Basics of journal entries to record the sale of equipment

Assignment Help Accounting Basics
Reference no: EM13145283

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.

Reference no: EM13145283

Questions Cloud

Transaction and commercial substance : Corans delivery company and Enrights express delivery changed delivery trucks on Jan 1, 2010. Coran's truck cost $22,000. It has accumulated depreciation of $15,000 and a fair market value of $4000. Enrights truck cost $10,000. It has accumulated ..
How many photons does such a laser emit : Small helium-neon lasers emit 3.50 mJ/s of light at 634 nm. How many photons does such a laser emit in one minute?
Probability employeeis married and has a college degree : 400 had college degrees, 100 were single, and 60 were single college graduates. The probability that an employee of the company is married and has a college degree is?
Calculate the net atp yield : Calculate the net ATP yield (ATP equivalents) for the combined complete oxidation of 1 molecule of serine and 1 molecule of alanine to CO2 in the liver, taking into consideration the energy cost of nitrogen excretion as urea.
Basics of journal entries to record the sale of equipment : Prepare Beka Company's journal entries to record the sale of the equipment in these four independent situations.
What is the formula to calculate lake morphometrics : What is the formula to calculate lake morphometrics?
Describe what would an overall underlying theme : Describe what would an overall underlying theme that connects all body systems.
Journal entry to record transaction by perpetual inventory : On December 1, 2008, ABC Linens sold merchandise which costs $400 on account to the Green Hotel Co. for $600 with terms of 3/10, n/30. ABC Linens uses a perpetual inventory system. The journal entry to record this transaction on ABC Linens' books ..
Draw the corresponding mrna sequence : Which strand of DNA is transcribed and in which direction? Show your reasoning.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What amount of equity income would starge

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.

  Journal entry to record orbits sale

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 ..

  Compute the total overhead applied to production

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.

  Comment on significant differences or similarities

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.

  What is the apr and ear of your investment

You bought a stock three months ago for $73.82 per share. The stock paid no dividends. The current share price is $76.09.

  Explain the differences in operating income

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.

  Adjusting journal entry to record securities at fair value

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

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.

  How cash and working capital will be affected for following

Indicate how each of the following six different transactions that Dynamic Mattress might make would affect (i) cash and (ii) net working capital:

  Prepare the consolidation entries

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..

  Market price per share of the common stock

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 ..

  What is the cost of the equipment

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 ..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd