Diaz Company owns a machine that cost $250,000 and has accumulated depreciation of $182,000. Prepare the entry to record the disposal of the machine on January 1 in each separate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2. Diaz sold the machine for $35,000 cash. 3. Diaz sold the machine for $68,000 cash. 4. Diaz sold the machine for $80,000 cash. No 1 2 3 4 Date January 01 January 01 January 01 January 01 General Journal Accumulated depreciation-Machine Loss on disposal of machine Machine Accumulated depreciation-Machine Cash Loss on sale of machine Machine Accumulated depreciation-Machine Cash Gain on sale of machine Machine Accumulated depreciation-Machine Cash Gain on sale of machine Gain on disposal of machine Machine X X X Debit 182,000 68,000 182,000 35,000 33,000 182,000 68,000 12,000 X 182,000 80,000 170,000 X 1,000 X Credit 250,000 250,000 250,000 170,000

Diaz Company owns a machine that cost $250,000 and has accumulated depreciation of $182,000. Prepare the entry to record the disposal of the machine on January 1 in each separate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2. Diaz sold the machine for $35,000 cash. 3. Diaz sold the machine for $68,000 cash. 4. Diaz sold the machine for $80,000 cash. No 1 2 3 4 Date January 01 January 01 January 01 January 01 General Journal Accumulated depreciation-Machine Loss on disposal of machine Machine Accumulated depreciation-Machine Cash Loss on sale of machine Machine Accumulated depreciation-Machine Cash Gain on sale of machine Machine Accumulated depreciation-Machine Cash Gain on sale of machine Gain on disposal of machine Machine X X X Debit 182,000 68,000 182,000 35,000 33,000 182,000 68,000 12,000 X 182,000 80,000 170,000 X 1,000 X Credit 250,000 250,000 250,000 170,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Briefly explain the potential aggravations you might face as a student because of your university using flat file data management environment, such as different files for the registrar, library, parking and hostel
Jasmine Thompson AutoSave Document4 Word O Search B Share Comment File Insert Draw Design Layout References Mailings Review View Help Home O Find X Cut Calibri (Body) A A Aa A EE v E EE T AaBbCcDd AaBbCcDd AaBbC AABBCCC AaB AaBbCcD AaBbCcDd AaBbCcDd v 12 S Replace Dictate Editor Copy Paste Emphasis BIU ab x, x' A ~ A EEEE E - 1 Normal 1 No Spac. Heading 1 Heading 2 Title Subtitle Subtle Em... A Select V Format Painter Styles Editing Voice Editor Clipboard Font Paragraph 3 4 5. 6. 1 2. In Year 2, Chalon Company records the payment of $450 cash for an expense accrued in Year 1 and records the accrual of $425 for another expense. Additionally, Chalon Company pays $475 for supplies that were purchased in Year 1 on account. The impact of these three entries on Year 2 total expenses and total liabilities is: Total Expenses Liabilities a. increase by $425 decrease by $500 b. increase by $450 decrease by $25 c. increase by $425 increase by $25 d. increase by $900 decrease by $500 e. increase…
I have answered A-I in the pictures I posted below. I need the answers to J-L.
Can you solve it in an Excel spreadsheet? because something is wrong with the asnwer. tyhank you,
/ List the system defaults account in Quick Books and explain the purpose of any FOUR default accounts (hint- there are many such accounts in Quick Books)
Can you explain what I might be missing throughly please? I have it correct but it claims that it's not complete. What am I missing?
ChatGi X Gincome X > DeepL X zto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mhe Questi X ssignment i Use the following information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] On December 31, Hawkin's records show the following accounts. $ 5,900 1,000 3,600 14,800 Cash Accounts Receivable Supplies Equipment Accounts Payable Hawkin, Capital, December 1 Hawkin, Withdrawals Services Revenue Wages Expense Rent Expense Utilities Expense HAWKIN Statement of Owner's Equity For Month Ended December 31 Hawkin, Capital, December 1 Add: Investments by owner Hawkin, Capital, December 31 6,400 15,300 1,800 $ 16,400 8,000 1,900 1,100 QS 1-16 (Algo) Preparing a statement of owner's equity LO P2 Use the above information to prepare a statement of owner's equity for Hawkin for the month ended December 31. Hint: Owner investments are $0 for the period. 0 Copia d X 0 0 chat.op X Log…
Answer the question and show work plz
The fact that your organization underapplies or overapplies overhead is an indication of a problem with the people in charge of applying such overhead. Defend or attack this statement. No copy paste please.
please answer 1 2 and 3 and show how it is solved Note:- Please don't simply copy and paste content from other AI tools or bots, or else I may have to downvote your actions. Do not provide the handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.
All blanks need to be filled please and thank you, it's incomplete as of now.
A system contains many processes. Three common processes that are “grouped” together are transaction corrections, adjustments, and cancellations. These three elements work to properly serve customers. Imagine a system that allows you to register for a class online. The online system must give you a way to correct any errors you made, such as registering for the wrong class. This would be a transaction correction. The system should also allow you to make adjustments, such as adding or dropping classes. Finally, the system should allow you to make cancellations, such as cancelling the registration process entirely. Notice that all three of these processes, correction, adjustment, and cancellation, work together to provide you with one service, which is registering for classes. What type of requirements are transaction corrections, adjustments, and cancellations? Select one. Question 4 options: A Functional Requirements B Nonfunctional Requirements