what is the journal entry and how did you calculate it?
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A: Depreciation The decrease in the real value of an asset due to continued use is called depreciation.…
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A: Double-declining balance method It is an accelerated method of charging depreciation in which the…
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A: A journal entry is often recorded in the main ledger; however, it may also be entered in a…
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A: Depreciation per annum = ( Cost - salvage value) /useful life
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A: Cost of computer = $1863.00 Useful life = 6 Years Disposal value = $175.00
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A: Journal entry: Journal entry is a set of economic events that can be measured in monetary terms.…
Q: What is wrong with this entry?
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A: Answer : Cost recorded for the machine : Amount included in the cost of the equipment Invoice…
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A: Depreciation has considered a reduction in the value of assets due to the uses of that asset. We can…
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A: Under the straight line method of depreciation, the annual depreciation over the useful life of an…
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A: SLM or streigt line method depreciation says that a particular asset is depreciated equally…
Q: On January 2, Dixie, Incorporated, pays a salvage company $1,000 to haul away a machine costing…
A: The journal entries are prepared to record day to day transactions of the business.
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A: The first stage in the Accounting cycle/sequence is recording and it is performed in the book called…
Q: Lena Horn bought a Toyota Tundra on January 1 for $30,800 with an estimated life of 6 years. The…
A: a. Depreciation per annum = ( Cost - Salvage value) / Useful life
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A: Lets understand the basics.Depreciation is a reduction in value of asset due to wear and tear,…
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A: Net Purchase :— It is purchase price less purchase return less purchase discount. Expenditure…
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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: Oaktree Company purchased new equipment and made the following expenditures: Purchase price Sales…
A: Introduction: Accounting journal entries are used for physical payment transactions in the…
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Q: White Mountain Supply Company purchases warehouse shelving for $18,500. Shipping charges were $370,…
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Q: Can I please get some help and a explaination of how on this question?(5.10) Onslow Company…
A: An accounting transaction known as a depreciation journal entry is used to track how much an asset…
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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: White Mountain Supply Company purchases warehouse shelving for $18,500. Shipping charges were $370,…
A: An item of property, plant and equipment that qualifies for recognition as anasset shall be measured…
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A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
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: Rahul
A: Part 2: Explanation:Step 1: Calculate the labor cost:Given that the repair took two hours and the…
Q: Prepare the journal entry to record TWO of the following scenarios. Please be sure to identify which…
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Q: Elite Co. has office furniture that cost $75,000 and that has been depreciated $48,000. Record the…
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Q: Can I please get some help with this question?(5.9) Onslow Company purchased a used machine for…
A: Machinery is a fixed asset of the company which company will use for long term purposes. It is used…
Q: Warren Enterprises purchased a van for $21,510. The van has a salvage value of $3,800, and an…
A: Depreciation expense is the non-cash expense charged on the non-current assets. It is reported on…
Q: Chubbyville purchases a delivery van for $23,500. Chubbyville estimates a four-year service life and…
A: Introduction:- Straight line depreciation is a common and simplest method of calculation…
Q: Oaktree Company purchased new equipment and made the following expenditures: Purchase price Sales…
A: Equipment - Equipment is the resource of the company financed from the capital invested in the…
Q: John Morse Corporation buys a van for $16,000. The estimated life of the van is four years. The…
A: Given information Cost of the van $16000 Useful life 4 years Residual value $4000 Sale value $8000…
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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- DO NOT COPY ANOTHER ANSWER THAT'S ALREADY GIVEN. Use MACRS to compute the depreciation schedule for office furniture purchased for $80,000 (use the 7 yr depreciation schedule). Assume salvage value is $10,000A company purchased a computer that cost $10,000, It had an estimated useful life of 5 years and no residual value. The computer was depreciated by the straight-line method and it was sold at the end of the second year of use for $5,000 cash. The company should record:On December 29, Patel Products, Inc., sells a delivery van that cost $20,000. After recording the entry to bring the accumulated depreciation up-to-date, the delivery van had accumulated depreciation of $18,000. Patel received $2,000 cash from the purchaser of the delivery van. On December 29, Patel Products, Incorporated, sells a delivery van that cost $20,000. After recording the entry to bring the accumulated depreciation up-to-date, the delivery van had accumulated depreciation of $18,000. Patel received $2,000 cash from the purchaser of the delivery van. Complete the necessary journal entry to record the sale by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
- Oaktree Company purchased new equipment and made the following expenditures: Purchase price Sales tax Freight charges for shipment of equipment Insurance on the equipment for the first year Installation of equipment The equipment, including sales tax, was purchased on open account with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Prepare the necessary journal entries to record the above expenditures (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 $50,000 2,700 750 958 1,500 2 Record the purchase of equipment.Can I please get assistance with this question and an explaination?(5.11) Onslow Company purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine. Onslow paid an additional $2,000 on January 4 to secure the machine for operation. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. 3. Prepare journal entries to record the machine’s disposal under each separate situation: (a) it is sold for $23,000 cash and (b) it is sold for $92,000 cash. Record the sale of the used machine for $23,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record the sale of the used machine for $92,000 cash. Note: Enter debits before credits.…Kylie Company has sold its old equipment with an original cost of $2,000,000 and accumulated depreciation of $1,800,000 for 3-year $250,000 note. The loan's interest rate is 7% while the market rate of similar notes is 8%. What should be the journal entry to record the disposal of the equipment?
- Your business buys a copy machine for $8,000 on January 1. You estimate that the copy machine will produce 350,000 copies during its useful life; its salvage value after producing the 350,000 copies is projected to be $1,000. The copy machine produced 75,200 copies in year 1 and 68,300 copies in year 2. Calculate depreciation for each of the first two years using the units-of-production method.A small company purchased a state-of-the-art copier machine in 2012 for $5,995. Five years later the company sold the used copier for $3650. Find the absolute change in the value of the copier. Show your work. Find the relative change in the value of the copier. Show your work. The value of the copier has _________________________ by _________%.4. On June 5, Sonny's Auction paid $1,860 for a display case. The business plans to use the case for 5 years. It estimates that the residual value will be $60. Construct a depreciation schedule using the straight-line method.?Depreciation first year Depreciation last year Book value last year Accumulated depreciation last year
- Sassy's Sweets Shoppe purchased equipment on January 1. The cost was $15,000, and the equipment had a residual value of $5,000. The equipment was given a useful life of 10 years. After the end of two years, it was determined that the equipment would be obsolete in 5 more years and the residual value would still be $5,000. What will be the depreciation under the straight – line method to the nearest dollar be for the third year? O A. $1,600 O B. $1,500 O C. $8,000 O D. $1,000Bought a van, paying $11550 cash as a down payment and signed a 10 month $38500, 9% note payable for the balance. The company paid$770 to have its company logo painted on the side of the van. The residual value is $6050. The old van was sold for $8800; it cost $49500 and acculumated depreciation up to the date of disposal was $44000. what is the journal entry and how did you calculate it?Fahad Express LLC is planning to buy a vehicle for its courier business. The cost of the Vehicle is RO 16000 and the useful life is 5 years. The vehicle was depreciated using Sum of Years digit method. The balance shown in the accumulated depreciation account at the end of third year isa.RO 14667b.RO 10667c.RO 17333d.RO 53333