Homework Answers
| Accounts | Debit | Credit |
| Cash | $176000 | |
| Accumulated depreciation - Equipment | 1980000 | |
| Loss | $52000 | |
| Equipment | 426000 | |
Loss of $52000 is correct answer.
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Question 17 Current Attempt in Progress Equipment that cost $426000 and on which $198000 of accumulated...
Question 6 0.6 points Save Answer Equipment that cost $144,000 and on which $120,000 of accumulated...
Question 6 0.6 points Save Answer Equipment that cost $144,000 and on which $120,000 of accumulated depreciation has been recorded was disposed of for $36,000 cash. The entry to record this event would include a credit to gain on disposal for $12,000. debit to loss on disposal for $12,000. credit to the Equipment account for $36,000 credit to Accumulated Depreciation for $120,000
Question 6 0.6 points Save Answer Equipment that cont $144,000 and on which $120,000 of accumulated...
Question 6 0.6 points Save Answer Equipment that cont $144,000 and on which $120,000 of accumulated depreciation has been recorded was disposed of for $35,000 cash. The entry to record this event would include a credit to gain on disposal for $12,000, debit to loss on disposal for $12,000 credit to the Equipment account for $36,000 credit to Accumulated Depreciation for $120,000
A truck that cost $73100 and on which $59100 of accumulated depreciation has been recorded was...
A truck that cost $73100 and on which $59100 of accumulated
depreciation has been recorded was disposed of for $17000 cash. The
entry to record this event would include a
a
gain of $3000.
b
loss of $3000.
c
credit to Accumulated Depreciation for $59100.
d
credit to the Equipment account for $14000.
Time 1142 AM Ra n g 56 min CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Multiple...
Time 1142 AM Ra n g 56 min CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Multiple Choice Question 152 Equipment that cost $145000 and on which $122000 of accumulated depreciation has been recorded was disposed of for $34000 cash. The entry to record this event would include O credit to Accumulated Depreciation for $122000 gain of $11000 loss of $11000 credit to the Louiment account for $34000 LINK TO THE question Attempts of I used SAVE FOR LATER SET ASWER
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...
O 01:59:05 Hide Tin Question 44 View Policies Current Attempt in Progress Equipment was acquired on...
O 01:59:05 Hide Tin Question 44 View Policies Current Attempt in Progress Equipment was acquired on January 1, 2019 at a cost of $173,000. The equipment was originally estimated to have a salvage value of $11,000 and an estimated life of 10 years. Depreciation has been recorded through December 31, 2021 using the straight-line method. On January 1, 2022, the estimated salvage value was revised to $32,000 and the useful life was revised to a total of 8 years, Prepare...
Question 7 9.6/24 View Policies Show Attempt History Current Attempt in Progress On January 1, 2016,...
Question 7 9.6/24 View Policies Show Attempt History Current Attempt in Progress On January 1, 2016, Sheridan Corporation acquired equipment costing $72,320. It was estimated at that time that the equipment would have a useful life of eight years and no residual value. The company uses the straight-line method of depreciation for its equipment, and its year end is December 31. Your answer is correct. Calculate the equipment's accumulated depreciation and carrying amount at the beginning of 2018. Equipment's accumulated...
d View Policies Show Attempt History Current Attempt in Progress Indigo Company exchanged equipment used in...
d View Policies Show Attempt History Current Attempt in Progress Indigo Company exchanged equipment used in its manufacturing operations plus $3,240 in cash for similar equipment used in the operations of Sweet Company. The following information pertains to the exchange. Sweet Co. Indigo Co. $30,240 $30,240 Equipment (cost) Accumulated depreciation 20,520 10,800 Fair value of equipment 13,500 16,740 Cash given up 3,240 Part 2 Prepare the journal entries to record the exchange on the b0oks of both companies. Assume that...
Current Attempt in Progress Equipment that cost $778800 and has accumulated depreciation of $354000 is exchanged...
Current Attempt in Progress Equipment that cost $778800 and has accumulated depreciation of $354000 is exchanged for equipment with a fair value of $566400 and $141600 cash is received. The exchange lacked commercial substance, The new equipment should be recorded at $339840 $283200 $566400 $354000
Current Attempt in Progress Equipment that cost $554400 and has accumulated depreciation of 5252000 is exchanged...
Current Attempt in Progress Equipment that cost $554400 and has accumulated depreciation of 5252000 is exchanged for equipment with a fair value of $403200 and $100300 cash is received. The exchange backed commercial substand The new equipment should be recorded at $241920 $403200 $252000 $201600
Question 6 0.6 points Save Answer Equipment that cost $144,000 and on which $120,000 of accumulated depreciation has been recorded was disposed of for $36,000 cash. The entry to record this event would include a credit to gain on disposal for $12,000. debit to loss on disposal for $12,000. credit to the Equipment account for $36,000 credit to Accumulated Depreciation for $120,000
Question 6 0.6 points Save Answer Equipment that cont $144,000 and on which $120,000 of accumulated depreciation has been recorded was disposed of for $35,000 cash. The entry to record this event would include a credit to gain on disposal for $12,000, debit to loss on disposal for $12,000 credit to the Equipment account for $36,000 credit to Accumulated Depreciation for $120,000
A truck that cost $73100 and on which $59100 of accumulated
depreciation has been recorded was disposed of for $17000 cash. The
entry to record this event would include a
a
gain of $3000.
b
loss of $3000.
c
credit to Accumulated Depreciation for $59100.
d
credit to the Equipment account for $14000.
Time 1142 AM Ra n g 56 min CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Multiple Choice Question 152 Equipment that cost $145000 and on which $122000 of accumulated depreciation has been recorded was disposed of for $34000 cash. The entry to record this event would include O credit to Accumulated Depreciation for $122000 gain of $11000 loss of $11000 credit to the Louiment account for $34000 LINK TO THE question Attempts of I used SAVE FOR LATER SET ASWER
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...
O 01:59:05 Hide Tin Question 44 View Policies Current Attempt in Progress Equipment was acquired on January 1, 2019 at a cost of $173,000. The equipment was originally estimated to have a salvage value of $11,000 and an estimated life of 10 years. Depreciation has been recorded through December 31, 2021 using the straight-line method. On January 1, 2022, the estimated salvage value was revised to $32,000 and the useful life was revised to a total of 8 years, Prepare...
Question 7 9.6/24 View Policies Show Attempt History Current Attempt in Progress On January 1, 2016, Sheridan Corporation acquired equipment costing $72,320. It was estimated at that time that the equipment would have a useful life of eight years and no residual value. The company uses the straight-line method of depreciation for its equipment, and its year end is December 31. Your answer is correct. Calculate the equipment's accumulated depreciation and carrying amount at the beginning of 2018. Equipment's accumulated...
d View Policies Show Attempt History Current Attempt in Progress Indigo Company exchanged equipment used in its manufacturing operations plus $3,240 in cash for similar equipment used in the operations of Sweet Company. The following information pertains to the exchange. Sweet Co. Indigo Co. $30,240 $30,240 Equipment (cost) Accumulated depreciation 20,520 10,800 Fair value of equipment 13,500 16,740 Cash given up 3,240 Part 2 Prepare the journal entries to record the exchange on the b0oks of both companies. Assume that...
Current Attempt in Progress Equipment that cost $778800 and has accumulated depreciation of $354000 is exchanged for equipment with a fair value of $566400 and $141600 cash is received. The exchange lacked commercial substance, The new equipment should be recorded at $339840 $283200 $566400 $354000
Current Attempt in Progress Equipment that cost $554400 and has accumulated depreciation of 5252000 is exchanged for equipment with a fair value of $403200 and $100300 cash is received. The exchange backed commercial substand The new equipment should be recorded at $241920 $403200 $252000 $201600
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