Preview File Edit View Go Tools Window Helpmgt120h-j17.pdfPage 5 of 10Va. $8,800b. $21,200c. $12,600d. $17,400C●0CC✩10. ABC Company sold a delivery truck for cash of $10,700. The original cost of thetruck was $30,000 and a loss of $1,900 was recognized on the sale. The accumulateddepreciation at the date of sale must have been:VSearch((.ƠSat Apr 15 2:54 PMLow9. If beginning inventory is overstated by $20,000 and ending inventory is overstated by$15,000a. Net income is overstated by $5,000b. Net income is understated by $5,000c. Net income is overstated by $35,000d. Net income is understated by $35,00010. ABC Company sold a delivery truck for cash of $10,700. The original cost of thetruck was $30.000 and a loss of $1.900 was recognized on the cole The accum400-0 0

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Description: Preview File Edit View Go Tools Window Helpmgt120h-j17.pdfPage 5 of 10Va. $8,800b. $21,200c. $12,600d. $17,400C●0CC✩10. ABC Company sold a delivery truck for cash of $10,700. The original cost of thetruck was $30,000 and a loss of $1,900 was recogni

If the cash received at the time of sale of asset is more than the book value of an asset, then…

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10. ABC Company sold a delivery truck for cash of $10,700. The original cost of the truck was $30,000 and a loss of $1,900 was recognized on the sale. The accumulated depreciation at the date of sale must have been: a. $8,800 b. $21,200 c. $12,600 d. $17,400

10. ABC Company sold a delivery truck for cash of $10,700. The original cost of the truck was $30,000 and a loss of $1,900 was recognized on the sale. The accumulated depreciation at the date of sale must have been: a. $8,800 b. $21,200 c. $12,600 d. $17,400

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section19.2: Calculating Depreciation Expense

Problem 1OYO

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O Bookmarks < O 9.0 eBook Window Help ACCT-2010-DEM01 a. What was the depreciation fo e first year? $ Cash Show Me How Feedback v2.cengagenow.com Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $33,000. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of ten years and an estimated residual value of $640. b. Assuming the equipment was sold at the end of year 2 for $8,130, determine the gain or loss on the sale of the equipment. Loss Check My Work 7 more Check My Work uses remaining. APR 4 . G C CengageNOWv2 | Online teaching and learning resourc... ? O All work saved. Check My Work Be sure to record the selling price of the fixed asset. If the company no longer has the fixed asset what account(s) would need to be eliminated? Was or a loss on the sale? tv Ⓒệa 20 Tue Apr 4 Email Instructor Save and…
Saved Help Save & CI Required information Enter your search term E8-4 (Algo) Determining Financial Statement Effects of an Asset Acquisition and Depreciation (Straight- Line Depreciation) LO8-2, 8-3 [The following information applies to the questions displayed below.] During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $23,000. On the date of delivery, January 2, the company paid $6,000 on the machine, with the balance on credit at 9 percent interest due in six months. On January 3, it paid $600 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,800. On July 1, the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period), Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $4,200. E8-4 Part 1 Required: 1. Indicate the effects of each…
PLEASE NOTE: All whole dollar amounts using "$" with commas as needed (i.e. $12,345). [HINT - You definitely will want to use this EXCEL spreadsheet Chapter11 Depreciation Schedules.xlsx Download Chapter11 Depreciation Schedules.xlsxto assist in your calculations.] Straight-Line Depreciation Method: Office Mart purchases a photocopier for $70,000. The photocopier has a salvage value of $7,000 and has expected life of seven years. Office Mart uses the straight-line depreciation method. Calculate the annual depreciation expense. What is the year one book value? What is the year three book value? What is the year six accumulated depreciation? Units-of-Production Depreciation Method: Office Mart purchases a photocopier for $70,000. The photocopier has a salvage value of $7,000 and is expected to produce 787,500 copies over its life. Office Mart uses the units-of-production depreciation method and the expected copies per year for the eight years are: 115,000 copies. 119,250 copies.…
ilrn/takeAssighmer P MyLab & Masterin... https://sullivan.bla... 目Rea Gmail Mail - Newcomb,... Sullivan Blackboard Learn >> W Microsoft Office H... Revision of Depreciation A truck with a cost of $123,000 has an estimated residual value of $24,000, has an estimated useful life of 12 years, and is depreciated by the straight-line method. a. Determine the amount of the annual depreciation. $ 121,000 b. Determine the book value at the end of the seventh year of use. 2$ C. Assuming that at the start of the eighth year the remaining life is estimated to be six years and the residual value is estimated to be $15,000, determine the depreciation expense for each of the remaining five years. %24 Previous
Need a T graph : Sale of Building Building Asset: 555,047.06Accumulated Depreciation: 121,507.21Sale Cash $300,000 however you only recieve 295,446.97 because the lawyer took 4,553.03
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Help Save Required information Enter your search term E8-4 (Algo) Determining Financial Statement Effects of an Asset Acquisition and Depreciation (Straight- Line Depreciation) LO8-2, 8-3 [The following information applies to the questions displayed below.] During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $23,000. On the date of delivery, January 2, the company paid $6,000 on the machine, with the balance on credit at 9 percent interest due in six months. On January 3, it paid $600 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,800. On July 1, the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period), Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $4,200. E8-4 Part 2 2. Compute the acquisition cost of the machine. Acquisition…
m/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSession Locator-assign... eBook Show Me How A ✩ Comparing three depreciation methods Dexter Industries purchased packaging equipment on January 8 for $112,500. The equipment was expected to have a useful life of 3 years, or 22,500 operating hours, and a residual value of $4,500. The equipment was used for 9,000 hours during Year 1, 6,750 hours in Year 2, and 6,750 hours in Year 3. Required: 1. Determine the amount of depreciation expense for the 3 years ending December 31, by (a) the straight-line method, (b) the units-of-activity method, and (c) the double-declining-balance method. Also determine the total depreciation expense for the 3 years by each method. Do not round intermediate calculations when determining the depreciation rate. Round the final answers for each year to the nearest whole dollar. Year Year 1 Year 2 Year 3 Total Straight-Line Method Depreciation Expense Units-of-Activity Method 2. What…
Alpha sells machine B for $50,000 cash on 30 April 20X4. Machine B cost $100,000 when it was purchased and has a carrying amount of $65,000 at the date of disposal. What are the journal entries to record the disposal of machine B? A Dr Accumulated depreciation $35,000 Dr Loss on disposal (SPL) $15,000 Dr Cash $50,000 Cr Non-current assets – cost $100,000 B Dr Accumulated depreciation $65,000 Dr Loss on disposal (SPL) $35,000 Cr Non-current assets – cost $100,000 C Dr Accumulated depreciation $35,000 Dr Cash $50,000 Cr Non-current assets $65,000 Cr Profit on disposal (SPL) $20,000 D Dr Non-current assets $65,000 Dr Accumulated depreciation $35,000 Cr Cash $50,000 Cr Profit on disposal (SPL) $50,000
b Preview File Edit View ♥ Go mgt120h-a17.pdf Page 3 of 10 Tools Window Help b. $40,000 loss on disposal c. $40,000 gain on disposal d. $25,000 loss on disposal a. 20 years b. 6 years c. 3.33 years d. None of the above O D 7. The average cost of a company's property and equipment is $200,000, depreciation expense is $10,000 and accumulated depreciation is $60,000. The average useful life of the company's property and equipment is: Debenture Valuation V 77 Search (Cª Ơ 8. A company's average total assets is $200,000, depreciation expense is $10,000, and accumulated depreciation is $60,000. Net sales total $250,000. The asset turnover ratio is Cost-Volume-Profit Analysis The Effect Of Prepaid Taxes On Assets And Liabili... 90 Sat Apr 15 3:05 PM a. When an individual account is written off b. When the loss amount is known c. For an amount that the company estimates it will not collect d. Several times during the accounting period 6 A company sells an asset that originally cost $150,000…
* CengageNowv2 |Online teachin X +. ignment/takeAssignmentMain.do?invoker%3&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Calculator Print Item Entries for sale of fixed asset Chart of Accounts First Question Journal Instructions Equipment acquired on January 8 at a cost of S168,000 has an estimated useful life of 18 years, has an estimated residual value of $15,000, and is depreciated by the straight-line method. A. What was the book value of the equipment at December 31 the end of the fourth year? B. Assuming that the equipment was sold on April 1 of the fifth year for 5125,000, journalize the entries to record (1) depreciation for the three months until the sale date and (2) the sale of the equipment.
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