A company recorded $4,900 of depreciation on its factory building. Prepare the general journal entry to record this transaction.
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- RecordPrepare the journal entryThe Thompson Corporation, a manufacturer of steel products, began operations on October 1, 2016. The accounting department of Thompson has started the fixed-asset and depreciation schedule presented below. You have been asked to assist in completing this schedule. In addition to ascertaining that the data already on the schedule are correct, you have obtained the following information from the company's records and personnel (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.): Depreciation is computed from the first of the month of acquisition to the first of the month of disposition. Land A and Building A were acquired from a predecessor corporation. Thompson paid $712,500 for the land and building together. At the time of acquisition, the land had a fair value of $96,000 and the building had a fair value of $704,000. Land B was acquired on October 2, 2016, in exchange for 2,000 newly issued shares of…
- In Year 1, Utica Machinery Company uses the asset from RE11-4 for 7,500 hours. Prepare the journal entry to record the depreciation.Oaktree Company purchased new equipment and made the following expenditures: Purchase price Sales tax Freight charges for shipment of equipment Insurance on the equipment for the first year Installation of equipment The equipment, including sales tax, was purchased on open account with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Prepare the necessary journal entries to record the above expenditures (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 $50,000 2,700 750 958 1,500 2 Record the purchase of equipment.Oaktree Company purchased new equipment and made the following expenditures: Purchase price Sales tax Freight charges for shipment of equipment Insurance on the equipment for the first year Installation of equipment The equipment, including sales tax, was purchased on open account, with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Prepare the necessary journal entries to record the above expenditures. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet
- The net income reported on the income statement for the current year was $295,600. Depreciation recorded on equipment and a building amounted to $88,400 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year $76,560 $79,620 97,080 98,250 191,400 169,270 10,640 11,230 85,520 88,860 12,330 11,070 Cash Accounts receivable (net) Inventories Prepaid expenses Accounts payable (merchandise creditors) Salaries payable a. Prepare the "Cash Flows from Operating Activities" section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities 0000000…please show workinggp.2 please provide woeking
- The financial statements of Apple, Inc. are presented in Appendix A of Financial Accounting. Instructions for accessing and using the company's complete annual report, including the notes to the financial statements, are also provided in Appendix A. the following questions: What were the total cost and book value of property, plant, and equipment at September 27, 2014? Using the notes to find financial statements, what method or methods of depreciation are used by Apple for financial reporting purposes? What was the amount of depreciation and amortization expense for each of the three years 2012-2014? (Hint: Use the statement of cash flows). Using the statement of cash flows, what are the amounts of property, plant, and equipment purchased in 2014 and 2013? Using the notes to the financial statements, explain in the summary how Apple accounted for its intangible assets in 2014. Use the Week 2 Excel® spreadsheet to show your work. Go to http://investor.apple.com. Select the Financial…The adjustment for depreciation expense for the year on the factory building includes a (a) debit to Depreciation Expense. (b) credit to Factory Overhead. (c) credit to Accumulated Depreciation. (d) debit to Accumulated Depreciation.Please need answer the general accounting question
