Question No: 1E10-9 Presented below are selected transactions at Ridge Company for 2017. Jan. I Retired a piece ofmachinery that was purchased on January 1, 2007. The machine cost $62,000 on that date. It had a usefullife of 10 years with no salvage value.June 30 Sold a computer that was purchased on January 1, 2014. The computer cost $45,000. It had auseful life of 5 years with no salvage value. The computer was sold for $14,000.Dec. 31 Discarded a delivery truck that was purchased on January 1, 2013. The truck cost $33,000. Itwas depreciated based on a 6-year useful life with a $3,000 salvage value.InstructionsJournalize all entries required on the above dates, including entries to update depreciation, whereapplicable, on assets disposed of. Ridge Company uses straight-line depreciation. (Assume depreciationis up to date as of December 31, 2016.)

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Answered: Question No: 1 E10-9 Presented below…

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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The following information pertains to Nour Company: 1- Equipment was purchased on September 1, 2014 for $210,000. It is estimated salvage value is $30,000 and it is estimated useful life is 5 years. After the 5 years the equipment was sold for $30,000. 2- Building was purchased on January 1, 2018 for $300,000. It is useful life is 20 years and depreciated on a reducing balance rate of 10%. 3- On March 31,2019 ABC, Inc. paid Nour Publishing Company $15,840 for a 3-year subscription for five different magazines. The subscriptions started immediately. The payment was recorded by Nour company to the Revenue account. 4- On December 31, 2019 the balance of Receivables was $165,000 and the balance of Allowance of irrecoverable receivables was $21,000. Before adjusting the accounts, Nour finds that receivables of $15,000 need to be written off as irrecoverable, and the allowance for receivables is to be set at ten percent of the remaining outstanding receivables as at 31 December 2019.…
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On May 1, 2017 Merron Inc. sold a machine that it no longer had any use for. Merron sold the machine for $2,000 cash. The original cost of the machine was $32,000 and at December 31, 2016 the accumulated depreciation on the machine was $26,000. The machine had an original useful life of 10 years with zero estimated residual value. Merron uses the straight-line method to depreciate all of their machines. Required: Prepare the journal entries required for this transaction.
Mazaya Company has decided to sell one of its old machines on June 30, 2011. The machinewas purchased for R.O:120,000 on January 1, 20o07, and was depreciated on a straight-line basis for 1o years with no residual value. f the machine was sold for R.O 33.000, what was the amount of the gain or loss recorded at the time of the sale? Select one O a RO 69,00. b. RO 27.000. O CRO33,00. O d RO 81,00.
Here are selected 2022 transactions of Flounder Company. Jan. 1 Retried a piece of machinery that was purchased on January 1, 2012. The machine cost $62,400 and had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2019. The computer cost $35,500 and had a useful life of 5 years with no salvage value. The computer was sold for $14,100 cash. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2018. The truck cost $36,660. 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 on assets disposed of where applicable. Flounder Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021.) (List all debit entries before credit entries)
Please answer all the letters from a to f. Please provide your solutions in good accounting form. Thank you so much. Please complete your answers with the requirements asked in the problem.
(Depreciation Computation—Replacement, Nonmonetary Exchange) George Zidek Corporation bought a machine on June 1, 2015, for $31,000, f.o.b. the place of manufacture. Freight to the point where it was set up was $200, and $500 was expended to install it. The machine’s useful life was estimated at 10 years, with a salvage value of $2,500. On June 1, 2016,an essential part of the machine is replaced, at a cost of $1,980, with one designed to reduce the cost of operating the machine. The cost of the old part and related depreciation cannot be determined with any accuracy.On June 1, 2019, the company buys a new machine of greater capacity for $35,000, delivered, trading in the old machine which has a fair value and trade-in allowance of $20,000. To prepare the old machine for removal from the plant cost $75, and expenditures to install the new one were $1,500. It is estimated that the new machine has a useful life of 10 years, with a salvage value of $4,000 at the end of that time. (The…
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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
A small company purchased a state-of-the-art copier machine in 2012 for $5,995. Five years later the company sold the used copier for $3650. Find the absolute change in the value of the copier. Show your work. Find the relative change in the value of the copier. Show your work. The value of the copier has _________________________ by _________%.

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