Presented below are selected transactions at Buffalo Company for 2020.Jan. 1June 30Dec. 31Retired a piece of machinery that was purchased on January 1, 2010. The machine cost £62,400 on that date. It had auseful life of 10 years with no residual value.Sold a computer that was purchased on January 1, 2017. The computer cost £42,900. It had a useful life of 5 years withno residual value. The computer was sold for £15,100.Discarded a delivery truck that was purchased on January 1, 2016. The truck cost £35,340. It was depreciated based ona 6-year useful life with a £3,000 residual value.Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of.Buffalo Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2019.) (Credit account titlesare automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented inthe problem.)DateAccount Titles and ExplanationDebitCredit

The objective of the question is to record the journal entries for the disposal of assets and the…

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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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Presented below are selected transactions at Blue Company for 2020. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2010. The machine cost £60, 600 on that date. It had a useful life of 10 years with no residual value. June 30 Sold a computer that was purchased on January 1, 2017. The computer cost £38,000. It had a useful life of 5 years with no residual value. The computer was sold for £13,400. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2016. The truck cost £36,420. It was depreciated based on a 6-year useful life with a £3,000 residual value. Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Blue Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2019.)
Presented below are selected transactions at Ingles Company for 2014.Jan. 1: Retired a piece of machinery that was purchased on January 1, 2004. The machinecost Tk.58,000 on that date. It had a useful life of 10 years with no residual value.June 30: Sold a computer that was purchased on January 1, 2011. The computer costTk.40,000. It had a useful life of 5 years with no residual value. The computer was sold forTk.14,000.Dec. 31: Discarded a delivery truck that was purchased on January 1, 2010. The truck costTk.33,000. It was depreciated based on a 6-year useful life with a Tk.3,000 residual value. Requirements:Journalize all entries required on the above dates, including entries to update depreciation,where applicable, on assets disposed of. Ingles Company uses straight-line depreciation.(Assume depreciation is up to date as of December 31, 2013.)
Taylor Company purchased a machine for $9,800 on January 1, 2016. The machine has beendepreciated using the straight-line method assuming it has a five-year life with a $1,400residual value. Taylor sold the machine on January 1, 2018, for $7,600.Q7-61. What is the book value of the machine on December 31, 2017?a. $2,100b. $6,440c. $8,400d. $9,800
E9-12 Presented below are selected transactions at Ingles Company for 2017. Retired a piece of machinery that was purchased on January 1, 2007. The machine cost £58,000 on that date. It had a useful life of 10 years with no residual value. Sold a computer that was purchased on January 1, 2014. The computer cost £40,000. It had a useful life of 5 years with no residual value. The computer Jan. 1 June 30 was sold for £14,600. Discarded a delivery truck that was purchased on January 1, 2013. The truck cosi £34,000. It was depreciated based on a 6-year useful life with a £4,000 residual value. Dec. 31
Here are selected 2022 transactions of Pina Colada Corp.. Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $63,600 and had a useful life of 10 years with no salvage value. Jan. 1 Sold a computer that was purchased on January 1, 2020. The computer cost $36,900 and had a useful life of 3 years with no salvage value. The computer was sold for $5,900 cash. June 30 Sold a delivery truck for $9,000 cash. The truck cost $32,300 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a $3,000 salvage value. Dec. 31 Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Pina Colada 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…
Here are selected 2022 transactions of Sunland Company. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $62,100 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 $38,400 and had a useful life of 3 years with no salvage value. The computer was sold for $6,000 cash. Dec. 31 Sold a delivery truck for $10,000 cash. The truck cost $32,100 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. Sunland Company 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…
Exercise 9-09 (Video) Presented below are selected transactions at Monty Corp. for 2020. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2010. The machine cost $61,900 on that date. It had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2017. The computer cost $31,200. It had a useful life of 5 years with no salvage value. The computer was sold for $14,600. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2016. The truck cost $37,980. 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, where applicable, on assets disposed of. Monty Corp. uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2019.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in…
Presented below are selected transactions at Ridge Company for 2015. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2005. The machine cost $64,890 on that date. It had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2012. The computer cost $37,720. It had a useful life of 5 years with no salvage value. The computer was sold for $13,490. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2011. The truck cost $39,150. It was depreciated based on a 6-year useful life with a $2,910 salvage value. Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Ridge Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2014.) (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically…
Here are selected 2027 transactions of Riverbed Corporation. Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2017. The machine cost $62,200 and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2025. The computer cost $36,200 and had a useful life of 4 years with no salvage value. The computer was sold for $5,800 cash. Sold a delivery truck for $9,450 cash. The truck cost $24,300 when it was purchased on January 1, 2024, and was depreciated based on a 5-year useful life with a $4,200 salvage value. Prepare a tabular summary to record all transactions described on the above dates. Update depreciation on assets disposed of, where applicable. Riverbed Corporation uses straight-line depreciation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that…
Here are selected 2022 transactions of Ayayai Company. Jan. 1 June 30 Dec. 31 Date Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $63,000 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 $39,000 and had a useful life of 5 years with no salvage value. The computer was sold for $15,900 cash. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of where applicable. Ayayai 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.) Discarded a delivery truck that was…
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 $61,300 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 $35,000 and had a useful life of 4 years with no salvage value. The computer was sold for $4,400 cash. Dec. 31 Sold a delivery truck for $9,450 cash. The truck cost $24,700 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a $4,100 salvage value. Journalize all entries required on the above dated , including to update depreciation on assets disposed of, where applicable. Use straight-line depreciation.
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.

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