Onslow Company purchased a used machine for $288,000 cash on January 2. On January 3, Onslow paid $8,000 to wireelectricity to the machine. Onslow paid an additional $1,600 on January 4 to secure the machine for operation. Themachine will be used for six years and have a $34,560 salvage value. Straight-line depreciation is used. On December 31,at the end of its fifth year in operations, it is disposed of.Problem 8-6A (Algo) Part 33. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $21,000 cash and (b) it is soldfor $84,000 cash.View transaction list View journal entry worksheetNoDateDecember 31CashAccumulated depreciation-MachineryLoss on sale of machineryMachineryGeneral JournalDebitCredit21,000213,70063,300288,000December 31Cash84,000Accumulated depreciation-Machinery213,700Machinery288,000

Step 1: Calculation of the accumulated depreciation of the asset for 5 years.Total cost of asset =…

Answered: Onslow Company purchased a used machine…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

See similar textbooks

Similar questions

Andrews ordered 20 round tables to seat parties of two, 25 square tables to seat parties of four, 5 tables to seat larger parties and 175 chairs. The tables were specially ordered to contain the logo of the restaurant on the top of each table. Andrews paid for the entire shipment when placing the order; however, the supplier was responsible for making the shipping arrangements. The tables and chairs arrived three weeks later; however, five were scratched and damaged. Seven of the chairs were missing. Analyze the restaurant’s options related to the damaged tables and missing chairs. Be sure to address the applicability of the UCC to the transaction.
Drehman Paving & Flooring Co. installed a brick floor at Cumberland Farms that its salesman promised would be “just like” another floor Cumberland had installed several years earlier. The bricks in the new floor came loose because Drehman had failed to install expansion joints. Expansion joints were not included in the second floor contract but were part of the first. Can Cumberland recover? Under what theory?
Your client insures his/her condominium unit under a Condominium Unit Owner Comprehensive policy, subject to a $300 Deductible. The common areas of the building suffer severe damage that is not covered by the Condominium Corporation's insurance. The loss is covered, however, under your client's policy. The Condominium Corporation assesses each unit owner $2,500 to cover the damage. Twenty percent (20%) of the unit owners are uninsured. How much would your client's policy pay under these circumstances? OA) Nothing. OB) $2,200.00 OC) Eighty percent (80%) of $2,500. OD) $2,500.00
Mary's Stationery Store ordered via fax, 10 wood cabinets from Oscar's Office Furniture Co. at a cost of$ 1,000 per unit, with delivery within thirty ( 30 ) days at her place of business. She insisted in the fax that Oscar "take good care in handling the furniture so that it arrives safely, without any dents or scratches". Oscar advised that the goods would be shipped through PUG Transport Co. While the truck was en route with the cabinets, it crashed and all goods were lost. Oscar demanded Mary pay; Mary refused and insisted on a new delivery. Mary also ordered via fax, 500 red, white and blue ball point pens from Parker Pen Co. at a cost of $ 3 per pen and with delivery within 30 days. On the 25th day, ABC Delivery Co. delivered the pens and on inspection, Mary noticed she received 250 black pens and 250 silver pens. She also noticed that more than 50% of the pens had long scratches on their outer casings but all the pens wrote fine. She advised the truck driver that "if I didn't…
Please fully explain an agent, employee, and an independent contractor. Then, compare and contrast the differences between an agent and an independent contractor.
In 1927 Carr Steamship Company delievered to Western Union a twenty mine word coded message to be sent to Carrs agent in Manila. The message included instructions for loading cargo onto one of Carrs vessels. Carrs profits on the carriage of the cargo were to be about $6600. Western Union mislaid the coded messgae and it was never sent. Carr sued Western Union for the $6600 in profits that it lost becayse Western Union never sent the message. Can Carr recover?
charity takes her engagemnet ring to sparkles jewellery for cleaning and appraisal. she has to pay for the work when she picks up the ring. while the jeweler's back is turned and charity had left the building, someone slips behind the counter and steals a number of boxes containing repaired jewelry incluiding charity's ring. with reference to the above, highlight Sparkles liability and charity;s remedies if any.
Amelia bought a new car through a hire purchase agreement with Tan Motors. The agreement provided for 108 monthly instalments. However, Amelia defaulted in her monthly instalments for the last three months. As result, Tan Motors wants to repossess the car. Advise Tan about their legal position.
Salem Supply Co. sells new and used gardening equipment. Ben Buyer purchased a slightly used riding lawn mower for $1,500. The price was considerably less than that of comparable used mowers. The sale was clearly indicated to be “as is.” Two weeks after Ben purchased the mower, the police arrived at his house with Owen Owner, the true owner of the lawn mower, which had been stolen from his yard, and reclaimed the mower. What recourse, if any, does Ben have?
Larry, 17 years old, bought a moped from the RU-Ready-2-Drive Used Moped lot. The next day, heaccidentally ran the moped into a telephone pole and seriously damaged the vehicle. Larry transportedthe damaged vehicle to RU-Ready-2-Drive and demanded a return on his money. Must RU-Ready-2-Drive comply with his request? Explain
Liability for a Lost ATM Card Joshua Franz, of Oxford, Mississippi, earned $4,600 during the summer and put $3,000 of the money in a newly opened savings account for use during the school year. It is now November 4th and Joshua went to the bank to withdraw some cash. The teller informed him that there was only $2,100 in the account. When Joshua protested, the teller informed him that there had been three ATM $300 withdrawals from the account on the last day of the month in August, September and October. Joshua typically neglects to open the statements he had received on the third day of each month. When he got home he could not find the ATM card he had received when he opened the account in August and recalled that he had found his car door open in his parking lot in late August but had thought nothing was taken. When he opened the statements he saw the record of each of the withdrawals. He went immediately back to the bank to tell them of the loss. How much money will Joshua lose…
Bob offered to sell Teresa his used motorcycle. She took a look at it and asked Bob how it ran, to which Bob replied that it was in good shape. Teresa thought the motorcycle was two years old when she purchased it. A few days later, she discovered that it was actually five years old. She asks Bob to take back the motorcycle. He tells her no way, that he thought she knew the age of that model, and that she should have asked him if she had any uncertainty. If Teresa sues, who is likely to win and why?

SEE MORE QUESTIONS

Recommended textbooks for you

Understanding Business

Management

ISBN:

9781259929434

Author:

William Nickels

Publisher:

McGraw-Hill Education

Management (14th Edition)

Management

ISBN:

9780134527604

Author:

Stephen P. Robbins, Mary A. Coulter

Publisher:

PEARSON

Spreadsheet Modeling & Decision Analysis: A Pract…

Management

ISBN:

9781305947412

Author:

Cliff Ragsdale

Publisher:

Cengage Learning

Understanding Business

Management

ISBN:

9781259929434

Author:

William Nickels

Publisher:

McGraw-Hill Education

Management (14th Edition)

Management

ISBN:

9780134527604

Author:

Stephen P. Robbins, Mary A. Coulter

Publisher:

PEARSON

Spreadsheet Modeling & Decision Analysis: A Pract…

Management

ISBN:

9781305947412

Author:

Cliff Ragsdale

Publisher:

Cengage Learning

Management Information Systems: Managing The Digi…

Management

ISBN:

9780135191798

Author:

Kenneth C. Laudon, Jane P. Laudon

Publisher:

PEARSON

Business Essentials (12th Edition) (What's New in…

Management

ISBN:

9780134728391

Author:

Ronald J. Ebert, Ricky W. Griffin

Publisher:

PEARSON

Fundamentals of Management (10th Edition)

Management

ISBN:

9780134237473

Author:

Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo

Publisher:

PEARSON

SEE MORE TEXTBOOKS