(2) Double-diminishing-balanceDate2024Mar. 1Dec. 312025Nov. 30VAccount Titles and ExplanationEquipmentCashDepreciation ExpenseAccumulated Depreciation - EquipmentDepreciation ExpenseAccumulated Depreciation - Equipment(To record depreciation expense)Debit56,80031,55615,244Credit56,80031,55615,244 Wildhorse Productions Corp. purchased equipment on March 1, 2024, for $56,800. The company estimated the equipment wouldhave a useful life of three years and produce 12,000 units, with a residual value of $10,000. During 2024, the equipment produced4,800 units. On November 30, 2025, the equipment was sold for $18,000 and had produced 6,200 units that year.

2) Double decline balance Date General Journal DebitCreditMar 1 Equipment 56800 Cash 56800…

Answered: (2) Double-diminishing-balance Date…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question 25 Journalize Depreciation of $7,000 for the year. Edit View Insert Format Tools Table 12pt v Paragraph v BIU A O words
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1/1 8/10 8/12 8/25 11/10 (a) Led shows the following entries in its Equipment account for 2023. All amounts are based on historical cost. Balance (b) Purchases of equipment Freight on equipment purchased Installation costs Repairs Your answer is correct Account Titles and Explanation Repairs and Maintenarios Expense Equipment eTextbook and Media List of Accounts Your answer is partially correct Equipment 115.000 Prepare any necessary correcting entries (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no enby is required, select "No Entry for the account titles and enter O for the amounts. List debit entry before credit entry) 1.Straight-line 27.000 600 2.300 425 Cost of equipment sold (purchased prior to 6/30 2023) 2. Declining balance (assume twice the straight-line rate) Debit 425 Assuming that depreciation is to be charged for a full year based on the ending balance in the asset account no matter when acquired, calculate the…
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…
CengageNOWv2 |Online teachin X * CengageNOWv2 | Online teachin x+ ow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker3&takeAssignmentSessionLocator=&inprogre... * еВook Show Me How Staley Inc. reported the following data: Net income $406,700 Depreciation expense 60,700 Loss on disposal of equipment 39,500 Increase in accounts receivable 26,800 Increase in accounts payable 11,100 Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use t out flows, cash payments, decreases in cash, or any negative adjustments. Staley Inc. Statement of Cash Flows (partial) Cash flows from operating activities: Net income 406,700 Adjustments to reconcile net income to net cash flow from operating activities: Depreciation 60,700 Loss on disposal of equipment 39,500 Changes in current operating assets and liabilities: Increase in accounts receivable 26,800 x Increase in accounts payable 11,100 Net cash flow from operating activities 491,200…
How do I find the car’s depreciation?
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ACCT 102
42
Accounts payable Accounts receivable Accumulated depreciation-buildings Advertising expense Amortization expense (patents) Buildings Cash Common stock Depreciation expense Dividends (10/1/20) Notes payable-due in 2023 Patents (net) Salary expense Sales $ $ $ $ $ $ $ $ $ LA LA LA LA $ $ $ Answer is complete but not entirely correct. Translation 0.16 Current rate 0.16✔ Current rate Current rate 0.16 0.19 0.19✔ 0.16 Average rate Average rate Current rate 0.16 Current rate 0.28✔ Historical rate 0.16 Average rate 0.20✔ Historical rate 0.16 Current rate 0.16 Current rate 0.19 Average rate 0.19 Average rate ✓ $ ✓ $ ✓ $ ✓$ ✓ $ ✓ $ ✓ $ ✓ $ ✓ $ ✓ $ ✓ $ ✓ $ ✓ $ ✓ $ Remeasurement 0.16 X 0.16 X 0.26 X 0.19 X 0.25 X 0.26 X 0.16 X 0.28 x 0.26 X 0.20 x 0.16 X 0.25 X 0.19 X 0.19 X
Cash Accounts receivable Allowance for doubtful accounts Supplies Land Buildings Accumulated depreciation-buildings 1. 2. 3. 4. 5. During 2025, the following transactions occurred. 6. 7. 8. 9. 10. 11. 1. 2. MARIGOLD CORP. Balance Sheet December 31, 2024 $31,980 Adjustment data: 3. 4. 5. 59,150 (1,950) 5,720 52,000 184,600 (28,600) $302,900 Accounts payable Common stock ($10 par) Retained earnings $33,280 104,000 165,620 $302,900 On January 1, Marigold issued 1,560 shares of $40 par, 7% preferred stock for $63,960. On January 1, Marigold also issued 1,170 shares of the $10 par value common stock for $27,300. Marigold performed services for $416,000 on account. On April 1, 2025, Marigold collected fees of $46,800 in advance for services to be performed from April 1, 2025, to March 31, 2026. Marigold collected $358,800 from customers on account. Marigold bought $45,630 of supplies on account. Marigold paid $41,860 on accounts payable. Marigold reacquired 520 shares of its common stock on…
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