Homework Answers
| Date | General Journal | Debit | Credit |
| Jan.1 | Cash | $16,310 | |
| Accumulated depreciation-Vehicle (57,930-6,310)/4*3 | 38,715 | ||
| Loss on disposal (57,930-38,715)-16,310 | 2,905 | ||
| Vehicle | $57,930 | ||
| Sept.1 | Depreciation Expense (10,476 / 3)*8/12 | $2,328 | |
| Accumulated depreciation-Equipment | $2,328 | ||
| (To record depreciation expense) | |||
| Sept.1 | Cash | $470 | |
| Accumulated depreciation-Equipment (10,476 / 3*2)6,984+ 2,328 | 9,312 | ||
| Loss on disposal ($10,476-9,312) - 470 | 694 | ||
| Equipment | $10,476 | ||
| (To record the sale of equipment for sale) | |||
| Dec.30 | Accumulated depreciation-Equipment | $152,000 | |
| Equipment | $152,000 | ||
| (To record retirement of equipment) |
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EACIIBE Presented here are selected transactions for Sheridan Limited for 2018. Sheridan uses straight-line depreciation and...
Exercise 9-7 a-b Presented here are selected transactions for Cullumber Limited for 2018. Cullumber uses straight-line...
Exercise 9-7 a-b Presented here are selected transactions for Cullumber Limited for 2018. Cullumber uses straight-line depreciation and records adjusting entries annually. Jan. 1 Sept. 1 Sold a delivery truck for $19,430 cash. The truck cost $63,480 when it was purchased on January 1, 2015, and was depreciated based on a four-year useful life with a $5,460 residual value. Sold computers that were purchased on January 1, 2016. They cost $11,061 and had a useful life of three years with...
Exercise 9-9 a-b Ivanhoe Corporation has the following selected transactions during the year ended December 31,...
Exercise 9-9 a-b Ivanhoe Corporation has the following selected transactions during the year ended December 31, 2018: Jan. 1 Purchased a copyright for $112,260 cash. The copyright has a useful life of six years and a remaining legal life of 30 years. Mar. 1 Acquired a franchise with a contract period of nine years for $585,360; the expiration date is March 1, 2027. Paid cash of $36,670 and borrowed the remainder from the bank. Sept. 1 Purchased a trademark for...
Presented here are selected transactions for Cullumber Limited for 2018. Cullumber uses straight-line depreciation and records...
Presented here are selected transactions for Cullumber Limited for 2018. Cullumber uses straight-line depreciation and records adjusting entries annually. Jan. 1 Sept. 1 Dec. 30 Sold a delivery truck for $18,840 cash. The truck cost $64,060 when it was purchased on January 1, 2015, and was depreciated based on a four-year useful life with a $5,800 residual value. Sold computers that were purchased on January 1, 2016. They cost $11,187 and had a useful life of three years with no...
Presented here are selected transactions for Pharoah Limited for 2018. Pharoah uses straight-line depreciation and records...
Presented here are selected transactions for Pharoah Limited for 2018. Pharoah uses straight-line depreciation and records adjusting entries annually. Jan. 1 Sold a delivery truck for $18,910 cash. The truck cost $67,900 when it was purchased on January 1, 2015, and was depreciated based on a four-year useful life with a $6,080 residual value. Sept. 1 Sold computers that were purchased on January 1, 2016. They cost $11,754 and had a useful life of three years with no residual value....
Problem 9-7A a-b Sandhill Productions Corp. purchased equipment on March 1, 2012, for $60,000. The company...
Problem 9-7A a-b Sandhill Productions Corp. purchased equipment on March 1, 2012, for $60,000. The company estimated the equipment would have a useful life of three years and produce 12,000 units, with a residual value of $9,000. During 2018, the equipment produced 4,900 units. On November 30, 2019, the machine was sold for $17,000 and had produced 5,600 units that year. Record all the necessary entries for the years ended December 31, 2018 and 2019, using the following depreciation methods:...
The following are some transactions of Sheridan Company for 2021. Sheridan Company uses straight-line depreciation and...
The following are some transactions of Sheridan Company for
2021. Sheridan Company uses straight-line depreciation and has a
December 31 year end.
Apr. 1
Retired a piece of equipment that was purchased on January 1,
2012, for $48,000. The equipment had an expected useful life of 10
years with no residual value.
July 30
Sold equipment for $1,300 cash. The equipment was purchased on
January 3, 2019, for $14,040 and was depreciated over an expected
useful life of three years...
Here are the accounts available: Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation -...
Here are the accounts available:
Accounts Payable
Accounts Receivable
Accumulated Depreciation - Buildings
Accumulated Depreciation - Equipment
Accumulated Depreciation - Leasehold Improvements
Accumulated Depreciation - Machinery
Accumulated Depreciation - Vehicles
Advertising Expense
Asset Retirement Obligation
Buildings
Cash
Common Shares
Contributed Surplus
Contributed Surplus - Donated Capital
Cost of Goods Sold
Deferred Revenue - Government Grants
Depreciation Expense
Donation Revenue
Equipment
Finance Expense
Finance Revenue
Gain on Disposal of Building
Gain on Disposal of Equipment
Gain on Disposal of Machinery
Gain...
Ivanhoe Limited organized late in 2019 and set up a single account for all intangible assets....
Ivanhoe Limited organized late in 2019 and set up a single account for all intangible assets. The following summary shows the entries in 2020 (all debits) that have been recorded in Intangible Assets since then: Jan. 2 Purchased patent (8-year life) $338,000 Mar. 31 Costs to search for new ways to apply patent that was purchased on Jan. 2 21,000 Apr. 1 Purchased goodwill (indefinite life) 314,000 July Purchased franchise with 10-year life; expiration date July 1, 2030 257,000 1...
At January 1, 2018, Sunland Limited reported the following property, plant, and equipment accounts: Accumulated depreciation—buildings...
At January 1, 2018, Sunland Limited reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$59,500,000
Accumulated depreciation—equipment
57,100,000
Buildings
102,500,000
Equipment
152,600,000
Land
20,600,000
The company uses straight-line depreciation for buildings and
equipment, its year end is December 31, and it makes adjusting
entries annually. The buildings are estimated to have a 40-year
useful life and no residual value; the equipment is estimated to
have a 10-year useful life and no residual value.
During 2018, the following selected...
Question 2 At January 1, 2018, Crane Limited reported the following property, plant, and equipment accounts:...
Question 2 At January 1, 2018, Crane Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings Equipment Land $62,800,000 52,600,000 89,700,000 162,600,000 18,100,000 The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a 10-year useful life and no residual value. During 2018, the...
Exercise 9-7 a-b Presented here are selected transactions for Cullumber Limited for 2018. Cullumber uses straight-line depreciation and records adjusting entries annually. Jan. 1 Sept. 1 Sold a delivery truck for $19,430 cash. The truck cost $63,480 when it was purchased on January 1, 2015, and was depreciated based on a four-year useful life with a $5,460 residual value. Sold computers that were purchased on January 1, 2016. They cost $11,061 and had a useful life of three years with...
Exercise 9-9 a-b Ivanhoe Corporation has the following selected transactions during the year ended December 31, 2018: Jan. 1 Purchased a copyright for $112,260 cash. The copyright has a useful life of six years and a remaining legal life of 30 years. Mar. 1 Acquired a franchise with a contract period of nine years for $585,360; the expiration date is March 1, 2027. Paid cash of $36,670 and borrowed the remainder from the bank. Sept. 1 Purchased a trademark for...
Presented here are selected transactions for Cullumber Limited for 2018. Cullumber uses straight-line depreciation and records adjusting entries annually. Jan. 1 Sept. 1 Dec. 30 Sold a delivery truck for $18,840 cash. The truck cost $64,060 when it was purchased on January 1, 2015, and was depreciated based on a four-year useful life with a $5,800 residual value. Sold computers that were purchased on January 1, 2016. They cost $11,187 and had a useful life of three years with no...
Problem 9-7A a-b Sandhill Productions Corp. purchased equipment on March 1, 2012, for $60,000. The company estimated the equipment would have a useful life of three years and produce 12,000 units, with a residual value of $9,000. During 2018, the equipment produced 4,900 units. On November 30, 2019, the machine was sold for $17,000 and had produced 5,600 units that year. Record all the necessary entries for the years ended December 31, 2018 and 2019, using the following depreciation methods:...
Here are the accounts available:
Accounts Payable
Accounts Receivable
Accumulated Depreciation - Buildings
Accumulated Depreciation - Equipment
Accumulated Depreciation - Leasehold Improvements
Accumulated Depreciation - Machinery
Accumulated Depreciation - Vehicles
Advertising Expense
Asset Retirement Obligation
Buildings
Cash
Common Shares
Contributed Surplus
Contributed Surplus - Donated Capital
Cost of Goods Sold
Deferred Revenue - Government Grants
Depreciation Expense
Donation Revenue
Equipment
Finance Expense
Finance Revenue
Gain on Disposal of Building
Gain on Disposal of Equipment
Gain on Disposal of Machinery
Gain...
Ivanhoe Limited organized late in 2019 and set up a single account for all intangible assets. The following summary shows the entries in 2020 (all debits) that have been recorded in Intangible Assets since then: Jan. 2 Purchased patent (8-year life) $338,000 Mar. 31 Costs to search for new ways to apply patent that was purchased on Jan. 2 21,000 Apr. 1 Purchased goodwill (indefinite life) 314,000 July Purchased franchise with 10-year life; expiration date July 1, 2030 257,000 1...
At January 1, 2018, Sunland Limited reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$59,500,000
Accumulated depreciation—equipment
57,100,000
Buildings
102,500,000
Equipment
152,600,000
Land
20,600,000
The company uses straight-line depreciation for buildings and
equipment, its year end is December 31, and it makes adjusting
entries annually. The buildings are estimated to have a 40-year
useful life and no residual value; the equipment is estimated to
have a 10-year useful life and no residual value.
During 2018, the following selected...
Question 2 At January 1, 2018, Crane Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings Equipment Land $62,800,000 52,600,000 89,700,000 162,600,000 18,100,000 The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a 10-year useful life and no residual value. During 2018, the...
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