Required Information[The following information applies to the questions displayed below.]Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company hasmore than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for$27,000. Movelt had originally purchased the vehicle and recorded it in the Truck account for $45,000 and had recordeddepreciation for three years.4. Prepare the journal entry to record the disposal of the truck, assuming Accumulated Depreciation-Truck was (a) $18,000. (b)$12,000, and (c) $21.000. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first accountfield.)View transaction listJournal entry worksheet<23Record the sale of the truck that has an accumulated depreciation balance of$21,000 at the time of disposal.Note: Enter debits before credits.TransactionGeneral JournalDebitCreditRecord entryClear entryView general journal

Debit Cash (or Accounts Receivable) $27,000This entry represents the cash received from the sale of…

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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.] Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $27,000. Movelt had originally purchased the vehicle and recorded it in the Truck account for $45,000 and had recorded depreciation for three years. 2. Using the following structure, indicate the effects (accounts, amounts, and + for increase and - for decrease) of the disposal of the truck, assuming Accumulated Depreciation-Truck was (a) $18,000, (b) $12,000, and (c) $21,000. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) (a) (a) (a) (b) (b) (b) (c) (c) (c) Assets = = = = Liabilities + Stockholders' Equity + + + + + + + = + +
Required information [The following information applies to the questions displayed below.] Movelt Corporation is the world's leading express - distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $17,000. Movelt had originally purchased the vehicle and recorded it in the Truck account for $29,000 and had recorded depreciation for three years. Required: Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation - Truck was (a) $12,000, (b) $8,000, and (c) $14,000. (Select "None" if there is no Gain or Loss.) Required information [The following information applies to the questions displayed below.] (a) (b) (c) & Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a…
! Required information [The following information applies to the questions displayed below.] VQT Companies is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that VQT sold a delivery truck for $29,000. VQT had originally purchased the vehicle and recorded it in the Truck account for $49,000 and had recorded depreciation for three years. 4. Prepare the journal entry to record the disposal of the truck, assuming Accumulated Depreciation--Truck was (a) $20,000, (b) $17,000, and (c) $25,000. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
VQT Companies is the world’s leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that VQT sold a delivery truck for $20,000. VQT had originally purchased the vehicle and recorded it in the Truck account for $33,000 and had recorded depreciation for three years. E9-11 (Algo) Part 1 Required: Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation—Truck was (a) $13,000, (b)$7,000, and (c) $17,000. (Select "None" if there is no Gain or Loss.)
Required information [The following information applies to the questions displayed below.] (a) (a) (a) (b) Nomad Industries is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Nomad sold a delivery truck for $25,000. Nomad had originally purchased the vehicle and recorded it in the Truck account for $41,000 and had recorded depreciation for three years. 2. Using the following structure, indicate the effects (accounts, amounts, and + for increase and for decrease) of the disposal of the truck, assuming Accumulated Depreciation-Truck was (a) $16,000, (b) $12,000, and (c) $18,000. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Assets = = Liabilities + + + + +
Nomad Industries is the world's leading express- distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Nomad sold a delivery truck for $25,000. Nomad had originally purchased the vehicle and recorded it in the Truck account for $41,000 and had recorded depreciation for three years. Required: 1. Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation-Truck was (a) $16,000, (b) $12,000, and (c) $18,000. (Select "None" if there is no Gain or Loss.) Gain/Loss Amount (a) (b) (c)
MoveIt Corporation is the world’s leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that MoveIt sold a delivery truck for $6,000. MoveIt had originally purchased the vehicle and recorded it in the Truck account for $10,000 and had recorded depreciation for three years. Using the following structure, indicate the effects (accounts, amounts, and + for increase and − for decrease) of the disposal of the truck, assuming Accumulated Depreciation—Truck was (a) $4,000, (b) $3,000, and (c) $5,000. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.)
MoveIt Corporation is the world’s leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that MoveIt sold a delivery truck for $6,000. MoveIt had originally purchased the vehicle and recorded it in the Truck account for $10,000 and had recorded depreciation for three years. Required: Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation—Truck was (a) $4,000, (b) $3,000, and (c) $5,000.
MoveIt Corporation is the world’s leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that MoveIt sold a delivery truck for $11,000. MoveIt had originally purchased the truck for $18,000 and had recorded depreciation for three years. Using the following structure, indicate the effects (accounts, amounts, and + for increase and − for decrease) of the disposal of the truck, assuming that Accumulated Depreciation was (a) $7,000, (b) $4,000, and (c) $12,000. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.)
VQT Companies is the world’s leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that VQT sold a delivery truck for $20,000. VQT had originally purchased the vehicle and recorded it in the Truck account for $33,000 and had recorded depreciation for three years. E9-11 (Algo) Part 4 Prepare the journal entry to record the disposal of the truck, assuming Accumulated Depreciation--Truck was (a) $13,000, (b) $7,000, and (c) $17,000. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
MoveIt Corporation is the world’s leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that MoveIt sold a delivery truck for $11,000. MoveIt had originally purchased the truck for $18,000 and had recorded depreciation for three years. Required: Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation was (a) $7,000, (b) $4,000, and (c) $12,000. (Select "None" if there is no Gain or Loss.)
MoveIt Corporation is the world’s leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that MoveIt sold a delivery truck for $6,000. MoveIt had originally purchased the vehicle and recorded it in the Truck account for $10,000 and had recorded depreciation for three years. Prepare the journal entry to record the disposal of the truck, assuming Accumulated Depreciation--Truck was (a) $4,000, (b) $3,000, and (c) $5,000.

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