Business, 17.01.2020 18:31 potatocow

Equipment acquired on january 6 at a cost of $459,240, has an estimated useful life of 19 years and an estimated residual value of $62,805.

a. what was the annual amount of depreciation for the years 1-3 using the straight-line method of depreciation?
b. what was the book value of the equipment on january 1 of year 4?
c. assuming that the equipment was sold on january 3 of year 4 for $379,920, journalize the entry to record the sale. refer to the chart of accounts for exact wording of account titles.
d. assuming that the equipment had been sold on january 3 of year 4 for $410,485 instead of $379,920, journalize the entry to record the sale. refer to the chart of accounts for exact wording of account titles.

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 03:10

Transactions that affect earnings do not necessarily affect cash. identify the effect, if any, that each of the following transactions would have upon cash and net income. the first transaction has been completed as an example. (if an amount reduces the account balance then enter with negative sign preceding the number e.g. -15,000 or parentheses e.g. (15, cash net income (a) purchased $120 of supplies for cash. –$120 $0 (b) recorded an adjustment to record use of $35 of the above supplies. (c) made sales of $1,370, all on account. (d) received $700 from customers in payment of their accounts. (e) purchased equipment for cash, $2,450. (f) recorded depreciation of building for period used, $740. click if you would like to show work for this question: open show work

Answers: 3

Answer

Business, 22.06.2019 09:50

For each of the following users of financial accounting information and managerial accounting information, specify whether the user would primarily use financial accounting information or managerial accounting information or both: 1. sec examiner 2. bookkeeping department 3. division controller 4. external auditor (public accounting firm) 5. loan officer at the company's bank 6. state tax agency auditor 7. board of directors 8. manager of the service department 9. wall street analyst 10. internal auditor 11. potential investors 12, current stockholders 13. reporter from the wall street journal 14. regional division managers

Answers: 1

Answer

Business, 22.06.2019 10:00

University car wash built a deluxe car wash across the street from campus. the new machines cost $219,000 including installation. the company estimates that the equipment will have a residual value of $19,500. university car wash also estimates it will use the machine for six years or about 12,500 total hours. actual use per year was as follows: year hours used 1 3,100 2 1,100 3 1,200 4 2,800 5 2,600 6 1,200 prepare a depreciation schedule for six years using the following methods: 1. straight-line. 2. double-declining-balance. 3. activity-based.

Answers: 1

Answer

Business, 22.06.2019 19:00

Describe how to write a main idea expressed as a bottom-line statement

Answers: 3

Answer

You know the right answer?

Equipment acquired on january 6 at a cost of $459,240, has an estimated useful life of 19 years and...

Questions