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Flounder Manufacturing has old equipment that cost $53,000. The equipment has accumulated depreciation of $28,100. Flounder...
Ayayai Manufacturing has old equipment that cost $49,000. The equipment has accumulated depreciation of $27,000. Ayayai...
Ayayai Manufacturing has old equipment that cost $49,000. The equipment has accumulated depreciation of $27,000. Ayayai has decided to sell the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) What entry would Ayayai make to record the sale of the equipment for $26,000 cash? (b) What entry would Ayayai make to record the sale...
Bramble Company has an old factory machine that cost $59,750. The machine has accumulated depreciation of...
Bramble Company has an old factory machine that cost $59,750.
The machine has accumulated depreciation of $33,460. Bramble has
decided to sell the machine. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the
amounts.)
(a)
What entry would Bramble make to record the sale of the machine
for $29,875 cash?
(b)
What entry would Bramble make to record...
Martinez Company has an old factory machine that cost $66,000. The machine has accumulated depreciation of...
Martinez Company has an old factory machine that cost $66,000. The machine has accumulated depreciation of $36,960. Martinez has decided to sell the machine. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) (a) What entry would Martinez make to record the sale of the machine for $33,000 cash? (b) What entry would Martinez make to record the...
Do Te Review 10-03a-b Whispering Winds Manufacturing has old equipment that cost $52,000. The equipment has...
Do Te Review 10-03a-b Whispering Winds Manufacturing has old equipment that cost $52,000. The equipment has accumulated depreciation of $27,000. Whispering Winds has decided to sell the equipment. (Credit entered Do not indent manually. If no witry to required soboct "Noorry for the account ticles and enterolor the amounts] () What entry would Whispering Winds make to record the sale of the equipment for $31,000 cash? (b) What entry would Whispering Winds make to record the sale of the equipment...
Yount Company exchanged an old machine (cost $150,000 less $90,000 accumulated depreciation) plus $10,000 cash for...
Yount Company exchanged an old machine (cost $150,000 less $90,000 accumulated depreciation) plus $10,000 cash for a new machine. The old machine had a fair value of $54,000 (b) Lawson Company trades old equipment (cost $90,000 less $54,000 accumulated depreciation) for new equipment. Lawson paid $36,000 cash in the trade. The old equipment that was traded had a fair value of $54,000. The transaction has commercial substance. Prepare the entry to record the exchange of assets by Yount Company (Credit...
Flounder Corporation traded a used truck (cost $28,800, accumulated depreciation $25,920) for a small computer with a f...
Flounder Corporation traded a used truck (cost $28,800, accumulated depreciation $25,920) for a small computer with a fair value of $4,752. Flounder also paid $720 in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit
(A) Sound Tracker Company retires its delivery equipment, which cost $48,000. Accumulated depreciation is also $48,000...
(A) Sound Tracker Company retires its delivery
equipment, which cost $48,000. Accumulated depreciation is also
$48,000 on this delivery equipment. No salvage value is received.
(Credit account titles are automatically indented when amount is
entered. Do not indent manually. If no entry is required, select
"No Entry" for the account titles and enter 0 for the amounts.)
(B) Napoli Manufacturing has old equipment that
cost $54,000. The equipment has accumulated depreciation of
$27,700. Napoli has decided to sell the equipment....
explanation very appreciated Marigold Company owns equipment that cost $936,000 and has accumulated depreciation of $395,200....
explanation very appreciated
Marigold Company owns equipment that cost $936,000 and has accumulated depreciation of $395,200. The expected future net cash flows from the use of the asset are expected to be $520,000. The fair value of the equipment is $416,000. Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered....
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a...
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance. Calculate the gain to be recognized from the exchange. Gain recognized SHOW LIST OF ACCOUNTS the entry for the exchange. Show a check of the amount recorded for the new equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation...
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a...
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance. Calculate the gain to be recognized from the exchange. Gain recognized SHOW LIST OF ACCOUNTS Prepare the entry for the exchange. Show a check of the amount recorded for the new equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and...
Bramble Company has an old factory machine that cost $59,750.
The machine has accumulated depreciation of $33,460. Bramble has
decided to sell the machine. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the
amounts.)
(a)
What entry would Bramble make to record the sale of the machine
for $29,875 cash?
(b)
What entry would Bramble make to record...
Martinez Company has an old factory machine that cost $66,000. The machine has accumulated depreciation of $36,960. Martinez has decided to sell the machine. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) (a) What entry would Martinez make to record the sale of the machine for $33,000 cash? (b) What entry would Martinez make to record the...
Do Te Review 10-03a-b Whispering Winds Manufacturing has old equipment that cost $52,000. The equipment has accumulated depreciation of $27,000. Whispering Winds has decided to sell the equipment. (Credit entered Do not indent manually. If no witry to required soboct "Noorry for the account ticles and enterolor the amounts] () What entry would Whispering Winds make to record the sale of the equipment for $31,000 cash? (b) What entry would Whispering Winds make to record the sale of the equipment...
Yount Company exchanged an old machine (cost $150,000 less $90,000 accumulated depreciation) plus $10,000 cash for a new machine. The old machine had a fair value of $54,000 (b) Lawson Company trades old equipment (cost $90,000 less $54,000 accumulated depreciation) for new equipment. Lawson paid $36,000 cash in the trade. The old equipment that was traded had a fair value of $54,000. The transaction has commercial substance. Prepare the entry to record the exchange of assets by Yount Company (Credit...
Flounder Corporation traded a used truck (cost $28,800, accumulated depreciation $25,920) for a small computer with a fair value of $4,752. Flounder also paid $720 in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit
(A) Sound Tracker Company retires its delivery
equipment, which cost $48,000. Accumulated depreciation is also
$48,000 on this delivery equipment. No salvage value is received.
(Credit account titles are automatically indented when amount is
entered. Do not indent manually. If no entry is required, select
"No Entry" for the account titles and enter 0 for the amounts.)
(B) Napoli Manufacturing has old equipment that
cost $54,000. The equipment has accumulated depreciation of
$27,700. Napoli has decided to sell the equipment....
explanation very appreciated
Marigold Company owns equipment that cost $936,000 and has accumulated depreciation of $395,200. The expected future net cash flows from the use of the asset are expected to be $520,000. The fair value of the equipment is $416,000. Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered....
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance. Calculate the gain to be recognized from the exchange. Gain recognized SHOW LIST OF ACCOUNTS the entry for the exchange. Show a check of the amount recorded for the new equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation...
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance. Calculate the gain to be recognized from the exchange. Gain recognized SHOW LIST OF ACCOUNTS Prepare the entry for the exchange. Show a check of the amount recorded for the new equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and...
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