The adjusted trial balance for Tybalt Construction on December 31 of the current year follows.Number Account Title101Cash126SuppliesPrepaid insurance128167168173174 Accumulated depreciation-Building183201623633637640652683TYBALT CONSTRUCTIONAdjusted Trial Balance.December 31EquipmentAccumulated depreciation-EquipmentBuildingLandAccounts payableInterest payable2032082102132362513010. Tybalt, Capital3020. Tybalt, Withdrawals404Services revenue406Rent revenue409Interest revenue606Depreciation expense-Building612 Depreciation expense-EquipmentRent payableWages payableProperty taxes payableUnearned revenueLong-term notes payableWages expenseInterest expenseInsurance expenseRent expenseSupplies expenseProperty taxes expenseTotalsDenuired.Debit$5,00031,1007,00040,000150,00055,00013,00011,0006,00052,9005,10010,00013,400Credit$ 20,00050,00016,5002,5003,5002,500900Prev14,50060,000126,40097,00014,0004,1007,4005,000$ 411,900 $ 411,900Oro Tybalt invested $5,000 cash in the business during the year. The O. Tybalt, Capital account balance was $121,400 on December 31of the prior year.1 of 2Next 1a. Prepare the income statement for the current year ended December 31.1b. Prepare the statement of owner's equity for the current year ended December 31.1c. Prepare the classified balance sheet at December 31 of the current year.2. Prepare the necessary closing entries at December 31 of the current year.Complete this question by entering your answers in the tabs below.Required 1A Required 1B Required 1C Required 2Prepare the classified balance sheet at December 31 of the current year.TYBALT CONSTRUCTIONBalance SheetDecember 31$$< Prev00001 of 2#NextII

Balance Sheet is a financial statement that includes Assets, Liabilities and Stockholder's…

Answered: The adjusted trial balance for Tybalt…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Instructions First Question Prior to adjustment at the end of the year, the balance in Trucks is $305,554 and the balance in Accumulated Depreciation-Trucks is $100,220. Details of the subsidiary ledger are as follows: A. Determine the depreciation rates per mile and the amount to be credited to the accumulated Estimated Accumulated Depreciation at Miles Operated depreciation section of each of the subsidiary accounts for the miles operated during the current year. Truck No. Cost Residual Value Useful Life Beginning of Year During Year Round the rate per mile to two decimal places and credit to accumulated depreciation to the nearest 1 $82,971 $14,850 252,300 miles 20,200 miles dollar. 2 59,412 6,150 295,900 miles $13,950 32,900 miles 76,486 13,990 201,600 miles 61,060 7,700 miles Truck No. Rate per Mile Miles Operated Credit to Accumulated Depreciation 4 86,685 22,830 236,500 miles 25,210 22,100 miles 1 $ 20,200 A. Determine the depreciation rates per mile and the amount to be…
Estimating the Percent Depreciated The property and equipment footnote from the Deere & Company balance sheet follows ($ millions): PROPERTY AND DEPRECIATION A summary of property and equipment at October 31, in millions of dollars follows: Land Buildings and building equipment Machinery and equipment Dies, patterns, tools, etc All other Construction in progress Total at cost Less accumulated depreciation Property and equipment - net $124 3,108 5,089 1,552 926 530 11,329 5,751 $5,578 During the year, the company reported $696 million of depreciation expense. Check Estimate the percent depreciated of Deere's depreciable assets. Round to one decimal place. %
Required information Exercise 11-23 (Algo) Change in estimate; useful life and residual value of equipment [LO11-2, 11-5] [The following information applies to the questions displayed below.] Wardell Company purchased a mainframe on January 1, 2019, at a cost of $57,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $6,000. On January 1, 2021, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $1,200. Exercise 11-23 (Algo) Part 1 Required: 1. Prepare the year-end journal entry for depreciation in 2021. No depreciation was recorded during the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answer to nearest whole dollar.) X Answer is complete but not entirely correct. No Event General Journal Debit Credit 1 1 Depreciation expense 4,500 X Accumulated…
Knife Edge Company purchased tool sharpening equipment on July 1, 20Y5, for $16,200. The equipment was expected to have a useful life of three years and a residual value of $900. Instructions: a. Determine the amount of depreciation expense for the years ended December 31, 20Y5, 20Y6, 20Y7 and 20Y8 by the straight-line method. Depreciation Expense 20Y5 $fill in the blank 1 20Y6 $fill in the blank 2 20Y7 $fill in the blank 3 20Y8 $fill in the blank 4 b. Determine the amount of depreciation expense for the years ended December 31, 20Y5, 20Y6, 20Y7 and 20Y8 by the double-declining-balance method. Round the double-declining-balance depreciation rate to six decimal places and round your final answers to the nearest whole dollar. Depreciation Expense 20Y5 $fill in the blank 5 20Y6 $fill in the blank 6 20Y7 $fill in the blank 7 20Y8 $fill in the blank 8
Partial-Year Depreciation Equipment acquired at a cost of $97,000 has an estimated residual value of $6,000 and an estimated usef life of 10 years. It was placed in service on October 1 of the current fiscal year, which ends on December 3 If necessary, round your answers to the nearest cent. a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-li method. Depreciation Year 1 Year 2 b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double- declining-balance method. Depreciation Year 1 2$4 Year 2 eck My Work Previous Ne All work saved. Save and Exit Submit Assignment for
Transactions for Fixed Assets, Including Sale The following transactions and adjusting entries were completed by Robinson Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method of depreciation is used. Year 1 Jan. 8. Purchased a used delivery truck for $47,040, paying cash. Mar. 7. Paid garage $240 for changing the oil, replacing the oil filter, and tuning the engine on the delivery truck. Dec. 31. Recorded depreciation on the truck for the fiscal year. The estimated useful life of the truck is 7 years, with a residual value of $9,900 for the truck. Year 2 Jan. 9. Purchased a new truck for $87,480, paying cash. Feb. 28. Paid garage $240 to tune the engine and make other minor repairs on the used truck. Apr. 30. Sold the used truck for $29,050. (Record depreciation to date in Year 2 for the truck.) Dec. 31. Record depreciation for the new truck. It has an estimated trade-in value of $15,700…
DogMart Company records depreciation for equipment. Depreciation for the period ending December 31 is $3,330 for office equipment and $5,290 for production equipment. Prepare the two entries to record the depreciation. If an amount box does not require an entry, leave it blank. Dec. 31 - Select - - Select - - Select - - Select - Dec. 31 - Select - - Select - - Select - - Select -
Transactions for fixed assets, including sale depreciation is used. Year 1 January 8. Purchased a used delivery truck for $61, 440, paying cash. March 7. Paid garage $180 for changing the oil, replacing the oil filter, and tuning the engine on the delivery truck. December 31. Recorded depreciation on the truck for the fiscal year. The estimated useful life of the truck is 8 years, with a residual value of $12,900 for the truck. Year 2 January 9. Purchased a new truck for $70, 560, paying cash. February 28. Paid garage $260 to tune the engine and make other minor repairs on the used truck. April 30. Sold the used truck for $40, 440. (Record depreciation to date in Year 2 for the truck.) December 31. Record depreciation for the new truck. It has an estimated residual value of $12,700 and an estimated life of 7 years. Year 3 September 1. Purchased a new truck for $93, 000, paying cash. September 4. Sold the truck purchased January 9, Year 2, for $42,900. (Record depreciation to date for…
Depreciation by units-of-activity Method Prior to adjustment at the end of the year, the balance in Trucks is $408,000 and the balance in Accumulated Depreciation—Trucks is $126,200. Details of the subsidiary ledger are as follows: TruckNo. Cost EstimatedResidualValue EstimatedUsefulLife AccumulatedDepreciationat Beginningof Year MilesOperatedDuringYear 1 $86,000 $12,900 200,000 miles — 30,000 miles 2 119,000 14,280 360,000 $23,800 36,000 3 103,000 14,420 212,000 $82,400 21,200 4 100,000 12,000 260,000 $20,000 31,200 a. Determine for each truck the depreciation rate per mile and the amount to be credited to the accumulated depreciation section of each subsidiary account for the miles operated during the current year. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. Round the rate per mile to two decimal places. Enter all values as positive amounts. Truck No.…
Partial-Year Depreciation Equipment acquired at a cost of $48,000 has an estimated residual value of $3,000 and an estimated useful life of 10 years. It was placed in service on October 1 of the current fiscal year, which ends on December 31. If necessary, round your answers to the nearest cent. a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Depreciation Year 1 $fill in the blank 1 Year 2 $fill in the blank 2 b. Determine the depreciation for the current fiscal year and the following fiscal year by the double-declining-balance method. Depreciation Year 1 $fill in the blank 3 Year 2 $fill in the blank 4
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $181,830 has an estimated useful life of 18 years, has an estimated residual value of $8,850, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? b. Assume that the equipment was sold on April 1 of the fifth year for $135,632. 1. Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entry, leave it blank. Round your answers to the nearest whole dollar if required. 2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations.
Willow Creek Company purchased and installed carpet in its new general offices on April 30 for a total cost of $36,288. The carpet is estimated to have a 16-year useful life and no residual value. A. Prepare the journal entry necessary for recording the purchase of the new carpet. Refer to the Chart of Accounts for exact wording of account titles. B. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Willow Creek Company uses the straight-line method. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Willow Creek Company General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Carpet 124 Accumulated Depreciation-Carpet 125 Equipment 126 Accumulated Depreciation-Equipment 130 Mineral Rights 131…

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS