e of E7-24 Assume that on January 2, 2013, a Pizza Hut franchise purchased fixtures for $15,000 cash, expecting the fixtures to remain in service five years. The restaurant has depreciated the fixtures on a double-diminishing-balance basis, with $1,000 estimated residual value On June 30, 2014, Pizza Hut sold the fixtures for $5,000 cash. Record both the depreciation expense on the fixtures for 2014 and then the sale of the fixtures. Apart from your journal entries, also show how to compute the gain or loss on Pizza Hut's disposal of these fixtures.

e of E7-24 Assume that on January 2, 2013, a Pizza Hut franchise purchased fixtures for $15,000 cash, expecting the fixtures to remain in service five years. The restaurant has depreciated the fixtures on a double-diminishing-balance basis, with $1,000 estimated residual value On June 30, 2014, Pizza Hut sold the fixtures for $5,000 cash. Record both the depreciation expense on the fixtures for 2014 and then the sale of the fixtures. Apart from your journal entries, also show how to compute the gain or loss on Pizza Hut's disposal of these fixtures.

Name: sale ofE7-24 Assume that on January 2, 2013, a Pizza Hut franchise pu
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: sale ofE7-24 Assume that on January 2, 2013, a Pizza Hut franchise purchased fixtures for $15,000cash, expecting the fixtures to remain in service five years. The restaurant has depreciatedthe fixtures on a double-diminishing-balance basis, with $1,

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

Please help me
2. Prepare the year-end Journal entry for depreciation on December 31, 2024. Assume that the company uses the double-declining- balance method instead of the straight-line method. Required Information [The following information applies to the questions displayed below.] Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $56,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $11,000. On January 1, 2024, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $2,000. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. Do not round Intermediate calculations. Round your final answers to nearest whole dollar. No 1 Event 1 Answer is not complete. General Journal Depreciation expense Accumulated depreciation-computer Debit Credit
Citizen Co. purchased equipment on January 2, 2016, for P500,000. The equipment had an estimated five-year service life. Citizen’s policy for five-year assets is to use the 200% double-declining depreciation method for the first two years of the asset’s life, and then switch to the straight-line depreciation method. In its December 31, year 4 balance sheet, what amount should Citizen report as accumulated depreciation for equipment?
Sam’s Catering purchased a delivery vehicle of R150 000 on 1 June 2021 on credit. Sam was advised that the residual value of this truck is estimated at R30 000. The diminishing depreciation method was adopted by Sam in utilising assets over five years. On 1 September 2021 Sam replaced equipment. The new equipment amounts to R45 000. The replaced equipment was purchased on 1 January 2018 for R30 000 and sold for R5 000. Sam uses the straight-line depreciation method over a period of four years to report on her equipment. Required -Record the above transactions in Sam’s Catering’s records through general journals for the financial year ended 31 December 2021 -Disclose the property, plant and equipment note in the financial statements for the year ended 31 December 2021
PLEASE PROVIDE THE NEEDED ANSWER AND SOLUTION BADLY NEEDED ASAP. PLEASE CONSIDER ANSWERING THE TWO ITEMS
On January 2, 2017, Snug Clothing Consignments purchased showroom fixtures for $19,000 cash, expecting the fixtures to remain in service for five years. Snug has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On October 31, 2018, Snug sold the fixtures for $8,200 cash. Record both depreciation expense for 2018 and sale of the fixtures on October 31, 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Note that 2017 depreciation was recorded and posted in 2017.) Begin by recording the depreciation expense for January 1, 2018 through October 31, 2018. Date Oct. 31 Accounts and Explanation Debit Credit
DEF Company sells plant assets that originally cost $150,000 for $52,000 on December 31, 2011. The accumulated depreciation account had a balance for $60,000 after the current year’s depreciation of $15,000 had been recorded. The company should recognize a:A) $100,000 loss on disposalB) $40,000 gain on disposalC) $40,000 loss on disposalD) $25,000 loss on disposal
Majan Company purchased a printer for $ 6,480 on February 1, 2011. The company expects to use the printer for 5 years. It has no residual value. Monthly depreciation expense on the asset is A. $ 108 B. $ 6,480 C. $ 0 D. $ 1,296
Slotkin Products purchased a machine for $39,000 on July 1, 2014. The company intends to depreciate it over 8 years using the double-declining balance method. Salvage value is $3,000. Depreciation for 2015 to the closest dollar is A.$8,531 B.$19,500 C.$4,875 D. $7,500
Help me!!
just answer it
On January 2, 2023, Loved Clothing Consignments purchased showroom fixtures for $10,000 cash, expecting the fixtures to remain in service for five years. Loved has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On October 31, 2024, Loved sold the fixtures for $5,500 cash. Record both depreciation expense for 2024 and sale of the fixtures on October 31, 2024. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Note that 2023 depreciation was recorded and posted in 2023.) Begin by recording the depreciation expense for January 1, 2024 through October 31, 2024. Accounts and Explanation Date Oct. 31 Depreciation Expense-Fixtures Accumulated Depreciation-Fixtures To record depreciation on fixtures. Debit 11 Credit 27