Homework Answers
Answer 2:
Original cost = $500,000
Useful life = 15 years
Salvage value = $50,000
Depreciation per year = (Original cost - Salvage value) /Useful life = ($500,000 - $50,000) /15 = $30,000
Accumulated Depreciation as on December 31, 2018 = $30,000 * 8 years = $240,000
Book value as on December 31, 2018 = $500,000 - $240,000 = $260,000
Sale value of asset = $200,000
Loss on disposal of asset = $260,000 - $200,000 = $60,000
Journal Entry is as follows:
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Exercise 9-10
Here are selected 2022 transactions of Ayayai Corporation.
Jan. 1
Retired a piece of machinery that was purchased on January 1,
2012. The machine cost $61,000 and had a useful life of 10 years
with no salvage value.
June 30
Sold a computer that was purchased on January 1, 2020. The
computer cost $35,000 and had a useful life of 4 years with no
salvage value. The computer was sold for $4,000 cash.
Dec. 31
Sold a delivery...
Rossi Lake Resort reported the following on its balance sheet at December 31, 2018: (Click the...
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XY Merchandising Company was established on January 1, 2018. As of December 31, 2018, the following...
XY Merchandising Company was established on January 1, 2018. As
of December 31, 2018, the following additional information is
available:
$5.000 of Office Supplies has been used.
Accrued interest revenue is $10.000.
$15.000 of prepaid rent has expired as of December 31, 2018.
As of December 31, 2016, $20.000 of the Unearned Service Revenue is
earned.
Question:
1) Find the Marketing Expense for the year of 2018 (Write all
the accounts to debit or credit sides while considering their
nature....
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Exercise 9-10
Here are selected 2022 transactions of Ayayai Corporation.
Jan. 1
Retired a piece of machinery that was purchased on January 1,
2012. The machine cost $61,000 and had a useful life of 10 years
with no salvage value.
June 30
Sold a computer that was purchased on January 1, 2020. The
computer cost $35,000 and had a useful life of 4 years with no
salvage value. The computer was sold for $4,000 cash.
Dec. 31
Sold a delivery...
Rossi Lake Resort reported the following on its balance sheet at December 31, 2018: (Click the icon to view the partial balance sheet.) (Click the icon to view additional information.) Requirements 1. Journalize Rossi Lake Resort's plant asset purchase and depreciation transactions for 2019. 2. Report plant assets on the December 31, 2019, balance sheet. Requirement 1. Journalize Rossi Lake Resort's plant asset purchase and depreciation transactions for 2019. (Record debits first, then credits. Exclude explanations from any journal entries.)...
XY Merchandising Company was established on January 1, 2018. As
of December 31, 2018, the following additional information is
available:
$5.000 of Office Supplies has been used.
Accrued interest revenue is $10.000.
$15.000 of prepaid rent has expired as of December 31, 2018.
As of December 31, 2016, $20.000 of the Unearned Service Revenue is
earned.
Question:
1) Find the Marketing Expense for the year of 2018 (Write all
the accounts to debit or credit sides while considering their
nature....
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