Marguerite Guron operators a JUTA Tours business in Portland. The following data was obtained for the year 2013: Non-current assets Office equipment at book value Motor vehicle at book value January 650,000 750,000 December 900,000 920,000 Transactions during the year: 1) Equipment with book value of $55,000 was sold at a loss of $12,000 ii) Motor vehicle with book value of $80,000 was sold for a profit of $5,000 iii) Depreciation charges for the year was: equipment $25,000, motor vehicle $40,000 Required: a) Write up the equipment and motor vehicle accounts for the year, clearly showing the amount that was purchased during the year b) Write up the equipment and the motor vehicle disposal accounts indicating the selling price for each asset

Chris  Ronaldo operates    a  business  operator  in  Porto  Listo.  The  following   data  was obtained    for  the  year  2013           Non-current  Assets                                          January                                  December        Equipment at  book  value                                  640,000                                   840,000         Motor   Vehicle  at book  value                         750,000                                   940,000          Transactions   during the  year Equipment   with  book value of  35 000  was sold  at a  profit  of 12,000 Depreciation charges   for  equipment was  25,000 Motor  vehicle  with book value  of  40,000  was  sold for  a loss  of  10,000 Depreciation charges  for motor vehicle was 30,000   Question : How much was paid for new  equipment purchased  during the year?   $260,000 $285,000 $295,000 $320,000

On January 1, 2011, Chicaga Furniture purchased a new delivery truck The company paid $65,000 for the truck, $12,000 for an annual insurance policy and $1,300 for a motor vehicle license. The truck has an estimated residual value of $5,000 at the end of its useful life and Chicago Furniture uses the double-declining-balance method for other similar assets. At what net amount will Chicago Furniture record the truck on its statement of financial position at December 31, 2011?

Presented below are selected transactions at Ingles Company for 2014.Jan. 1: Retired a piece of machinery that was purchased on January 1, 2004. The machinecost Tk.58,000 on that date. It had a useful life of 10 years with no residual value.June 30: Sold a computer that was purchased on January 1, 2011. The computer costTk.40,000. It had a useful life of 5 years with no residual value. The computer was sold forTk.14,000.Dec. 31: Discarded a delivery truck that was purchased on January 1, 2010. The truck costTk.33,000. It was depreciated based on a 6-year useful life with a Tk.3,000 residual value. Requirements:Journalize all entries required on the above dates, including entries to update depreciation,where applicable, on assets disposed of. Ingles Company uses straight-line depreciation.(Assume depreciation is up to date as of December 31, 2013.)

IThe following information applies to the questions displayed below) Solich Sandwich Shop had the following long-term asset balances as of December 31, 2015 Accumulated Depreciation Book Value Cost 85,000 85,000 Land 450.000 $085,500 364,500 Building (48,000) 250,000 Equipment 202,000 Patent 200.000 120,000 (80,000) Solich purchased all the assets at the beginning of 201313 years ago). The bullding is depreciated over a 20. year service life using the double-decllning balance method and estimatlng no residual value. The equipment is depreclated over a 10-year useful life usIng the straight-llne method with an estimated residual value of $10,000. The patent ls estimated to have a five-year service life with no residual value and Is amortized using the straight-line method. value 10.00 points Required: 1. For the year ended December 31, 2015, record depreciation expense for buildings and equipment Land is not depreciated. (If no entry is required for a transaction/event, select "No…

On January 1, 2012, AB Ltd buys a truck for $42,000 cash. It has estimated residualvalue of $2,000, and an estimated life of 4 years, or 200,000 miles. The truck drove40,000 miles in 2012, 60,000 miles in 2013, 80,000 miles in 2014, and 20,000 miles in2015. Required:1. Assuming the company uses the straight-line method of deprecation completethe following table and show your computation/workings for the annualdepreciation expense.   Date Asset Cost DepreciationExpenseAccumulatedDepreciationNet BookValue1.1.2012 42,000 - - 42,00012.31.201212.31.201312.31.201412.31.2015

N3. On June 1, ABC Co. purchased a delivery truck for $ 6,200 in cash. The truck was repainted at a cost of $ 700 and a new battery (costing $ 60) and tires (costing $ 275) were installed. The truck has an estimated useful life of 5 years and expected salvage value of $ 825. The company uses DD method for the first 2 years and changed its method to SL method. Calculate the depreciation expense of above fixed asset during its useful life, and show the journal entries.

The accountant of Cat Ltd. prepared the following trial balance on 31 December 2015.                                                                                                                  '000 Cash                                                                                                         10 Receivables                                                                                              30 Land (for unintended use, fair value measured on 31 December            320 2014)  Company headquarters                                                                           2,000 Accumulated depreciation of company headquarters                              (360) Factory                                                                                                      3,580 Accumulated depreciation of factory                                                        (1,820) Goodwill…

The accountant of Cat Ltd. prepared the following trial balance on 31 December 2015.                                                                                                                  '000 Cash                                                                                                         10 Receivables                                                                                              30 Land (for unintended use, fair value measured on 31 December            320 2014)  Company headquarters                                                                           2,000 Accumulated depreciation of company headquarters                              (360) Factory                                                                                                      3,580 Accumulated depreciation of factory                                                        (1,820) Goodwill…

The accountant of Cat Ltd. prepared the following trial balance on 31 December 2015.                                                                                                                  '000 Cash                                                                                                         10 Receivables                                                                                              30 Land (for unintended use, fair value measured on 31 December            320 2014)  Company headquarters                                                                           2,000 Accumulated depreciation of company headquarters                              (360) Factory                                                                                                      3,580 Accumulated depreciation of factory                                                        (1,820) Goodwill…