On January ​2, 2023​, Favorite Clothing Consignments purchased showroom fixtures for $13,000 ​cash, expecting the fixtures to remain in service for five years. Favorite has depreciated the fixtures on a​ double-declining-balance basis, with zero residual value. On September 30, 2024​, Favorite sold the fixtures for $6,200 cash. Record both depreciation expense for 2024 and sale of the fixtures on September 30​, 2024. ​(Record debits​ first, then credits. Select the explanation on the last line of the journal entry table. Note that 2023 depreciation was recorded and posted in 2023​.)

Q: Hauswirth Corporation sold (or exchanged) a warehouse in year 0. Hauswirth bought the warehouse…

A: Answer to question a. Purchase cost of warehouse $65,000 Less: Depreciation claimed till year 0…

Q: On March 2, 2021, HABIBIYUCK bought an equipment costing P1,200,000. Itis the company’s policy to…

A: Formula: Depreciation rate = ( 100 / Useful life ) x 2

Q: During the current year, Matrix Homes disposed of plant assets in the following transactions:…

A: List price is the price quoted by the manufacturer for the assets to be sold. The price to be…

Q: ABC Company purchased equipment on January 1, 2018 for ₱9,000,000. The equipment had a useful life…

A: Working Note;

Q: On January 1, 2018, the Allegheny Corporation purchased machinery for $115,000. The estimated…

A:

Q: n March 2, 2021, HABIBIYUCK bought an equipment costing P1,200,000. It is the Company’s policy to…

A: Solution: Depreciation rate - SLM = 1/10 = 10% Deprecation rate - DDB = 10%*2 = 20% Depreciation for…

Q: HH Co. purchased equipment at the beginning of 2020 for $53,000 with an estimated residual value of…

A: Answer) Calculation of gain or loss on disposal of Equipment Gain or loss on disposal of Equipment =…

Q: Togo's Sandwich Shop had the following long-term asset balances as of January 1, 2021:     Cost…

A: Rate of depreciation (Building)=1useful life×2=120×2=10%

Q: On January 1, 2021, PANCHITAS CAFÉ purchased equipment for $180,000. The equipment had an estimated…

A: SLM depreciation = (cost - salvage value)/life = (180000-40000)/10 = 14000 SLM rate = SLM…

Q: double-declining-balance method of depreciation

A: Payments of annual insurance policy and motor vehicle license are not part of cost to bring the…

Q: HH purchased new shelving for its store on April 1, 2018. The shelving is expected to have a 20-year…

A: Since, we only answer upto 3 sub-parts, we'll answer the first 3.Please resubmit the question and…

Q: Podey Company has a machine that originally cost $20,000, has accumulated depreciation of $14,000 at…

A: Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset due to its…

Q: Rayya Co. purchases a machine for $105,000 on January 1, 2019. Straight-line depreciation is taken…

A: Depreciation means decline in the estimation of benefit inside its valuable life because of mileage…

Q: On June​ 30, 2024, Clooney Printers purchased a printer for $52,000. It expects the printer to last…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: Dimmu Company purchased a machine on January 1, 2021, at a cost of P 120.000. An additional P 50.000…

A: Given cost of the machine = P 120,000 Salvage value = P 20,000 Useful life = 5 years Depreciation…

Q: Rayya Co. purchases a machine for $105,000 on January 1, Straightdepreciation is taken each year for…

A: Depreciation: Depreciation is a method that reallocates the cost of a tangible asset over its useful…

Q: Forrester Company purchased a machine on January 1, 2019 for $60,000, with a 5-year life, and a…

A: Double declining depreciation rate = Straight line depreciation rate x 2 = (100/5 years) x 2 = 40%

Q: On July 1, 2011, Pinkley Company sells office furmiture for e90,000 cash. The office furniture…

A: Depreciation expense under the straight-line method will be calculated by dividing the difference…

Q: CEE Corporation purchased a machine on January 1, 2016 by instalment, initially paying $1,000,000,…

A: Depreciation - It refers to the fall in the value of fixed assets due to wear and tear. It is a…

Q: On January 1, 2021, the Excel Delivery Company purchased a delivery van for $33,000. At the end of…

A: Double declining rate= 1/useful life*100 in double declining we double the depreciation unlike…

Q: Alpha Corporation owns machinery that costs Tk 10,50,000 when purchased on March 1, 2014.…

A: Depreciation is the decrease in value of asset due to wear and tear.

Q: CEE Corporation purchased a machine on January 1, 2016 by instalment, initially paying ₱1,000,000,…

A: In case of purchase of fixed asset under instalment method, then amount paid by way of number of…

Q: On July 1, 2020, Lettuce Company, a calendar-year company, purchased a machine for a cash price of…

A: 2020: Depreciation rate = 1/useful life = 1/10 = 10% Depreciation expense (for the entire year) = 2…

Q: Rigley Industries sells a plant asset which originally cost $240,000 for $90,000 on December 31,…

A: SOLUTION-   GAIN OR LOSS ON DISPOSAL = ORIGINAL COST -ACCUMULATED DEPRECIATION- SALES VALUE.

Q: Lina Company purchased equipment on January 1, 2022 for P5,000,000. The equipment had a useful life…

A: Given information, Cost of the equipment=P5,000,000 Residual value =P600,000     Computation of…

Q: Togo's Sandwich Shop had the following long-term asset balances as of January 1, 2021:   Cost…

A: Date General Journal Debit Credit December 31, 2021 Patent Amortization 19,500     Patent…

Q: On January 2, 2017, Thrifty CLothing Consignments purchased showroom fixtures for $12,000 cash,…

A: Depreciation is the loss in the value of the asset caused due to its usage, wear and tear. There are…

Q: On May 1, 2020, Zoo Company sells furniture for 80,000 cash. The furniture originally cost 200,000…

A: Here in this question, we are required to calculate the gain or loss to be recognized on sale of…

Q: Exon Company purchased equipment for $120,000 on January 1, 2018. The equipment has an estimated…

A: Given that, cost of the equipment = $120000 Residual value of equipment = $10000 Useful life of…

Q: During the current year, Blake Construction disposed of plant assets in the following…

A: Journal entries of disposal are as follows: Resultant table:

Q: Hauswirth Corporation sold (or exchanged) a warehouse in year 0. Hauswirth bought the warehouse…

A: Here discuss about the topic of Amount Realized on the sale of assets and any kind of amount…

Q: On April 1, 2022 Brazil Company purchased and installed several furniture and fixtures items from a…

A: Double Declining Balance Method: In commercial accounting, the double-declining balance (DDB)…

Q: Togo's Sandwich Shop had the following long-term asset balances as of January 1, 2021: Accumulated…

A: The depreciation expense is charged on asset which reduces the value of fixed asset with the passage…

Q: On September 30, 2021, Bricker Enterprises purchased a machine for $200,000. The estimated service…

A: Sum of years = 10+9+8+7+6+5+4+3+2+1 = 55 Number of years Outstanding = 10 years - 0.25 years(from…

Q: Citizen Co. purchased equipment on January 2, 2016, for P500,000. The equipment had an estimated…

A: Compute depreciation for the first two years i.e. 2016 and 2017 with double declining method as…

Q: On January 1, 2020, Layman Company purchased personal computers for P6,000,000. The management…

A: Double declining depreciation rate = Straight line depreciation rate x 2 = (100/4 years) x 2 = 50%

Q: Mazaya Company has decided to sell one of its old machines on June 30, 2011. The machinewas…

A: Annual Depreciation = (Cost of the assets - Salvage value) / life of the assets = (120000 - 0) / 10…

Q: During the current year, Ramirez Developers disposed of plant assets in the following…

A: Journal entry: Journal is a book of prime entry or a book of original entry in which transactions…

Q: On 1/1/18, Cumberland Corp. purchased a machine for $60,000. The machine cost Cumberland $2,800 for…

A: Depreciation is the allocation of cost of asset over the useful life of the asset. It can be charged…

Q: RS Inc. acquired a delivery truck for P2,100,000 on January 1, 2018. The delivery truck has useful…

A: 1. Sum of useful life  = 5+4+3+2+1  = 15 2. Calculation of depreciation rate for each year under sum…

Q: Case E Sanders Company purchased the following on January 1, 2019: • Office equipment at a cost of…

A: Depreciation is the method to allocate the cost of asset over its useful life. There are many…

Q: il 1, 2021, Metro Co. purchased machinery at a cost of $42,000. The machinery is expected to last 10…

A: Solution: Sum of years digits = 10+9+8+7+6+5+4+3+2+1 = 55

Q: On January 2, 2022, BRACE company purchased a new machine on a deferred payment basis. A down…

A: When assets are purchased and a non-interest-bearing note is issued then the difference between the…

Q: Sony Company has decided to sell one of its old machines on December 31, 2019. The machine was…

A: The gain or loss is calculated as the difference between sale value and book value of the assets.

Q: In December 20x8, the Aliz Co. purchased land for P300,000. The land was held until December 20x9,…

A: Profit on Sale of Asset: When an asset is sold for more than its carrying value, a gain on the sale…

Q: During the current year, Hitchcock Developers disposed of plant assets in the following…

A: Disposal of asset: Disposal of asset is a non-recurring transaction, which record the sale of asset.…

Q: Togo's Sandwich Shop had the following long-term asset balances as of January 1, 2021:     Cost…

A: