If you give me wrong answer, I will give you unhelpful rate On June 30, 2016, after adjusting entries wereposted, Alpha Company sold a machine. Thehistorical cost was $9,000 and the book valuewas $2,000. It was sold for $1,100 cash.Using this information, how much should berecorded on June 30 for the following accounts:1. Accumulated Depreciation, Machine.2. Gain or (Loss) on Sale.3. Machine.

Step 1: Introduction to the Historical CostHistorical cost refers to the cost of assets at the time…

Answered: On June 30, 2016, after adjusting…

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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Britney 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%)…
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On July 1, 2014, Oriole Enterprises sold equipment with an original cost of $94,300 for $36,900. The equipment was purchased January 1, 2011, and was depreciated using the straight-line method over a five-year useful life with a $10,200 salvage value. Prepare the journal entry to record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
On July 1, 2014, Sunland Enterprises sold equipment with an original cost of $80,700 for $31,300. The equipment was purchased January 1, 2011, and was depreciated using the straight-line method over a five-year useful life with a $8,600 salvage value. Prepare the journal entry to record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit III
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Compute the following: a. 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 straightline depreciation method. Omit explanations. If an amount box does not require, leave it blank. Page: 1 DATE DESCRIPTION POST.REF. DEBIT CREDIT 1 a. fill in the blank a56629fe4031fb0_2 fill in the blank a56629fe4031fb0_3 1 2 fill in the blank a56629fe4031fb0_5 fill in the blank a56629fe4031fb0_6 2 a. 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 bd8c2300bf8af95_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 December 29. Prepare the adjusting entry on December 31. Omit…
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Funseth Farms Inc. purchased a tractor in 2013 at a cost of $30,000. The tractor was sold for $3,000 in 2016. Depreciation recorded through the disposal date totaled $26,000. Required: 1. Prepare the journal entry to record the sale. 2. Assuming that the tractor was sold for $10,000, prepare the journal entry to record the sale.
Prepare the journal entry; to record depreciation expense for 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) Date
Larkspur, Inc. owns equipment that cost $62,100 when purchased on January 1, 2017. It has been depreciated using the straight-line method based on an estimated salvage value of $3,900 and an estimated useful life of 5 years.Prepare Larkspur, Inc.’s journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g.125. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) Sold for $29,920 on January 1, 2020. (b) Sold for $29,920 on May 1, 2020. (c) Sold for $10,700 on January 1, 2020. (d) Sold for $10,700 on October 1, 2020.
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 Sunny
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