S10-8 (similar to)E Question HelpOn July 31, 2018, Choice Landscapes discarded equipment that had a cost of $17,680. Accumulated Depreciation as of December 31, 2017, was $16,000. Assume annual depreciation on the equipment is $1,680. Journalize the partial-year depreciation expense and disposal of the equipment. (Record debits first, then credits.Select the explanation on the last line of the journal entry table.)Journalize the partial-year depreciation expense.DateAccounts and ExplanationDebitCreditJul. 31Choose from any list or enter any number in the input fields and then click Check Answer.2 partsremainingClear AllCheck Answer

Depreciation: It refers to a gradual decrease in the fixed asset’s value because of obsolescence,…

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Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 3MCQ: When depreciation is recorded each period, what account is debited? a. Depreciation Expense b. Cash...

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On August 31, 2018, Option Landscapes discarded equipment that had a cost of $16,500. Accumulated Depreciation as of December 31, 2017, was $15,000. Assume annual depreciation on the equipment is $1,500. Journalize the partial-year depreciation expense and disposal of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
S9-8 Discarding an asset On October 31, 2018, Just Right Landscapes discarded equipment that had a cost of $26,920. Accumulated Depreciation as of December 31, 2017, was $25,000. Assume annual depreciation on the equipment is $1,920. Journalize the partial-year depreciation expense and disposal of the equipment.
Discarding an asset On October 31, 2018, Alternative Landscapes discarded equipment that had a cost of $26,920. Accumulated Depreciation as of December 31, 2017, was $25,000. Assume annual depreciation on the equipment is $1,920. Journalize the partial-year depreciation expense and disposal of the equipment.
On June 15, 2024, Perfect Furniture discarded equipment that had a cost of $8,000, a residual value of $0, and was fully depreciated. Journalize the disposal of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Jun. 15 Accumulated Depreciation-Equipment Cash Depreciation Expense-Equipment Equipment Gain on Disposal Loss on Disposal Maintenance Expenses Debit Credit
Equipment acquired on January 3, 2007, at a cost of $504,000, has an estimated useful life of 12 years, has an estimated residual value of $42,000, and is depreciated by the straight-line method. a. Prepare a working paper to support your answers. b. Assuming that the equipment was disposed on December 31, 2015, journalize the disposal entries c. Assuming that the equipment was sold on April 1, 2011, for $315,000, journalize the entries to record (1) depreciation for the three months until the sale date, and (2) the sale of the equipment. d. Assuming that the equipment was sold on April 1, 2011, for $420,000, journalize the entries to record (1) depreciation for the three months until the sale date, and (2) the sale of the equipment.
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M8-12 Computing Depreciation Under Straight-Line and Double-Declining-Balance A delivery van costing $18,000 is expected to have a $1,500 salvage value at the end of its useful life of 5 years. Assume that the truck was purchased on January 1, 2016. Compute the depreciation expense for 2017 (its second year) under each of the following depreciation methods: a. Straight-line b. Double-declining-balance
Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?
Hello Below is my answers to a deminishing balance method question: My Answer: Depreciation of Vehicles(672000-384000)=288000*20%=57600 Question: Provide depreciation on vehicles at 20% p.a. using the diminishing balance method, Vehicles at Cost 672 000, Accumulated Depreciation on Vehicles 384 000 from PRE-ADJUSTMENT TRIAL BALANCE ON 28 FEBRUARY 2020. Note: there are no other information concerning prvious years depreciation required.
m/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSession Locator-assign... eBook Show Me How A ✩ Comparing three depreciation methods Dexter Industries purchased packaging equipment on January 8 for $112,500. The equipment was expected to have a useful life of 3 years, or 22,500 operating hours, and a residual value of $4,500. The equipment was used for 9,000 hours during Year 1, 6,750 hours in Year 2, and 6,750 hours in Year 3. Required: 1. Determine the amount of depreciation expense for the 3 years ending December 31, by (a) the straight-line method, (b) the units-of-activity method, and (c) the double-declining-balance method. Also determine the total depreciation expense for the 3 years by each method. Do not round intermediate calculations when determining the depreciation rate. Round the final answers for each year to the nearest whole dollar. Year Year 1 Year 2 Year 3 Total Straight-Line Method Depreciation Expense Units-of-Activity Method 2. What…
hello please answer all of the questions. thank you.
Cullumber Company had the following assets on January 1, 2022. Useful Life (in years) Salvage Value $ 0 Item Cost Purchase Date Machinery $72,000 Jan. 1, 2012 10 Forklift 31,000 Jan. 1, 2019 Truck 37,400 Jan. 1, 2017 8. 3,000 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $12,100. The truck was discarded on December 31. Journalize all entries required on the above dates, indluding entries to update depreciation, where applicable, on disposed assets. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit (To record depreciation expense on forklift) (To record sale of forklift) (To record depreciation expense on…

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