Hi I forgot part 2. I got part 1 please check probably 3 hrs ago Pt 2.prepare the necessary journal entries to record the disposal of the equipment on March 31, 2021 Case CRobert Sporting Goods Company had purchased some equipment (Q107) on January 1, 2014 for $104 000 withan estimated salvage value of $8 000 and a 10-year useful life. On December 31, 2020, there was $67 200 inthe Accumulated Depreciation account for this equipment using the straight-line method of depreciation. Inpreparation for expansion, on March 31, 2021, that equipment was sold for $21 000.Required:

Depreciation for 3 months = (cost- salvage value)/useful life*3/12 Calculation of Gain or loss on…

Answered: Pt 2. prepare the necessary journal…

Business

Accounting

Pt 2. prepare the necessary journal entries to record the disposal of the equipment on March 31, 2021

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: REINFORCE YOUR SKILLS 10-1 Analyze and Record Transactions Sadie has left a stack of miscellaneous…

A: Bank reconciliation statement refers to a reconciliation between the entries entered in the cash…

Q: 60,000 45,000 29,100 $171,300 $171,300

A: Journal entries are those entries that include the daily transactions or events and are stated in…

Q: Steven places an order to Peter or the supply of a certain product that was not yet manufactured. On…

A: Sale is recorded in books of accounts when risk and reward has been transferred to the buyer whether…

Q: 2) JI Industries purchased a machine that cost $540,000. It is expected that the machine will last…

A: Assuming book value of machine is required since no information about truck is given. Asset Cost…

Q: Hi, I'm stuck on this homework problem. I tried it once and used the Check my Work tool but it says…

A: First entry is to close the revenues accounts by debiting the respective revenues account and close…

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: Formula: Solution:

Q: Depreciation by Two Methods; Sale of Fixed Asset New lithographic equipment, acquired at a cost of…

A: 1. Straight line depreciation method Depreciation = Cost of Asset - Residual value / use full life…

Q: Revenue Technician wages Mobile lab operating expenses office expenses Advertising expenses…

A: preparation of performance budget performance showing revenue , spending variance and activity…

Q: 8 0:31:03 Nebraska Furniture Mart is a home furnishing store in North America. Nebraska Furniture…

A: Formula: Acid-test ratio=Total current assets-Inventory+Prepaid expensesTotal current liabilities

Q: 7. On December 31, 2019, Lilo, Stitch, and Tom were partners with capital account balances of…

A: A partnership is a form of business where two or more people share ownership, as well as the…

Q: Heidt Cleaning Services (HCS) is a local custodial service company serving both the residential and…

A: Activity-based costing assigns the cost of each activity to all the products and services in…

Q: Entries for issuing bonds Thomson Co. produces and distributes semiconductors for use by computer…

A: The bonds are the financial instruments that are issued to raise money from the market. The bonds…

Q: Suppose you work for a small farm owner and you are asked to calculate a rate ofreturn for two…

A: “Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only…

Q: Journal Entry In the attached question, kindly help in clarifying is it is necessary to create…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: on 13-Exam 1-Chapter X Exam 1-Chapter 10 and 11 13 eBook…

A: The objective of the question is to calculate the depreciation for the years 2024 and 2025 using the…

Q: Kennedy, Inc. Statement of Cash Flows Cash flows from (used for) operating activities: Net income…

A: Cash Flows From Operating Activities: Cash flow from operating activities shows how much cash an…

Q: You are an auditor and you have been asked to review the December 31, 2024, balance sheet for Locust…

A: Current Long Term Item Amount Classification Amount Classification 1. Investment $ 0 No…

Q: Exercise 9.3 Adjusting Entry Accrued Expenses K Rock Castle Construction BACKSTORY Interest incurred…

A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…

Q: GATES GEMS INVOICE 111 Main Street Anytown, USA 12345 Phone 704-555-1212 DATE: July 14, 20XX INVOICE…

A: Here in this question, we are required to make entry for repairs. Journal entry is made for…

Q: References Mailings Review View Help viruses. Unless you need to edit, it's safer to stay in…

A: Cash budget consists of cash receipts and cash disbursements. The estimation of cash is shown in…

Q: eBook Revision of Depreciation Equipment with a cost of $304,000 has an estimated residual value of…

A: Depreciation is charged because of: Normal wear & tear Obsolescence Usage rights Natural…

Q: What are the following journal entries of the following? MISCELLANEOUS EXPENSES ( VAT INCLUSIVE )…

A: Journal entries (JE) refers to reporting of the transactions into the books of entity or owner and…

Q: Transaction Transaction Employee Customer ID Date ID ID 1 2/3/2022 178 5071 2 2/6/2022 157 5813 3…

A: The objective of the question is to create a SQL query that will count the number of transactions…

Q: The Mountain Springs Water Company has two departments, Purifying and Bottling. The Bottling…

A: EQUIVALENT UNITS OF PRODUCTION ARE THE PORTION OF WORK THAT IS STARTED AND COMPLETED.

Q: Required: 1. What is the book value of the equipment after installation? Book value of the equipment…

A: Initial measurementAn item of property, plant and equipment should initially be recorded at…

Q: A person's personal place to keep a record of all activing in his checking account is a PASSBOOK…

A: Checking account is a saving account offered by banks and other financial institutions to the…

Q: Here are selected 2022 transactions of Swifty Company. Jan. 1 June 30 Dec. 31 Retired a piece of…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the asset…

Q: I need to figure out the office equipment and computer equipment depreciation expense. Can you help?

A: Depreciation is the allocation of cost of asset over the useful life of the asset. It can be charged…

Q: Eps://ezto.mheducation.com/ext/map/index.html?_con%3Dcon&external_browser%3D0&launchUrl=https%253A%2…

A: Given the following information: BMX Company has one employee FICA Social Security taxes are 6.2%…

Q: Depreciation by Three Methods; Partial Years Perdue Company purchased equipment on April 1 for…

A: Under the straight-line method, the depreciation amount for each year remains the same and is based…

Q: FULL SCREEN PRINTER VERSION 1 BACK xercise 1-14 (Part Level Submission) heyenne Corp., a public…

A: Position Statement - it shows all the assets and liabilities of a company on a certain date and also…

Q: 6. Record the following transactions in Tally Prime Date Amount (in R0) 2021 Jan 1 Cash A/C 42,000…

A: The question is related to Journal entries for the year ended December 31st 2021. First we will…

Q: Statement of Financial Position as 31 December 2019 2020 RM RM RM RM Hon Current Asset and and…

A: Particulars RM RM Net Profit for the year 22000 Add; Depreciation being a non cash item 650…

Q: Cash Flows from Operating Activities-Indirect Method Selected data derived from the income statement…

A: CASH FLOW STATEMENT Cash flow statement is additional information to user of financial statement.…

Q: The accounts listed below for the year ended 2021, in random order, are for Polanyi Knowledge, Inc.…

A: Balance sheet forms a part of financial statements of the entity and is prepared with a view to show…

Q: Straight-Line Depreciation A building acquired at the beginning of the year at a cost of $1,630,000…

A: With the passage of time, the value of assets goes on decreasing due to various reasons such as…

Q: QUESTION 11 Which of the following are factors that affect the marketability of municipal GO bonds?…

A: Municipal GO Bonds : These bonds are also known as Municipal General Obligation bonds. And,…

Q: Recording Entries Using Composite Depreciation Method California Utilities owns a power plant that…

A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…

Q: Double-Declining-Balance Depreciation A building acquired at the beginning of the year at a cost of…

A: Double Decline Method: To accelerate depreciation, use the double-declining-balance technique, which…

Q: Increase in notes receivable is reported as cash flow from "operating" activities? Select one: a.…

A: The cash flow statement is prepared to estimate the net cash flows from different activities.

Q: Questions to expect regarding fires or explosions includes which of the following. Select one: O a.…

A: It is responsibility of every individual or organisation to take all precautionary measures or to…

Q: Question # 18 G Revisit Choose the best option An entity purchased a machine for 700,000. The…

Q: 8

A: The objective of the question is to determine whether adjustments need to be entered in the journal…

Q: The following transactions and adjusting entries were completed by a paper-packaging company called…

A: Journal entry is the primary step to record the transaction in the books of accounts. Depreciation…

Question

Hi I forgot part 2. I got part 1 please check probably 3 hrs ago

Pt 2.

prepare the necessary journal entries to record the disposal of the equipment on March 31, 2021

Case C
Robert Sporting Goods Company had purchased some equipment (Q107) on January 1, 2014 for $104 000 with
an estimated salvage value of $8 000 and a 10-year useful life. On December 31, 2020, there was $67 200 in
the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. In
preparation for expansion, on March 31, 2021, that equipment was sold for $21 000.
Required:

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Accounting for Property, Plant and Equipment

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Account, Labels and amount descriptions _____________________ •According received •Accumulated deprecating- equipment •Cash •Equipment •Finished goods •Materials •Prepaid insurance •Supplies •Work in progress •Labels •August 31 •For the month ended august 31 •Current assets •Inventories •Amount descriptions •Total inventories •Total current assets
practice
Provide Answer pls
K M Question 3-Week Five Home X ework i cation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/a 1 Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completi Lauprechta Incorporated has the following employees on payroll. Assume that all the employees has only one job or that step 2 of Form W-4 is not checked and all dependents are under the age of 17. Also, the employer uses the Percentage Method Tables for Manual Payroll Systems with Forms W-4 from 2020 or Later. Use percentage method tables for a manual payroll systems. & Naila Wilfred Byron Annie 10 A Q Employee Naila Wilfred Byron Annie 2 Semimonthly Payroll $ 6,140 $ 5,440 $4,040 $ 4,430 é Required: Complete the table for taxes to be withheld for each pay period. Note: Round your intermediate computations and final answers to 2 decimal places. F2 * N S $ Federal Withholding Tax 3 Answered:…
Assignment: Chapter 12 Homework Time Remaining: 0:58:20 Questions Problem 12.08 (New Project Analysis) 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 0 eBook Assignment Score: 78.57% Save Submit Assignment for Grading Question 4 of 14 ► Check My Work You must evaluate the purchase of a proposed spectrometer for the R&D department. The purchase price of the spectrometer including modifications is $140,000, and the equipment will be fully depreciated at the time of purchase. The equipment would be sold after 3 years for $32,000. The equipment would require an $8,000 increase in net operating working capital (spare parts inventory). The project would have no effect on revenues, but it should save the firm $43,000 per year in before-tax labor costs. The firm's marginal federal-plus-state tax rate is 25%. a. What is the initial investment outlay for the spectrometer after bonus depreciation is considered, that is, what is the Year 0 project cash flow? Enter your answer as a positive value.…
None
ccounting | Spring 2023 uiz Course Home - kar X K Chapter 9 Quiz OA. $18,200 OB. $18,800 OC. $17,500 O D. $20,300 mylab.pearson.com Question 5 of 10 X G At year-end, Snow 0 4 kara harper 04/09/23 10:36 AM This quiz: 10 point(s) possible This question: 1 point(s) possible ? Submit quiz Buddy Company uses the allowance method to account for uncollectible receivables. At the beginning of the year, Allowance for Bad Debts had a credit balance of $800. During the year Buddy wrote off uncollectible receivables of $2,100. Buddy recorded Bad Debts Expense of $2,800. Buddy's year-end balance in Allowance for Bad Debts is $1,500. Buddy's ending balance of Accounts Receivable is $20,300. Compute the net realizable value of Accounts Receivable at year-end.
Pre-Lecture Question 06 For indefinite-life intangibles other than goodwill, an impairment test should be conducted at least: 1 once during its useful life. 2 quarterly. 3 monthly. 4 annually.
I tried to get help with this question before I appreciate whoever tried to help however it wasn't filled out very well also the tabs include the dates of Jan 1, June 30, Dec 31st
ork Problems Chapter 2 of 3 eBook Print References Mc Graw Hill 9 O8 https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl= ! Required information [The following information applies to the questions displayed below.] The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 and Year 2. December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable Equity, December 31, Year 1 Add: Owner's investment Less: Dividends Equity, December 31, Year 2 Year 1 $ 52,692 28,602 F2 4,512 138,498 54, 196 0 0 75,195 0 2. Compute net income for Year 2 by comparing total equity amounts for these two years and using the following information: During Year 2, the owner invested $36,000 additional cash in the business in exchange for common stock, and the company paid a $37,200 cash dividend. C # $ 65 Year 2 F3 $ 9,883 22,424 3,305 147,527 63, 196 180,667 45,083…
Please answer completely and correctly for all parts with explanation computation formula steps answer in text no copy paste show explanation and computation clearly for numbers provide full working for all steps with explanation and narrations answer in text form
Home * CengageNOW x O Wayne Comm X w Course: 2021S x Course: 20215 x4 Chp 2 - Googl x+ w.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=... ☆ た eBook Show Me How Transactions Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, Retained Earnings, Dividends, Fees Earned, Rent Expense, Advertising Expense, Utilities Expense, Miscellaneous Expense. Journalize the following selected transactions for October 20Y2 in a two-column journal. Journal entry explanations may be omitted. If an amount box does not require an entry, leave it blank. Oct. 1. Paid rent for the month, $2,500. 4. Paid advertising expense, $1,000. 5. Paid cash for supplies, $1,800. 6. Purchased office equipment on account, $11,500. 12. Received cash from customers on account, $7,500. 20. Paid creditor on account, $2,700. 27. Paid cash for miscellaneous expenses, $700. 30.…