on july 15, 2019, the hyde leather company sells one of its extra tanning machines. the...
on july 15, 2019, the hyde leather company sells one of its extra tanning machines. the machine cost 72,000$ with accumulated depreciation depreciation of 65,000$ at july 15th. (the accumulated depreciation balance is after the has been brought up to date). the machine was sold for 8,000$ cash.
1)what is the book value of the machine at the time of the sale?
2) what is the gain or loss on the sale of this machine? (INDICATE IF IT IS A GAIN OR LOSS)
3)PREPARE JOURNAL ENTRY IN GOOD FORM to record the sale of this ,machine.
Homework Answers
1) Book value of machine = Cost-Accumulated depreciation = 72000-65000 = 7000
2) Gain or loss on sale of machine = 8000-7000 = 1000
3) Journal entry
| Date | account and explanation | Debit | Credit |
| Cash | 8000 | ||
| Accumulated depreciation-machine | 65000 | ||
| Gain on sale of machine | 1000 | ||
| Machine | 72000 | ||
Add Answer to:
on july 15, 2019, the hyde leather company sells one of its
extra tanning machines. the...
A company pays $30,000 for two machines. Machine A is appraised at a fair market value...
A company pays $30,000 for two machines. Machine A is appraised at a fair market value of $24,000 and Machine B at a fair market value of $8,000. The cost of Machine B is recorded for book purposes at 25. .. a. $7,500 b. $8,000 c. $24,000 d. $30,000 26. On July , 2016, a calendar-year corporation purchases a new passenger auto for $25,000. The maximum tax depreciation allowed on the auto in 2016 is... a. $15,000 d. $7,660 c....
Please help me fix these errors. Thanks. On December 31, 2020, Sheridan Inc. has a machine with a book value of $1,146,...
Please help me fix these errors. Thanks.
On December 31, 2020, Sheridan Inc. has a machine with a book value of $1,146,800. The original cost and related accumulated depreciation at this date are as follows. Machine Less: Accumulated depreciation Book value $1,586,000 439,200 $1,146,800 Depreciation is computed at $73,200 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure...
-ing Depreciation 25. A company pays $30,000 for two machines. Machine A is appraised at a...
-ing Depreciation 25. A company pays $30,000 for two machines. Machine A is appraised at a fair market value of $24.000 and Machine B at a fair market value of $8,000. The cost of Machine B is recorded for book purposes at... a. $7,500 b. $8,000 c. $24,000 d. $30,000 26. On July 1. 2018, a calendar-year corporation purchases a new passenger auto for $25,000. The maximum tax depreciation allowed on the auto in 2018 is... a. $25,000 b. $12,500...
Sunland Company sells office equipment on July 31, 2022, for $22,080 cash. The office equipment originally...
Sunland Company sells office equipment on July 31, 2022, for $22,080 cash. The office equipment originally cost $72,560 and as of January 1, 2022, had accumulated depreciation of $38,910. Depreciation for the first 7 months of 2022 is $4.980. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
Crane Company sells office equipment on July 31, 2022, for $20,440 cash. The office equipment originally...
Crane Company sells office equipment on July 31, 2022, for $20,440 cash. The office equipment originally cost $82,640 and as of January 1, 2022, had accumulated depreciation of $38,770. Depreciation for the first 7 months of 2022 is $4,250. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
Check The property, plant, and equipment section of the Jasper Company's December 31, 2020, balance sheet...
Check The property, plant, and equipment section of the Jasper Company's December 31, 2020, balance sheet contained the following: $116,000 Property, plant, and equipment: Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Total property, plant, and equipment $ 936,000 (180,00) 163,000 756,000 ? The land and building were purchased at the beginning of 2016. Straight-line depreciation is used and a residual value of $36.000 for the building is anticipated The equipment is comprised of the following three machines Life...
On July 1, 2019, Crane Company purchased new equipment for $75,000. Its estimated useful life was...
On July 1, 2019, Crane Company purchased new equipment for $75,000. Its estimated useful life was 5 years with a $8,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Your answer is partially correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is...
Pronghorn Company ended its fiscal year on July 31, 2019. The company's adjusted trial balance as...
Pronghorn Company ended its fiscal year on July 31, 2019. The company's adjusted trial balance as of the end of its fiscal year is shown below. 112 Pronghorn Company Adjusted Trial Balance July 31, 2019 No. Account Titles Debit Credit 101 Cash $8,550 Accounts 8,500 Receivable 157 Equipment 15,900 Accumulated 158 Depreciation- $7,300 Equip. 201 Accounts Payable 4,050 208. Unearned Rent 2,400 Revenue 311 Common Stock 17,800 320 Retained Earnings 26,000 332 Dividends 16,500 400 Service Revenue 65,000 429 Rent...
The property, plant, and equipment section of the Jasper Company's December 31, 2020, balance sheet contained...
The property, plant, and equipment section of the Jasper Company's December 31, 2020, balance sheet contained the following: Property, plant, and equipment: Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Total property, plant, and equipment $ 752,000 (235,000 179, 250 $127,000 517,000 The land and building were purchased at the beginning of 2016. Straight-line depreciation is used and a residual value of $47,000 for the building is anticipated. The equipment is comprised of the following three machines: Life (in...
The property, plant, and equipment section of the Jasper Company’s December 31, 2020, balance sheet contained...
The property, plant, and equipment section of the Jasper Company’s December 31, 2020, balance sheet contained the following: Property, plant, and equipment: Land $ 118,000 Building $ 798,000 Less: Accumulated depreciation (190,000 ) 608,000 Equipment 174,450 Less: Accumulated depreciation ? ? Total property, plant, and equipment ? The land and building were purchased at the beginning of 2016. Straight-line depreciation is used and a residual value of $38,000 for the building is anticipated. The equipment is comprised of the following...
A company pays $30,000 for two machines. Machine A is appraised at a fair market value of $24,000 and Machine B at a fair market value of $8,000. The cost of Machine B is recorded for book purposes at 25. .. a. $7,500 b. $8,000 c. $24,000 d. $30,000 26. On July , 2016, a calendar-year corporation purchases a new passenger auto for $25,000. The maximum tax depreciation allowed on the auto in 2016 is... a. $15,000 d. $7,660 c....
Please help me fix these errors. Thanks.
On December 31, 2020, Sheridan Inc. has a machine with a book value of $1,146,800. The original cost and related accumulated depreciation at this date are as follows. Machine Less: Accumulated depreciation Book value $1,586,000 439,200 $1,146,800 Depreciation is computed at $73,200 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure...
-ing Depreciation 25. A company pays $30,000 for two machines. Machine A is appraised at a fair market value of $24.000 and Machine B at a fair market value of $8,000. The cost of Machine B is recorded for book purposes at... a. $7,500 b. $8,000 c. $24,000 d. $30,000 26. On July 1. 2018, a calendar-year corporation purchases a new passenger auto for $25,000. The maximum tax depreciation allowed on the auto in 2018 is... a. $25,000 b. $12,500...
Sunland Company sells office equipment on July 31, 2022, for $22,080 cash. The office equipment originally cost $72,560 and as of January 1, 2022, had accumulated depreciation of $38,910. Depreciation for the first 7 months of 2022 is $4.980. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
Crane Company sells office equipment on July 31, 2022, for $20,440 cash. The office equipment originally cost $82,640 and as of January 1, 2022, had accumulated depreciation of $38,770. Depreciation for the first 7 months of 2022 is $4,250. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
Check The property, plant, and equipment section of the Jasper Company's December 31, 2020, balance sheet contained the following: $116,000 Property, plant, and equipment: Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Total property, plant, and equipment $ 936,000 (180,00) 163,000 756,000 ? The land and building were purchased at the beginning of 2016. Straight-line depreciation is used and a residual value of $36.000 for the building is anticipated The equipment is comprised of the following three machines Life...
On July 1, 2019, Crane Company purchased new equipment for $75,000. Its estimated useful life was 5 years with a $8,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Your answer is partially correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is...
Pronghorn Company ended its fiscal year on July 31, 2019. The company's adjusted trial balance as of the end of its fiscal year is shown below. 112 Pronghorn Company Adjusted Trial Balance July 31, 2019 No. Account Titles Debit Credit 101 Cash $8,550 Accounts 8,500 Receivable 157 Equipment 15,900 Accumulated 158 Depreciation- $7,300 Equip. 201 Accounts Payable 4,050 208. Unearned Rent 2,400 Revenue 311 Common Stock 17,800 320 Retained Earnings 26,000 332 Dividends 16,500 400 Service Revenue 65,000 429 Rent...
The property, plant, and equipment section of the Jasper Company's December 31, 2020, balance sheet contained the following: Property, plant, and equipment: Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Total property, plant, and equipment $ 752,000 (235,000 179, 250 $127,000 517,000 The land and building were purchased at the beginning of 2016. Straight-line depreciation is used and a residual value of $47,000 for the building is anticipated. The equipment is comprised of the following three machines: Life (in...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago