please full calculation and explanation
Book Value of food Truck = | Purchase Value - Accumulated Depreciation | |||
= | $42,000 - $21,850 | |||
= | $ 20,150 | |||
Date | General Journal | Debit | Credit | |
a. | Mar-1-2017 | Cash | $ 20,150 | |
Food Truck | $ 20,150 | |||
(Being sale of Food truck recorded at no profit no loss) | ||||
Date | General Journal | Debit | Credit | |
b. | Mar-1-2017 | Cash | $ 21,600 | |
Food Truck | $ 20,150 | |||
Profit on sale of Truck ($21,600 - $20,150) | $ 1,450 | |||
(Being sale of Food truck recorded at profit) | ||||
Profit on sale of Food Truck | $ 1,450 | |||
Profit and loss account | $ 1,450 | |||
(Being profit on sale of Food Truck transferred to profit and loss account) | ||||
Date | General Journal | Debit | Credit | |
c. | Mar-1-2017 | Cash | $ 19,200 | |
Loss on sale of Food Truck ($20,150 - $19,200) | $ 950 | |||
Food Truck | $ 20,150 | |||
(Being sale of Food truck recorded at loss) | ||||
Profit and loss account | $ 950 | |||
Loss on sale of Truck | $ 950 | |||
(Being loss on sale of Food Truck transferred to profit and loss account) | ||||
Date | General Journal | Debit | Credit | |
d. | Mar-1-2017 | Profit and loss account | $ 20,150 | |
Food Truck | $ 20,150 | |||
(Being Food Truck recorded as scrap at nil value) |
please full calculation and explanation Exercise 9.20 Disposal of PPE LO6 CHECK FIGURES: b. Gain $1,450;...
please full calculation and explanation Qs 9-16 Exchanging PPE LO6 Dean Carpet Stores owned an automobile with a $15,000 cost that had $13,500 accumulated, as of December 31, 2017. Its fair value on this date was $3,000. On the same dau, De Dean excha to pay an additional $2,750 eprec anged cash. auto for a computer with a fair value of $5,800. Dean was required pare th e entry to record this transaction for Dean.
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...
please full calculation and explanation CHECK FIGURE: Total current liabilities $305,000 The Creative Electronics Company shows the following selected adjusted account balances as at December 31, 2017: Accounts Payable Salaries Payable.. Accumulated Depreciation, Equipment.23,000 Estimated Warranty Liability Mortgage Payable ..275,000 Notes Payable, 6 months. 21,000 $ 95,000 136,000 Required Prepare the current liability section of Creative's balance sheet. $35,000 in principal is due dur- ing 2018 regarding the mortgage payable. For simplicity, order the liabilities from largest to smallest. 70
Need help with comprehensive project (PLEASE MAKE SURE CHECK TOTALS ARE CORRECT) TIA!!! T- Accounts Adjusted Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Closing Entries Post-closing trial balance Read ALL instructions before getting started! ABC Corporation is a new company that buys and sells office supplies. Business began on January 1, 2016. Given on the first two tabs are ABC's 12/31/16 Unadjusted Trial Balance and a list of needed adjustments. 1. Make all 12 adjustments on the...