Analyze each of the following transactions by showing its effects on the accounting equation-specifically, identify the accounts andamounts including or -) for eachJanuary 1 Purchased equipment for $45,000 cash. Estimated useful life is six years and salvage value is $10,000.January 2 Paid $9,000 cash to install automated controls on equipment. This betterment did not impact useful life or salvage value.August 15 Paid $340 cash for winor repair costs to equipment.DateJanuary 01January 01January 02January 02August 15AssetsW=*Liabilities*4Equity

The basic formula for accounting is Assets = Liabilities + Equity. This equation is reflected in the…

Analyze each of the following transactions by showing its effects on the accounting equation-specifically identify the accounts and amounts (including or-for each January 1 Purchased equipment for $45,000 cash, Estimated useful life is six years and salvage value is $10,000. January 2 Paid $5,000 cash to install automated controls on equipment. This betterment did not impact useful life or salvage value. August 15 Paid $340 cash for winor repair costs to equipment. Date January 01 January 01 January 02 January 02 August 15 Assets Liabilities . Equity

Analyze each of the following transactions by showing its effects on the accounting equation-specifically identify the accounts and amounts (including or-for each January 1 Purchased equipment for $45,000 cash, Estimated useful life is six years and salvage value is $10,000. January 2 Paid $5,000 cash to install automated controls on equipment. This betterment did not impact useful life or salvage value. August 15 Paid $340 cash for winor repair costs to equipment. Date January 01 January 01 January 02 January 02 August 15 Assets Liabilities . Equity

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Champion Contractors completed the following transactions Involving equipment. Year 1 January 1 Paid $287,600 cash plus $11,500 in sales tax and $1,500 in transportation (FOB shipping point) for a new loader. The loader is estimated to have a four-year life and a $20,600 salvage value. Loader costs are recorded in the Equipment account. January 3 Paid $4,800 to install air-conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1,400. December 31 Recorded annual straight-line depreciation on the loader. Year 2 January 1 Paid $5,400 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. February 17 Paid $820 for minor repairs to the loader after the operator backed it into a tree. December 31 Recorded annual straight-line depreciation on the loader. Required: Prepare journal entries to record these transactions and events. View transaction list Journal entry…
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The following is a tabular summary relating to equipment that was purchased for cash by a company on the first day of the current year. The equipment was depreciated on a straight-line basis with an estimated useful life of 10 years and a salvage value of $90. Part of the equipment was sold on the last day of the current year for cash proceeds. Use the information in the tabular summary to derive the missing amounts: (a) Purchase of equipment on January 1. What was the cash paid? (b) Depreciation recorded on December 31. What was the depreciation expense? (c) Sale of part of the equipment on December 31. What was the gain on disposal Assets = Liabilities + Stockholders' Equity Retained Earnings Cash + Equipment - Accum. Depr. - Equip. = + Common Stock + Revenue - Expense - Dividend Jan. 1 (a) $ $1,150 Dec. 31 $106 (b) $ Dec. 31 446 -426 40 (c) $
I only need help for question BE 11.3 in Accounting.
Use 6 decimals while solving
On 31 December, a finishing machine was sold. Accumulated depreciation to 30 June was $10,000. The depreciation for 6 months ended 31 December was $3,000. Its capital cost was $25,000 and accumulated depreciation was $13,000 at date of sale. The machine was sold for cash to Jake Strong for $14,300 (including GST). Balance date is 30 June. a. Record General Journal entries to account for the depreciation 6 months ended 31 December and the sale of the finishing machine and post to the relevant ledger accounts.
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Required information [The following information applies to the questions displayed below.] a. Depreciation on the company's wind turbine equipment for the year is $5,300. b. The Prepaid Insurance account for the solar panels had a $2,300 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $750 of unexpired insurance coverage remains at year-end. c. The company received $3,900 cash in advance for sustainability consulting work. As of December 31, one-third of the sustainability consulting work had been performed. d. As of December 31, $1,500 in wages expense for the organic produce workers has been incurred but not yet paid. e. As of December 31, the company has earned, but not yet recorded, $430 of interest revenue from investments in socially responsible bonds. The interest revenue is expected to be received on January 12. or each of the above separate cases, prepare the required December 31 year-end adjusting…
Accounting
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