what is the journal entry and how did you calculate it?
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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 journal entry and how did you calculate it?
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Solved in 3 steps
- 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?You are an accountant for ABC Corp. Your purchasing department has procured products invoiced for $25,000 with 2/10 Net 30 terms. If you pay the invoice within 15 days, your payment would be: $25,500. $20,000. $24,500. $25,000. Accounting depreciation systematically allocates the cost of an asset in time over its useful life while economic depreciation deals with: The estimated loss of value of an asset minus the revenue it produces. The estimated salvage value of an asset at its end-of-life. The change of an asset’s value based on fair market price. The value of an asset matched to the revenue it creates indirectly.
- Please help me with show all calculation thankuThe 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 $281What are my journal entries? Traded the company car (Automobile) for a newer one at Plume Motors. The old car originally cost $23,000 and is depreciated up-to-date in the amount of $19,000. A trade-in allowance of $5,500 was given. The new car had a market value of $40,000 and the balance was paid in cash. The new car should last at least 100,000 miles and will be depreciated at $0.375 per mile.
- 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 XUCF Diner bought a delivery truck on 1/1 at a cost of $40,000, an estimated salvage (residual) value of $8,000, and an estimated useful life of 5 years. The truck is being depreciated on a straight-line basis. At the end of the first year (12/31), what amount will be reported for depreciation expense? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f4 E3 f5 f6 f7 f8 f9 f10 f11 团 4. 5 7 8 Y U 因 96 图 立 R 图 %24
- White 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 you