Required Information [The following information applies to the questions displayed below.] On August 1 of year O, Dirksen purchased a machine for $42,500 to use in its business. On December 4 of year 0, Dirksen sold the machine for $35,000. Use MACRS Table. (Loss amounts should be Indicated by a minus sign. Do not round percentages used for calculations. Round other Intermediate computations to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.)

Required Information [The following information applies to the questions displayed below.] On August 1 of year O, Dirksen purchased a machine for $42,500 to use in its business. On December 4 of year 0, Dirksen sold the machine for $35,000. Use MACRS Table. (Loss amounts should be Indicated by a minus sign. Do not round percentages used for calculations. Round other Intermediate computations to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.)

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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On August 1 of year 0, Dirksen purchased a machine for $23,750 to use in its business. On December 4 of year 0, Dirksen sold the machine for $21,500. Use MACRS Table. Note: Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Round other intermediate computations to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable. b. Dirksen depreciated the machinery using MACRS (seven-year recovery period). What are the amount and character of the gain or loss Dirksen will recognize on the sale if the machine is sold on January 15 of year 1 instead?
Required information. Problem 11-42 (LO 11-3, LO 11-4) (Static) [The following information applies to the questions displayed below.] On August 1 of year O, Dirksen purchased a machine for $20,000 to use in its business. On December 4 of year 0, Dirksen sold the machine for $18,000. Use MACRS Table. Note: Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Leave no answers blank. Enter zero if applicable. Problem 11-42 Part-a (Static) a. What are the amount and character of the gain or loss Dirksen will recognize on the sale? Description Total Gain or (Loss) Recognized Character of Recognized Gain or (Loss): Ordinary Gain or (Loss) $1231 gain or (loss) Amount
[The following Information applies to the questions displayed below.] On August 1 of year 0, Dirksen purchased a machine for $20,000 to use in its business. On December 4 of year 0, Dirksen sold the machine for $18,000. Use MACRS Table. Note: Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Leave no answer blank. Enter zero If applicable. b. Dirksen depreciated the machinery using MACRS (seven-year recovery period). What are the amount and character of the gain or loss Dirksen will recognize on the sale if the machine is sold on January 15 of year 1 Instead? Note: Round other Intermediate computations to the nearest whole dollar amount. Description Total Gain or (Loss) Recognized Character of Recognized Gain or (Loss): Ordinary Gain or (Loss) $1231 gain or (loss) Amount
On August 1 of year 0, Dirksen purchased a machine for $20,000 to use in its business. On December 4 of year 0, Dirksen sold the machine for $18,000. Use MACRS Table. Note: Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Leave no answer blank. Enter zero if applicable. a. What are the amount and character of the gain or loss Dirksen will recognize on the sale? Description Total Gain or (Loss) Recognized Character of Recognized Gain or (Loss): Ordinary Gain or (Loss) §1231 gain or (loss) $ Amount 0
On August 1 of year 0, Dirksen purchased a machine for $20,000 to use in its business. On December 4 of year 0, Dirksen sold the machine for $18,000. Use MACRS Table. Note: Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Leave no answers blank. Enter zero if applicable. Problem 11-42 Part-b (Static) b. Dirksen depreciated the machinery using MACRS (seven-year recovery period). What are the amount and character of the gain or oss Dirksen will recognize on the sale if the machine is sold on January 15 of year 1 instead? Note: Round other intermediate computations to the nearest whole dollar amount. X Answer is complete but not entirely correct. Description Total Gain or (Loss) Recognized Character of Recognized Gain or (Loss): Ordinary Gain or (Loss) §1231 gain or (loss) $ $ Amount 4,119 X 4,119 X 0
S ! Required information [The following information applies to the questions displayed below.] In year O, Longworth Partnership purchased a machine for $50,500 to use in its business. In year 3, Longworth sold the machine for $35,200. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $26,600. Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable. c. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are decreased to $16,100? Description Total Gain or (Loss) Recognized Character of Recognized Gain or (Loss): Ordinary Gain or (Loss) §1231 gain or (loss) Amount
Prepare journal entries to record these transactions. (a) Blue Spruce Corp. retires its delivery equipment, which cost $44,000. Accumulated depreciation is also $44,000 on this delivery equipment. No salvage value is received. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Save for Later Debit Credit Attempts: 0 of 2 used Submit Answer
Novak Manufacturing has old equipment that cost $51,000. The equipment has accumulated depreciation of $27,900. Novak has decided to sell the equipment. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) What entry would Novak make to record the sale of the equipment for $26,000 cash? (b) What entry would Novak make to record the sale of the equipment for $15,000 cash?
Ayayai Company has an old factory machine that cost $63,000. The machine has accumulated depreciation of $35,280. Ayayai has decided to sell the machine. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) What entry would Ayayai make to record the sale of the machine for $32,280 cash? (b) What entry would Ayayai make to record the sale of the machine for $22,280 cash? No. Account Titles and Explanation Debit Credit (a) enter an account title to record the first transaction enter a debit amount enter a credit amount enter an account title to record the first transaction enter a debit amount enter a credit amount enter an account title to record the first transaction enter a debit amount enter a credit amount enter an account title to record the first transaction enter a debit…
Use the information below to answer the questions that follow. Enter your answers using digits only - no dollar signs, commas, or decimal points. The business's year- end is December 31. • Cost of equipment = 36000 • Useful life in years = 4 • Residual value 0 • Date purchased April 1, 2021 • Date of disposal September 30, 2023 • Cash received on disposal 15000 What is the accumulated depreciation on the date of the disposal? What is the book value of the equipment on the date of the disposal? What is the amount of the gain or loss on the disposal? If a loss, start your answer with a - sign.
35. An Entity bought an office equipment costing P60,000. It was however, charged to repairs and maintenance. Data about the office machine follows: * Date of Purchase : June 30, 2020 Estimated Life : 5 years Salvage Value none The error was discovered and was corrected on December 31, 2020 during the closing of the books of accounts. How much is the understatement or overstatement of profit for the year ended Dec. 31, 2020, because of the error? O A. P52,000 understatement O B. P53,000 overstatement C. P54,000 understatement O D. P54,000 overstatement
Compute the following: a. Carder & Company purchased equipment for $24,000 with a useful life of eight years and no expected salvage value. Prepare the adjusting entry for the first year using the straightline depreciation method. Omit explanations. If an amount box does not require, leave it blank. Page: 1 DATE DESCRIPTION POST.REF. DEBIT CREDIT 1 a. fill in the blank a56629fe4031fb0_2 fill in the blank a56629fe4031fb0_3 1 2 fill in the blank a56629fe4031fb0_5 fill in the blank a56629fe4031fb0_6 2 a. Carder & Company purchased equipment for $24,000 with a useful life of eight years and no expected salvage value. Compute the book value at the end of the second year of the equipment's life. Book Value $fill in the blank bd8c2300bf8af95_1 b. DAC Company pays its employees every Friday. On January 2, 20--, the Company paid $6,000 for the 5 days beginning the previous December 29. Prepare the adjusting entry on December 31. Omit…