Here are selected 2022 transactions of Swifty Company. Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $64,000 and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2019. The computer cost $43,500 and had a useful life of 5 years with no salvage value. The computer was sold for $15,200 cash. Discarded a delivery truck that was purchased on January 1, 2018. The truck cost $40,080. It was depreciated based on a 6-year useful life with a $3,000 salvage value. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of where applicable. Swifty Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts)

Here are selected 2022 transactions of Swifty Company. Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $64,000 and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2019. The computer cost $43,500 and had a useful life of 5 years with no salvage value. The computer was sold for $15,200 cash. Discarded a delivery truck that was purchased on January 1, 2018. The truck cost $40,080. It was depreciated based on a 6-year useful life with a $3,000 salvage value. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of where applicable. Swifty Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts)

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Description: Here are selected 2022 transactions of Swifty Company.Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $64,000 and had a useful lifeof 10 years with no salvage value.June 30Dec. 31Sold a computer that was p

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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Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $62,000 and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2020. The computer cost $39,600 and had a useful life of 3 years with no salvage value. The computer was sold for $5,600 cash. Sold a delivery truck for $9,000 cash. The truck cost $29,100 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a $3,000 salvage value. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Marigold Corp. uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021). (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles…
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3 Amanda Company purchased a computer that cost $10,600. It had an estimated useful life of five years and a residual value of $1,300. The computer was depreciated by the straight-line method and was sold at the end of the third year of use for $5,150 cash How much of a gain or loss should Amanda record? 024701
I tried to get help with this question before I appreciate whoever tried to help however it wasn't filled out very well also the tabs include the dates of Jan 1, June 30, Dec 31st
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Zorzi Corporation purchased a Machine on January 1 2017 for $80 000. The machinery is estimated to have a salvage value of $8 000 after a useful life of 8 years. Compute the depreciation expense using the Straight-line method for 2017 O S8.900 O $9.000 O $9 100 O $9.200
Here are selected 2022 transactions of Concord Corporation. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $61,900 and had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2020. The computer cost $35,800 and had a useful life of 4 years with no salvage value. The computer was sold for $4,300 cash. Dec. 31 Sold a delivery truck for $9,450 cash. The truck cost $23,800 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a $3,300 salvage value. Journalize all entries required on the above dated , including to update depreciation on assets disposed of, where applicable. Use straight-line depreciation.
Zorzi Corporation purchased a Machine on January 1, 2017 for $80,000. The machinery is estimated to have a salvage value of $8,000 after a useful life of 8 years. Compute the depreciation expense for 2017 using the sume of the years didgets method assuming the machine was purchased on October 1, 2017 O $2,500 O $12.000 O S7.500 O $10,000