!Required information4. Record the sale of the ovens at the end of the third year. (If no entry is required for a transaction/event, select "No Journal EntryRequired" in the first account field.)View transaction listJournal entry worksheet1>Record the disposal of equipment.Note: Enter debits before credits.TransactionGeneral JournalDebitCredit1CashAccumulated DepreciationGainSales RevenueRecord entryClear entryView general journal !Required informationProblem 7-8B Record the disposal of equipment (LO7-6)[The following information applies to the questions displayed below.]New Deli is in the process of closing its operations. It sold its three-year-old ovens to Sicily Pizza for $324,600. The ovensoriginally cost $433,000, had an estimated service life of 10 years, had an estimated residual value of $28,000, and weredepreciated using straight-line depreciation. Complete the requirements below for New Deli.Problem 7-8B Part 44. Record the sale of the ovens at the end of the third year. (If no entry is required for a transaction/event, select "No Journal EntryRequired" in the first account field.)View transaction listJournal entry worksheet1>Record the disposal of equipment.Note: Enter debits before credits.

Depreciation means the loss in value of assets because of usage of assets , passage of time or…

4. Record the sale of the ovens at the end of the third year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the disposal of equipment. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Cash Accumulated Depreciation Gain Sales Revenue Record entry Clear entry View general journal

4. Record the sale of the ovens at the end of the third year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the disposal of equipment. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Cash Accumulated Depreciation Gain Sales Revenue Record entry Clear entry View general journal

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information [The following information applies to the questions displayed below.] New Deli is in the process of closing its operations. It sold its three-year-old ovens to Sicily Pizza for $279,500. The ovens originally cost $372,500, had an estimated service life of 10 years, had an estimated residual value of $22,500, and were depreciated using straight-line depreciation. Complete the requirements below for New Deli. 2. Calculate the book value of the ovens at the end of the third year. Book value
New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $500,000. The ovens originally cost $690,000, had an estimated service life of 10 years, had an estimated residual value of $40,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. Problem 7-8A Part 4 4. Record the sale of the ovens at the end of the second year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Required information [The following information applies to the questions displayed below.] New Deli is in the process of closing its operations. It sold its three-year-old ovens to Sicily Pizza for $259,000. The ovens originally cost $345,000, had an estimated service life of 10 years, had an estimated residual value of $20,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Deli. 4. Record the sale of the ovens at the end of the third year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the disposal of equipment. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal
! Required information [The following information applies to the questions displayed below.] New Deli is in the process of closing its operations. It sold its three-year-old ovens to Sicily Pizza for $259,000. The ovens originally cost $345,000, had an estimated service life of 10 years, had an estimated residual value of $20,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Deli. Required: 1. Calculate the balance in the accumulated depreciation account at the end of the third year. Accumulated depreciation
Required information [The following information applies to the questions displayed below.] New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $520,000. The ovens originally cost $712,000, had an estimated service life of 10 years, had an estimated residual value of $42,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. 4. Determine the financial statement effects of the sale of the ovens at the end of the second year. Note: Amounts to be deducted should be indicated by a minus sign. Assets Balance Sheet Liabilities Stockholders' Equity Common Retained Stock Earnings Revenues Income Statement Expenses Net Income
New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $500,000. The ovens originally cost $690,000, had an estimated service life of 10 years, had an estimated residual value of $40,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. Problem 7-8A Part 1 Required: 1. Calculate the balance in the accumulated depreciation account at the end of the second year.
New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $500,000. The ovens originally cost $690,000, had an estimated service life of 10 years, had an estimated residual value of $40,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. Problem 7-8A Part 3 3. What is the gain or loss on the sale of the ovens at the end of the second year?
Required information [The following information applies to the questions displayed below.] New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $640,000. The ovens originally cost $844,000, had an estimated service life of 10 years, had an estimated residual value of $54,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. 3. What is the gain or loss on the sale of the ovens at the end of the second year?
New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $500,000. The ovens originally cost $690,000, had an estimated service life of 10 years, had an estimated residual value of $40,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. Problem 7-8A Part 2 2. Calculate the book value of the ovens at the end of the second year.
Required information (The following information applies to the questions displayed below.] New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $660,000. The ovens originally cost $866,000, had an estimated service life of 10 years, had an estimated residual value of $56,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. 4. Record the sale of the ovens at the end of the second year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the sale of ovens. Note: Enter debits before credits. Transaction General Journal
! Required information [The following information applies to the questions displayed below.] New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $530,000. The ovens originally cost $723,000, had an estimated service life of 10 years, had an estimated residual value of $43,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. Determine the financial statement effects of the sale of the ovens at the end of the second year. Note: Amounts to be deducted should be indicated by a minus sign.
! Required information Problem 7-5A (Algo) Determine depreciation under three methods (LO7-4) [The following information applies to the questions displayed below.] University Car Wash purchased new soap dispensing equipment that cost $243,000 including installation. The company estimates that the equipment will have a residual value of $28,500. University Car Wash also estimates it will use the machine for six years or about 12,500 total hours. Actual use per year was as follows: 3 Year 1 2 4 5 Year 1 2 6 Total 3 4 5 6 Problem 7-5A (Algo) Part 2 Hours Used 2,700 2,000 2. Prepare a depreciation schedule for six years using the double-declining-balance method. (Do not round your intermediate calculations.) 2,100 1,900 1,700 2,100 Depreciation Expense UNIVERSITY CAR WASH Depreciation Schedule-Double-Declining-Balance End of Year Amounts Accumulated Depreciation Book Value