Plant Assets: Plant assets refer to the fixed assets, having a useful life of more than a year which is acquired by a company to be used in its business activities, for generating revenue. Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations: Disposal with no gain no loss : When the asset is disposed with no consideration received. Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation ). Disposal with loss: When the asset is disposed for less than its book value. To record: the journal entry for depreciation expense for the first 7 months of 2017

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Answer 1

Question

Chapter 9, Problem 9.8BE

a.

To determine

Plant Assets: Plant assets refer to the fixed assets, having a useful life of more than a year which is acquired by a company to be used in its business activities, for generating revenue.

Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations:

Disposal with no gain no loss: When the asset is disposed with no consideration received.

Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation).

Disposal with loss: When the asset is disposed for less than its book value.

To record: the journal entry for depreciation expense for the first 7 months of 2017

b.

To determine

To record: the journal entry for the sale of equipment

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Monroe Enterprises had beginning total liabilities of $65,000 and ending total liabilities of $85,000. The beginning balance in stockholders' equity was $75,000. During the year, total assets increased by $50,000. In addition, capital stock of $20,000 was issued, and dividends of $10,000 were declared and paid. How much was Monroe’s net income for the year?

Answer 2

Question

Chapter 9, Problem 9.8BE

a.

To determine

Plant Assets: Plant assets refer to the fixed assets, having a useful life of more than a year which is acquired by a company to be used in its business activities, for generating revenue.

Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations:

Disposal with no gain no loss: When the asset is disposed with no consideration received.

Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation).

Disposal with loss: When the asset is disposed for less than its book value.

To record: the journal entry for depreciation expense for the first 7 months of 2017

b.

To determine

To record: the journal entry for the sale of equipment

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Answer 3

Question

Chapter 9, Problem 9.8BE

a.

To determine

Plant Assets: Plant assets refer to the fixed assets, having a useful life of more than a year which is acquired by a company to be used in its business activities, for generating revenue.

Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations:

Disposal with no gain no loss: When the asset is disposed with no consideration received.

Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation).

Disposal with loss: When the asset is disposed for less than its book value.

To record: the journal entry for depreciation expense for the first 7 months of 2017

b.

To determine

To record: the journal entry for the sale of equipment

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Answer 4

Question

Chapter 9, Problem 9.8BE

a.

To determine

Plant Assets: Plant assets refer to the fixed assets, having a useful life of more than a year which is acquired by a company to be used in its business activities, for generating revenue.

Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations:

Disposal with no gain no loss: When the asset is disposed with no consideration received.

Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation).

Disposal with loss: When the asset is disposed for less than its book value.

To record: the journal entry for depreciation expense for the first 7 months of 2017

b.

To determine

To record: the journal entry for the sale of equipment

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Answer 5

Chapter 9, Problem 9.8BE

a.

To determine

Plant Assets: Plant assets refer to the fixed assets, having a useful life of more than a year which is acquired by a company to be used in its business activities, for generating revenue.

Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations:

Disposal with no gain no loss: When the asset is disposed with no consideration received.

Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation).

Disposal with loss: When the asset is disposed for less than its book value.

To record: the journal entry for depreciation expense for the first 7 months of 2017

b.

To determine

To record: the journal entry for the sale of equipment

Answer 6

Chapter 9, Problem 9.8BE

a.

To determine

Plant Assets: Plant assets refer to the fixed assets, having a useful life of more than a year which is acquired by a company to be used in its business activities, for generating revenue.

Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations:

Disposal with no gain no loss: When the asset is disposed with no consideration received.

Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation).

Disposal with loss: When the asset is disposed for less than its book value.

To record: the journal entry for depreciation expense for the first 7 months of 2017

Answer 7

Chapter 9, Problem 9.8BE

a.

To determine

Plant Assets: Plant assets refer to the fixed assets, having a useful life of more than a year which is acquired by a company to be used in its business activities, for generating revenue.

Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations:

Disposal with no gain no loss: When the asset is disposed with no consideration received.

Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation).

Disposal with loss: When the asset is disposed for less than its book value.

To record: the journal entry for depreciation expense for the first 7 months of 2017

Answer 8

b.

To determine

To record: the journal entry for the sale of equipment

Answer 9

b.

To determine

To record: the journal entry for the sale of equipment

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 9 - Prob. 1Q Ch. 9 - Prob. 2Q Ch. 9 - Prob. 3Q Ch. 9 - Prob. 4Q Ch. 9 - Prob. 5Q Ch. 9 - Prob. 6Q Ch. 9 - Prob. 7Q Ch. 9 - Prob. 8Q Ch. 9 - Prob. 9Q Ch. 9 - In the fourth year of an assets 5-year useful...

Solution Summary: The author explains how to record the journal entry for depreciation expense for the first 7 months of 2017.

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