Homework Answers
| (a) | ||||||||||||||||
| Assets | = | Liabilities | + | Stockholders Equity | ||||||||||||
| Retained Earnings | ||||||||||||||||
| Cash | + | Equipment | - | Accumulated depreciation - Equipment | = | + | Common Stock | + | Revenue | - | Expenses | - | Dividend | |||
| Balance | $ 56,750 | $ (31,780) | ||||||||||||||
| $ 28,375 | $ (56,750) | $ 31,780 | $ 3,405 | Gain On Disposal | ||||||||||||
| (b) | ||||||||||||||||
| Assets | = | Liabilities | + | Stockholders Equity | ||||||||||||
| Retained Earnings | ||||||||||||||||
| Cash | + | Equipment | - | Accumulated depreciation - Equipment | = | + | Common Stock | + | Revenue | - | Expenses | - | Dividend | |||
| Balance | $ 56,750 | $ (31,780) | ||||||||||||||
| $ 17,025 | $ (56,750) | $ 31,780 | $ (7,945) | Loss on Disposal | ||||||||||||
Add Answer to:
Do Itl Review 7-3 Your answer is partially correct. Try again. Concord Company has an old factory machine that cost $56...
Do It! Review 7-3 Concord Company has an old factory machine that cost $56,750. The machine...
Do It! Review 7-3 Concord Company has an old factory machine that cost $56,750. The machine has accumulated depreciation of $31,780. Concord has decided to sell the machine (a) Prepare a tabular summary to record the sale of the machine for $28,375 cash (b) Prepare a tabular summary to record the sale of the machine for $17,025 cash. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the...
Do It! Review 7-3 Concord Company has an old factory machine that cost $56,750. The machine has accumulated depreciatio...
Do It! Review 7-3 Concord Company has an old factory machine that cost $56,750. The machine has accumulated depreciation of $31,780. Concord has decided to sell the machine. (a) Prepare a tabular summary to record the sale of the machine for $28,375 cash. (b) Prepare a tabular summary to record the sale of the machine for $17,025 cash. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the...
Concord has an old factory machine that cost $56,750. The machine has accumulated depreciation of $31,780....
Concord has an old factory machine that cost $56,750. The machine has accumulated depreciation of $31,780. Concord has decided to sell the machine. a) what entry would concord make to record the sale of the machine for $28,375 cash? B) what entry would concord make to record the sale of the machine for $17,025 cash?
Exercise 7-7 Cullumber Company has delivery equipment that cost $53,100 and has been depreciated $23,800. Prepare...
Exercise 7-7 Cullumber Company has delivery equipment that cost $53,100 and has been depreciated $23,800. Prepare a tabular summary to record the disposal under the following assumptions. It was scrapped as having no value. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Stockholders' Equity Retained Earnings Revenue - Expense...
Sandhill Co.has delivery equipment that cost $48,800 and has been depreciated $23,000. Prepare a tabular summary...
Sandhill Co.has delivery equipment that cost $48,800 and has been depreciated $23,000. Prepare a tabular summary to record the disposal under the following assumptions. It was scrapped as having no value. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Stockholders' Equity Retained Earnings Revenue - Expense - Cash +...
Ivanhoe Company has delivery equipment that cost $53,300 and has been depreciated $24,500. Prepare a tabular...
Ivanhoe Company has delivery equipment that cost $53,300 and has been depreciated $24,500. Prepare a tabular summary to record the disposal under the following assumptions It was scrapped as having no value. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount- entered for the particular Asset, Liability or Equity item that was reduced.) Stockholders' Equity Assets .Liabilities Retained Earnings Accum. Depr.- Equip. +Common Stock Expense Dividend...
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. -...
You can see where I need help with in red Exercise 7-7 Blossom Companyhas delivery equipment...
You can see where I need help
with in red
Exercise 7-7 Blossom Companyhas delivery equipment that cost $57,000 and has been depreciated $23,600. Prepare a tabular summary to record the disposal under the following assumptions. Your answer is partially correct. Try again. It was scrapped as having no value. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or...
Do It! Review 7-2a On January 1, 2017, Marin Country Club purchased a new riding mower...
Do It! Review 7-2a On January 1, 2017, Marin Country Club purchased a new riding mower for $15,300. The mower is expected to have a 10-year life with a $2,800 salvage value. Prepare a tabular summary to record depreciation expense on December 31, 2017, if Marin uses straight-line depreciation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity...
Current Attempt in Progress Ivanhoe Company has delivery equipment that cos: 553.300 and has been depreciated...
Current Attempt in Progress Ivanhoe Company has delivery equipment that cos: 553.300 and has been depreciated $24500 Prepare a tabular summary to record the disposat under the following assumptions It was scrapped as having no value foransactions decrease in Assets Liabilities or Stockholders'Eguilty place a native sin for parentheses in front of the amount entered for the articular biliyor Equity item that was reduced) Assets Liabilities Cash Equipment Accum. Depr.. Equip Bal $ $ $ e Textbook and Media It...
Do It! Review 7-3 Concord Company has an old factory machine that cost $56,750. The machine has accumulated depreciation of $31,780. Concord has decided to sell the machine (a) Prepare a tabular summary to record the sale of the machine for $28,375 cash (b) Prepare a tabular summary to record the sale of the machine for $17,025 cash. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the...
Do It! Review 7-3 Concord Company has an old factory machine that cost $56,750. The machine has accumulated depreciation of $31,780. Concord has decided to sell the machine. (a) Prepare a tabular summary to record the sale of the machine for $28,375 cash. (b) Prepare a tabular summary to record the sale of the machine for $17,025 cash. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the...
Exercise 7-7 Cullumber Company has delivery equipment that cost $53,100 and has been depreciated $23,800. Prepare a tabular summary to record the disposal under the following assumptions. It was scrapped as having no value. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Stockholders' Equity Retained Earnings Revenue - Expense...
Sandhill Co.has delivery equipment that cost $48,800 and has been depreciated $23,000. Prepare a tabular summary to record the disposal under the following assumptions. It was scrapped as having no value. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Stockholders' Equity Retained Earnings Revenue - Expense - Cash +...
Ivanhoe Company has delivery equipment that cost $53,300 and has been depreciated $24,500. Prepare a tabular summary to record the disposal under the following assumptions It was scrapped as having no value. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount- entered for the particular Asset, Liability or Equity item that was reduced.) Stockholders' Equity Assets .Liabilities Retained Earnings Accum. Depr.- Equip. +Common Stock Expense Dividend...
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. -...
You can see where I need help
with in red
Exercise 7-7 Blossom Companyhas delivery equipment that cost $57,000 and has been depreciated $23,600. Prepare a tabular summary to record the disposal under the following assumptions. Your answer is partially correct. Try again. It was scrapped as having no value. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or...
Do It! Review 7-2a On January 1, 2017, Marin Country Club purchased a new riding mower for $15,300. The mower is expected to have a 10-year life with a $2,800 salvage value. Prepare a tabular summary to record depreciation expense on December 31, 2017, if Marin uses straight-line depreciation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity...
Current Attempt in Progress Ivanhoe Company has delivery equipment that cos: 553.300 and has been depreciated $24500 Prepare a tabular summary to record the disposat under the following assumptions It was scrapped as having no value foransactions decrease in Assets Liabilities or Stockholders'Eguilty place a native sin for parentheses in front of the amount entered for the articular biliyor Equity item that was reduced) Assets Liabilities Cash Equipment Accum. Depr.. Equip Bal $ $ $ e Textbook and Media It...
Most questions answered within 3 hours.
-
Batteries play an important role in our everyday lives. From
making many devices mobile, to allowing...
asked 2 minutes ago -
It is possible to iterate through an array quickly and easily
using a loop?
asked 10 minutes ago -
Determine the pHpH of an HFHF solution of each of the following
concentrations. The KAKA value...
asked 5 minutes ago -
Two point charges of 7.0mL are initially 11.5m apart. What is
the change in potential energy...
asked 6 minutes ago -
Please write as a short answer
You have heartburn and a two hour working session on...
asked 11 minutes ago -
Please solve with excel and mention the excel function.
Thanks
Kevin deposits $10,000 in a savings...
asked 12 minutes ago -
Which Special Journal would the following transaction be
journalized in?
Sold merchandise on account to Customer...
asked 25 minutes ago -
Assuming 100% dissociation, calculate the freezing point (?fTf)
and boiling point (?bTb) of 1.45 ? K3PO4(aq)1.45...
asked 27 minutes ago -
An inflated helium balloon with a volume of 0.35L at
sea level (1.0 atm) was allowed...
asked 29 minutes ago -
Python 3.0 Please
Write a function that takes, as arguments, a binary string, a
list of...
asked 57 minutes ago -
(a) Calculate the momentum of a 2150 kg elephant charging a
hunter at a speed of...
asked 44 minutes ago -
all the following is an example of a fixed cost except: any cost
that changes in...
asked 46 minutes ago