Homework Answers
| Assets | = | Liabilities | + | Stockholders' Equity | ||||||||||
| = | + | Retained earnings | ||||||||||||
| Cash | + | Equipment | - | Accumulated depreciation - equipment | = | + | Common stock | + | Revenue | - | Expenses | - | Dividend | |
| 82,640 | 38,770 | = | ||||||||||||
| 4,250 | = | 4,250 | ||||||||||||
| 20,440 | -82,640 | 43,020 | = | 19,180 | ||||||||||
Accumulated depreciation till the date of sale = 38,770 + 4,250
= $43,020
Book value of equipment at the date of sale = Cost price - Accumulated depreciation
= 82,640 - 43,020
= $39,620
Loss on sale of equipment = Book value of equipment at the date of sale - Sale price of equipment
= 39,640 - 20,440
= $19,180
kindly give a positive rating if you are satisfied with the solution. Please ask if you have any query related to the question, Thanks.
Add Answer to:
Question 5 --/1 View Policies Current Attempt in Progress Crane Company sells office equipment on July 31, 2017, for $2...
Brief Exercise 7-8 Crane Company sells office equipment on July 31, 2017, for $20,440 cash. The...
Brief Exercise 7-8 Crane Company sells office equipment on July 31, 2017, for $20,440 cash. The office equipment originally cost $82,640 and as of January 1, 2017, had accumulated depreciation of $38,770. Depreciation for the first 7 months of 2017 is $4,250. Prepare a tabular summary to (a) update depreciation to July 31, 2017, and (b) record the sale of the equipment. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses)...
Crane Company sells office equipment on July 31, 2017, for $21,850 cash. The office equipment originally...
Crane Company sells office equipment on July 31, 2017, for $21,850 cash. The office equipment originally cost $77,730 and as of January 1, 2017, had accumulated depreciation of $39,740. Depreciation for the first 7 months of 2017 is $4,030. Prepare a tabular summary to (a) update depreciation to July 31, 2017, and (b) record the sale of the equipment. (la transaction causes a decrease in Assets Liabilities or Stockholders' Equity place a negative sign for parentheses) in front of the...
Crane Company sells office equipment on July 31, 2022, for $20,440 cash. The office equipment originally...
Crane Company sells office equipment on July 31, 2022, for $20,440 cash. The office equipment originally cost $82,640 and as of January 1, 2022, had accumulated depreciation of $38,770. Depreciation for the first 7 months of 2022 is $4,250. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
Sunland Company sells office equipment on July 31, 2017, for $23,830 cash. The office equipment originally...
Sunland Company sells office equipment on July 31, 2017, for $23,830 cash. The office equipment originally cost $79,860 and as of January 1, 2017, had accumulated depreciation of $39,690. Depreciation for the first 7 months of 2017 is $4,090. Prepare a tabular summary to (a) update depreciation to July 31, 2017, and (b) record the sale of the equipment. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of...
--/1 Question 4 View Policies Current Attempt in Progress On January 1, 2017, Shamrock Country Club...
--/1 Question 4 View Policies Current Attempt in Progress On January 1, 2017, Shamrock Country Club purchased a new riding mower for $15,600. The mower is expected to have a 10-year life with a $2,500 salvage value. Prepare a tabular summary to record depreciation expense on December 31, 2017, if Shamrock 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...
Question 10 View Policies Current Attempt in Progress Crane Company borrows $63,600 on July 1 from...
Question 10 View Policies Current Attempt in Progress Crane Company borrows $63,600 on July 1 from the bank by signing a $63,600,6%, 1-year note payable. Prepare a tabular summary to record(a) the proceeds of the note and (b) accrued interest at December 31, assuming adjustments are made only at the end of the year. Of a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the...
Question 5 --/2 View Policies Current Attempt in Progress On July 1, 2017, Ling Co. pays...
Question 5 --/2 View Policies Current Attempt in Progress On July 1, 2017, Ling Co. pays $18,240 to Blue Spruce Corp. for a 2-year insurance contract. Both companies have fiscal years ending December 31. For Blue Spruce Corp., enter the July 1 transaction and the December 31 adjustment in the tabular summary that follows. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for...
View Policies Current Attempt in Progress On January 1, 2017, Sandhill Co. had a balance of...
View Policies Current Attempt in Progress On January 1, 2017, Sandhill Co. had a balance of $411,000 of goodwill on its balance sheet that resulted from the purchase of a small business in a prie year. The goodwill had an indefinite life. During 2017, the company had the following additional transactions Jan. 2 Purchased a patent (7-year life) $307,650. July 1 Acquired a 9-year franchise: expiration date July 1, 2026, 5576,000. Sept. 1 Research and development costs $178,500. (a) and...
Question 4 of 10 -/1 E View Policies Current Attempt in Progress At the end of...
Question 4 of 10 -/1 E View Policies Current Attempt in Progress At the end of its first year, a tabular summary of transactions for Pina Colada Corp. before adjustments include the following selected account information. Liabilities + Assets Acc Equipment Depr.-Equip. 26,400 0 Stockholders'Equity Com. Exp. Stock + Rev. (Depr.) 0 Div. Bal. Depreciation for the year is estimated to be $3,300. Record the adjustment for depreciation in the tabulat summary and indicate the adjusted balance in each account....
Current Attempt in Progress Ivanhoe Company sells office equipment on July 31, 2017, for $22,410 cash....
Current Attempt in Progress Ivanhoe Company sells office equipment on July 31, 2017, for $22,410 cash. The office equipment originally cost $81,920 and as of January 1, 2017, had accumulated depreciation of $37,600. Depreciation for the first 7 months of 2017 is $4,580
Brief Exercise 7-8 Crane Company sells office equipment on July 31, 2017, for $20,440 cash. The office equipment originally cost $82,640 and as of January 1, 2017, had accumulated depreciation of $38,770. Depreciation for the first 7 months of 2017 is $4,250. Prepare a tabular summary to (a) update depreciation to July 31, 2017, and (b) record the sale of the equipment. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses)...
Crane Company sells office equipment on July 31, 2017, for $21,850 cash. The office equipment originally cost $77,730 and as of January 1, 2017, had accumulated depreciation of $39,740. Depreciation for the first 7 months of 2017 is $4,030. Prepare a tabular summary to (a) update depreciation to July 31, 2017, and (b) record the sale of the equipment. (la transaction causes a decrease in Assets Liabilities or Stockholders' Equity place a negative sign for parentheses) in front of the...
Crane Company sells office equipment on July 31, 2022, for $20,440 cash. The office equipment originally cost $82,640 and as of January 1, 2022, had accumulated depreciation of $38,770. Depreciation for the first 7 months of 2022 is $4,250. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
Sunland Company sells office equipment on July 31, 2017, for $23,830 cash. The office equipment originally cost $79,860 and as of January 1, 2017, had accumulated depreciation of $39,690. Depreciation for the first 7 months of 2017 is $4,090. Prepare a tabular summary to (a) update depreciation to July 31, 2017, and (b) record the sale of the equipment. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of...
--/1 Question 4 View Policies Current Attempt in Progress On January 1, 2017, Shamrock Country Club purchased a new riding mower for $15,600. The mower is expected to have a 10-year life with a $2,500 salvage value. Prepare a tabular summary to record depreciation expense on December 31, 2017, if Shamrock 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...
Question 10 View Policies Current Attempt in Progress Crane Company borrows $63,600 on July 1 from the bank by signing a $63,600,6%, 1-year note payable. Prepare a tabular summary to record(a) the proceeds of the note and (b) accrued interest at December 31, assuming adjustments are made only at the end of the year. Of a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the...
Question 5 --/2 View Policies Current Attempt in Progress On July 1, 2017, Ling Co. pays $18,240 to Blue Spruce Corp. for a 2-year insurance contract. Both companies have fiscal years ending December 31. For Blue Spruce Corp., enter the July 1 transaction and the December 31 adjustment in the tabular summary that follows. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for...
View Policies Current Attempt in Progress On January 1, 2017, Sandhill Co. had a balance of $411,000 of goodwill on its balance sheet that resulted from the purchase of a small business in a prie year. The goodwill had an indefinite life. During 2017, the company had the following additional transactions Jan. 2 Purchased a patent (7-year life) $307,650. July 1 Acquired a 9-year franchise: expiration date July 1, 2026, 5576,000. Sept. 1 Research and development costs $178,500. (a) and...
Question 4 of 10 -/1 E View Policies Current Attempt in Progress At the end of its first year, a tabular summary of transactions for Pina Colada Corp. before adjustments include the following selected account information. Liabilities + Assets Acc Equipment Depr.-Equip. 26,400 0 Stockholders'Equity Com. Exp. Stock + Rev. (Depr.) 0 Div. Bal. Depreciation for the year is estimated to be $3,300. Record the adjustment for depreciation in the tabulat summary and indicate the adjusted balance in each account....
Current Attempt in Progress Ivanhoe Company sells office equipment on July 31, 2017, for $22,410 cash. The office equipment originally cost $81,920 and as of January 1, 2017, had accumulated depreciation of $37,600. Depreciation for the first 7 months of 2017 is $4,580
Most questions answered within 3 hours.
-
13. What area of software development focuses on the user's
reaction to and interaction with the...
asked 19 minutes ago -
A ball is dropped from a height h. Another ball is
launched vertically . The two...
asked 40 minutes ago -
R3. 81:
A newspaper reported that the revenue trends for the past five
years were up...
asked 1 hour ago -
The decomposition of XY is second order in XY and has a rate
constant of 7.06×10−3...
asked 2 hours ago -
A three-phase induction motor is to be supplied through a 50
meter length.Determine the conductor size...
asked 2 hours ago -
A duopoly faces the following demand curve, Q = 30 - P (also P =
30...
asked 2 hours ago -
a reaction is second order with respect to one of its
reactants. By what factor will...
asked 2 hours ago -
anwser question 13 and 14
13. Data intergrity is a big deal in industry. why ?...
asked 3 hours ago -
26) Suppose the L and M genes are on the same chromosome but
separated by 100...
asked 3 hours ago -
A suggestion is made that the proportion of people who have food
allergies and/or sensitivities is...
asked 4 hours ago -
A refrigerator operates between temperatures of 294 and 253 K.
What would be its maximum coefficient...
asked 6 hours ago -
CHEM 2 (Step by step explanation please prefer if it were
handwritten)
A 100 mL aqueous...
asked 6 hours ago