an assets book value is 19,400 on Dec 31, year 5. The asset has been depreciated at an annual rate of 4,400 on the straight-line method. assuming the asset is sold on Dec 31 year 5 for 16,400 the company should record?

an assets book value is 19,400 on Dec 31, year 5. The asset has been depreciated at an annual rate of 4,400 on the straight-line method. assuming the asset is sold on Dec 31 year 5 for 16,400 the company should record?

Name: an assets book value is 19,400 on Dec 31, year 5. The asset has been d
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: an assets book value is 19,400 on Dec 31, year 5. The asset has been depreciated at an annual rate of 4,400 on the straight-line method. assuming the asset is sold on Dec 31 year 5 for 16,400 the company should record?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The net income reported on the income statement for the current year was $281,847. Depreciation recorded on fixed assets and amortization of patents for the year were $32,101 and $10,127, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $37,628 $62,683 Accounts Receivable 120,761 105,004 Inventories 105,470 86,078 Prepaid Expenses 4,242 8,185 Accounts Payable (merchandise creditors) 47,812 74,478 What is the amount of the net cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? a.$351,049 b.$288,926 c.$266,203 d.$255,489
a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? b. What was the book value of the equipment on January 1 of Year 4? c. Assuming that the equipment was sold on January 3 of Year 4 for $379,920, journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles. d. Assuming that the equipment had been sold on January 3 of Year 4 for $410,485 instead of $379,920, journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles.
An asset, with a useful life of 10 years, wasacquired at the beginning of year 1 at a cost of $60 000. The asset is revalued at the beginning ofyear 4 in terms of the entitys revaluation policyto gross replacement cost of $ 80 000 at this date.Assume that depreciation calculated foraccounting purposes on the straight-line methodaccurately reflects economic obsolescence. What is the revaluation amount?
Marigold Industries presents you with the following information. Complete the table for the year ended December 31, 2027. The company depreciates all assets using the half-year convention. (Round answers to O decimal places, e.g. 45,892.) Description Machine A Machine B Machine C Machine D Date Purchased 2/12/25 8/15/24 7/21/23 Cost $148,200 89,600 227,760 (c) Salvage Value $16,640 21,840 25,000 71,760 Life in Years 10 5 8 5 Depreciation Method SL DDB SYD (a) Accumulated Depreciation to 12/31/26 $34,684 30,160 72,800 (e) Depreciation for 2027 (b) (d) (f) (h)
The net income reported on the income statement for the current year was $313,659. Depreciation recorded on fixed assets and amortization of patents for the year were $38,968, and $9,722, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $42,392 $55,782 Accounts receivable 126,305 101,016 Inventories 100,582 80,433 Prepaid expenses 4,060 7,575 Accounts payable (merchandise creditors) 50,302 78,390 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? Oa. $214,402 Ob. $432,360 Oc. $412,916 Od. $292,338
Extracts from Tom Ltd's Statement of financial positions are given below: At year- end At beginning of year £'000 £'000 Non-current assets 295 240 Accumulated depreciation 150 105 Net book value 145 135 Assuming there were no disposals within the year, which of the following statements is true? Select one: OA. During the year, the amount spent on the purchase of non-current assets was £295,000 and the depreciation charge for the year was £150,000. OB. During the year, the amount spent on the purchase of non-current assets was £55,000 and the depreciation charge for the year was £150,000. OC. During the year, the amount spent on the purchase of non-current asset purchases was £55,000 and the depreciation charge for the year was £45,000. OD. During the year, the amount spent on the purchase of non-current assets was £295,000 and the depreciation charge for the year was £45,000.
If a fixed asset, such as a computer, was purchased on January 1 for $3,750 with an estimated life of 3 years and a salvage or residual value of $150, the journal entry for the monthly expense under straight-line depreciation is a. Depreciation Expense 100 Accumulated Depreciation 1,200 Accumulated Depreciation 1,200 100 b. Depreciation Expense 1,200 c. Accumulated Depreciation Depreciation Expense d. Accumulated Depreciation Depreciation Expense 1,200 100 100 O D O A
The net income reported on the income statement for the current year was $262,100. Depreciation recorded on equipment and a building amounted to $78,400 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $71,030 $75,290 Accounts receivable (net) 90,070 92,910 Inventories 177,580 160,070 Prepaid expenses 9,870 10,620 Accounts payable (merchandise creditors) 79,340 84,020 Salaries payable 11,440 10,470 a. Prepare the "Cash Flows from Operating Activities" section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.
Whispering Company owns equipment that cost $100,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $10,000 and an estimated useful life of 5 years. Depreciation expense adjustments are recognized annually. Instructions: Prepare Whispering Company's journal entries to record the sale of the equipment in these four independent situations. Update depreciation on assets disposed of at time of sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) (b) (c) (d) (e) (f) (a) Sold for $59,000 on January 1, 2022. Sold for $59,000 on April 1, 2022. SR. Account Titles and Explanation (b) Sold for $21,000 on January 1, 2022. Sold for $21,000 on September 1, 2022. Repeat (a), assuming Whispering uses double-declining…
Wolfpack Corp. has determined it should record depreciation expense of $40,000 for the year ending 12/31/X7. Required: In the general journal below, complete the year-end entry to record depreciation. Debit Credit Dec 31 ? 40,000 ? 40,000
Using the following information: Cost of asset, $290,000 Accumulated depreciation, beginning of year, $80,000 Current year depreciation, $40,000 A. Make the December 31 adjusting journal entry for depreciation. If an amount box does not require an entry, leave it blank. December 31 B. Determine the net book value (NBV) of the asset on December 31.
A company purchased $206,000 of fixed assets that are classified as five-year MACRS property. The MACRS rates are 2, 32, 192, 1152 1152, and .0576 for Years 1 to 6, respectively. What will the accumulated depreciation be at the end of Year 4 if the tax rate is 24 percent and no bonus depreciation is taken? Instruction: Enter your response rounded to two decimal places.