If a company sold some old equipment when recording the transaction, how many of the columns...
If a company sold some old equipment when recording the transaction, how many of the columns used in the accounting framework would include a positive number assuming the equipment was sold at a loss?
0, 1,2 ,3 , or 4
Homework Answers
Option , 2
Reason: The double entry framework has 2 columns irrespective of it was sold at profit or loss i.e. to record debit and credit for each transaction.
Add Answer to:
If a company sold some old equipment when recording the
transaction, how many of the columns...
During the period, Sanchez Company sold some excess equipment at a loss. The following information was...
During the period, Sanchez Company sold some excess equipment at a loss. The following information was collected from the company’s accounting records: From the Income Statement Depreciation expense $ 920 Loss on sale of equipment 2,900 From the Balance Sheet Beginning equipment 20,600 Ending equipment 10,200 Beginning accumulated depreciation 1,990 Ending accumulated depreciation 1,770 No new equipment was bought during the period. Required: 1. For the equipment that was sold, determine its original cost, its accumulated depreciation, and the cash...
During the period, Sanchez Company sold some excess equipment at a loss. The following information was...
During the period, Sanchez Company sold some excess equipment at
a loss. The following information was collected from the company’s
accounting records:
During the period, Sanchez Company sald some excess equipment at a loSs The following infomation was collected from the company's accounting records From the Income Statcmcnt Deprecistion expense Lo88 on 8sle of equipment From the Balanca Shaet Baginning equipment Ending equipmeri Beginning accumulated depreciation Ending accumulatad dapraclation 5 920 20.400 11.300 1,870 1,730 No new equpment was bought...
Question #4 Your company has a piece of equipment that is getting old. The company that sold the ...
The depreciation method used is straight line.
Question #4 Your company has a piece of equipment that is getting old. The company that sold the equipment to you has offered to replace the equipment with something better. The salesman has provided the following information: New Equipment Cost Expected increased cash flow Salvage value of old equipment Salvage value of new equipment Life expectancy Required rate of return Required payback period $1,500,000 $200,000 per year $20,000 $100,000 10 years 10% 8...
Exercise 18.7 will heseno cery and in 2002 Recording the sale of plant and equipment Pro...
Exercise 18.7
will heseno cery and in 2002 Recording the sale of plant and equipment Pro Comune che con 12.000 Depreciation wing. halosen on the truck up to four who was for I. Ghe thermal cry forced the 2. Auame, decal that the makis 3:20. Give the journal erary recorded Recording asset tradision. Exercise 18.7 Objective 184 Property. Plant, and Equipment CHAPTER 18 651 Exercise 18.3 Objective 18-2 Exercise 18.4 Objective 18-2 Exercise 18.5 Objective 18-2 Exercise 18.6 Objective 18-3...
Question 23 (3 points) Lighting Company sold an old machine on December 31, 2009, for $12,000...
Question 23 (3 points) Lighting Company sold an old machine on December 31, 2009, for $12,000 cash. The following data was available when the truck sold: Acquisition cost Estimated residual value at acquisition Accumulated depreciation at 12-31-2009 Kafter adjustment) When this transaction is recorded, it should include a $100,000 8,000 85,000 Page 3 debit of $3,000 to the Loss on Disposal account. debit of $15.000 to the Truck account credit of 57.000 to the Gain on Disposal account credit of...
Current Attempt in Progress During 2017, Ivanhoe Company entered into the following transactions. Purchased equipment for...
Current Attempt in Progress During 2017, Ivanhoe Company entered into the following transactions. Purchased equipment for $297,550 cash. Issued common stock to investors for $138,090 cash. Purchased inventory of $72,350 on account. 1. 2 3. Using the following tabular analysis show the effect of each transaction on the accounting equation. For Retained Earnings, use separate columns for Revenues, Expenses, and Dividends if necessary. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or...
X Company is trying to decide whether to continue using old equipment to make Product A...
X Company is trying to decide whether to continue using old equipment to make Product A or replace it with new equipment that will have lower operating costs. The following information is available: The new equipment will cost $46,000. Disposal value at the end of its 5-year useful life will be $6,000. The old equipment was purchased 3 years ago for $24,000. It can be sold immediately for $5,000 but will have zero disposal value in 5 years. Maintenance work,...
X Company is trying to decide whether to continue using old equipment to make Product A...
X Company is trying to decide whether to continue using old equipment to make Product A or replace it with new equipment that will have lower operating costs. The following information is available: The new equipment will cost $52,000. Disposal value at the end of its 6-year useful life will be $5,500. The old equipment was purchased 3 years ago for $23,000. It can be sold immediately for $10,000 but will have zero disposal value in 6 years. Maintenance work,...
8. Pensacola Inc, exchanged old equipment for new equipment in two exchange transactions Each transaction has...
8. Pensacola Inc, exchanged old equipment for new equipment in two exchange transactions Each transaction has commercial substance. Old Equipment Book Value Fair Value $74,000 $80,700 $61,400 $56,000 Cash Received S12,400 $10,900 Equipment A Equipment B For Equipment B, Pensacola would record a gain/(loss) of: A B. C. D. $3,900. (5.400) S(6,400). None of these answer choices are correct. 9. Data below for the year ended December 31, 2018, relates to Houdini Inc. Houdini started business January 1, 2018, and...
Wingate Company, a wholesale distributor of electronic equipment, has been experiencing losses for some time, as...
Wingate Company, a wholesale distributor of electronic
equipment, has been experiencing losses for some time, as shown by
its most recent monthly contribution format income statement:
Sales
$
1,579,000
Variable expenses
691,900
Contribution margin
887,100
Fixed expenses
976,000
Net operating income (loss)
$
(88,900)
In an effort to resolve the problem, the company would like to
prepare an income statement segmented by division. Accordingly, the
Accounting Department has developed the following information:
Division
East
Central
West
Sales
$
449,000
$...
During the period, Sanchez Company sold some excess equipment at
a loss. The following information was collected from the company’s
accounting records:
During the period, Sanchez Company sald some excess equipment at a loSs The following infomation was collected from the company's accounting records From the Income Statcmcnt Deprecistion expense Lo88 on 8sle of equipment From the Balanca Shaet Baginning equipment Ending equipmeri Beginning accumulated depreciation Ending accumulatad dapraclation 5 920 20.400 11.300 1,870 1,730 No new equpment was bought...
The depreciation method used is straight line.
Question #4 Your company has a piece of equipment that is getting old. The company that sold the equipment to you has offered to replace the equipment with something better. The salesman has provided the following information: New Equipment Cost Expected increased cash flow Salvage value of old equipment Salvage value of new equipment Life expectancy Required rate of return Required payback period $1,500,000 $200,000 per year $20,000 $100,000 10 years 10% 8...
Exercise 18.7
will heseno cery and in 2002 Recording the sale of plant and equipment Pro Comune che con 12.000 Depreciation wing. halosen on the truck up to four who was for I. Ghe thermal cry forced the 2. Auame, decal that the makis 3:20. Give the journal erary recorded Recording asset tradision. Exercise 18.7 Objective 184 Property. Plant, and Equipment CHAPTER 18 651 Exercise 18.3 Objective 18-2 Exercise 18.4 Objective 18-2 Exercise 18.5 Objective 18-2 Exercise 18.6 Objective 18-3...
Question 23 (3 points) Lighting Company sold an old machine on December 31, 2009, for $12,000 cash. The following data was available when the truck sold: Acquisition cost Estimated residual value at acquisition Accumulated depreciation at 12-31-2009 Kafter adjustment) When this transaction is recorded, it should include a $100,000 8,000 85,000 Page 3 debit of $3,000 to the Loss on Disposal account. debit of $15.000 to the Truck account credit of 57.000 to the Gain on Disposal account credit of...
Current Attempt in Progress During 2017, Ivanhoe Company entered into the following transactions. Purchased equipment for $297,550 cash. Issued common stock to investors for $138,090 cash. Purchased inventory of $72,350 on account. 1. 2 3. Using the following tabular analysis show the effect of each transaction on the accounting equation. For Retained Earnings, use separate columns for Revenues, Expenses, and Dividends if necessary. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or...
8. Pensacola Inc, exchanged old equipment for new equipment in two exchange transactions Each transaction has commercial substance. Old Equipment Book Value Fair Value $74,000 $80,700 $61,400 $56,000 Cash Received S12,400 $10,900 Equipment A Equipment B For Equipment B, Pensacola would record a gain/(loss) of: A B. C. D. $3,900. (5.400) S(6,400). None of these answer choices are correct. 9. Data below for the year ended December 31, 2018, relates to Houdini Inc. Houdini started business January 1, 2018, and...
Wingate Company, a wholesale distributor of electronic
equipment, has been experiencing losses for some time, as shown by
its most recent monthly contribution format income statement:
Sales
$
1,579,000
Variable expenses
691,900
Contribution margin
887,100
Fixed expenses
976,000
Net operating income (loss)
$
(88,900)
In an effort to resolve the problem, the company would like to
prepare an income statement segmented by division. Accordingly, the
Accounting Department has developed the following information:
Division
East
Central
West
Sales
$
449,000
$...
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