Garcia Co. owns equipment that costs $76,800, with accumulated depreciation of $40,800. Garciasells the equipment for cash. Record the journal entry for the sale of the equipment if Garcia were to sell theequipment for the following amounts:A. $47,000 cashB. $36,000 cashC. $31,000 cash

Q: The following information relates to Equipment and related accounts of DJ Khaleed Inc: Equipment,…

A: Depreciation is the amount that is deducted from the cost of a fixed asset to arrive at the asset’s…

Q: Garcia Co. owns equipment that cost $76,800, with accumulated depreciation of $40,800. Garcia sells…

A: At the time of sale of asset, gain or loss will be calculated as difference between carrying value…

Q: Garcia Co. owns equipment that cost $80,000, with accumulated depreciation of $42,400. Record the…

A: Garcia Co Journal Entries Event Particulars Debit Credit 1 Cash $49,400.00     Accumulated…

Q: During the current year, Matrix Homes disposed of plant assets in the following transactions:…

A: List price is the price quoted by the manufacturer for the assets to be sold. The price to be…

Q: Arruza Company exchanged equipment used in its manufacturing operations plus $3,000 in cash for…

A: Calculation of Gain or Loss on exchange of assets: Particulars Arruza Co. LoBianco Co. Fair…

Q: Garcia Co. owns equipment that costs $77,300, with accumulated depreciation of $42,800. Garcia sells…

A: Net book value of the equipment = Cost - accumulated depreciation = $77,300 - $42,800 = $34,500…

Q: Garcia Co. owns equipment that cost $81,200, with accumulated depreciation of $43,000. Record the…

A: recording of journal entry with all necessary calculation are as follows

Q: Martinez owns machinery that cost $87,000 with accumulated depreciation of $40,000. The company…

A: Book value of asset = Cost of asset - Accumulated depreciation Book value of asset = $87,000 -…

Q: Garcia Co. owns equipment that cost $84,800, with accumulated depreciation of $44,800. Record the…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: Ivanhoe Engineering Corporation purchased conveyor equipment with a list price of $45,200. Three…

A: answers 1. The vendor credit terms are 1/10 net 30 which means discount of 1% will be available…

Q: On January 1, 20x1 Buckle Co. purchased a machine that had a list price of ₱46,320. Buckle Co. paid…

A: Depreciation means decline in the estimation of benefit inside its valuable life because of mileage…

Q: Garcia Co. owns equipment that cost $76,800, with accumulated depreciation of $40,800. Record the…

A: Cost of Equipment = $76800 Accumulated Depreciation = $40800 Book Value of Equipment = $76800 -…

Q: Garcia Co. owns equipment that cost $80,000, with accumulated depreciation of $42,40O. Record the…

A: Garcia Co Journal Entries Event Particulars Debit Credit 1 Cash $49,400.00     Accumulated…

Q: Garcia Co. owns equipment that cost $77,200, with accumulated depreciation of $41,000. Garcia sells…

A: Journal entry refers to the recording made by the business in the books of accounts, of all the…

Q: Garcia Co. owns equipment that costs $78,300, with accumulated depreciation of $42,800. Garcia sells…

A: Formulas: Gain/(Loss) on sale=Sale value-Cost+Accumulated depreciation

Q: 12.  Sand Corp exchanged equip used in its operations and pay $2,000 cash to Dake Corp for similiar…

A: Book value of an asset refers to the value of the asset recorded in the books of the company  such…

Q: Advanced Automotive paid $200,000 for a group purchase of land, building, and equipment.  At the…

A:

Q: Garcia Co. owns equipment that costs $78,300, with accumulated depreciation of $40,800. Garcia sells…

A: 1. Cost of Equipment= 78300 2. Accumulated Depreciation on equipment= 40800 3. Book value of…

Q: Sandhill Co. purchases land for $130000 cash. Sandhill assumes $5600 in property taxes due on the…

A: Amount to be recorded = Purchase Price of land + Taxes + Legal Costs + Grading Costs

Q: kingbird, inc.had the following  transactions. 1.sold land(cost$8320) for $10400.2. Issued  common…

A: Journal: Recording of a business transactions in a chronological order. First step in the…

Q: Garcia Co. owns equipment that cost $78,400, with accumulated depreciation of $41,600.    Record the…

A: First, compute the book value as shown below: Book value = Cost - Accumulated depreciation Book…

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Q: On December 31, Strike Company traded in one of its batting cages for another one that has a cost of…

A: The facility of providing trade allowance on an asset by the vendor to the organization in exchange…

Q: KAJ Incorporated purchased a machine costing $250,000 by paying $35,000 and signing a $215,000 note…

A: Cash flow from Financing activities: Cash flow from Financing activities include transactions…

Q: Ladd Company sold a plant asset that originally cost$50,000 for $22,000 cash. If Ladd correctly…

A: Depreciation is the diminish or decrease in the value of an asset over a number of years. It is the…

Q: Macey Co. exchanged a piece of equipment that had cost $40,000 (now 75% depreciated) for a truck…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: On July 1, An entity purchased a machine worth 21,000, 000 subject to a 2% cash discount if paid…

A: Note: No discount will be available since payment is made after 120 days.

Q: DN Company had the following transactions during th ear of operations: urchased goods worth P100,000…

A: Introduction Cost of goods available for sale: The most inventory a corporation may potentially…

Q: Carla Engineering Corporation purchased conveyor equipment with a list price of $9,200. Presented…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: A company purchased equipment valued at $263,000. It traded in old equipment for a $164,000 trade-in…

A: Introduction: Depreciation is the decrease in asset value brought on by things like time passing,…

Q: In 20x7, Sweet Treats sold a piece of equipment with a purchase value of $371,000and acumulated…

A: Cash flow from investing activities: It is a section of the cash flow statement that shows the cash…

Q: hite purchased land with a current market value of $144,000, a building with a market value of…

A: Total market value of land, building nd equipment = $144, 000 + 18000 + 18000 =$180, 000

Q: HnH Solutions acquired a machine by making the following payments: Net cash price Rs. 116,000…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Ngu own equipment that cost 96,500 with accumulated depreciation of 66,000. Ngu asks 35,750 for the…

A: Whenever any fixed asset is sold out, then carrying value of the asset is compared with actual sale…

Q: What amount should be reported as noncurrent assets as of December 31, 2021?

A: Non-current assets are those assets of the company which is held by them for a period of more than…

Q: Garcia Co. owns equipment that costs $78,300, with accumulated depreciation of $42,800. Garcia sells…

A: CARRYING AMOUNT OF THE ASSET :  = COST OF ASSET - ACCUMULATED DEPRECIATION    CASES :  1. IF SALE…

Q: On January 1, Year 5, Raven Limo Service, Incorporated sold a used limo that had cost $64,000 and…

A: When an asset is sold it leads to a cash inflow for the company. It is also accompanied by a profit…

Q: In December 20x8, the Ayala Co. purchased land for P300,000. The land was held until December 20x9,…

A: Land is a very important fixed asset in business on which depreciation is not charged. It means its…

Q: yvey Co. Equipment (cost)           Rwf 40,000              Rwf 40,000 Accumulated depreciation…

A: Impairment of Assets is ensuring that Asset is not carried at a amount higher than its recoverable…

Q: A truck with an original with an original cost of $ 22,000 and book value of $5,000 was sold for…

A: Loss on sale of assets is a non-cash activity and it should be added back to the cash flow from…

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A: $ Original cost of machinery $15000 less: Accumulated depreciation $10000…

Q: Horan Ltd purchases the Coolum Store for the consideration of: Cash    $250,000 Land    Horan Ltd…

A: SOLUTION-   GOODWILL IS AN INTANGIBLE ASSETS THAT ACCOUNTS FOR EXCESS PURCHASE PRICE OF ANOTHER…

Q: Keaubie Co. purchased machinery at a cost of $175,000 cash. Other costs included: taxes, $15,500,…

A: Cost of machinery = Purchase price + Taxes paid +Freight charges + Transit insurance = $ 175,000 +…

Q: Garcia Company owns equipment that cost $79,600, with accumulated depreciation of $42,200. Record…

A: Formulas: Gain (loss) on sale of Equipment = Sales value of the Equipment - Net book value of the…

Q: Cala Manufacturing purchases land for $381,000 as part of its plans to build a new plant. The…

A: The journal entries are prepared to keep the record of day to day transactions of the business.  The…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.