er 7 Homework257:51cesRequired informationExercise 7-17 (Algo) Record the sale of equipment (LO7-6)[The following information applies to the questions displayed below.]Exercise 7-17 (Algo) Part 1Greenscape Landscaping purchased a tractor at a cost of $32,000 and sold it three years later for $16,000. Greenscaperecorded depreciation using the straight-line method, a five-year service life, and a $2,000 residual value. Tractors areincluded in the Equipment account.View transaction listh&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Required:1. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first accountfield.)Journal entry worksheet<Record the sale of tractor.Note: Enter debits before credits.TrananntinnSavedGeneral Journal< PrevDebitS3 4Graditof 7HNext >change bamboo waterHelpSave & ExitCheck my

Introduction: A journal entry is indeed a record of a commercial transaction in a company's…

Required information Exercise 7-17 (Algo) Record the sale of equipment (LO7-6) [The following information applies to the questions displayed below.] Greenscape Landscaping purchased a tractor at a cost of $32,000 and sold it three years later for $16,000. Greenscape recorded depreciation using the straight-line method, a five-year service life, and a $2,000 residual value. Tractors are included in the Equipment account. Exercise 7-17 (Algo) Part 1 Required: 1. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" the first account field.) View transaction list Journal entry worksheet < Record the sale of tractor.

Required information Exercise 7-17 (Algo) Record the sale of equipment (LO7-6) [The following information applies to the questions displayed below.] Greenscape Landscaping purchased a tractor at a cost of $32,000 and sold it three years later for $16,000. Greenscape recorded depreciation using the straight-line method, a five-year service life, and a $2,000 residual value. Tractors are included in the Equipment account. Exercise 7-17 (Algo) Part 1 Required: 1. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" the first account field.) View transaction list Journal entry worksheet < Record the sale of tractor.

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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! Required information [The following information applies to the questions displayed below.] Freeman Landscaping purchased a tractor at a cost of $37,000 and sold it three years later for $18,800. Freeman recorded depreciation using the straight-line method, a five-year service life, and a $2,500 residual value. Tractors are included in the Equipment account. 2. Assume the tractor was sold for $11,800 instead of $18,800. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the sale of tractor. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal
Required information Exercise 7-11A Determine depreciation under three methods (LO7-4) [The following information applies to the questions displayed below.] Speedy Delivery Company purchases a delivery van for $42,400. Speedy estimates that at the end of its four-year service life, the van will be worth $6,400. During the four-year period, the company expects to drive the van 180,000 miles. Actual miles driven each year were 46,000 miles in year 1 and 50,000 miles in year 2. Required: Calculate annual depreciation for the first two years of the van using each of the following methods. (Do not round your intermediate calculations.) Exercise 7-11A Part 3 3. Activity-based. Annual Year Depreciation 2. to search ASUS
ezto.mheducation.com Saved Help Save & E8-18 (Algo) Inferring Asset Age and Recording Accidental Loss on a Long-Lived Asset (Straight-Line Depreciation) LO8-3, 8-5 On January 1 of the current year, the records of Khouri Corporation showed the following regarding a truck: Equipment (estimated residual value, $8, 200) Accumulated depreciation (straight-line, three years) $ 23,600 6,600 On December 31 of the current year, the delivery truck was a total loss as the result of an accident. Required: 1. Based on the data given, compute the estimated useful life of the truck. 2. Prepare all journal entries with respect to the truck on December 31 of the current year, assuming there was no insurance coverag on the truck. 3. Assuming Khouri had casualty insurance on the truck and received $10,500 from the insurance company for the accident, determine whether there was a gain or loss for the disposal and what the associated amount was. Complete this question by entering your answers in the tabs…
Required information Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore $179 expense and bonus depreciation for this problem): (Use MACRS Table 1. Table 2 and Table 5.) Asset Machinery Computer equipment Delivery truck Furniture Total Date Placed in Original Service Basis $116,000 October 25 February 3 MACRS depreciation March 17 April 22 56,000 69,000 196,000 $ 437,000 *The delivery truck is not a luxury automobile. In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $760,000. a. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect $179 expense and elects out of bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
Required information Problem 10-6A (Algo) Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.] Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine. Onslow paid an additional $1,600 on January 4 to secure the machine for operation. The machine will be used for six years and have a $23,040 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. Problem 10-6A (Algo) Part 1 Required: 1. Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred. View transaction list Journal entry worksheet
Required information Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table 2, and Table 5.) Asset Machinery Computer equipment Delivery truck* Furniture Date Placed in Service October 25 February 3 March 17 April 22 Original Basis $ 108,000 48,000 61,000 188,000 Total $ 405,000 *The delivery truck is not a luxury automobile. In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $680,000. b. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect out of bonus depreciation (but does not take §179 expense)? Note: Round your intermediate calculations to the nearest whole dollar amount. MACRS depreciation $ 868,000
[The following information applies to the questions displayed below.] Abbott Landscaping purchased a tractor at a cost of $25,000 and sold it three years later for $13,400. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account. Exercise 7-17A Part 1 Required: 1. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Next > search Designed by Apole in Cafomia Assembled in Chna
! Required information [The following information applies to the questions displayed below.] Burbank Corporation (calendar-year-end) acquired the following property this year: (Use MACRS Table 1. Table 2, and Exhibit 10-10.) Asset Used copier New computer equipment Furniture New delivery truck Luxury auto Total Placed in Service November 12 June 6 Maximum cost recovery deduction July 15 October 28 January 31 Basis $ 12,200 18,400 36,400 23,400 74,400 $ 164,800 Burbank acquired the copier in a tax-deferred transaction when the shareholder contributed the copier to the business in exchange for stock. Note: Round your answer to the nearest whole dollar amount. Check my work a. Assuming no bonus or §179 expense, what is Burbank's maximum cost recovery deduction for this year?
Required information PB9-1 (Algo) Computing Acquisition Cost and Recording Depreciation under Three Alternative Methods (LO 9-2, LO 9-3) (The following information applies to the questions displayed below.) At the beginning of the year, Canary.com bought a shed, a machine, and a trailer. The shed initially cost $20,300 but had to be renovated at a cost of $540. The shed was expected to last 7 years, with a residual value of $1,450. Repairs costing $360 were incurred at the end of the first year of use. The machine cost $11,250, and is estimated to have a total life of 40,000 hours and residual value of $900. The machine was actually used 2,000 hours in year 1 and 4,000 hours in year 2. The trailer cost $11,300 and was expected to last 4 years, with a residual value of $2,000. PB9-1 (Algo) Part 1 Required: 1. Compute the amount to be capitalized for the shed. Renovation costs Total cost
7 Graw Required information PA9-1 (Algo) Computing Acquisition Cost and Recording Depreciation under Three Alternative Methods [LO 9-2, LO 9-3] [The following information applies to the questions displayed below.] At the beginning of the year, Shamrock Unlimited bought three used machines. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Details for Machine A are provided below. Cost of the asset Installation costs Renovation costs prior to use Repairs after production began PA9-1 (Algo) Part 2 2. Compute year 2 straight-line depreciation expense for Machine A, assuming an estimated life of 4 years and $1,000 residual value. Answer is complete but not entirely correct. Year 2 straight-line depreciation expense 2.140 x Type here to search $9,400 840 720 590 $
Problem 7-5A (Algo) Determine depreciation under three methods (LO7-4) [The following information applies to the questions displayed below.] 1 2 3 4 5 6 University Car Wash purchased new soap dispensing equipment that cost $231,000 including installation. The company estimates that the equipment will have a residual value of $25,500. University Car Wash also estimates it will use the machine for six years or about 12,500 total hours. Actual use per year was as follows: Year Year 1 2 3 4 SSVI 5 6 Problem 7-5A (Algo) Part 2 2. Prepare a depreciation schedule for six years using the double-declining-balance method. (Do not round your intermediate calculations.) Hours Used 2,900 1,800 1,900 2,100 1,900 1,900 Depreciation Expense UNIVERSITY CAR WASH Depreciation Schedule-Double-Declining-Balance End of Year Amounts Accumulated Depreciation Book Value Help
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