?? Ans Target Corporation purchased delivery trucks worth $780,000 with an estimated usefullife of 6 years and a salvage value of $60.000. The company uses straight-line depreciationfor its vehicles. On July 1. 2024. Target decided to sell one of these trucks, which had abook value of $117,000, for $125,000 cash. What was the gain or loss on the sale of thistruck? (Note: The original cost of the sold truck was $195.000. and accumulateddepreciation up to the date of sale needs to be calculated). Boeing reported total revenueof $77.8 billion. with $46.6 billion from commercial airplanes and $22.7 billion fromdefense. space.and security contracts. The company's operating expenses for thewere $72.3 billion, including $13.5 billion in research and development costs. Boeing alsofaced a one-time legal settlement expense of $1.2 billion related to the 737 MAX issues. Theeffective tax rate for the year was 21%. and the company paid $800 million in dividends toshareholders. Based on this information, calculate Boeing's net income for 2023 andexplain the impact of the legal settlement on the company's profitability.year

1Cash proceeds of the sale 125,000 Less: Book value of the truck 117,000 Gain on…

Answered: Target Corporation purchased delivery…

Principles of Accounting Volume 1

19th Edition

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Chapter11: Long-term Assets

Section: Chapter Questions

Problem 8PB: Montello Inc. purchases a delivery truck for $25,000. The truck has a salvage value of $6,000 and is...

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Montello Inc. purchases a delivery truck for $25,000. The truck has a salvage value of $6,000 and is expected to be driven for 125,000 miles. Montello uses the units-of-production depreciation method, and in year one the company expects the truck to be driven for 26,000 miles; in year two, 30,000 miles; and in year three, 40,000 miles. Consider how the purchase of the truck will impact Montellos depreciation expense each year and what the trucks book value will be each year after depreciation expense is recorded.
Montello Inc. purchases a delivery truck for $25,000. The truck has a salvage value of $6,000 and is expected to be driven for 125,000 miles. Montello uses the units-of-production depreciation method, and in year one it expects to use the truck for 26,000 miles. Calculate the annual depreciation expense.
Target Corporation purchased delivery trucks worth $780,000 with an estimated useful life of 6 years and a salvage value of $60.000. The company uses straight-line depreciation for its vehicles. On July 1, 2024. Target decided to sell one of these trucks, which had a book value of $117,000, for $125,000 cash. What was the gain or loss on the sale of this truck? (Note: The original cost of the sold truck was $195.000, and accumulated depreciation up to the date of sale needs to be calculated). Boeing reported total revenue of $77.8 billion, with $46.6 billion from commercial airplanes and $22.7 billion from defense, space. and security contracts. The company's operating expenses for the year were $72.3 billion, including $13.5 billion in research and development costs. Boeing also faced a one-time legal settlement expense of $1.2 billion related to the 737 MAX issues. The effective tax rate for the year was 21%. and the company paid $800 million in dividends to shareholders. Based on…
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On January 1, 2016, Rexford Company purchased a drilling machine for $11,500. The machines has an estimated useful life of 4 years and a salvage value of $200. Given this information, if Rexford uses double-declining-balance method of depreciation, and sells the machine on December 31, 2017, for $3,000 cash. Then how much will be gain or loss on disposal of this asset? $ 2,750 loss $ 1,800 loss $1,562 gain $ 125 gain
Vaughn Manufacturing purchased a new machine on May 1, 2012 for $566400. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $20400. The company has recorded monthly depreciation using the straight-line method. On March 1, 2021, the machine was sold for $81600. What should be the loss recognized from the sale of the machine? $2500. $20400. $22900. $0.
Chicken Wings Company purchased a copier for P447,150 on January 1, 2021. The estimated useful life of the copier at the time of purchase is 5 years and it has a salvage value of 40,650. On January 1, 2022, the company checked its machineries and found out that the useful life of its copier should have been 6 years. Chicken Wings depreciate its all assets using a straight-line method. How much is the carrying value of Chicken Wing Company’s copier on December 31, 2022?
On February 1, 2006, Mason Company purchased a building for $359,000. The building was assigned a useful life of forty years and a salvage value of $11,000. XYZ Company uses the straight-line depreciation method to calculate depreciation on its long-term assets. The building was sold for $121,000 cash on August 1, 2029. Calculate the amount of the loss recorded on the sale. Do not enter your answer with a minus sign in front of your number.
Babcock Company purchased a piece of machinery for $30,000 on January 1, 2022, and has been depreciating the machine using the sum-of-the-years'-digits method based on a five-year estimated useful life and no salvage value. On January 1, 2024, Babcock decided to switch to the straight-line method of depreciation. The salvage value is still zero and the estimated useful life is changed to a total of six years from the date of purchase. Ignore income taxes. Required: 1. Prepare the appropriate journal entry, if any, to record the accounting change. 2. Prepare the journal entry to record depreciation for 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate journal entry, if any, to record the accounting change. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 Record the accounting change.
Crouch Company purchased a new machine on May 1, 1998 for $176,000. At thetime of acquisition, the machine was estimated to have a useful life of ten yearsand an estimated salvage value of $8,000. The company has recorded monthlydepreciation using the straight-line method. On March 1, 2007, the machine wassold for $24,000. What should be the loss recognized from the sale of themachine? a. $0.b. $3,600.c. $8,000.d. $11,600.
Arabs Company purchased a machine for P650,000 on January 1, 2016. The estimated salvage value of the machine was P46,500 and Arabs estimated that the machine would have a useful life of 10 years, with depreciation being computed using straight line method. How much is the carrying value of the machine on December 31, 2019? P408,600 P455,100 P241,400 P390,000
Marsh Corporation purchased a machine on July 1, 2012, for $1,250,000. The machine was estimated to have a useful life of 10 years with an estimated salvage value of $70,000. During 2015, it became apparent that the machine would become uneconomical after December 31, 2019, and that the machine's salvage value is now $0. Accumulated depreciation on this machine as of December 31, 2014, was $295,000. What should be the charge for depreciation in 2015 under generally accepted accounting principles? O $177,000 O $191,000 O $205,000 O $238,750

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