Beka company owns equipment that cost 56260 when purchased

Assignment Help Accounting Basics
Reference no: EM13581174

Beka Company owns equipment that cost $56,260 when purchased on January 1, 2008. It has been depreciated using the straight-line method based on estimated salvage value of $4,800 and an estimated useful life of 5 years.Prepare Beka Company's journal entries to record the sale of the equipment in these four independent situations.

  • Sold for $31,876 on January 1, 2011.
  • Sold for $31,876 on May 1, 2011.
  • Sold for $10,120 on January 1, 2011.
  • Sold for $10,120 on October 1, 2011.

Reference no: EM13581174

Questions Cloud

Kelley company reports 960000 of net income for 2013 and : kelley company reports 960000 of net income for 2013 and declares 120000 of cash dividends on its preferred stock for
For franklin inc sales is 2000000 fixed expenses are : for franklin inc. sales is 2000000 fixed expenses are 600000 and the contribution margin ratio is 36. what are the
Parent corporation owns all of subsidiary corporations : parent corporation owns all of subsidiary corporations stock. in addition parent corporation owns 100000 face amount
Overhead application working backwardthe towson : overhead application working backward.the towson manufacturing corporation applies overhead on the basis of machine
Beka company owns equipment that cost 56260 when purchased : beka company owns equipment that cost 56260 when purchased on january 1 2008. it has been depreciated using the
In comparing the canceled checks on the bank statement with : 1.the following journal entry is necessary upon discovery of a nsf check during a bank reconciliationa. accounts
The sweetwater candy company would like to buy a new : the sweetwater candy company would like to buy a new machine that would automatically dip chocolates. the dipping
It is estimated that the company will earn 706000 before : northeast airlines is considering two alternatives for the financing of a purchase of a fleet of airplanes. these two
Mike a real estate broker in california recently inherited : mike a real estate broker in california recently inherited a farm from his deceased uncle and plans to sell the farm to

Reviews

Write a Review

Accounting Basics Questions & Answers

  In deciding whether to establish a foreign operation which

in deciding whether to establish a foreign operation which factors might a multinational corporation mnc consider?a.

  Value of the future cash flow

A company anticipates a taxable cash expense of $50,000 in year 2 of a project. The company's tax rate is 30% and its discount rate is 14%. The present value of this future cash flow is closest to ??

  Show the adjusting entry assuming december 31

Show the entries for transaction - Show the adjusting entry assuming December 31 is the last day of the accounting period?

  What is the cost basis for each asset

A business is purchased for 250,000. The fair market value of assets are equipment 90,000, building 135,000, and goodwill 15,000. What is the cost basis for each asset?

  Equity and the balance in sloanes investment account

On January 1, 2007, Sloane Co. purchased 25% of Orr Corp.'s common stock; no goodwill resulted from the purchase. Sloane appropriately carries this investment at equity and the balance in Sloane's investment account was $720,000 at December 31, 20..

  Prepare the bank reconciliation

Prepare the accounting records for Tanya's Tutoring Service (Version A),    Set up the Chart of Accounts,  Prepare the bank reconciliation for January 31, 2013

  Which of the following items would be included as part of

which of the following items would be included as part of factory overhead in a microcomputer manufacturer? a. the cost

  Reciprocity under the cost method

During the calendar year 2011, S Company earned $840,000 evenly throughout the year and declared a dividend of $300,000 on November 1. What is the amount needed to establish reciprocity under the cost method in the preparation of a consolidated wo..

  It completed construction of a new jail incurring 245000 in

general capital assets are accounted for differently in fund governmental-wide financial statements.a city engaged in

  Shimon corporation manufactures industrial-sized water

shimon corporation manufactures industrial-sized water coolers and uses budgeted machine-hours to allocate variable

  Russell company has the following projected account

russell company has the following projected account balances for june 30 20x9accounts

  Find correct balance for ending inventory on december

The ending inventory balance of $412,000 included $43,000 ofconsigned inventory for which Gotham was the consignee. Based on this information, the correct balance for ending inventory on December 31 is:

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