Homework Answers
| The jouunal entry to record the sale is: | ||
| Debit | Credit | |
| Cash | 20000 | |
| Accumulated Depreciation | 35000 | |
| Equipment | 50000 | |
| Gain on sale of Equipment | 5000 | |
| Debit Accumulated Depreciation $35,000 is correct option | ||
| Option C is correct | ||
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uestion 9 3 points In a situation where a company sold equipment with an original cost...
Current Attempt in Progress Crane Company owns equipment that cost $85,000 when purchased on January 1,...
Current Attempt in Progress Crane Company owns equipment that cost $85,000 when purchased on January 1, 2019. It has been depreciated using the straight- line method based on an estimated salvage value of $25,000 and an estimated useful life of 5 years. Prepare Crane Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
In 2019, BayKing Company sold used equipment for $ 22,000.The equipment had an original cost of...
In 2019, BayKing Company sold used equipment for $ 22,000.The equipment had an original cost of $ 84,000 and accumulated depreciation as of the date of sale was $ 60,000.BayKing also purchased held-to-maturity securities for $7,000. What is the gain or loss on the sale of the equipment? A. $39,000 gain B. $2,000 loss C. $24,000 gain D. $17,000 loss
On December 31, 2019, Lincoln Inc. sold a used industrial crane for $660,000 cash. The original...
On December 31, 2019, Lincoln Inc. sold a used industrial crane for $660,000 cash. The original cost of the crane was $5.08 million and its accumulated depreciation equaled $4.24 million on December 31, 2019. The journal entry to record the sale of the equipment will include - credit to the Accumulated Depreciation account for $4.24 million. - gain on disposal of $180,000 - credit to the Equipment account of $840,000. l -loss on dispoal of $180,000
Sale of Equipment Prepare the journal entry for the following transactions: (1) Geysler Company sold some...
Sale of Equipment Prepare the journal entry for the following transactions: (1) Geysler Company sold some old equipment that initially cost $30,000 and had $25.000 of accumulated depreciation and received cash in the amount of $3,000. General Journal Description Debit Credit Cash Accumulated depreciation
Oregon Adventures purchased equipment at the beginning of 2012 for $80,000. They sold the equipment at...
Oregon Adventures purchased equipment at the beginning of 2012 for $80,000. They sold the equipment at the end of 2014 for $45,000. If the expected life of the equipment was seven years with a residual value of $10,000, and they use straight-line depreciation, which of the following is true regarding the entry to record the sale of the equipment? Group of answer choices Credit Equipment $5,000. Credit Accumulated Depreciation $40,000. Credit Gain $5,000. Debit Loss $5,000.
Question 6 Equipment costing $20,000 with $17,800 of accumulated depreciation is sold for $2,500 cash. The...
Question 6 Equipment costing $20,000 with $17,800 of accumulated depreciation is sold for $2,500 cash. The journal entry will involve a debit to accumulated depreciation for $2,200. debit to depreciation expense for $17,800. credit to accumulated depreciation for $17,800. credit to depreciation expense for $17,800. debit to accumulated depreciation for $17,800.
Strawberry Fields purchased a tractor at a cost of $38,000 and sold it two years later...
Strawberry Fields purchased a tractor at a cost of $38,000 and sold it two years later for $25,700. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $9,000 residual value. 1. What was the gain or loss on the sale? Gain on sale 25 points (8 058:24 2. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View transaction list View journal...
A company sells equipment for $6,000. The original cost was $50,000
A company sells equipment for $6,000. The original cost was $50,000. The accumulated depreciation is $45,000. The sale results inA. a loss of $1,000B. a gain of $1,000C. a gain of $5,000D. neither a gain nor a loss
On September 30, 2019, Sarpino's Pizzeria sold a piece of equipment for $42,000 cash. The equipment...
On September 30, 2019, Sarpino's Pizzeria sold a piece of equipment for $42,000 cash. The equipment onginally cow $180,000 and had Accumulated Depreciation of $442.000. The journal entry to record this sale includes as a. Credit to 'Gain on Sale of Equipment' for $4,000. b. Credit to 'Gain on Sale of Equipment' for $42,000. c. Debit to Gain on Sale of Equipment' for $4,000. d. Debit to 'Loss on Sale of Equipment' for $38,000. 10. Glamour, Inc. purchases a new...
On September 30, 2019, Sarpino's Pizzeria sold a piece of equipment for $42,000 cash. The equipment...
On September 30, 2019, Sarpino's Pizzeria sold a piece of equipment for $42,000 cash. The equipment onginally cow $180,000 and had Accumulated Depreciation of $442.000. The journal entry to record this sale includes as a. Credit to 'Gain on Sale of Equipment' for $4,000. b. Credit to 'Gain on Sale of Equipment' for $42,000. c. Debit to Gain on Sale of Equipment' for $4,000. d. Debit to 'Loss on Sale of Equipment' for $38,000. 10. Glamour, Inc. purchases a new...
Current Attempt in Progress Crane Company owns equipment that cost $85,000 when purchased on January 1, 2019. It has been depreciated using the straight- line method based on an estimated salvage value of $25,000 and an estimated useful life of 5 years. Prepare Crane Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
Sale of Equipment Prepare the journal entry for the following transactions: (1) Geysler Company sold some old equipment that initially cost $30,000 and had $25.000 of accumulated depreciation and received cash in the amount of $3,000. General Journal Description Debit Credit Cash Accumulated depreciation
Strawberry Fields purchased a tractor at a cost of $38,000 and sold it two years later for $25,700. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $9,000 residual value. 1. What was the gain or loss on the sale? Gain on sale 25 points (8 058:24 2. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View transaction list View journal...
On September 30, 2019, Sarpino's Pizzeria sold a piece of equipment for $42,000 cash. The equipment onginally cow $180,000 and had Accumulated Depreciation of $442.000. The journal entry to record this sale includes as a. Credit to 'Gain on Sale of Equipment' for $4,000. b. Credit to 'Gain on Sale of Equipment' for $42,000. c. Debit to Gain on Sale of Equipment' for $4,000. d. Debit to 'Loss on Sale of Equipment' for $38,000. 10. Glamour, Inc. purchases a new...
On September 30, 2019, Sarpino's Pizzeria sold a piece of equipment for $42,000 cash. The equipment onginally cow $180,000 and had Accumulated Depreciation of $442.000. The journal entry to record this sale includes as a. Credit to 'Gain on Sale of Equipment' for $4,000. b. Credit to 'Gain on Sale of Equipment' for $42,000. c. Debit to Gain on Sale of Equipment' for $4,000. d. Debit to 'Loss on Sale of Equipment' for $38,000. 10. Glamour, Inc. purchases a new...
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