what is the journal entry and how did you calculate it?
Q: Rizio Co. purchases a machine for $14,800, terms 1/10, n/60, FOB shipping point. Rizio paid within…
A: Net Purchase :— It is purchase price less purchase return less purchase discount. Expenditure…
Q: The pharmacy purchased a computer to maintain financial records. The cost of the computer was…
A: Cost of computer = $1863.00 Useful life = 6 Years Disposal value = $175.00
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Q: Rizio Company purchases a machine for $13,800, terms 2/10, n/60, FOB shipping point. Rizio paid…
A: The cost of the machine: When a business purchases a machine, it is recorded at cost. The cost…
Q: Sold a truck costing $48,000, with $25,200 of accumulated depreciation, for $11,200 cash. The sale…
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Q: Rizio Company purchases a machine for $11,200, terms 1/10, n/60, FOB shipping point. Rizio paid…
A: All costs which are incurred from the time of purchase of machine up to the point of installation to…
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A: According to the given question, we are required to find the correct answer from the available…
Q: On July 1, 2011, Pinkley Company sells office furmiture for e90,000 cash. The office furniture…
A: Depreciation expense under the straight-line method will be calculated by dividing the difference…
Q: Wildhorse Co. purchases a new delivery van for $83000. The sales taxes are $5250. The logo of the…
A: The costs incurred for assets to make it ready for use, are included in the cost of non cash assets.…
Q: Provide this one
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Q: Required information [The following information applies to the questions displayed below.] Bridge…
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Q: You buy a motorcycle for $57,500. It has a useful life of 9 years and a salvage value of $3900.00.…
A: Depreciation expense is the expense which defined as the assigned portion of the cost of fixed…
Q: can someone help with this question?
A: Record required journal entries in the first year for equipment purchased and its depreciation as…
Q: Company management decided to sell some furniture. The furniture cost $ 52,000, had accumulated…
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A: The first stage in the Accounting cycle/sequence is recording and it is performed in the book called…
Q: Rizio Company purchases a machine for $10,600, terms 1/10, n/60, FOB shipping point. Rizio paid…
A: Note: The amount paid for first-year insurance will not capitalize with the machinery because the…
Q: Benton Company purchased a used machine for $123,000. The machine required installation costs of…
A: Machine cost is the cost that is spent by the individual or the company for the acquisition of the…
Q: Rizio Company purchases a machine for $10,700, terms 1/10, n/60, FOB shipping point. Rizio paid…
A: The costs incurred to acquire the asset and install the assets in the business, are reported as cost…
Q: Molly's Mobile Pet Grooming Service recently purchased a cargo van for $25,400. For depreciation…
A: Sum of digits method of depreciation uses the weighted average of the remaining years to calculate…
Q: Rizio Company purchases a machine for $9,600, terms 1/10, n/60, FOB shipping point. Rizio paid…
A: Cost of machine includes the purchase price , freight and other ancillary costs incurred to make it…
Q: Rizio Company purchases a machine for $10,000, terms 1/10, n/60, FOB shipping point. Rizio paid…
A: Net Purchase :— It is purchase price less purchase return less purchase discount. Expenditure…
Q: Oliver Company has acquired a used piece of equipment for $10,000 and paid transportation costs of…
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Q: Crane Company purchases a new delivery truck for $50,000. The sales taxes are $5,000. The logo of…
A: Solutioncost of truck = purchase price + sales taxes + logo painting + safety testingcost of truck =…
Q: urchased additional equipment for $30000 from contemporary equipment company; issued check 1030 for…
A: Journal entry is defined as the recording of transactions in the records of a company. There are at…
Q: Rizio Company purchases a machine for $14,400, terms 1/10, n/60, FOB shipping point. Rizio paid…
A: Net Purchase :— It is purchase price less purchase return less purchase discount. Expenditure…
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Q: aptor Candles purchases a store on January 1st, 2018. Use the following parameters to answer the…
A: Depreciation means the loss in value of assets because of usage of assets, passage of time or change…
Q: Pincer Company uses the declining balance depreciation method. It buys a machine for $110,400 that…
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Q: Pincer Company uses the declining balance depreciation method. It buys a machine for $105,600 that…
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Q: Katie, your Accounting Manager, has asked you to calculate the depreciation for the new company car.…
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A: Price of Automobile = $34000 Depreciation per year = $34000/5 Depreciation per year = $6800
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Q: 1. Use the following information about a newly acquired plant asset for cash. Record the information…
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Q: Sandhill Co. purchases a new delivery truck for $78000. The sales taxes are $4400. The logo of the…
A: Note: Truck’s annual license is not included in the cost of the new truck because it will be paid…
Q: The price of a corporate railroad car purchased by Billings Corporation was $107.891. It cost $1,402…
A: Formulas used in the solution:-
Q: Ace Lumber Co. purchased a truck and had the following outlays. How much is the cost of the truck?…
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Q: Ayayai Company has an old factory machine that cost $63,000. The machine has accumulated…
A:
Bought a van, paying $4200 cash as a down payment and signed a 7 month $9000, 6% note payable for the balance. The company paid
$270 to have its company logo painted on the side of the van. The residual value is $3000. The old van was sold for $6000; it cost $19200
and acculumated
what is the
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- Please prepare the following joiurnal entries: Show all calcualtions Bought a van, paying $10500 cash as a down payment and signed a 10 month $32000, 9% note payable for the balanceThe company paid 750 to have its company logo printed on the side of the van. The residual value is $7500. The old van was sold for $7500; it cost $32000 and acculumated depreciation up to the date of disposal was $30000Purchased additional equipment for $30000 from contemporary equipment company; issued check 1030 for $20000 and bought the rest on credit. The equipment has a 5 year life and no salvage value. What is the journal entry for this?The pharmacy purchased a computer to maintain financial records. The cost of the computer was $1,863.00. Its estimated useful life is 6 years, and the disposal value is $175.00. What is the annual depreciation? (round to the nearest whole number) Group of answer choices $486 $813 $441 $281
- 2. Mini Computers purchased a delivery truck 4 years ago for $40,000. Currently the accumulated depreciation on the truck is $24,000. Prepare journal entries to show the sale of the truck assuming: 1) The truck is sold for $18,000. 2) The truck is sold for $14,000. 3) The truck is scrapped.White Mountain Supply Company purchases warehouse shelving for $18,500. Shipping charges were $370, and assembly and setup amounted to $575. The shelves are expected to last for 8 years and have a scrap value of $800. Use the straight-line method of depreciation to answer the questions. (Round your answers to the nearest cent.) (a) What is the annual depreciation expense (in $) of the shelving? $ 2,330.63 (b) What is the accumulated depreciation (in $) after the third year? $ 6,991.89 (c) What is the book value of the shelving (in $) after the fifth year? $ 85,571.85 XWhite Mountain Supply Company purchases warehouse shelving for $18,400. Shipping charges were $370, and assembly and setup amounted to $375. The shelves are expected to last for 8 years and have a scrap value of $700: Use the straight-line method of depreciation to answer the questions. (Round your answers to the nearest cent.) (a) What is the annual depreciation expense (in $) of the shelving)
- Answer the following questions related to depreciation expense calculation. Be sure to read each question carefully. NOTE: (Round Each Answer to the Nearest dollar, Do NOT use any Commas, Dollar Signs or Periods. - Example 6000). 1. A machine with a useful life of 12 years and residual value of $10,000 was purchased for $120,000 on January 1. What is the annual depreciation expense using the straight line method? 2. A truck with a useful life of 7 years and a residual value of $0 was purchased for $49,000 on January 1. What is depreciation expense in year 5 under the straight line method? 3. A machine with a useful life of 5 years and residual value of $2,000 was purchased for $30,000 on January 1. What is the depreciation expense in year 2 using the double declining balance method? 4. A Semi-Truck with a useful life of 7 years and residual value of $50,000 was purchased for $225,000 on January 1. What is the depreciation expense for year 2 using the double declining balance? (NOTE:…Help me selecting the right answer. Thank youA truck costing $114000 was destroyed when its engine caught fire. At the date of the fire, the accumulated depreciation on the truck was $55000. An insurance check for $129000 was received based on the replacement cost of the truck. The entry to record the insurance proceeds and the disposition of the truck will include a O credit to the Truck account of $59000. ○ credit to the Accumulated Depreciation account for $55000. ○ Gain on Disposal of $70000. ○ Gain on Disposal of $15000. eTextbook and Media
- What does Sheridan record as the cost of the new truck ??A warehouse with an appraisal value of.... please answer this financial accounting questionNow assume Florence sells another delivery van for $3,000. This van was purchased for $30,000 and was depreciated using the straight-line method over 10 years with no salvage value. Depreciation was last recorded 12/31/18 (bringing Accumulated Depreciation to $27,000 at that date), and the van is sold on 6/30/19. The entry to record the sale would include