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 to accumulated depreciation for the equipment

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Answer 1

Question

Chapter 9, Problem 9.9BE

(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 to accumulated depreciation for the equipment

(b)

To determine

To record: the journal entry to record depreciation expenses & disposal of equipment.

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At the beginning of the year, owners' equity totaled $119,000. During the year, net income was $35,000, and dividends of $29,000 were declared and paid. Owners' equity at the end of the year was a. $113,000. b. $125,000. c. $148,000. d. $154,000.

A Statement of Financial Position (Balance Sheet) shows liabilities of $125,000 and assets of $240,000. The Income Statement shows income of $80,000 and expenses of $35,000. Equity is: a. $45,000. b. $115,000. c. $160,000. d. $365,000.

I need help with this general accounting question using standard accounting techniques.

Answer 2

Question

Chapter 9, Problem 9.9BE

(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 to accumulated depreciation for the equipment

(b)

To determine

To record: the journal entry to record depreciation expenses & disposal of equipment.

Expert Solution & Answer

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Answer 3

Question

Chapter 9, Problem 9.9BE

(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 to accumulated depreciation for the equipment

(b)

To determine

To record: the journal entry to record depreciation expenses & disposal of equipment.

Expert Solution & Answer

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Answer 4

Question

Chapter 9, Problem 9.9BE

(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 to accumulated depreciation for the equipment

(b)

To determine

To record: the journal entry to record depreciation expenses & disposal of equipment.

Expert Solution & Answer

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Answer 5

Chapter 9, Problem 9.9BE

(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 to accumulated depreciation for the equipment

(b)

To determine

To record: the journal entry to record depreciation expenses & disposal of equipment.

Answer 6

Chapter 9, Problem 9.9BE

(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 to accumulated depreciation for the equipment

Answer 7

Chapter 9, Problem 9.9BE

(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 to accumulated depreciation for the equipment

Answer 8

(b)

To determine

To record: the journal entry to record depreciation expenses & disposal of equipment.

Answer 9

(b)

To determine

To record: the journal entry to record depreciation expenses & disposal 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 - 9. Distinguish between revenue expenditures and...Ch. 9 - Prob. 10Q

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To record: the journal entry to record depreciation expenses & disposal of equipment.

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