Homework Answers
Dear student.... Thank you for using homeworklib....answer is 15,500 i.e.13,000 +2,500
Now your question is why we are adding 2,500
When we exchanged the equipment, we gave 2 things:
a) Old Equipment having market value of 13,000
b) Cash $2,500
Thus the total exchange value = $13,000 + $2,500
Thats why we have added 2,500 also.
Add Answer to:
PLEASE EXPLAIN WHY you can find the equipment price, i know we
add 13,000 with 2,500...
Suppose if the question asks to prepare journal for Depreciation expense for 2028, we need to...
Suppose if the question asks to prepare journal for
Depreciation expense for 2028, we need to triple the number up? is
that correct?
The 2nd image is the journal expense for 2025.
Assignment 2 Equipment was acquired on January 1, 2021, at a cost of $12,000. The equipment was originally estimated to have a salvage value of $1,000 and an estimated life of 10 years. Depreciation has been recorded through to December 31, 2024, using the straight-line method. On January...
Can I get some help with the wrong ones. Recording Purchase of Equipment through Debt and...
Can I get some help with the wrong ones.
Recording Purchase of Equipment through Debt and Equity On January 1, 2020, Sidelines Company purchases equipment with an estimated 6-year useful life by making a $5,600 cash payment and issuing a noninterset-bearing note for $19,200 due in two years. The fair value of the the equipment is unknown. An 11% annual interest rate is typical of this transaction. The company uses the effective interest method to amortize interest expense and the...
Can I get some help on the wrong ones please. Recording Purchase of Equipment through Debt...
Can I get some help on the wrong ones please.
Recording Purchase of Equipment through Debt and Equity On January 1, 2020, Sidelines Company purchases equipment with an estimated 6-year useful life by making a $14,000 cash payment and issuing a noninterset-bearing note for $48,000 due in two years. The fair value of the the equipment is unknown. An 11% annual interest rate is typical of this transaction. The company uses the effective interest method to amortize interest expense and...
Cedric Company recently traded in an older model of equipment for a new model. The old model’s book value was $270,000 (...
Cedric Company recently traded in an older model of equipment for a new model. The old model’s book value was $270,000 (original cost of $590,000 less $320,000 in accumulated depreciation) and its fair value was $300,000. Cedric paid $70,000 to complete the exchange which has commercial substance. Required: Prepare the journal entry to record the exchange. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) The Bronco Corporation exchanged land...
In this question, they only give us the Accumulated Depreciation until the end of year 7...
In this question, they only give us the Accumulated
Depreciation until the end of year 7 (31 Dec, 2027), but the sold
date is on March 31,2028, so do we need to calculate the
depreciation from 1st January 2028 until Feb 28?
Assignment 3 0 Hw Pinetreee Company purchased equipment in 2021 for $40,000 and estimated a $4,000 salvage value at the end of the equipment's 10-year useful life. On December 31, 2027 there was $25,200 in the Accumulated Depreciation...
Carla Company exchanged equipment used in its manufacturing operations plus $3,420 in cash for similar equipment...
Carla Company exchanged equipment used in its manufacturing operations plus $3,420 in cash for similar equipment used in the operations of Sarasota Company. The following information pertains to the exchange. Carla Co. Sarasota Co. Equipment (cost) $31,920 $31,920 Accumulated depreciation 21,660 11,400 Fair value of equipment 14,250 17,670 Cash given up 3,420 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatically indented when...
Question 5 View Policies Current Attempt in Progress Grouper Company exchanged equipment used in its manufacturing...
Question 5 View Policies Current Attempt in Progress Grouper Company exchanged equipment used in its manufacturing operations plus $3.120 in cash for similar equipment used in the operations of Monty Company. The following information pertains to the exchange Grouper Co. Monty Co. Equipment (cost) $29,120 Accumulated depreciation $29,120 19,760 13,000 3,120 10,400 16,120 Fair value of equipment Cash given up Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial...
See below. Can you please assist with the last section? Problem 10-05A a-c (Video) At December...
See below. Can you please assist with the last section?
Problem 10-05A a-c (Video) At December 31, 2020, Flint Company reported the following as plant assets. $ 3,770,000 15,120,000 Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets 527,290,000 12,170,000 48,020,000 4,550,000 43,470,000 562,360,000 During 2021, the following selected cash transactions occurred. April 1 Purchased land for $2,190,000. May 1 Sold equipment that cost $900,000 when purchased on January 1, 2017. The equipment was sold for $540,000...
Please check if it's correct. If not, please explain and re-do it. Thanks Assignment 2 O...
Please check if it's correct. If not, please explain and re-do
it.
Thanks
Assignment 2 O Hw Equipment was acquired on January 1, 2021, at a cost of $12,000. The equipment was originally estimated to have a salvage value of $1,000 and an estimated life of 10 years. Depreciation has been recorded through to December 31, 2024, using the straight-line method. On January 1, 2025, the estimated salvage value was revised to $1,200 and the useful life was revised to...
apparently my answers are correct but incomplet, can someone help me? thanks neck my work mode:...
apparently my answers are correct but incomplet, can someone
help me? thanks
neck my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indi LONGHORN CORPORATION Balance Sheet Dec. 31, 2021 Assets Liabilities ls Accounts payable S alaries payable 2000 2,900 900 Cash Equipment Supplies Buildings 1,300 21,500 1,900 25,000 Total liabilities 3,800 Stockholders' Equity Common stock Retained earnings 27,500 18,400 Total stockholders' equity Total liabilities and stockholders' equity...
Suppose if the question asks to prepare journal for
Depreciation expense for 2028, we need to triple the number up? is
that correct?
The 2nd image is the journal expense for 2025.
Assignment 2 Equipment was acquired on January 1, 2021, at a cost of $12,000. The equipment was originally estimated to have a salvage value of $1,000 and an estimated life of 10 years. Depreciation has been recorded through to December 31, 2024, using the straight-line method. On January...
Can I get some help with the wrong ones.
Recording Purchase of Equipment through Debt and Equity On January 1, 2020, Sidelines Company purchases equipment with an estimated 6-year useful life by making a $5,600 cash payment and issuing a noninterset-bearing note for $19,200 due in two years. The fair value of the the equipment is unknown. An 11% annual interest rate is typical of this transaction. The company uses the effective interest method to amortize interest expense and the...
Can I get some help on the wrong ones please.
Recording Purchase of Equipment through Debt and Equity On January 1, 2020, Sidelines Company purchases equipment with an estimated 6-year useful life by making a $14,000 cash payment and issuing a noninterset-bearing note for $48,000 due in two years. The fair value of the the equipment is unknown. An 11% annual interest rate is typical of this transaction. The company uses the effective interest method to amortize interest expense and...
In this question, they only give us the Accumulated
Depreciation until the end of year 7 (31 Dec, 2027), but the sold
date is on March 31,2028, so do we need to calculate the
depreciation from 1st January 2028 until Feb 28?
Assignment 3 0 Hw Pinetreee Company purchased equipment in 2021 for $40,000 and estimated a $4,000 salvage value at the end of the equipment's 10-year useful life. On December 31, 2027 there was $25,200 in the Accumulated Depreciation...
Carla Company exchanged equipment used in its manufacturing operations plus $3,420 in cash for similar equipment used in the operations of Sarasota Company. The following information pertains to the exchange. Carla Co. Sarasota Co. Equipment (cost) $31,920 $31,920 Accumulated depreciation 21,660 11,400 Fair value of equipment 14,250 17,670 Cash given up 3,420 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatically indented when...
Question 5 View Policies Current Attempt in Progress Grouper Company exchanged equipment used in its manufacturing operations plus $3.120 in cash for similar equipment used in the operations of Monty Company. The following information pertains to the exchange Grouper Co. Monty Co. Equipment (cost) $29,120 Accumulated depreciation $29,120 19,760 13,000 3,120 10,400 16,120 Fair value of equipment Cash given up Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial...
See below. Can you please assist with the last section?
Problem 10-05A a-c (Video) At December 31, 2020, Flint Company reported the following as plant assets. $ 3,770,000 15,120,000 Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets 527,290,000 12,170,000 48,020,000 4,550,000 43,470,000 562,360,000 During 2021, the following selected cash transactions occurred. April 1 Purchased land for $2,190,000. May 1 Sold equipment that cost $900,000 when purchased on January 1, 2017. The equipment was sold for $540,000...
Please check if it's correct. If not, please explain and re-do
it.
Thanks
Assignment 2 O Hw Equipment was acquired on January 1, 2021, at a cost of $12,000. The equipment was originally estimated to have a salvage value of $1,000 and an estimated life of 10 years. Depreciation has been recorded through to December 31, 2024, using the straight-line method. On January 1, 2025, the estimated salvage value was revised to $1,200 and the useful life was revised to...
apparently my answers are correct but incomplet, can someone
help me? thanks
neck my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indi LONGHORN CORPORATION Balance Sheet Dec. 31, 2021 Assets Liabilities ls Accounts payable S alaries payable 2000 2,900 900 Cash Equipment Supplies Buildings 1,300 21,500 1,900 25,000 Total liabilities 3,800 Stockholders' Equity Common stock Retained earnings 27,500 18,400 Total stockholders' equity Total liabilities and stockholders' equity...
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