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
Q: Calico Inc. purchased a patent on a new drug. The patent cost $17,000. The patent has a life of 22…
A: Answer: A: Calculation of the amortization expense: Amortization expense=Patent costAnticipated…
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…
A: Cash flow from investing activities: It is a section of the cash flow statement that shows the cash…
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…
Q: An owner of a business found a great deal and pays $5,000 for a truck to be used in the business.…
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
A: Step 1: Introduction to Fixed Assets:Fixed assets are the resources of businesses that support…
Q: Katie, your Accounting Manager, has asked you to calculate the depreciation for the new company car.…
A: SLM or streigt line method depreciation says that a particular asset is depreciated equally…
Q: Required information [The following information applies to the questions displayed below.] Bridge…
A: Since land is a non depreciable assets , therefore no depreciation will be charged on land . Yearly…
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…
A: Depreciation :— It is the allocation of depreciable cost over the life of asset. Book value of…
Q: Remember the customer who convinced you to sell a paddleboard? Be sure to record that transaction…
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…
A: When a PPE(Plant property and Equipment) is purchased, Its value is recorded at the cost which is…
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…
Q: Five years ago, an industrial engineer deposited $10,000 into an account and left it undisturbed…
A: The purchasing power of a currency is it's worth stating in terms of the number of products or…
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…
A: Depreciation is the decrease in the value of the asset due to wear and tear over the useful life of…
Q: Pincer Company uses the declining balance depreciation method. It buys a machine for $105,600 that…
A: Depreciation is considered as an expense charge on the value of the asset. It can be calculated by…
Q: Katie, your Accounting Manager, has asked you to calculate the depreciation for the new company car.…
A: The objective of this question is to calculate the total depreciation expense for a company car over…
Q: Traded the company car (Automobile) for a newer one at Plume Motors. The old car originally cost…
A: Trade in proceeds Dr. $5500 Accumulated depreciation. Dr $19000…
Q: An automobile purchased for use by the manager of a firm at a price of $34,000 is to be depreciated…
A: Price of Automobile = $34000 Depreciation per year = $34000/5 Depreciation per year = $6800
Q: FarmCo sold a tractor for $40,000 that they initially purchased for $30,000 cash from John Deere.…
A: The entry which is initially made when tractor was purchased is as follows:- Asset/Tractor a/c…
Q: 1. Use the following information about a newly acquired plant asset for cash. Record the information…
A: Since you have posted multiple questions, we will provide the solution only to the first question as…
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?…
A: Cost of the truck = purchase price + sales tax + preparation and delivery + insurance during…
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
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- Purchased 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?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 $281
- What 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.UCF 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
- 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 youFlorence's Flowers sells an old delivery van for $2,000. The van had an original cost of $20,000 and the balance in Accumulated Depreciation on the date of sale is $17,000. Assume depreciation is appropriately recorded up to the date of sale. The entry to record the sale would include a
- A 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 MediaNow 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 includeCan you explain the answer in detail please?