Here are selected 2027 transactions of Swifty Corporation. Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2017. The machine cost $61,300 and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2025. The computer cost $35,200 and had a useful life of 4 years with no salvage value. The computer was sold for $5,700 cash. Sold a delivery truck for $9,500 cash. The truck cost $23,000 when it was purchased on January 1, 2024, and was depreciated based on a 5-year useful life with a $4,000 salvage value. Prepare a tabular summary to record all transactions described on the above dates. Update depreciation on assets disposed of, where applicable. Swifty Corporation uses straight-line depreciation. ⚫Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. • Increases in expenses and losses require a negative sign or parentheses. • Increases in Accumulated Depreciation require a negative sign or parentheses. ⚫Decreases in Accumulated Depreciation are entered as postive amounts.
Here are selected 2027 transactions of Swifty Corporation. Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2017. The machine cost $61,300 and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2025. The computer cost $35,200 and had a useful life of 4 years with no salvage value. The computer was sold for $5,700 cash. Sold a delivery truck for $9,500 cash. The truck cost $23,000 when it was purchased on January 1, 2024, and was depreciated based on a 5-year useful life with a $4,000 salvage value. Prepare a tabular summary to record all transactions described on the above dates. Update depreciation on assets disposed of, where applicable. Swifty Corporation uses straight-line depreciation. ⚫Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. • Increases in expenses and losses require a negative sign or parentheses. • Increases in Accumulated Depreciation require a negative sign or parentheses. ⚫Decreases in Accumulated Depreciation are entered as postive amounts.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 10E: Hathaway Company purchased a copying machine for 8,700 on October 1, 2019. The machines residual...
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