Nicole’s Getaway Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at NGS. The machine was purchased at the beginning of the year at a cost of $25,000. The estimated useful life was five years and the residual value was $1,000. Assume that the estimated productive life of the machine is 10,000 hours. Expected annual production was year 1, 2,550 hours; year 2, 2,300 hours; year 3, 2,050 hours; year 4, 2,100 hours; and year 5, 1,000 hours. Assume NGS sold the hydrotherapy tub system for $7,500 at the end of year 3. Prepare the journal entry to account for the disposal of this asset under the three different methods. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest dollar amount
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Nicole’s Getaway Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at...
Nicole’s Getaway Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at NGS. The machine was purchased at the beginning of the year at a cost of $6,500. The estimated useful life was five years and the residual value was $500. Assume that the estimated productive life of the machine is 10,000 hours. Expected annual production was year 1, 2,350 hours; year 2, 2,450 hours; year 3, 2,100 hours; year 4, 2,100 hours; and year 5,...
Please help me. I need help with these questions. Thank you. Required information CC9-1 Accounting for the Use and Disposal of Long-Lived Assets [LO 9-3, LO 9-5] [The following information applies to the questions displayed below] Nicole's Getaway Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at NGS. The machine was purchased at the beginning of the year at a cost of $13,500. The estimated useful life was five years and the residual value was...
need help with journal entry, thanks! 3 methods: straight line method, units of production method, double declining balance method Required information CC9-1 Accounting for the Use and Disposal of Long-Lived Assets [LO 9-3, LO 9-5] [The following information applies to the questions displayed below.] Nicole's Getaway Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at NGS. The machine was purchased at the beginning of the year at a cost of $16,000. The estimated useful life...
somebody help me with the three methods please, thank you very much Required information CC9-1 Accounting for the Use and Disposal of Long-Lived Assets [LO 9-3, LO 9-5) [The following information applies to the questions displayed below.] Nicole's Getaway Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at NGS. The machine was purchased at the beginning of the year at a cost of $16,000. The estimated useful life was five years and the residual value...
Please help me. I need help with these questions in Accounting. Thank you. Required information CC9-1 Accounting for the Use and Disposal of Long-Lived Assets [LO 9-3, LO 9-5] [The following information applies to the questions displayed below.) Nicole's Getaway Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at NGS. The machine was purchased at the beginning of the year at a cost of $13,500. The estimated useful life was five years and the residual...
please help me complete this income statement, thank you! -i don't understand why someone commented it's incomplete. at least tell me what i'm missing, thank you. NICOLE'S GETAWAY SPA (Forecasted) Income Statement For the Year Ended Year 3 Straight-Line Units-of- Production Double- Declining Balance Operating Expenses: Other Operating Expenses Total Operating Expenses 이 이 이 Required information CC9-1 Accounting for the Use and Disposal of Long-Lived Assets [LO 9-3, LO 9-5) [The following information applies to the questions displayed below.]...
i need help with this, thank you (straight-line method/double-declining method/units of production method) Required information CC9-1 Accounting for the Use and Disposal of Long-Lived Assets [LO 9-3, LO 9-5] [The following information applies to the questions displayed below.] Nicole's Getaway Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at NGS. The machine was purchased at the beginning of the year at a cost of $16,000. The estimated useful life was five years and the residual...
Please help me. I need help answering this question. Thank youuu. Required information CC9-1 Accounting for the Use and Disposal of Long-Lived Assets (LO 9-3, LO 9-5] [The following information applies to the questions displayed below.) Nicole's Getaway Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at NGS. The machine was purchased at the beginning of the year at a cost of $13,500. The estimated useful life was five years and the residual value was...
The last time I posted this someone said it came out blurry so I hope this one is better! Please complete the multi-part problem in the layout given. I appreciate your help! [The following information applies to the questions displayed below.) Nicole's Getaway Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at NGS The machine was purchased at the beginning of the year at a cost of $22,000. The estimated useful life was five years...
Nicole's Getaway Spa (NGS) has been so successful that Nicole has decided to expand her spa by selling merchandise. She sells things such as nail polish, at-home spa kits, cosmetics, and aromatherapy items. Nicole uses a perpetual inventory system and is starting to realize all of the work that is created when inventory is involved in a business. The following transactions were selected from among those completed by NGS in August. Aug. 2 Sold a bundle of spa services with...