Park Industries purchased a printing press for $12,000 on March 1. The equipment has an estimated life of 4 years with a residual value of $2,000. Using the straight-line method, what is the journal entry to record depreciation on December 31, assuming no entry has been made to date?
Q: Don't use ai please given answer accounting questions
A: Step 1: Definition of Interest CalculationInterest: The total interest on a note is calculated using…
Q: Hello tutor give me solution
A: Explanation of Return on Equity (ROE):Return on Equity (ROE) is a financial ratio that measures a…
Q: Financial Account - On March 1, 2019, Baltimore Company's beginning work in process inventory had…
A: To calculate the equivalent units of production (EUP) for conversion costs using the…
Q: Hello tutor please provide this question solution general accounting
A: To find the percentage change in sales when profits decrease and the degree of operating leverage…
Q: Subject:- Cost Account
A: Step 1:First calculate the variable cost per unit: Variable cost per unit = Total variable cost /…
Q: Financial Accounting Question please answer
A: Step 1: Define Return on StocksThe return on stock investments can be broadly bifurcated into…
Q: General accounting
A: Step 1: Define Stockholder's EquityThe stockholders' equity represents the net worth of the company…
Q: Financial Accounting Question please solve this problem
A: Step 1: Define Effective Annual Interest Rate (EAR)The effective annual interest rate will include…
Q: What was oaks edge sales price variance?
A: Step 1: Define Standard CostingStandard costing is a method of costing by comparing actual cost with…
Q: Need help with this accounting questions
A: Step 1: Definition of Operating ProfitOperating Profit: This is the income a company earns after…
Q: Beta corporation reports the following solve this accounting questions
A: Step 1: Definition of Asset Turnover RatioThe asset turnover ratio measures a company's efficiency…
Q: Which of the following statement is true? General accounting
A: Step 1: Define Variance AnalysisVariance analysis refers to the comparison of actual and standard…
Q: During the month of November, Luffee Company had cash receipts of $5,100 and paid out $1,300 for…
A: To calculate the cash balance on November 1, we can use the following formula: Cash Balance on…
Q: Total manufacturing costs are $170,000 when 15,000 packages are produced. Of this amount, total…
A: To calculate the total production costs when 20,000 packages are produced, we can break the costs…
Q: I need correct answer general accounting
A: Step 1: Define Absorption CostingAbsorption costing requires treating fixed manufacturing overhead…
Q: What is the return on assets? General accounting
A: Step 1: Define Return on AssetsReturn on assets is expressed in percentage. It gives an idea of how…
Q: Explain the concept of revenue recognition. What are the criteria that must be met before revenue…
A: Detailed explanation:Revenue recognition is the accounting principle that determines the specific…
Q: Calculate net income? General accounting
A: Step 1: Define Net IncomeNet income can be defined as the ultimate profit made by a company by…
Q: Hello tutor please given correct answer general Accounting
A: Problem OverviewRon Sewert owes $30,000 on a non-interest-bearing note due January 1, 2017. He…
Q: Sub: financial accounts
A: To calculate the gross profit, we use the formula: Gross Profit = Net Sales - Cost of Goods Sold…
Q: Don't use ai given answer accounting questions
A: The break-even point (BEP) in units can be calculated using the formula: BEP (units) = Fixed Costs /…
Q: On the basis of the following data, determine the value of the inventory at the lower of cost or…
A: The lower of cost or market (LCM) rule is a principle in accounting used to ensure that inventory is…
Q: Hii expert please given correct answer general accounting
A: To compute Chavez Company's current ratio, we use the formula:Current Ratio = Total Current Assets /…
Q: Jenny leased equipment from Julio on December 31, 2015. The lease is a 10-year lease with annual…
A: Explanation of Lease LiabilityLease liability refers to the present value of future payments a…
Q: Provide correct answer general Accounting
A: Step 1: Define Annual Rate Of ReturnAn annual rate of return is a relevant metric to benchmark…
Q: Clanton Company is financed 75 percent by equity... Please provide answer the accounting question
A: Step 1: Define Retention RatioThe retention ratio refers to the proportion of net income retained in…
Q: The owners' equity of Pure Air, Inc. is dollar 600,000 on December 31, 2020, and is equal to…
A: To find the total assets, we use the accounting equation: Assets = Liabilities + Equity We are given…
Q: Which option is correct?
A: Explanation of Predetermined Overhead Rate: This is a cost allocation rate calculated before the…
Q: Subject: Accounting
A: Explanation of Standard Deduction: Standard deduction, set at $12,000 in this case, is a specific…
Q: Kindly help me with accounting questions
A: Step 1: Definition of Accounts Receivable BalanceThe accounts receivable balance represents the…
Q: The following information is related to the solve this question general Accounting
A: Step 1: Define PensionThe pension can be defined as a retirement benefit plan that is offered by…
Q: Kindly help me with accounting questions
A: To calculate the direct materials price and quantity variances, we will use the following formulas:…
Q: Hello I need help.
A: Explanation of Activity-Based Costing (ABC):Activity-Based Costing (ABC) is a method of allocating…
Q: What is the total cost of the job when it is completed in October?
A: Explanation of Direct MaterialsDirect materials are the raw materials that can be directly traced to…
Q: problem related to accounting subject
A: Explanation of Overapplied or Underapplied Overhead:Overapplied overhead occurs when the applied…
Q: Need help with this accounting question
A: To determine which loan is better, we need to compare the Effective Annual Rate (EAR) for both…
Q: Please given correct answer general Accounting
A: Step 1: Define Predetermined Overhead Rate (POHR)The Predetermined Overhead Rate (POHR) is…
Q: ??
A: To determine the correct answer, we calculate the book value of the equipment and compare it to the…
Q: Do fast answer of this accounting questions
A: Step 1: Definition of Gain/Loss on Sale of AssetGain or loss on the sale of an asset is the…
Q: Prblm 7.9 financial accounting
A: To calculate the break-even point in monthly unit sales, we use the formula: Break-even units =…
Q: please provide answer for this inventory.
A: To compute the lower-of-cost-or-market (LCM) valuation for Sadowski Video Center's inventory, the…
Q: What is the annual interest expense of this accounting question?
A: Annual interest expense = Principal amount of loan x Annual interest rateAnnual interest expense =…
Q: ??
A: Explanation of Cost of Materials Used: Cost of materials used represents the total cost of direct…
Q: Operating expenses
A: Step 1: Definition of Straight-Line DepreciationStraight-line depreciation is a method of allocating…
Q: Need help with this accounting questions
A: Explanation: In the given case, we are required to calculate Skyway's current EPS (Earnings Per…
Q: Answer financial accounting
A: Step 1: Define Return on AssetReturn on asset is calculated by dividing the net income by the…
Q: What is its ROE ?
A: The question requires the determination of the ROE. Return on equity (ROE) is a measure of a…
Q: Discuss the potential benefits and limitations of incorporating forward-looking information, such as…
A: Detailed explanation:Definitions Related to the Question1. Forward-Looking…
Q: Y Company purchased an asset for $73,000 on January 1, Year 1. The asset was expected to have a…
A: Step 1:First, calculate the rate of depreciation under the double declining balance method:…
Q: Mr. Husker's Tuxedos Corp. ended the year 2017 with an average collection period of 35 days. The…
A: Detailed explanation:Given :Average Collection Period, 35 daysCredit Sales, $63.9 million Question:…
Don't use ai given answer accounting questions
Step by step
Solved in 2 steps
- On April 1, 20-3, Kwik Kopy Printing purchased a copy machine for $50,000. The estimated life of the machine is five years, and it has an estimated salvage value of $5,000. The machine was used until July 1, 20-6. Required: 1. Assume that Kwik Kopy uses straight-line depreciation and prepare the following entries: (a) Adjusting entries for depreciation on December 31 of 20-3 through 20-5. (b) Adjusting entry for depreciation on June 30, 20-6, just prior to trading in the asset. (c) On July 1, 20-6, the copy machine was traded in for a new copy machine. The market value of the new machine is $38,000. Kwik Kopy must trade in the old copy machine and pay $22,000 for the new machine. 2. Assume that Kwik Kopy uses sum-of-the-years’-digits depreciation and prepare the following entries: (a) Adjusting entries for depreciation on December 31, 20-3 through 20-5. (b) Adjusting entry for depreciation on June 30, 20-6, just prior to trading in the asset. (c) On July 1, 20-6, the…Kerr Company purchased a machine for P115,000 on January1, year 1, the company’s first day of operations. At the end of the year, the current cost of the machine was P125,000. The machine has no salvage value, a five-year life, and is depreciated by the straight-line method. For the year ended December 31,year 1, the amount of the current cost depreciation expense which would appear in supplementary current cost financial statements is P14,000 P23,000 P24,000 P25,000KHS&R's Construction bought a truck on 1/1/ at a cost of $31,000, an estimated salvage (residual) value of $3,000, and an estimated useful life of 4 years. The truck is being depreciated on a straight-line basis. At the end of year 3, what amount will be reported for accumulated depreciation? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f4 f5 f6 X f7 f8 f9 f10 f11 4. 5 C R Y 60 08 图
- Williams Company acquired machinery on July 1, Year 1, at a cost of $130,000. The estimated useful life of the machinery was 10 years, and the estimated residual value was $10,000. Williams uses the double-declining-balance method of depreciation. On October 1, Year 4, Williams sold the equipment for $75,000. a. Journalize the entry for the depreciation on this machinery for Year 1. If an amount box does not require an entry, leave it blank. fill in the blank 4f086b01efdcfa8_2 fill in the blank 4f086b01efdcfa8_3 fill in the blank 4f086b01efdcfa8_5 fill in the blank 4f086b01efdcfa8_6 b. Journalize the entry for the sale of the machinery. If an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar. fill in the blank 0ea5a0ff7fd802d_2 fill in the blank 0ea5a0ff7fd802d_3 fill in the blank 0ea5a0ff7fd802d_5 fill in the blank 0ea5a0ff7fd802d_6 fill in the blank 0ea5a0ff7fd802d_8 fill in…Williams Company acquired machinery on July 1, Year 1, at a cost of $130,000. The estimated useful life of the machinery was 10 years and the estimated residual value was $10,000. Williams uses the double-declining-balance method of depreciation. On October 1, Year 4, Williams sold the equipment for $75,000. a. Record the journal entry for the depreciation on this machinery for Year 4. If an amount box does not require an entry, leave it blank . b. Record the journal entry for the sale of the machinery. If an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar.On December 31, Strike Company has decided to discard one of its batting cages. The equipment had an initial cost of $238,400 and has accumulated depreciation of $214,560. Depreciation has been recorded up to the end of the year. Which of the following will be included in the journal entry for the disposal? a. Loss on Disposal of Asset, debit, $214,560 b. Accumulated Depreciation, debit, $238,400 c. Gain on Disposal of Asset, credit, $23,840 d. Equipment, credit, $238,400
- The Tin company uses the straight-line method to depreciate its equipment. On May 1, 2018, the company purchased some equipment for $200,000. The equipment is estimated to have a useful life of ten years and a salvage value of $20,000. How much depreciation expense should Tin record for the equipment in the adjusting entry on December 31, 2018?A company purchased and installed equipment on January 1 at a total cost of $72,000. Straight-line depreciation was calculated based on the assumption of a 5-year life and no salvage value. The equipment was disposed of on July 1 of the fourth year. The company's year-end is December 31. 1. Prepare the general journal entry to update depreciation to July 1 in the fourth year. 2. Prepare the general journal entry to record the disposal of the equipment under each of these three independent situations: a. The equipment was sold for $22,000 cash. (Remember to calculate accumulated depreciation. A full year of depreciation for the first 3 years and then the partial year for the fourth year calculated above). b. The equipment was sold for $15,000 cash. (Remember accumulated depreciation) c. The equipment was totally destroyed in a fire and the insurance company settled the claim for $18,000…Prepare the journal entries to record the following transactions for Wildhorse Company, which has a calendar year end and uses the straight-line method of depreciation. On September 30, 2022, the company sold old equipment for $119,600. The equipment was purchased on January 1, 2020, for $249,600 and was estimated to have a $41,600 salvage value at the end of its 5-year life. Depreciation on the equipment has been recorded through December 31, 2021. (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.) On June 30, 2022, the company sold old equipment for $62,400. The equipment originally cost $93,600 and had accumulated depreciation to the date of disposal of $39,000. (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…
- On December 31, Strike Company has decided to discard one of its batting cages. The equipment had an initial cost of $206,400 and has accumulated depreciation of $185,760. Depreciation has been recorded up to the end of the year. Which of the following will be included in the entry to record the disposal? a.Equipment, credit, $206,400 b.Gain on Disposal of Asset, credit, $20,640 c.Accumulated Depreciation, debit, $206,400 d.Loss on Disposal of Asset, debit, $185,760On December 31, Strike Company has decided to discard one of its batting cages. The equipment had an initial cost of $230,200 and has accumulated depreciation of $207,180.00. Depreciation has been recorded up to the end of the year. Which of the following will be included in the entry to record the disposal? Oa. Accumulated Depreciation, debit, $230,200 Ob. Loss on Disposal of Asset, debit, $207,180.00 Oc. Gain on Disposal of Asset, credit, $23,020.00 Od. Equipment, credit, $230,200 Previous NextThe Bandor Group sold one of its plant assets on June 1 of the current year for $70,000. The asset had an original cost of $300,900 and an estimated residual value of $9,000. The firm used the straight-line method of depreciation assuming an estimated useful life of 7 years. The asset was in service for 5 years as of January 1 of the current year. Read the requirements Requirement a. Prepare the journal entry required to record the depreciation for the current year. (Record debits first, then credits. Exclude explanations from any journal entries) Account Depreciation Expense-Plant Asset Accumulated Depreciation-Plant Asset June 1 Requirement b. Prepare the journal entry required to record the sale of the asset. (Record debits first, then credits Exclude explanations from any journal entries.) Account June 1 Cash Accumulated Depreciation Plant Asset Loss on Sale of Plant Assets
