Required Information[The following information applies to the questions displayed below.]Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company hasmore than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for$27,000. Movelt had originally purchased the vehicle and recorded it in the Truck account for $45,000 and had recordeddepreciation for three years.4. Prepare the journal entry to record the disposal of the truck, assuming Accumulated Depreciation-Truck was (a) $18,000. (b)$12,000, and (c) $21.000. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first accountfield.)View transaction listJournal entry worksheet<23Record the sale of the truck that has an accumulated depreciation balance of$21,000 at the time of disposal.Note: Enter debits before credits.TransactionGeneral JournalDebitCreditRecord entryClear entryView general journal

Debit Cash (or Accounts Receivable) $27,000This entry represents the cash received from the sale of…

Answered: Required Information [The following…

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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Shearer’s Foods, part of the $374 billion global snack food industry, employs 3,300 people in Brewster, Ohio. If Shearer’s purchased a packaging unit for $267,500 with a life expectancy of 705,000 units and a residual value of $56,000, what is the depreciation expense for year 1 if 85,000 units were produced?
MoveIt Corporation is the world’s leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that MoveIt sold a delivery truck for $11,000. MoveIt had originally purchased the truck for $18,000 and had recorded depreciation for three years. Prepare the journal entry to record the disposal of the truck, assuming that Accumulated Depreciation was (a) $7,000, (b) $4,000, and (c) $12,000. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Delta Air Lines owns hundreds of aircraft, with about 60 percent of its fleet consisting of Boeing aircraft, while Airbus aircraft make up about 40 percent. It sold seven used Boeing 767-300 jets to Amazon.com as Amazon plans to expand its growing Amazon Air cargo service. The average age of the jets is about 20 years old. Assume the records of the company reflected the following for the jets that were sold: Aircraft cost Accumulated depreciation Required: $ 62,600,000 46,700,000 1. Prepare the journal entry for the disposal of the airplanes, assuming that the airplanes sold for: Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. a. $15,900,000 cash b. $16,400,000 cash c. $14,600,000 cash View transaction list Journal entry worksheet 1 2 3 Record the disposal of the aircraft, assuming the aircraft were sold for $15,900,000 cash. Note: Enter debits before credits. Transaction a. General Journal Debit Credit
! Required information [The following information applies to the questions displayed below.] University Car Wash purchased new soap dispensing equipment that cost $261,000 including installation. The company estimates that the equipment will have a residual value of $27,000. University Car Wash also estimates it will use the machine for six years or about 12,000 total hours. Actual use per year was as follows: 7 Year 1 2 Year 1 2 3 4 5 6 Hours Used 2,800 1,400 1,500 2,500 3. Prepare a depreciation schedule for six years using the activity-based method. (Round your "Depreciation Rate" to 2 decimal places and use this amount in all subsequent calculations.) 2,300 1,500 UNIVERSITY CAR WASH Depreciation Schedule-Activity-Based End of Year Amounts Depreciation Expense Accumulated Depreciation Book Value
MoveIt Corporation is the world’s leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that MoveIt sold a delivery truck for $6,000. MoveIt had originally purchased the vehicle and recorded it in the Truck account for $10,000 and had recorded depreciation for three years. Using the following structure, indicate the effects (accounts, amounts, and + for increase and − for decrease) of the disposal of the truck, assuming Accumulated Depreciation—Truck was (a) $4,000, (b) $3,000, and (c) $5,000. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.)
es Required information. [The following information applies to the questions displayed below.] Bridge City Consulting bought a building and the land on which it is located for $135,000 cash. The land is estimated to represent 50 percent of the purchase price. The company paid $6,000 for building renovations before it was ready for use. 3. Compute straight-line depreciation on the building at the end of one year, assuming an estimated 10-year useful life and a $4,000 estimated residual value. (Do not round intermediate calculations.) 4. What should be the book value of (a) the land and (b) the building at the end of year 2? Straight-Line Depreciation 3 4(a) Land 4(b) Building
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! Required information [The following information applies to the questions displayed below.] Exact Photo Service purchased a new color printer at the beginning of Year 1 for $36,110. The printer is expected to have a four-year useful life and a $3,800 salvage value. The expected print production is estimated at $1,781,500 pages. Actual print production for the four years was as follows: Year 1 Year 2 Year 3 Year 4 Total 550,700 481,800 376,300 394,700 1,803,500 The printer was sold at the end of Year 4 for $4,100. Required: a. Compute the depreciation expense for each of the four years, using double-declining-balance depreciation. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. Year 1 Year 2 Year 3 Year 4 Total accumulated depreciation Depreciation Expense
! Required information [The following information applies to the questions displayed below.] VQT Companies is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that VQT sold a delivery truck for $29,000. VQT had originally purchased the vehicle and recorded it in the Truck account for $49,000 and had recorded depreciation for three years. 4. Prepare the journal entry to record the disposal of the truck, assuming Accumulated Depreciation--Truck was (a) $20,000, (b) $17,000, and (c) $25,000. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
9. Newson's Courier Service recently purchased a new delivery van for $29,000. The van is estimated to have a useful life of 8 years or 250,000 kilometres. The van will have a residual value of $1,000. The company uses the units-of- production method of depreciation. Assuming the van travelled 36,000 kms. during the first year, what is the depreciation expense for the van in year 1? A. $3,625 B. $3,500 C. $4,032 D. $4,176
None
Fast Delivery is the world's largest express transportation company. In addition to the world's largest fleet of all-cargo aircraft, the company has more than 657 aircraft and 62,000 vehicles and trailers that pick up and deliver packages. Assume that Fast Delivery sold a dellvery truck that had been used in the business for three years. The records of the company reflected the following: Delivery truck cost Accumulated depreciation $ 43,000 28,000 Required: 1. Prepare the journal entry for the disposal of the truck, assuming that the truck sold for: (If no entry transaction/event, select "No journal entry required" in the first account field.) required for a a. $15,000 cash b. $17,300 cash c. $13,300 cash View transaction list Journal entry worksheet 2 3 Record the disposal of the truck, assuming the truck was sold for $15,000 cash. Note: Enter debits before credits. General Journal Debit Credit Transaction a

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