Tamarisk, Inc. has equipment that cost $79,900 and that has been depreciated $50,500. Record the disposal under the following assumptions. (a) (b) (c) It was discarded with no cash received. It was sold for $23,800. It was sold for $32,100. (Credit account titles are automatically indented when 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.) No. Account Titles and Explanation (a) Debit. Credit

Tamarisk, Inc. has equipment that cost $79,900 and that has been depreciated $50,500. Record the disposal under the following assumptions. (a) (b) (c) It was discarded with no cash received. It was sold for $23,800. It was sold for $32,100. (Credit account titles are automatically indented when 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.) No. Account Titles and Explanation (a) Debit. Credit

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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Please see attached pic from our hw answer key. I don't understand why question d,e,and f are consider income. Orignally, I left them blank. I also don't understand why the unused on question e and the unpaid on question f calcuated diffrenlty. Thank you.
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atel Service Company does make a few sales on account but is mostly a cash business. Consequently, it uses the direct write-off method to account for uncollectible accounts. During Year 1, Patel Service Company earned $37,700 of cash revenue and $9,425 of revenue on account. Cash operating expenses were $26,624. After numerous attempts to collect a $265 account receivable from Sam Stephens, the account was determined to be uncollectible in Year 1. Required: Show the effects of (1) cash revenue, (2) revenue on account, (3) cash expenses, and (4) write off of the uncollectible account on the financial statements using a horizontal statements model. In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Use "NC" for net change in cash. Leave blank to indicate that an element is not affected by the event. What amount of net income did Patel Service Company report on the Year 1 income statement?…
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