Homework Answers
1.bad debt expense = $10,500.
working:
bad debt expense = ($100,000*10%) =>$10,000 + 500 debit balance =>$10,500.
2.D.$20,000.
working:
yearly depreciation percentage = (1 / 5 years life * 2 *100)=>40%.
=>$50,000*40%=>$20,000.
3.C.14,100.
working:
depreciation = (173,000 -23000 salvage) * 94,000 /1,000,000
=>$14,100.
4.c.101,000 loss on disposal.
| cost | 359,000 |
| less: accumulated depreciation | (146,000) |
| book value | 213,000 |
| less: sale value | (112,000) |
| loss (since book value is more) | 101,000 |
5.c.loss of $40,000.
the following will be the entry:
| cash | 174,000 | |
| loss on sale of machine | 40,000 | |
| accumulated depreciation | 204,000 | |
| ...............To equipment a/c | . | 418,000 |
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(b) RLF Company estimates that 10% of accounts receivable will become uncollectible. Accounts receivable are $1...
Marigold Company purchased a new van for floral deliveries on January 1, 2020. The van cost...
Marigold Company purchased a new van for floral deliveries on January 1, 2020. The van cost $47000 with an estimated life of 5 years and $14200 salvage value at the end of its useful life. The double declining-balance method of depreciation will be used. What is the depreciation expense for 2020? $13120 $18800 $9400 $6560 Attempts: 0 of 1 used Submit Answer forlater
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
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Presented below are selected transactions at Ridge Company for 2015. Jan. 1 Retired a piece of...
Presented below are selected transactions at Ridge Company for
2015.
Jan.
1
Retired a piece of machinery
that was purchased on January 1, 2005. The machine cost $61,020 on
that date. It had a useful life of 10 years with no salvage
value.
June
30
Sold a computer that was
purchased on January 1, 2012. The computer cost $36,710. It had a
useful life of 5 years with no salvage value. The computer was sold
for $14,920.
Dec.
31
Discarded...
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On January 1, 2016, Walid Company purchases equipment for $12,000 with 4 years estimated useful life and no salvage value. On January 1, 2019, Walid Company retires the equipment. The straight-line method of depreciation is applied and financial statements are prepared yearly. The retirement entry is: * On January 1, 2018, Zak Company purchases equipment for $24,000, with an estimated useful life of 4 years and no salvage value. The straight-line depreciation method is applied and financial statements are prepared...
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Yoshi Company completed the following transactions and events involving its delivery trucks. 2016 Jan. 1 Paid...
Yoshi Company completed the following transactions and events
involving its delivery trucks.
2016
Jan.
1
Paid $23,515 cash plus $1,785 in sales tax for a new delivery
truck estimated to have a five-year life and a $2,000 salvage
value. Delivery truck costs are recorded in the Trucks
account.
Dec.
31
Recorded annual straight-line depreciation on the truck.
2017
Dec.
31
Due to new information obtained earlier in the year, the
truck’s estimated useful life was changed from five to four...
1.We purchased a building with a market value of $150,000 for $125,000 cash. The seller paid...
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Chart of Accounts General Journal Analysis Instructions Swann Company sold a delivery truck on April 1,...
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JPJones Trial Balance December 1, 2018 Acct Description DR CR 100 Cash 405,653 101 Accounts...
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Marigold Company purchased a new van for floral deliveries on January 1, 2020. The van cost $47000 with an estimated life of 5 years and $14200 salvage value at the end of its useful life. The double declining-balance method of depreciation will be used. What is the depreciation expense for 2020? $13120 $18800 $9400 $6560 Attempts: 0 of 1 used Submit Answer forlater
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...
Presented below are selected transactions at Ridge Company for
2015.
Jan.
1
Retired a piece of machinery
that was purchased on January 1, 2005. The machine cost $61,020 on
that date. It had a useful life of 10 years with no salvage
value.
June
30
Sold a computer that was
purchased on January 1, 2012. The computer cost $36,710. It had a
useful life of 5 years with no salvage value. The computer was sold
for $14,920.
Dec.
31
Discarded...
On January 1, 2016, Walid Company purchases equipment for $12,000 with 4 years estimated useful life and no salvage value. On January 1, 2019, Walid Company retires the equipment. The straight-line method of depreciation is applied and financial statements are prepared yearly. The retirement entry is: * On January 1, 2018, Zak Company purchases equipment for $24,000, with an estimated useful life of 4 years and no salvage value. The straight-line depreciation method is applied and financial statements are prepared...
Yoshi Company completed the following transactions and events involving its delivery trucks. 2017 Jan. 1 Paid $23,515 cash plus $1,635 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. Dec. 31 Recorded annual straight-line depreciation on the truck. 2018 Dec. 31 Due to new information obtained earlier in the year, the truck's estimated useful life was changed from five to four...
Yoshi Company completed the following transactions and events
involving its delivery trucks.
2016
Jan.
1
Paid $23,515 cash plus $1,785 in sales tax for a new delivery
truck estimated to have a five-year life and a $2,000 salvage
value. Delivery truck costs are recorded in the Trucks
account.
Dec.
31
Recorded annual straight-line depreciation on the truck.
2017
Dec.
31
Due to new information obtained earlier in the year, the
truck’s estimated useful life was changed from five to four...
Chart of Accounts General Journal Analysis Instructions Swann Company sold a delivery truck on April 1, 2019. Swann had acquired the truck on January 1, 2015, for $12,000. At acquisition, Swann had estimated that the truck would have an estimated life of 5 years and a residual value of $5,000 Swann uses the straight-line method of depreciation. At December 31, 2018, the truck had a book value of $12.400. Required: 1. Prepare any necessary journal entries to record the sale...
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