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On August 1 of year 0, Dirksen purchased a machine for $25,500 to use in its business. On December 4 of year 0, Dirksen sold the machine for $24,000. Use MACRS Table. (Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Round other intermediate computations to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Problem 11-42 Part-a (Algo) a. What are the amount and character of the gain or loss Dirksen will recognize on the sale? b. Dirksen depreciated the machinery using MACRS (seven-year recovery period). What are the amount and character of the gain or loss Dirksen will recognize on the sale if the machine is sold on January 15 of year 1 instead?

Flounder Manufacturing has old equipment that cost $48,500. The equipment has accumulated depreciation of $28,100. Flounder has decided to sell the equipment. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) What entry would Flounder make to record the sale of the equipment for $31,000 cash? (b) What entry would Flounder make to record the sale of the equipment for $15,000 cash? Account Titles and Explanation I (a) 1 (b) Debit Credit 11

Do not copy from bartleby. Otherwisw i will give you dislike When DeSoto Water Works purchased equipment at the end of 2020 at a cost of $64,000, the company debited Buildings and credited Cash $64,000. The error was discovered in 2021. Prepare the journal entry DeSoto will use to correct the error. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record entry to correct error. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal

When Lowes Home Improvements sells a new $223 air compressor to a customer, the sale is subject to an additional 6% sales tax. When Lowes records the transaction, what amount is recorded into the revenue account? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f5 f6 f7 f8 团 f9 f10 f11 %24 4 5 7 8 T. Y G H. J K. B 因 6 151 F. 图 R

Express Co. purchased equipment on March 1, 2019, for $95.000 on account. The equipment had an estimated useful life of five years with a residual value of $5.000. The equipment is disposed of on February 1. 2022. Express Co. uses the diminishing balance method of depreciation with a 20% rate and calculates depreciation for partial periods to the nearest month The company has an August 31 year end Your answer is correct. Record the acquisition of the equipment on March 1, 2019. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amountsJ Debit Credit Date Account Titles and Explanation 95000 Mar 1 faiement 500 Accounts Favable Torrserd purchase of equipment on account)

On January 1, 2022, Riverbed Company purchased the following two machines for use in its production process. Machine A: Machine B: (a) 1. Prepare the following for Machine A. (Round answers to 0 decimal places, e.g. 5,125. List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 2. The cash price of this machine was $48,500. Related expenditures also paid in cash included: sales tax $1,700, shipping costs $200, insurance during shipping $50, installation and testing costs $120, and $200 of oil and lubricants to be used with the machinery during its first year of operations. Riverbed estimates that the useful life of the machine is 5 years with a $4,750 salvage value remaining at the end of that time period. Assume that the straight-line method of depreciation is used. 1. The recorded cost of this machine…

Ray Company, your client, failed to record accrued rent income of P 25,000 as of December 31, 2022.   Based on the foregoing, answer the following questions: Question 1: Which of the following accounts is(are) understated by P 25,000 at the end of year 2022 as a result of the error?         Question 2: Which of the following accounts is(are) overstated by P 25,000 at the end of year 2023 as a result of the error?     Question 3: What would be the adjusting entry if the error is discovered in year 2022?        Question 4: What would be the adjusting entry if the error is discovered in year 2023?       Question 5: What would be the adjusting entry if the error is discovered in year 2024?

Green Mandarin Restaurant’s books for 2020 have been closed. As its accountant you just realized that you inadvertently overstated the company’s depreciation expense by $5,000. What would you do to correct the error going forward? Explain and state the journal entry you would make to correct the error.

Instructions: 1. Do not use comma and peso sign (i.e. if your answer is P200,500, encode it as 200500) 2. If your answer is loss use the open and close parenthesis to denote negative, i.e. if your answer is -50,000, encode it as (50000) Problem: Partners Coleen and Norlyn received a salary of P150,000 and P300,000 and will share profit and loss in a 2:1 ratio, respectively. If the partnership suffered a P1500,000 loss in 2020, determine how the loss will be distributed to Coleen and Norlyn. 1. Coleen's share on profit or loss 2. Norlyn's share on profit or loss 3. How much is the total amount to be distributed using the 2: 1 ratio?

At the beginning of the year, the balance in the Allowance for Doubtful Accounts is a credit of $774. During the year, $346 of previously written off accounts were reinstated and accounts totaling $845 are written off as uncollectible. The end of the year balance in the Allowance for Doubtful Accounts should be the one listed below. Select the correct answer. $275 $346 $774 $845

Jennie is unsure on how to record the following transactions in her book of account. (a) Depreciation charge for the year of RM3,500 relating to buildings. (b) An increase in the allowance for doubtful debt of RM350 at the year end. (C)RM700 is paid to Jonas Trading to transport goods from supplier's warehouse to the shop. State the correct double entry to record the following transactions.

Identify the letter for the principle or assumption from A through F in the blank space next to situation that it best explains or justifies: _________In December of this year, Chavez Landscaping received a customer’s order and cash prepayment to install sod at a house that would not be ready for installation until March of next year. Chavez should record the revenue from the customer order in March of next year, not in December of this year.

The sum of all of your customer Accounts Receivable is listed as part of on your balance sheet. * O Current Assets Current Liabilities Long-term Assets Suppose you are closing the books at the end of a fiscal year and you have a balance of $75000 in your Revenue account. What should you do with the balance? * O You should do nothing, and carry it over to the next accounting year. You should zero it out. You should move it to the liability account.

Take me to the text For the following independent transactions, determine the amount of current and long-term liabilites. Do not enter dollar signs or commas in the input boxes. No. Transaction 1 On February 28, 2022, Frederick Flowers borrowed $225,500 from the bank. The entire amount is due on February 27, 2023. NOP Company purchased a small building at a cost of $190,000. The 2 down payment is $90,000. The remaining balance is payable in 5 years with an annual payment of $20,000. A business owner borrowed $11,000 from a close friend for a business 4 expansion. They both signed an agreement that the full payment will be made after 4 years. Chack Current Liability Long-Term Liability 225500 During March 2022, a business owner obtained an interest-free loan from 3 a financing company. The loan amount was $79,000. The agreed terms of 15800 payment are 5 annual installments of $15,800. 20000 0 0 11000 x

For each of the following unrelated scenarios, show total expenses reported on the income statement for 20X0 under the cash basis v. accrual basis.   Cash basis Accrual basis In December 20X0, ByCo runs ads costing $30,000. ByCo receives the invoice but does not pay it until January 20X1.     On December 1, 20X0, KPT pays $2,400 for the next 12 months’ property insurance.     In December 20X0, Andre’s pays $400 to Pest Control for 4 months’ service. The first treatment will be in January 20X1.

In the year ended 31 December 20X7 Bobby traded in for £3,430 a vehicle costing £6,000 on 1 November 20X5 against the cost (£4,800) of a replacement vehicle. The balance due for the new vehicle has been paid in cash and debited to the cost of vehicles account and credited to cash at bank. What net adjustment is required to the company's cost of vehicles account as a result of this transaction?

At the beginning of the year, the balance in the Allowance for Doubtful Accounts is a credit of $743. During the year, $344 of previously written off accounts were reinstated and accounts totaling $756 are written off as uncollectible. The end-of-year balance (before adjustment) in the Allowance for Doubtful Accounts should be the one listed below. a.$331 b.$756 c.$344 d.$743

6.Allowance for Doubtful Accounts has a credit balance of $1,300 at the end of the year (before adjustment). The company prepares an analysis of customers' accounts to estimate the amount of uncollectible accounts of $41,900. Which of the following adjusting entries would be made to record the bad debt expense for the year?   Bacon Company acquired new machinery with a price of $15,200 by trading in similar old machinery and paying $12,700. The old machinery originally cost $9,000 and had accumulated depreciation of $5,000. In recording this transaction, Bacon Company should record Group of answer choices

36. Akito Company uses the statement of financial position approach in estimating uncollectible accounts expense. The entity prepares an adjusting entry to recognize this expense at the end of the year. During the year, the entity wrote off a P100, 000 receivable and made no recovery of previous write-off. After the adjusting entry for the year, the credit balance in the allowance for doubtful accounts was P250, 000 larger than it was on January 1. What amount of uncollectible account expense was recorded for the year?

A partial aging of accounts receivable for a cleaning service is given in the accompanying table. Fill in the missing parts of the following aging schedule for the cleaning service. (Round value of account answers to the nearest whole dollar, e.g. 5,275 and % of total account answers to 1 decimal place, e.g. 12.1%.) Age of Accounts (in days)   Value of Account   % of Total Account 10   $262,000    % 30   $131,000    % 45   $     % 60   $57,000    % 75   $27,000    % Total   $670,000   100.0% Determine the firm’s effective days’ sales outstanding. (Round answer to 1 decimal place, e.g. 12.2.) effective days' sales outstanding is ______ days. How does it compare with the industry average of 36 days? The firm is_____________efficient than other firms in the industry.

A company made a sale on account to Tanya Thompson for 5000 and to John Brown for 4000. The company received 3000 from Ms. Thompson and 3000 from Mr.​ Brown, but does not expect to collect the balance from either customer. Using the direct writeoff ​method, what is the amount of bad debts​ expense?

The following information was drawn from the accounting records of Chapin Company. 1. On January 1, Year 1, Chapin paid $56,000 cash to purchase a truck. The truck had a five-year useful life and a $6,000 salvage value. 2. As of December 31, Year 1, Chapin Company had a $68,000 balance in its Accounts Receivable account and a zero balance in its Allowance for Doubtful Accounts account. Sales on account for Year 1 amounted to $320,000. Chapin estimates that 5 percent of credit sales will be uncollectible. Required a. Record the year-end adjusting entry for depreciation expense on the truck in T-accounts. b. Determine the book value of the truck that will appear on the December 31, Year 1, balance sheet. c. Record the year-end adjusting entry of uncollectible accounts expense. d. Determine the net realizable value of receivables that will appear on the December 31, Year 1, balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B Required C…

On December 29, Patel Products, Incorporated, sells a delivery van that cost $20,000. After recording the entry to bring the accumulated depreciation up-to-date, the delivery van had accumulated depreciation of $18,000. Patel received $2,000 cash from the purchaser of the delivery van. Complete the necessary journal entry to record the sale by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet 1 On December 29, Patel Products, Inc., sells a delivery van that cost $20,000. After recording the entry to bring the accumulated depreciation up-to-date, the delivery van had accumulated depreciation of $18,000. Patel received $2,000 cash from the purchaser of the delivery van. Note: Enter debits before credits. Date Dec. 29 General Journal Debit Credit

Blackhorse Productions, Incorporated, used the aging of accounts receivable method to estimate that its Accounts should be $19,950. The account had an unadjusted credit balance of $11,000 at that time. Required: Prepare journal entries for each of the following. (If no entry is required for a transaction/event, select in the first account field.) a. The appropriate bad debt adjustment was recorded. b. Later, an account receivable for $1,100 was determined to be uncollectible and was written off. View transaction list Journal entry worksheet 1 2 Record the end-of-period adjustment for bad debts under the aging of accounts receivable method. Note: Enter debits before credits. Transaction General Journal Debit Credit View general journal Record entry Clear entry

1) if service revenue  this week is $500 record service revenue. 2) if cash $300 and record a debit to cash and a credit to unearned revenue. long term asset - $10,000 3) Your largest long term asset you trade with another company for a simliar but newer asset. Before you can record the exchange you must first record depreciation on your asset. Use the sum of years' digits method to caluclate your depreciation. If you are trading equipment, the useful life is 15 years, if a building (Plant), the useful life is 30 years and for both there is no salvage value. Whatever the book value is of your asset on the day of trade, you pay an additional 10% of the value in cash as you are now in ownership of a newer asset.

Solstice Company determines on October 1 that it cannot collect $61,000 of its accounts receivable from its customer, P. Moore. Apply the direct write-off method to record this loss as of October 1.   Record the write off an account.