A truck that cost R.O.42,000 and on which R.O0.35,000 of accumulated depreciation has been recorded was disposed of for R.O.3,500 cash. The entry to record this event would include a

Q: ABC Corp. acquired the following assets on June 30, 20X1: Cost…

A:

Q: Equipment was purchased for R.O.17,000 on January 1, 2010. Freight charges amounted to R.O.700 and…

A:

Q: Compute the accumulated depreciation at the end of year 5 of an equipment which wa purchased at P5…

A: Depreciation is used to denote a decrease in the value but in accounting, depreciation is used to…

Q: Blanket Corporation sold equipment for cash of $41,000. Accumulated depreciation on the sale date…

A: Depreciation: It is a decrease in the value of the asset due to its normal usage over a specified…

Q: A truck was purchased for $300,000 and have.4 a $60,000 residual value at the end of its useful…

A: The details regarding truck is given as under  Cost of truck $ 300000 Life if truck = 4 years…

Q: Equipment was purchased for R.0.90,000. Freight charges amounted to R.O.4,200 and there was a cost…

A: Depreciation is referred to a decrease in the value of the fixed assets. It is a permanent loss. The…

Q: A truck that cost R.O.42,000 and on which R.O.35,000 of accumulated depreciation has been recorded…

A: Date Account Titles and Explanation Debit Credit   Cash RO 3,500…

Q: Equipment was purchased for $75,000. Freight charges amounted to $3,500 and there was a cost of…

A: Initially Property Plant & Equipment are recorded at cost , which includes the purchase price of…

Q: Prepare the journal entry for the following transactions (1) Geysler Company sold some old equipment…

A: Asset disposal is the process of removing long-term assets from the company's books that are no…

Q: A depreciable property costing P1,400,000 with original residual value of P80,000 after 10 years,…

A:

Q: Equipment was purchased for OMR 50,000 Freight charges amounted to OMR 4,000 and there was a cost of…

A: Purchase cost of Equipment OMR 50,000 Freight OMR 4,000 Installation Charges OMR 8,000…

Q: Equipment was acquired at the beginning of the year at a cost of $76,260. The equipment was…

A: Depreciation Expense = [Cost of the asset – Salvage Value] / Useful life Gain (Loss) on sale of the…

Q: Equipment was acquired at the beginning of the year at a cost of $75,000. The equipment was…

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

Q: The depreciation allowance for a $100,000 MACRS-GDS asset was $8,550 after its 3rd year. What was…

A: The Modified Accelerated Cost Recovery System-General Depreciation System (MACRS)GDS) is used to…

Q: The following information is available for a Company's asset: Cost $5,350,000; Carrying amount (book…

A: Impairment of assets means when recoverable amount of the asset is less than carrying value of the…

Q: A machine with a cost of $176,000 and accumulated depreciation of $108,000 is sold for $58,400 cash.…

A: Cash Flow From Operating Activities :— Operating activities are the principal revenue producing…

Q: Keaubie Co. purchased machinery at a cost of $175,000 cash. Other costs included: taxes,…

A: In bookkeeping, depreciation alludes to two parts of a similar idea: first, the real diminishing of…

Q: Additional information (i) The depreciation charge for the year was £187,500. (ii) Included in…

A: Statement of cash flows is the statement which shows all cash inflows and cash outflows of the…

Q: Asset 4: This machinery was acquired by trading in used machinery. (The exchange lacks commercial…

A: Journal entry - It refers to the process where the business transactions are recorded in the books…

Q: A truck that cost R.O.42,000 and on which R.O.35,000 of accumulated depreciation has been recorded…

A: Assets: Assets are those items that provide value for money and future economic benefit for an…

Q: Good Dairy sold a delivery truck for cash of $6,400. The original cost of the truck was $26,000, and…

A: Carrying value of truck at the time of sale = sales value + loss on sales = $6400 + $4000 = $10,400…

Q: On January1, a machine with a useful life of five years and a residual value of R.O.25,000 was…

A:

Q: The company provided the data of PP&E in a cash-generating unit (CGU) as follows:   Cost…

A: In accordance with IAS 36 " Impairment of Assets", if the Recoverable amount of an asset is lesser…

Q: Maxim Sdn Bhd bought a machine for RM100,000 and sold the machine for RM40,000 in cash, after having…

A: Machine being part of property, plant and equipment is recognised in books based on historical cost…

Q: Equipment asset that cost $28,000 was sold for $9,000 cash. Accumulated depreciation on the asset…

A: Given the following information: Cost of asset $28,000 Sold for $9,000 cash Accumulated…

Q: A machine with a cost of $164,000 and accumulated depreciation of $102,000 is sold for $53,600 cash.…

A: Lets understand the basics. Cashflow are divided into three parts which are, (1) Cashflow from…

Q: A truck acquired at a cost of $202,800 has an estimated residual value of $18,000, has an estimated…

A:

Q: A truck acquired at a cost of $245,000 has an estimated residual value of $13,350, has an estimated…

A: Depreciable cost = Cost of truck - estimated residual value

Q: Assume Sambazon.come sold an acai processing machine for $172,000 cash. If accumulated depreciation…

A: Sale price = $172,000 Accumulated depreciation = $58,311 Gain = $6,721

Q: A piece of Machine acquired on January 03, 2001 at cost of RS. 25,000, has an estimated useful life…

A: Depreciation means fall in value of assets because of use of assets , passage of time or change in…

Q: An equipment was purchased for $30,000. It has a useful life of 5 years, and a residual value of…

A: Depreciation is a reduction in the value of assets due to the usage of that asset. We can evaluate…

Q: A certain office equipment has a first cost of 29,788 and has a salvage value of 1,358 at the end of…

A: First Cost of Equipment= $29788 Salvage Value= $1358 Cost-Salvage Value= $29788-$1358…

Q: Equipment that cost $412000 and on which $191000 of accumulated depreciation has been recorded was…

A: Journal entries are used to record a business transaction in a company's accounting records. A…

Q: Use the following three methods to compute the depreciation in columns B, C, and D: (1) double-…

A: It is given in the question that there are three method of depreciation which requires to be…

Q: Lumax LLC purchased property, plant and equipment. The details of the PPE are given below. The…

A: To record the reduction in the efficiency of the asset, company will charge depreciation each year.…

Q: Keller Industries uses the straight-line depreciation method. One asset had been purchased for…

A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…

Q: 5. During the end of the year, YGX Company presented the following information: Equipment…

A: The impairment loss is the permanent reduction in the value of the asset. The impairment loss arises…

Q: Equipment was acquired at the beginning of the year at a cost of $78,840. The equipment was…

A: Formula: Straight line method = ( Asset cost - Salvage value ) / Useful life

Q: following data on a car! Ost basis of the asset, CO = BD 5423 seful life, N = 2 years stimated…

A: Depreciation Sinking fund Method : Under this method the depreciation is calculated as per straight…

Q: truck acquired at a cost of $180,000 has an estimated residual value of $9,850, niles during the…

A: Depreciation represents the reduction in the value of asset over a period of time.

Q: Required: 1. Identify the method of depreciation and compute the depreciation expense for the third…

A:

Q: Noah Corp., a calendar year-end company, purchased equipment on 1/1/X1 with the following…

A: Depreciation is a reduction in the value of assets due to the usage of that asset. We can evaluate…

Q: Required: Prepare the journal entries to record the disposal of the mixer at the end of second year,…

A: Cost of Mixer   14,500 Residual dual     1,000 Depreciable value   13,500 Useful life   5…

Q: 3. An item of equipment with a cost of P43,000 and accumulated depreciation of P12,000, is sold for…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: COCOLOS Industries uses the straight-line depreciation method. One asset had been purchased for…

A: Straight-line Method: Depreciation and amortization, or the mechanism of depreciating and amortizing…

Q: A truck was purchased for $184000 and it was estimated to have a $36000 salvage value at the end of…

A: Annual depreciation = Monthly depreciation x 12 months = 3700*12 = $44,400

Q: Bridgeport Industries purchased the following assets and constructed a building as well. All this…

A: Journal entries (JE) refers to posting of the transactions into the books of the entity as well as…

Q: Roma Inc purchased an asset worth $500,000.  The useful life of the assetwill be 8 years and it was…

A: The depreciation expense is charged on fixed assets as reduced value of fixed assets with the…