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The following information is for X Company for the year: Equipment, $14,990 January 1 Equipment, December...
The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials...
The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials Work in process 642,350 Finished goods617,370 $356,860 $435,370 592,100 605,160 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory $295,620 41,800 56,160 670,470 22,200 78,370 657,410 229,440 18,290 37,880 30,910 3,078,070 377,900 15,240 < ) Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales Sales salaries expense Supplies-factory Miscellaneous costs-factory Required: 1. Prepare...
Instructions X Chart of Accounts х CHART OF ACCOUNTS Gundrum Company purchased equipment on January 1,...
Instructions X Chart of Accounts х CHART OF ACCOUNTS Gundrum Company purchased equipment on January 1, 2015 for $874,600. The equipment was expected to have a useful life of 10 years and a salvage value of $32,000. Gundrum uses the straight-line method of depreciation. At the beginning of 2020, Gundrum determined the total estimated life of the equipment was 13 years and the residual value would be $10,400 at the end of that time. Gundrum Company General Ledger Required: Prepare...
The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials...
The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $402,820 $491,440 Work in process 725,080 668,360 Finished goods 696,880 683,100 Advertising expense $333,690 Depreciation expense-office equipment 47,180 Depreciation expense-factory equipment 63,400 Direct labor 756,820 Heat, light, and power-factory 25,060 Indirect labor 88,460 Materials purchased 742,070 Office salaries expense 258,990 Property taxes-factory 20,640 Property taxes-headquarters building 42,760 Rent expense-factory 34,890 Sales 3,474,480 Sales salaries expense 426,570 Supplies-factory 17,200 Miscellaneous costs-factory 10,810 Required: 1. Prepare...
XYZ Company purchased a new piece of equipment on January 1, 2022. The following information relates...
XYZ Company purchased a new piece of equipment on January 1, 2022. The following information relates to the equipment purchased: Purchase price .............. ? Residual value .............. ? Life ........................ 8 years Using the straight-line depreciation method, the equipment's book value at December 31, 2025 would be $82,700. Using the double-declining balance depreciation method, the depreciation expense recorded on the equipment in 2023 would be $30,000. Calculate the residual value assigned to this piece of equipment.
XYZ Company purchased a new piece of equipment on January 1, 2022. The following information relates...
XYZ Company purchased a new piece of equipment on January 1, 2022. The following information relates to the equipment purchased: Purchase price .............. ? Residual value .............. ? Life ........................ 8 years Using the straight-line depreciation method, the equipment's book value at December 31, 2025 would be $82,700. Using the double-declining balance depreciation method, the depreciation expense recorded on the equipment in 2023 would be $30,000. Calculate the residual value assigned to this piece of equipment.
XYZ Company purchased a new piece of equipment on January 1, 2022. The following information relates...
XYZ Company purchased a new piece of equipment on January 1, 2022. The following information relates to the equipment purchased: Purchase price Residual value ... Life ......... ...... 8 years Using the straight-line depreciation method, the equipment's book value at December 31, 2025 would be $82,700. Using the double-declining balance depreciation method, the depreciation expense recorded on the equipment in 2023 would be $30,000. Calculate the residual value assigned to this piece of equipment.
Recording Purchase of Equipment through Debt and Equity On January 1, 2020, Sidelines Company purchases equipment...
Recording Purchase of Equipment through Debt and Equity On January 1, 2020, Sidelines Company purchases equipment with an estimated 6-year useful life by making a $5,600 cash payment and issuing a noninterset-bearing note for $19,200 due in two years. The fair value of the the equipment is unknown. An 11% annual interest rate is typical of this transaction. The company uses the effective interest method to amortize interest expense and the straight-line method to estimate depreciation expense. a. Prepare the...
Q3/ On January 1, 2016, Cullumber Corporation acquired equipment costing $77,440. It was estimated at that...
Q3/ On January 1, 2016, Cullumber Corporation acquired equipment costing $77,440. 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. A/ Calculate the equipment’s accumulated depreciation and carrying amount at the beginning of 2018. Equipment’s accumulated depreciation $ Carrying amount $ B/ What is the amount of the gain or...
The following selected transactions were completed by Air Systems Company during January of the current year....
The following selected transactions were completed by Air Systems Company during January of the current year. Air Systems Company uses the periodic inventory system. Jan. 2 Purchased $18,200 of merchandise on account, FOB shipping point, terms 2/15, n/30. 5 Paid freight of $190 on the January 2 purchase. 6 Returned $2,750 of the merchandise purchased on January 2. 13 Sold merchandise on account, $37,300, FOB destination, 1/10, n/30. The cost of merchandise sold was $22,400. 15 Paid freight of $215...
The following information is available for Buckeye Company: December 31, 2018 $30,000 42,000 45,000 58,000 January...
The following information is available for Buckeye Company: December 31, 2018 $30,000 42,000 45,000 58,000 January 1, 2018 Cash $25,000 Land 40,000 Notes payable 29,000 Retained earnings 33,000 Accumulated depreciation 4,000 Supplies 8,000 Accounts payable 16,000 Equipment 20,000 Accounts receivable 11,000 Common stock 40,000 Inventory 18,000 7,800 10,000 17,000 26,000 40,000 42,000 During 2018, Buckeye Company reported sales revenue of $98,000, salaries expense of $22,800, rent expense of $17,000, and cost of goods sold. Buckeye Company paid $9,880 of dividends...
The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials Work in process 642,350 Finished goods617,370 $356,860 $435,370 592,100 605,160 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory $295,620 41,800 56,160 670,470 22,200 78,370 657,410 229,440 18,290 37,880 30,910 3,078,070 377,900 15,240 < ) Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales Sales salaries expense Supplies-factory Miscellaneous costs-factory Required: 1. Prepare...
Instructions X Chart of Accounts х CHART OF ACCOUNTS Gundrum Company purchased equipment on January 1, 2015 for $874,600. The equipment was expected to have a useful life of 10 years and a salvage value of $32,000. Gundrum uses the straight-line method of depreciation. At the beginning of 2020, Gundrum determined the total estimated life of the equipment was 13 years and the residual value would be $10,400 at the end of that time. Gundrum Company General Ledger Required: Prepare...
XYZ Company purchased a new piece of equipment on January 1, 2022. The following information relates to the equipment purchased: Purchase price Residual value ... Life ......... ...... 8 years Using the straight-line depreciation method, the equipment's book value at December 31, 2025 would be $82,700. Using the double-declining balance depreciation method, the depreciation expense recorded on the equipment in 2023 would be $30,000. Calculate the residual value assigned to this piece of equipment.
Recording Purchase of Equipment through Debt and Equity On January 1, 2020, Sidelines Company purchases equipment with an estimated 6-year useful life by making a $5,600 cash payment and issuing a noninterset-bearing note for $19,200 due in two years. The fair value of the the equipment is unknown. An 11% annual interest rate is typical of this transaction. The company uses the effective interest method to amortize interest expense and the straight-line method to estimate depreciation expense. a. Prepare the...
The following information is available for Buckeye Company: December 31, 2018 $30,000 42,000 45,000 58,000 January 1, 2018 Cash $25,000 Land 40,000 Notes payable 29,000 Retained earnings 33,000 Accumulated depreciation 4,000 Supplies 8,000 Accounts payable 16,000 Equipment 20,000 Accounts receivable 11,000 Common stock 40,000 Inventory 18,000 7,800 10,000 17,000 26,000 40,000 42,000 During 2018, Buckeye Company reported sales revenue of $98,000, salaries expense of $22,800, rent expense of $17,000, and cost of goods sold. Buckeye Company paid $9,880 of dividends...
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