2 questions showing on screen. Not mentioned which is to solve. So i m solving question-1
Cost of machine- 40000
Depreciation charged- 10000
A)- Remaining Book Value at the time of sale-
40000-10000= 30000
B)-
Sale price=28000
Loss on sale = 28000-30000
= 2000
C)- Journal Entry
Bank A/C dr 28000
Loss on sale dr 2000
Depreciation Reserve A/C dr 10000
To Machine cr 40000
Chapter 9 Fall 2020 Practice problems week 3 1. Jones Corporation purchased a machine at a...
Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 Jan. 1 Paid $22,015 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 31 The truck's estimated useful ufe was changed from five to four years, and the estimated salvage value was...
Chip Company owns one delivery truck, which it purchased on October 1, 2015, at a cost of $76,800. The estimated life of the truck at that time was four years. On June 30, 2018, the close of the fiscal year, the accumulated depreciation account had a balance of $52,800. On July 1, 2018, the company traded this vehicle for a new one having a cash price of $85,200. Cash of $67,200 was also exchanged for the new truck. The old...
Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 Jan. 1 Paid $25,015 cash plus $1,935 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 31 The truck's estimated useful life was changed from five to four years, and the estimated salvage value was...
1:00 1:00 Knowledge Check 01 Silver Company purchased a machine for use in the business. The purchase price was $55,000 and the related sales tax totaled $500 Sliver paid $1,000 to have the machine delivered to its factory and $2.000 to have it assembled. Over the five-year life of the machine. maintenance cost of $800 will be incurred annually What is the capitalized cost of this asset? PreN 456 10 of 10 Next> Knowledge Check 01 Manning Company purchased a...
E9-9 Demonstrating the Effect of Book Value on Reporting an Asset Disposal (LO 9-5) [The following information applies to the questions displayed below.] Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $21,000. Movelt had originally purchased the truck for $35,000 and had recorded depreciation for three years. 1. Calculate the amount of...
Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 Jan. 1 Paid $22,015 cash plus $1,635 in sales tax for a new delivery truck estimated to have a five-year life and a $2,300 salvage value. Delivery truck costs are recorded in the Trucks account. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 31 The truck's estimated useful life was changed from five to four years, and the estimated salvage value was...
Required information E9-9 Demonstrating the Effect of Book Value on Reporting an Asset Disposal [LO 9-5] [The following information applies to the questions displayed below] FedEx Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that FedEx sold a delivery truck for $16,000. FedEx had originally purchased the truck for $28,000 and had recorded depreciation for three years. E9-9 Part 2...
eBook Calculator Print them Transactions for Fixed Assets, Induding Sale The following transactions and adjusting entries were completed by Robinson Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method of depreciation is used. Year 1 Jan. 8. Purchased a used delivery truck for $77,760, paying cash Mar. 7. Paid garage $110 for changing the oil, replacing the oil filter, and tuning the engine on the delivery truck. Dec. 31. Recorded depreciation...
Chech Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 Jan. 1 Paid $23,515 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,300 salvage value. Delivery truck costs are recorded in the Trucks account. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 31 The truck's estimated useful life was changed from five to four years, and the estimated salvage value...
Exercise 18.7
will heseno cery and in 2002 Recording the sale of plant and equipment Pro Comune che con 12.000 Depreciation wing. halosen on the truck up to four who was for I. Ghe thermal cry forced the 2. Auame, decal that the makis 3:20. Give the journal erary recorded Recording asset tradision. Exercise 18.7 Objective 184 Property. Plant, and Equipment CHAPTER 18 651 Exercise 18.3 Objective 18-2 Exercise 18.4 Objective 18-2 Exercise 18.5 Objective 18-2 Exercise 18.6 Objective 18-3...