Can someone help me figure out the amounts for the two blanks (it is not Dr:15,000 and Cr:2,400)
Homework Answers
Journal entry
| Date | account and explanation | Debit | Credit |
| June 30 | cash | 11400 | |
| Accumulated depreciation-equipment (24000/5*3.5) | 16800 | ||
| Gain on disposal of plant assets (24000-16800-11400) | 4200 | ||
| Equipment | 24000 |
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Can someone help me figure out the amounts for the two blanks (it is not Dr:15,000 and Cr:2,400) Your answer is partial...
Sunland Company had the following assets on January 1, 2022. Useful Life Item Cost Purchase Date...
Sunland Company had the following assets on January 1, 2022. Useful Life Item Cost Purchase Date (in years) Salvage Value Machinery $65,000 Jan. 1, 2012 10 $0 Forklift 24,000 Jan. 1, 2019 5 Truck 30,400 Jan. 1, 2017 8 3,000 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $11,400. The truck was discarded on December 31 Journalize all entries required on the above...
Your answer is partially correct. Try again. Sandhill Co. had the following assets on January 1,...
Your answer is partially correct. Try again. Sandhill Co. had the following assets on January 1, 2017. Useful Life (in years) Salvage Value $ 0 Item Machinery Forklift Truck Cost $82,360 34,800 38,744 Purchase Date Jan. 1, 2007 Jan. 1, 2014 Jan. 1, 2012 5 3,480 During 2017, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $13,920. The truck was discarded on December 31. Journalize...
Problem 9-03A Your answer is partially correct. Try again. Crane Company had the following assets on...
Problem 9-03A Your answer is partially correct. Try again. Crane Company had the following assets on January 1, 2022. Cost Useful Life (in years) 10 Salvage Value $ 0 Item Machinery Forklift Truck $70,000 29,000 35,400 Purchase Date Jan. 1, 2012 Jan. 1, 2019 Jan. 1, 2017 5 0 8 3,000 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $11,900. The truck was...
Please help fill in red and missing! (To record sale of forklift) Dec. 31 4 Depreciation...
Please help fill in red and missing!
(To record sale of forklift) Dec. 31 4 Depreciation Expense 4000 Accumulated Depreciation Equipment 4000 (To record depreciation expense on truck) Dec. 31 4 Accumulated Depreciation-Equipment Loss on Disposal of Plant Assets Equipment | (To record sale of truck) Ivanhoe Company had the following assets on January 1, 2022. Item Cost Purchase Date Useful Life (in years) Salvage Value Machinery $73,000 Jan 1, 2012 $0 Forklift 32,000 Jan 1, 2019 5 Truck 38,400...
Pharoah Company had the following assets on January 1, 2022. Useful Life in years) Item Salvage...
Pharoah Company had the following assets on January 1, 2022. Useful Life in years) Item Salvage Value Machinery Cost $63,000 22,000 Purchase Date Jan 1, 2012 Jan 1, 2019 $0 5 O Forklift Truck 28,400 Jan 1, 2017 3,000 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $11,200. The truck was discarded on December 31. Journalize all entries required on the above dates,...
Please help me figure out what's wrong in part 2. The textbook specifically says "For purposes...
Please help me figure out
what's wrong in part 2. The textbook specifically says "For
purposes of homework, credit accumulated depreciation when
recording an impairment for a depreciable asset."
IFRS 11-13 Blue Company acquired equipment on January 1, 2019, for $12,660. Blue elects to value this class of equipment using revaluation accounting. This equipment is being depreciated on a straight-line basis over its 6-year useful life. There is no residual value at the end of the 6-year period. The appraised...
& Your answer is partially correct. Prepare the plant assets section of Blue's balance sheet at...
& Your answer is partially correct. Prepare the plant assets section of Blue's balance sheet at December 31, 2023. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2023 transactions.) (List Plant Assets in order of Land, Building and Equipment.) BLUE CORPORATION Partial Balance Sheet December 31, 2023 Plant Assets land 4548000 Buildings 26520000 Less : Accumulated Depreciation-Buildings 663000 27183000 Equipment Less : Accumulated Depreciation-Equipment 5950300 59977000 Total Plant Assets 85094700 At December 31,...
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...
Exercise 9-9 Your answer is partially correct. Try again Presented below are selected transactions at Skysong,...
Exercise 9-9 Your answer is partially correct. Try again Presented below are selected transactions at Skysong, Inc. for 2019. Retired a piece of machinery that was purchased on January 1, 2009. The machine cost $60,000 on that date. It had a useful life of 10 years with no salvage value. Jan 1 Sold a computer that was purchased on January 1, 2016. The computer cost $36,600. It had a useful life of 5 years with no salvage value. The computer...
Can someone help me figure out what is the cash amount for the balance sheet? Following...
Can someone help me figure out what is the cash amount for the
balance sheet?
Following information relates to Acco Co. a. Beginning cash balance on July 1: $50,000. b. Cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are May (actual), $1,720,000; June (actual). $1,200,000; and July (budgeted), $1,400,000. c. Payments on merchandise...
Sunland Company had the following assets on January 1, 2022. Useful Life Item Cost Purchase Date (in years) Salvage Value Machinery $65,000 Jan. 1, 2012 10 $0 Forklift 24,000 Jan. 1, 2019 5 Truck 30,400 Jan. 1, 2017 8 3,000 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $11,400. The truck was discarded on December 31 Journalize all entries required on the above...
Your answer is partially correct. Try again. Sandhill Co. had the following assets on January 1, 2017. Useful Life (in years) Salvage Value $ 0 Item Machinery Forklift Truck Cost $82,360 34,800 38,744 Purchase Date Jan. 1, 2007 Jan. 1, 2014 Jan. 1, 2012 5 3,480 During 2017, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $13,920. The truck was discarded on December 31. Journalize...
Problem 9-03A Your answer is partially correct. Try again. Crane Company had the following assets on January 1, 2022. Cost Useful Life (in years) 10 Salvage Value $ 0 Item Machinery Forklift Truck $70,000 29,000 35,400 Purchase Date Jan. 1, 2012 Jan. 1, 2019 Jan. 1, 2017 5 0 8 3,000 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $11,900. The truck was...
Please help fill in red and missing!
(To record sale of forklift) Dec. 31 4 Depreciation Expense 4000 Accumulated Depreciation Equipment 4000 (To record depreciation expense on truck) Dec. 31 4 Accumulated Depreciation-Equipment Loss on Disposal of Plant Assets Equipment | (To record sale of truck) Ivanhoe Company had the following assets on January 1, 2022. Item Cost Purchase Date Useful Life (in years) Salvage Value Machinery $73,000 Jan 1, 2012 $0 Forklift 32,000 Jan 1, 2019 5 Truck 38,400...
Pharoah Company had the following assets on January 1, 2022. Useful Life in years) Item Salvage Value Machinery Cost $63,000 22,000 Purchase Date Jan 1, 2012 Jan 1, 2019 $0 5 O Forklift Truck 28,400 Jan 1, 2017 3,000 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $11,200. The truck was discarded on December 31. Journalize all entries required on the above dates,...
Please help me figure out
what's wrong in part 2. The textbook specifically says "For
purposes of homework, credit accumulated depreciation when
recording an impairment for a depreciable asset."
IFRS 11-13 Blue Company acquired equipment on January 1, 2019, for $12,660. Blue elects to value this class of equipment using revaluation accounting. This equipment is being depreciated on a straight-line basis over its 6-year useful life. There is no residual value at the end of the 6-year period. The appraised...
& Your answer is partially correct. Prepare the plant assets section of Blue's balance sheet at December 31, 2023. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2023 transactions.) (List Plant Assets in order of Land, Building and Equipment.) BLUE CORPORATION Partial Balance Sheet December 31, 2023 Plant Assets land 4548000 Buildings 26520000 Less : Accumulated Depreciation-Buildings 663000 27183000 Equipment Less : Accumulated Depreciation-Equipment 5950300 59977000 Total Plant Assets 85094700 At December 31,...
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...
Exercise 9-9 Your answer is partially correct. Try again Presented below are selected transactions at Skysong, Inc. for 2019. Retired a piece of machinery that was purchased on January 1, 2009. The machine cost $60,000 on that date. It had a useful life of 10 years with no salvage value. Jan 1 Sold a computer that was purchased on January 1, 2016. The computer cost $36,600. It had a useful life of 5 years with no salvage value. The computer...
Can someone help me figure out what is the cash amount for the
balance sheet?
Following information relates to Acco Co. a. Beginning cash balance on July 1: $50,000. b. Cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are May (actual), $1,720,000; June (actual). $1,200,000; and July (budgeted), $1,400,000. c. Payments on merchandise...
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