Homework Answers
Accumulated depreciation means the depreciation charged till date. We need to find the net book value of the truck for calculating the gain or loss on sale.
Net book value = Cost of the Truck - Accumulated book value
Net book value = $36000 - $30000 = $6000
Now, we will calculate the gain or loss on sale as per below:
Gain or loss on sale = Sale price - Net book value
Gain or loss on sale = $2000 - $6000
Gain or loss on sale = - $4000 (loss)
Required journal entry:
| Date | Description | Debit | Credit |
| Cash | 2000 | ||
| Loss on sale of truck | 4000 | ||
| Accumulated Depreciation | 30000 | ||
| Truck | 36000 | ||
| (for sale of truck and loss recognized) |
Add Answer to:
please explain answer. 3. Job Sales sold a truck for $2,000 cash. It was originally purchased for $36,000, and ha...
Additional info: Cash dividends were paid. The company sold equipment for $14 that was originally purchased...
Additional info:
Cash dividends were paid. The company sold equipment for $14
that was originally purchased for $8 and that had accumulated
depreciation of $1. It did not issue any bonds payable or
repurchase any of its own common stock.
The net change in cash and cash equivalents was:
Ending Balance Beginning $23 Less accamulated deprectation Total assets 402 LLatintses and stocsrotdes eqty payable Bonds payable 70 42 Retained earnings 321 161 Total liabilities & stockholders equity $539 $402 Income...
Additional info: Cash dividends were paid. The company sold equipment for $14 that was originally purchased...
Additional info:
Cash dividends were paid. The company sold equipment for $14
that was originally purchased for $8 and that had accumulated
depreciation of $1. It did not issue any bonds payable or
repurchase any of its own common stock.
The net cash provided by (used in) operating activities for the
year was:
A: $214
B: 207
C: $261
D: 299
Ending Balance Beginning $23 Less accamulated deprectation Total assets 402 LLatintses and stocsrotdes eqty payable Bonds payable 70 42...
Just explain the part I added red notice for it, only how to get these numbers...
Just explain the part I added red notice for it, only how to get
these numbers ( please show me numbers, the calculation, what to
add multiple, dividend to get this result
Refrence
Deegan. (2016). Financial Accounting . McGraw-Hill
Education, Australia
Presented here are selected transactions for Zhou Ltd for the year ended 31 December 2019: Zhou Ltd Jan 1 $ 2019 Jan. 1 $ 60,000 June 30 Scrapped a piece of machinery that was purchased on 1 January 2009...
Required information E9-9 Demonstrating the Effect of Book Value on Reporting an Asset Disposal [LO 9-5]...
Required information E9-9 Demonstrating the Effect of Book Value on Reporting an Asset Disposal [LO 9-5] [The following information applies to the questions displayed below] FedEx Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that FedEx sold a delivery truck for $16,000. FedEx had originally purchased the truck for $28,000 and had recorded depreciation for three years. E9-9 Part 2...
Required information [The following information applies to the questions displayed below.] Movelt Corporation is the world's...
Required information [The following information applies to the questions displayed below.] Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $29,000. Movelt had originally purchased the truck for $49,0O00 and had recorded depreciation for three years. 4. Prepare the journal entry to record the disposal of the truck, assuming that Accumulated Depreciation was...
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Macho Taco sold a food truck on March 1, 2017. The accounts showed adjusted balances on February 28, 2017, as follows: Food Truck $ 61,000 Accumulated Depreciation, Food Truck 37,050 Required: Record the sale of the food truck assuming the cash proceeds were: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. $ 23,950 b. $ 31,100 c. $ 21,100 d. $ 0 (the food truck was...
Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company...
Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $10,000. Movelt had originally purchased the truck for $16,000 and had recorded depreciation for three years. Required: 1. Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation was (a) $6,000, (b) $5,000, and (c) $10,000. (Select "None" if there is...
On January 2, 2016, Flake Company purchased a truck for $140,000 cash. That truck has an estimated useful life of seven years and an estimated salvage value of $12,000. The straight-line method of depreciation is being used. Required: A. Prepare a sch
On January 2, 2016, Flake Company purchased a truck for $140,000 cash. That truck has an estimated useful life of seven years and an estimated salvage value of $12,000. The straight-line method of depreciation is being used.Required: A. Prepare a schedule showing the calculation of the book value of the truck on December 31, 2019. B. Assume the truck is to be disposed of on May 1, 2020. Prepare the journal entry to record the depreciation for the four months ended April 30, 2020. C. Assuming...
6) Packaging equipment purchased 12 years ago for $240, 000 was sold for $100, 000 cash Accumulated Depreciation at the...
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Macho Taco sold a food truck on March 1, 2020. The accounts showed adjusted balances on...
Macho Taco sold a food truck on March 1, 2020. The accounts showed adjusted balances on February 28, 2020, as follows: Food Truck Accumulated Depreciation, Food Truck $ 50,000 28,250 Required: Record the sale of the food truck assuming the cash proceeds were: a. 21,750 b. 25,600 c. 20,000 d. $0 (the food truck was scrapped). View transaction list Journal entry worksheet < 1 2 3 4 Record the sale of the food truck for $21,750. Note: Enter debits before...
Additional info:
Cash dividends were paid. The company sold equipment for $14
that was originally purchased for $8 and that had accumulated
depreciation of $1. It did not issue any bonds payable or
repurchase any of its own common stock.
The net change in cash and cash equivalents was:
Ending Balance Beginning $23 Less accamulated deprectation Total assets 402 LLatintses and stocsrotdes eqty payable Bonds payable 70 42 Retained earnings 321 161 Total liabilities & stockholders equity $539 $402 Income...
Additional info:
Cash dividends were paid. The company sold equipment for $14
that was originally purchased for $8 and that had accumulated
depreciation of $1. It did not issue any bonds payable or
repurchase any of its own common stock.
The net cash provided by (used in) operating activities for the
year was:
A: $214
B: 207
C: $261
D: 299
Ending Balance Beginning $23 Less accamulated deprectation Total assets 402 LLatintses and stocsrotdes eqty payable Bonds payable 70 42...
Just explain the part I added red notice for it, only how to get
these numbers ( please show me numbers, the calculation, what to
add multiple, dividend to get this result
Refrence
Deegan. (2016). Financial Accounting . McGraw-Hill
Education, Australia
Presented here are selected transactions for Zhou Ltd for the year ended 31 December 2019: Zhou Ltd Jan 1 $ 2019 Jan. 1 $ 60,000 June 30 Scrapped a piece of machinery that was purchased on 1 January 2009...
Required information E9-9 Demonstrating the Effect of Book Value on Reporting an Asset Disposal [LO 9-5] [The following information applies to the questions displayed below] FedEx Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that FedEx sold a delivery truck for $16,000. FedEx had originally purchased the truck for $28,000 and had recorded depreciation for three years. E9-9 Part 2...
Required information [The following information applies to the questions displayed below.] Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $29,000. Movelt had originally purchased the truck for $49,0O00 and had recorded depreciation for three years. 4. Prepare the journal entry to record the disposal of the truck, assuming that Accumulated Depreciation was...
Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $10,000. Movelt had originally purchased the truck for $16,000 and had recorded depreciation for three years. Required: 1. Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation was (a) $6,000, (b) $5,000, and (c) $10,000. (Select "None" if there is...
6) Packaging equipment purchased 12 years ago for $240, 000 was sold for $100, 000 cash Accumulated Depreciation at the time of the sale was $125, 000. Compute the Gain or Loss on the sale and journalize the appropriate entry Credit Debit
Macho Taco sold a food truck on March 1, 2020. The accounts showed adjusted balances on February 28, 2020, as follows: Food Truck Accumulated Depreciation, Food Truck $ 50,000 28,250 Required: Record the sale of the food truck assuming the cash proceeds were: a. 21,750 b. 25,600 c. 20,000 d. $0 (the food truck was scrapped). View transaction list Journal entry worksheet < 1 2 3 4 Record the sale of the food truck for $21,750. Note: Enter debits before...
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