On June 30, 2016, after adjusting entries were posted, Alpha Company sold a machine. The historical cost was $9,000 and the book value was $2,000. It was sold for $1,100 cash. Using this information, how much should be recorded on June 30 for the following accounts: 1. Accumulated Depreciation, Machine. 2. Gain or (Loss) on Sale. 3. Machine.
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- On June 30, 2019, after adjusting entries were posted, Asu Company sold a machine. The historical cost was $15,000 and the book value was $4,000. It was sold for $3,100 cash. Using this information, how much should be recorded on June 30 for the following accounts: 1. Accumulated Depreciation, Machine. 2. Gain or (Loss) on Sale.On June 30, 2019, after adjusting entries were posted, Asu Company sold a machine. The historical cost was $15,000 and the book value was $4,000. It was sold for $3,100 cash. Using this information, how much should be recorded on June 30 for the following accounts: 1. Accumulated Depreciation, Machine. 2. Gain or (Loss) on Sale.provide answerBritney Clinton and Hillary Spears conduct business in partnership and share in profit and losses of the partnership in a 3:2 ratio, respectively. Their bookkeeper has prepared the following Statement of Profit or Loss and other Comprehensive income in respect of the partnership's 2019 year of assessment: R Income Gross income Bad Debts recovered (note 1) Dividends received (note 2) Interest from a South African source Settlement 487 000 3 750 4 500 6 360 19 390 521 000 Less: Expenditure Credit losses (note 1) Donations (note 4) Insurance (note 5) Delivery van purchased (note 3) Licences: Trade and delivery van Delivery van running expenses Depreciation Shop fittings at 10% (note 3) Cash register at 10% (note 3) Rental paid Staff salaries and wages Stationery and printing Drawings: Britney (note 6) Salaries paid: Britney Hillary Net profit 6 000 18 750 13 500 39 600 1 080 5 500 4 500 2 250 21 600 90 000 1 080 6 600 36 000 45 000 291 460 229 540 Net profit Britney (60%) Hillary (40%)…
- Current Attempt in Progress Blossom Ltd. purchased a new machine on April 4, 2017, at a cost of $156,000. The company estimated that the machine would have a residual value of $14,000. The machine is expected to be used for 10,000 working hours during its four-year life. Actual machine usage was 1,600 hours in 2017; 2,400 hours in 2018; 2,200 hours in 2019; 2,100 hours in 2020; and 1,700 hours in 2021. Blossom has a December 31 year end. (a) Calculate depreciation for the machine under each of the following methods: (Round expense per unit to 2 decimal places, e.g. 2.75 and final answers to 0 decimal places, e.g. 5,275.) (1) Straight-line for 2017 through to 2021. e to search 2017 expense 2018 expense $ $ Bi I A 3 hp 30°C SunnyI wanted to know the double declining balance method for 20Y7 and it's totalHow do I prepare this journal entry
- Compute the following: a1. Lobo Company purchased equipment for $40,000 with a useful life of five years and no expected salvage value. Prepare the adjusting entry for the first year using the straight-line depreciation method. Omit explanations. If an amount box does not require, leave it blank. Page: 1 DATE DESCRIPTION POST.REF. DEBIT CREDIT 1 a1. fill in the blank 0d3791048fafffd_2 fill in the blank 0d3791048fafffd_3 1 2 fill in the blank 0d3791048fafffd_5 fill in the blank 0d3791048fafffd_6 2 a2. Lobo Company purchased equipment for $40,000 with a useful life of five years and no expected salvage value. Compute the book value at the end of the second year of the equipment's life. Book Value $fill in the blank a4b3dcffdff0fd9_1 b. Zip Company pays its employees every Friday. On January 4, 20--, the Company paid $2,200 for the 5 days beginning the previous Monday, December 31. Prepare the adjusting entry on December 31. Omit…Compute the following: al. Lobo Company purchased equipment for $40,000 with a useful life of five years and no expected salvage value. Prepare the adjusting entry for the first year using the straight-line depreciation method. Omit explanations. If an amount box does not require, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 al. 2. 2. a2. Lobo Company purchased equipment for $40,000 with a useful life of five years and no expected salvage value. Compute the book value at the end of the second year of the equipment's life. Book Value $Saint Hill Inc. recorded a loss of $9,800 when it sold a van that originally cost $87,000 for $14,300. Accumulated depreciation on the van must have been__. Answer me this accounting question
- Compute the following: a. Lobo Company purchased equipment for $40,000 with a useful life of five years and no expected salvage value. Prepare the adjusting entry for the first year using the straight-line depreciation method. Omit explanations. If an amount box does not require, leave it blank.Compute the following: a1. Carder & Company purchased equipment for $24,000 with a useful life of eight years and no expected salvage value. Prepare the adjusting entry for the first year using the straight-line depreciation method. Omit explanations. If an amount box does not require, leave it blank. Page: 1 DATE DESCRIPTION POST.REF. DEBIT CREDIT 1 a1. fill in the blank 98f2d8fd2ff405a_2 fill in the blank 98f2d8fd2ff405a_3 1 2 fill in the blank 98f2d8fd2ff405a_5 fill in the blank 98f2d8fd2ff405a_6 2 a2. Carder & Company purchased equipment for $24,000 with a useful life of eight years and no expected salvage value. Compute the book value at the end of the second year of the equipment's life. Book Value $fill in the blank 9cff6906105e034_1 b. DAC Company pays its employees every Friday. On January 2, 20--, the Company paid $6,000 for the 5 days beginning the previous Monday, December 29. Prepare the adjusting entry on…Saint Hill Inc. recorded a loss of $9,800 when it sold a van that originally cost $87,000 for $14,300. Accumulated depreciation on the van must have been__. Fill in the blank