Homework Answers
| No | Account Titles and Explanation | Debit | Credit |
| a | Accumulated Depreciation-Equipment | 23800 | |
| Loss on disposal of plant assets | 23700 | ||
| Equipment | 47500 | ||
| b | Cash | 37700 | |
| Accumulated Depreciation-Equipment | 23800 | ||
| Equipment | 47500 | ||
| Gain on disposal of plant assets | 14000 | ||
| c | Cash | 18100 | |
| Accumulated Depreciation-Equipment | 23800 | ||
| Loss on disposal of plant assets | 5600 | ||
| Equipment | 47500 |
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Blossom Company has delivery equipment that cost $47.500 and has been depreciated $23.800. Recor entries for...
Sarasota Co. has equipment that cost $75,700 and that has been depreciated $49,800. Record the disposal...
Sarasota Co. has equipment that cost $75,700 and that has been
depreciated $49,800.
Record the disposal under the following assumptions.
(a)
It was scrapped as having no value.
(b)
It was sold for $22,200.
(c)
It was sold for $27,200.
(Credit account titles are automatically indented
when amount is entered. Do not indent manually. If no entry is
required, select "No Entry" for the account titles and enter 0 for
the amounts.)
No.
Account Titles and Explanation
Debit
Credit
(a)...
Tamarisk, Inc. has equipment that cost $79,900 and that has been depreciated $50,500 Record the disposal...
Tamarisk, Inc. has equipment that cost $79,900 and that has been depreciated $50,500 Record the disposal under the following assumptions. (a) It was scrapped as having no value. It was sold for $23,800. (b) It was sold for $32,100. (c) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Credit Debit No. Account Titles and Explanation (a)...
Blossom Company owns equipment that cost $84,000 when purchased on January 1, 2019. It has been depreciated using the st...
Blossom Company owns equipment that cost $84,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $24,000 and an estimated useful life of 5 years. Prepare Blossom 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 Entry" for the account titles...
A little help here. estructure.com/course/9534/signments/12932 module stem id-234200 < Prev Question 1 View Policies Current Attempt...
A little help here.
estructure.com/course/9534/signments/12932 module stem id-234200 < Prev Question 1 View Policies Current Attempt in Progress Sheridan Company has delivery equipment that cost $54,100 and has been depreciated $24.900 Record entries for the disposal under the following assumptions. Credit account titles are automatically indented when amount entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts (a) It was scrapped as having no value. (b) (d)...
On July 1, 2021. Blossom Company bursa three-year insurance policy for $15,300. Blossom Company has a...
On July 1, 2021. Blossom Company bursa three-year insurance policy for $15,300. Blossom Company has a December 31 year and Journalize the purchase of the insurance policy. Credit accountities are automatically indented when amount is entered. Do not inden manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit July 1 e Textbook and Media List of Accounts Prepare the year-end adjusting entry for the...
Record entries for the disposal under the following assumptions. (Credit account titles are automatically indented when...
Record entries for the disposal under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) It was scrapped as having no value. (b) It was sold for $37,600. (c) It was sold for $18,900. No. Account Titles and Explanation Debit Credit (a)
Presented below is information related to equipment owned by Blossom Company at December 31, 2020. Cost...
Presented below is information related to equipment owned by Blossom Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $11,070,000 1,230,000 8,610,000 5,904,000 Blossom intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $24,600. As of December 31, 2020, the equipment has a remaining useful life of 4 years. Prepare the journal entry (if any) to record the impairment of the...
Pharoah Company has delivery equipment that cost $47,800 and has been depreciated $25,000. Prepare a tabular...
Pharoah Company has delivery equipment that cost $47,800 and has been depreciated $25,000. Prepare a tabular summary to record the disposal under the following assumptions. Your answer is partially correct. It was scrapped as having no value. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parenthese of the amount entered for the particular Asset, Liability or Equity item that was reduced.) = Liabilities + Assets Common Stock: Cash Accum. Depr. -...
Please, show work. Thanks! Blossom Company owns equipment that cost $84.000 when purchased on January 1,...
Please, show work.
Thanks!
Blossom Company owns equipment that cost $84.000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $24,000 and an estimated useful life of 5 years. Prepare Blossom 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 Entry"...
E9.9 (LO 3), AP Thieu Co. has delivery equipment that cost $50,000 and has been depreciated...
E9.9 (LO
3), AP Thieu Co. has delivery
equipment that cost $50,000 and has been depreciated $24,000.
Journalize transactions related to disposals of plant
assets.
Instructions
Record entries for the disposal under the following
assumptions.
a. It was scrapped as having no value.
b. It was sold for $37,000.
c. It was sold for $20,000.
E9.12 (LO
1,
2, 3),
AN Shown below are the T-accounts relating to equipment
that was purchased for cash by a company on the first...
Sarasota Co. has equipment that cost $75,700 and that has been
depreciated $49,800.
Record the disposal under the following assumptions.
(a)
It was scrapped as having no value.
(b)
It was sold for $22,200.
(c)
It was sold for $27,200.
(Credit account titles are automatically indented
when amount is entered. Do not indent manually. If no entry is
required, select "No Entry" for the account titles and enter 0 for
the amounts.)
No.
Account Titles and Explanation
Debit
Credit
(a)...
Tamarisk, Inc. has equipment that cost $79,900 and that has been depreciated $50,500 Record the disposal under the following assumptions. (a) It was scrapped as having no value. It was sold for $23,800. (b) It was sold for $32,100. (c) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Credit Debit No. Account Titles and Explanation (a)...
A little help here.
estructure.com/course/9534/signments/12932 module stem id-234200 < Prev Question 1 View Policies Current Attempt in Progress Sheridan Company has delivery equipment that cost $54,100 and has been depreciated $24.900 Record entries for the disposal under the following assumptions. Credit account titles are automatically indented when amount entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts (a) It was scrapped as having no value. (b) (d)...
On July 1, 2021. Blossom Company bursa three-year insurance policy for $15,300. Blossom Company has a December 31 year and Journalize the purchase of the insurance policy. Credit accountities are automatically indented when amount is entered. Do not inden manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit July 1 e Textbook and Media List of Accounts Prepare the year-end adjusting entry for the...
Record entries for the disposal under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) It was scrapped as having no value. (b) It was sold for $37,600. (c) It was sold for $18,900. No. Account Titles and Explanation Debit Credit (a)
Presented below is information related to equipment owned by Blossom Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $11,070,000 1,230,000 8,610,000 5,904,000 Blossom intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $24,600. As of December 31, 2020, the equipment has a remaining useful life of 4 years. Prepare the journal entry (if any) to record the impairment of the...
Pharoah Company has delivery equipment that cost $47,800 and has been depreciated $25,000. Prepare a tabular summary to record the disposal under the following assumptions. Your answer is partially correct. It was scrapped as having no value. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parenthese of the amount entered for the particular Asset, Liability or Equity item that was reduced.) = Liabilities + Assets Common Stock: Cash Accum. Depr. -...
Please, show work.
Thanks!
Blossom Company owns equipment that cost $84.000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $24,000 and an estimated useful life of 5 years. Prepare Blossom 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 Entry"...
E9.9 (LO
3), AP Thieu Co. has delivery
equipment that cost $50,000 and has been depreciated $24,000.
Journalize transactions related to disposals of plant
assets.
Instructions
Record entries for the disposal under the following
assumptions.
a. It was scrapped as having no value.
b. It was sold for $37,000.
c. It was sold for $20,000.
E9.12 (LO
1,
2, 3),
AN Shown below are the T-accounts relating to equipment
that was purchased for cash by a company on the first...
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