment account in the general ledger appeared as shown below. The company uses straight-line depreciation, a 10-year life, and 10 percent salvage value for all its equipment. It is the company's policy to take a full year's depreciation on all additions to equipment occurring during the fiscal year, and you may treat this policy as a satisfactory one for the...
Problem 9-19A Intangible assets LO7 On October 1, 2020, Kingsway Broadcasting purchased for $330,000 the copyright...
Problem 9-19A Intangible assets LO7 On October 1, 2020, Kingsway Broadcasting purchased for $330,000 the copyright to publish the music composed by a local Celtic group. Kingsway expects the music to be sold over the next six years. The company uses the straight-line method to amortize intangibles. Required: Prepare entries to record: a. The purchase of the copyright View transaction list Journal entry worksheet Record purchase of copyright. Note: Enter debits before credits General Journal Debit Credit Dato Oct 01,...
i need help answering this
Problem 10-2A Asset purchased with a note LO2,3 SOLATA Quebec Construction Company purchased some equipment on September 10, 2020, that had a cost of $190,000 (ignore GST/PST). Show the journal that would record this purchase and payment under these three separate situations: a. The company paid cash for the full purchase price. b. The company purchased the equipment on credit with terms 1/30, n/60. Payment was made on October 9, 2020. c. The company signed...
December 31 2021 2022 2020 2023 Current liabilities: Current portion of non-current debt Interest payable Non-current liabilities: Long-term debt................ Problem 10-2A Asset purchased with a note LO2,3 cm Quebec Construction Company purchased some equipment on September 10, 2020, that had a cost of $190,000 (ignore GST/PST). Show the journal entries that would record this purchase and payment under these three separate situations: a. The company paid cash for the full purchase price. b. The company purchased the equipment on credit...
Vita Water purchased a used machine for $117,500 on January 2, 2020. It was repaired the next day at a cost of $5,250 and installed on a new platform that cost $1,650. The company predicted that the machine would be used for six years and would then have a $14,720 residual value. Depreciation was to be charged on a straight-line basis to the nearest whole month. A full year's depreciation was recorded on December 31, 2020. On September 30, 2025,...
Vita Water purchased a used machine for $117,500 on January 2, 2020. It was repaired the next day at a cost of $5,250 and installed on a new platform that cost $1,650. The company predicted that the machine would be used for six years and would then have a $14,720 residual value. Depreciation was to be charged on a straight-line basis to the nearest whole month. A full year's depreciation was recorded on December 31, 2020. On September 30, 2025,...
Vita Water purchased a used machine for $122,300 on January 2, 2020. It was repaired the next day at a cost of $10,038 and installed on a new platform that cost $1.662. The company predicted that the machine would be used for six years and would then have a $24.320 residual value. Depreciation was to be charged on a straight line basis to the nearest whole month. A full year's depreciation was recorded on December 31, 2020. On September 30,...
On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $1,020,000 to the various types of assets along with estimated useful lives and residual values are as follows: Asset Land Building Equipment Vehicles Total Cost $ 110,000 520,000 220,000 170,000 $1,020,000 Estimated Residual Value N/A none 12% of cost $14,000 Estimated Useful Life (in years) N/A 25 10 On June 29, 2022, equipment included in the March...
A company has the following transactions during March: March 3 Purchases inventory on account for $3,100, terms 3/10, n/30. March 5 Pays freight costs of $290 on inventory purchased on March 3. March 6 Returns inventory with a cost of $500. March 12 Pays the full amount due on March 3 purchase. March 29 Sells all inventory purchased on March 3 (less those returned on March 6) for $5,800 on account. tormiunt due on March 3 purchase the returned Record...
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $115,000. The residual value of the equipment was estimated to be $10,000 at the end of a five-year life. The equipment was sold on March 31, 2021, for $34,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Required: 1. Prepare the journal entry to record the sale....
Chem-Lite, Inc., maintains its accounts on the basis of a fiscal year ending March 31. At March 31, 20X1, the Equipment account in the general ledger appeared as shown below. The company uses straight-line depreciation, a 10-year life, and 10 percent salvage value for all its equipment. It is the company's policy to take a full year's depreciation on all additions to equipment occurring during the fiscal year, and you may treat this policy as a satisfactory one for the...
Problem 9-19A Intangible assets LO7 On October 1, 2020, Kingsway Broadcasting purchased for $330,000 the copyright to publish the music composed by a local Celtic group. Kingsway expects the music to be sold over the next six years. The company uses the straight-line method to amortize intangibles. Required: Prepare entries to record: a. The purchase of the copyright View transaction list Journal entry worksheet Record purchase of copyright. Note: Enter debits before credits General Journal Debit Credit Dato Oct 01,...
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