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Beka Company owns equipment that cost $50,000 when purchased on January 1, 2007. It has been depreciated using the straight-line method based on estimating salvage value of $5,000 and an estimated useful life of 5 years.
Instructions:
Prepare Beka Company's journal entries to record the sale of the equipment in these four independent situations.
Sold for $20,000 on January 1, 2010.Sold for $28,000 on May 1, 2010.Sold for $11,000 on January 1, 2010.Sold for $11,000 on October 1, 2010.
Starge Inc. owns 30% of the outstanding voting common stock of Ticker Co. and has the ability to significantly influence the investee's operations and decision making.
Orbit Airways ourchased a baggage-handling truck for $41,000. Suppose Orbit sold the truck on December 31,2008 for $28,000 cash,, after using the truck for two full years and accumulationg depreciation of $16,000. Make the journal entry to record ..
Work in Process consisted of two jobs, no. 101 ($20,400) and no. 103 ($14,800). During May, direct materials requisitioned from the storeroom amounted to $96,500, and direct labor incurred totaled $114,500.
On January 2, 2011, Jansing Corporation acquired a new machine with an estimated useful life of five years. The cost of the equipment was $40,000 with a residual value of $5,000.
You bought a stock three months ago for $73.82 per share. The stock paid no dividends. The current share price is $76.09.
There are no price, efficiency, or spending variances, and any production-volume variance is directly written off to cost of goods in the quarter in which it occurs.
Cost and fair value data for the trading securities of Clifford Company at December 31, 2010, are $100,000 and $74,000, respectively. Which of the following correctly presents the adjusting journal entry to record the securities at fair value?
how accounts receivables and cash go together. Beyond just cash showing when funds are collected how is the timing of receivables different than the timing of cash and how can the company make sure they are on top of collecting the funds due them.
Indicate how each of the following six different transactions that Dynamic Mattress might make would affect (i) cash and (ii) net working capital:
a. Prepare journal entries for Virginia and Stateside to record the sales/purchases during 2010. b. Prepare the consolidation entries that should be made at the end of 2010. c. Prepare any 2011 consolidation worksheet entries that would be required r..
At year-end, the company declares a 10 percent stock dividend-one share for each 10 shares held. If all parties concerned clearly recognize the nature of the stock dividend, what should you expect the market price per share of the common stock to ..
Tyson Chandler Company purchased equipment for $10,000. Sales tax on the purchase was $500. Other costs incurred were freight charges of $200, repairs of $350 for damage during installation, and installation costs of $225. What is the cost of the ..
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