Boxer Company purchased store equipment for $12,000 on December 3. The store equipment depreciated $500 in December. The book value of the store equipment on December 31 is O a. $12,000. O b. $12,500. O c. $11,500. O d. $500.
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- Assets $ 64,900 88,878 $ 83,5ee 68,625 261,8e0 Cash Accounts receivable Inventory Prepaid expenses 298,656 1,310 437,736 147,500 2,095 408,e20 118,e00 Total current assets Equipment Accum. depreciation-Equipment (41,625) $ 543,611 (51,e00) $ 475,020 Total assets Liabilities and Equity Accounts payable Short-term notes payable $ 63,141 13,000 76,141 6e,000 136,141 $ 129,675 8,e0e Total current liabilities 137,675 58,750 Long-term notes payable Total liabilities 196,425 Equity Connon stock, $5 par value Paid-in capital in excess of par, connon stock Retained earnings 160, 250 76 , 77ב 52,500 177,220 118,345 $ 475,020 Total liabilities and equity $ 543,611 FORTEN COMPANY Incone Statement For Current Year Ended Decenber 31 Sales $ 632,500 Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Other gains (losses) Loss on sale of equipment 295,eee 337,5ee $ 30,75e 142,480 173,158 (15,125) 149.225 38,250 $ 110,975 Income before taxes Income taxes expense Net…9. AB Company sells machinery for $10,000. They originally purchased it for $15,000 and have depreciated $10,000. Complete the journal entry for the sale Account Debit Credit7.14 Alpha sells machine B for $50,000 cash on 30 April 20X4. Machine B cost $100,000 when it was purchased and has a carrying amount of $65,000 at the date of disposal. What are the journal entries to record the disposal of machine B? DEBIT Accumulated depreciation DEBIT Loss on disposal (SPL) DEBIT Cash CREDIT Non-current assets - cost A $35,000 $15,000 $50,000 $100,000 DEBIT Accumulated depreciation DEBIT Loss on disposal (SPL) CREDIT Non-current assets - cost $65,000 $35,000 $100,000 DEBIT Accumulated depreciation DEBIT Cash CREDIT Non-current assets CREDIT Profit on disposal (SPL) $35,000 $50,000 $65,000 $20,000 DEBIT Non-current assets DEBIT Accumulated depreciation CREDIT Cash CREDIT Profit on disposal (SPL) $65,000 $35,000 $50,000 $50,000
- D. On January 1, 2021, Mrs. Enjambre bought a machinery for P 325,000 with a estimated useful life of 8 years. Once fully depreciated, the machinery can be sold to a junk shop at P 5,000. I. Provide Adjusting Entry for the depreciation at Dec. 31, 2021 E. Accounts receivable P 60,000 Allowance for doubtuful accounts 350 (credit balance) Doubtul of collection % 2% 1. Provide Adjusting Entries by the year end Dec. 31, 2021 F. Wrong use of Account Title. The company bought an office table and chairs worth P 15,000 for cash but the bookkeeper recorded it as: Entry made. office Supplies 15,000 Cash 15,000 1 Provide a.) Should be entry and b.) Adjusting Entry to correct the entry made by the bookkeeper.Garcia Co. owns equipment that costs $76,800, with accumulated depreciation of $40,800. Garcia sells the equipment for cash. Record the journal entry for the sale of the equipment if Garcia were to sell the equipment for the following amounts: A. $47,000 cash B. $36,000 cash C. $31,000 cashobat Reader DC (32-bit) Activ.. x 2 / 2 +) 75% D. On January 1, 2021, Mrs. Enjambre bought a machinery for P 325,000 with a estimated useful life of 8 years. Once fully depreciated, the machinery can be sold to a junk shop at P 5,000. 1. Provide Adjusting Entry for the depreciation at Dec. 31, 2021 E. Accounts receivable P 60,000 Allowance for doubtuful accounts 350 (credit balance) Doubtul of collection % 2% 1. Provide Adjusting Entries by the year end Dec. 31, 2021 F. Wrong use of Account Title. The company bought an office table and chairs worth P 15,000 for cash but the bookkeeper recorded it as: Entry made: office Supplies 15,000 Cash 15,000 1. Provide a.) Should be entry and b.) Adjusting Entry to correct the entry made by the bookkeeper.
- B. D E G H. J K 3. Create the fixed asset supporting schedule for the following purchases: Two fixed assets are purchased during the year: Computer server on 5/4/2014 for $2,214.55 Office furniture on 11/17/2014 for $1,234.54 MACRS 150% is going to be the depreciation method used and depreciation adjusting entries are made at the end of each month. (check figure: total depreciation expense = 107.63) What will be the depreciation general journal adjusting entry on 12/31/2014?Alpha sells machine B for $50,000 cash on 30 April 20X4. Machine B cost $100,000 when it was purchased and has a carrying amount of $65,000 at the date of disposal. What are the journal entries to record the disposal of machine B? A Dr Accumulated depreciation $35,000 Dr Loss on disposal (SPL) $15,000 Dr Cash $50,000 Cr Non-current assets – cost $100,000 B Dr Accumulated depreciation $65,000 Dr Loss on disposal (SPL) $35,000 Cr Non-current assets – cost $100,000 C Dr Accumulated depreciation $35,000 Dr Cash $50,000 Cr Non-current assets $65,000 Cr Profit on disposal (SPL) $20,000 D Dr Non-current assets $65,000 Dr Accumulated depreciation $35,000 Cr Cash $50,000 Cr Profit on disposal (SPL) $50,000computer equipmenr was purchased 5 years ago for 170,000 with an estimated life of 8 years and a residual value of 10,000. the company used straigh line depreciaton. a. compute the balance of accumlated depreciationas of the end of 5 years. b.if the equipment is 45,000 cash at the end of 5 years. Journalize the sale of the equipment.
- On January tof the current year, the furniture account had a balance of P 24.000 with accumulated depreciation of P 2,400. On May aditional furniture costing P 12,000 was baught. The furmiture is depreciated at the rate 10%6 per annum. What is the carrying amount (net book value) of the fumiture on December 31, the end of the accounting period? P 30,400 P 34,000 P 34,000 P 32,400A new cash register was purchased on 1 April 200X for R5000 cash. This transaction has not yet been recorded in the accounting records. Which of the following amount represents the depreciation expense for the new cash register purchased on 1 April? A. R125 B. R167 C. R250 D. None of the aboveForten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, and (4) all debits to Accounts Payable reflect cash payments for inventory. Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) FORTEN COMPANY Income Statement For Current Year Ended December 31 Loss on sale of equipment Income before taxes Income taxes expense Net income Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Long-term notes payable Total liabilities Equity Common stock, $5 par value FORTEN COMPANY Comparative Balance Sheets December 31 $ 132,400 20,750 Paid-in capital in excess of par, common stock…