User Account

All Pages

Calculate the annual depreciation for equipment

Assignment Help Financial Accounting
Reference no: EM131795887

Part -1:

Q1. Unadjusted net income equals $7,000. Calculate what net income will be after the followingadjustments:

1.Salaries payable to employees, $510

2. Interest due on note payable at the bank, $310

3. Unearned revenue that has been earned, $650

4. Supplies used, $216

Adjusted net income amounts to $ ______.

Q2. Sales are $580,000 and cost of goods sold is $320,000. Beginning and ending inventories are $28,000and $34,000, respectively. How many times did the company turn its inventory over during this period?

Part -2:

SHOW JOURNAL ENTRY.

Q1. FedEx collected $8,700 of accounts receivable on March 25. If the bookkeeper mistakenly recorded the$8,700 cash as $7,800, write the necessary reconciling journal entry to the book side balance.

Q2. All America Bank, the nationwide banking company, owns many types of investments. Assume that onDec. 5, All America Bank paid $850,000 for trading securities. At Dec. 22, All America Bank receiveda $36,000 cash dividend. At Dec. 31, these trading securities were quoted at a market price of $847,000. Write necessary journal entries for Dec. 5, Dec. 22, and Dec. 31.


Q3. On Jan. 1, 2012, Planet Communications purchased a new piece of equipment that cost $30,000. Theestimated useful life is five years and the estimated residual value (salvage value) is $2,500. Planet usesthe straight-line method of depreciation. Assume that Planet sells the equipment for $13,000 on Jan. 1,2016.

a. Calculate the annual depreciation for this equipment.

b. Write the journal entry for depreciation expense at Dec. 31, 2012.

c. What is the gain (loss) from the sale of the equipment?

d. Write the journal entry for the sale of the equipment

Reference no: EM131795887

Questions Cloud

Particular motor can provide a maximum : Assuming that all of this torque is used to accelerate a solid, uniform flywheel of mass 10.0 kg and radius
Wrench handle and the direction of the applied force : What is the angle (assumed to be less than 90º)between the wrench handle and the direction of the applied force?
Describe each of the four basic global strategies : List and describe each of the four basic global strategies.
Compare the bond current yield to YTM : Bond prices and yields Assume that the Financial Management Corporation's $1, 000-par-value bond has a 7.200 % coupon, matures on May 15, 2023.
Calculate the annual depreciation for equipment : Calculate the annual depreciation for this equipment and Write the journal entry for depreciation expense at Dec. 31, 2012
Prepare an income tax return for the johnsons : Prepare an income tax return (with appropriate supporting forms and schedules) for the Johnsons for 2015. In doing this, follow these guidelines.
How fast was the car initially traveling : If they lock together and travel at 28m/s at 14ºnorth of east just after the collision, how fast was the car initially traveling?
What is the velocity of the cannon : Assume that frictional forces are negligible and the cannon is fired horizontally.
Explain the impact of health care information : Analyze the key reasons why some health care organizations have been reluctant to implement electronic medical records in their health care services.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Q1centennial brewery produced revenues of 1145227 in 2008

q1.centennial brewery produced revenues of 1145227 in 2008. it has expenses excluding depreciation of 812640

  Determine the possible tax consequences of each issue

Ballou Corporation distributes $200,000 in cash to its shareholders during the current year. Accumulated earnings and profits at the beginning of the year are $45,000, and current year earnings and profits are $105,000. Buddy owns 80% of n each of th..

  Lamp division cut into sales to outside customers

The Post Division of the Chester Company produces basic posts which can be sold to outside customers or sold to the Lamp Division of the Chester Company . Last year the Lamp Division bought all of its 25,000 posts from Post Division. Suppose the tran..

  Should replace meat grinder patty shaper machine

Swenson's Meats is considering whether it should replace a meat grinder patty shaper machine. The new machine will produce 25% more hamburger patties than the old machine in the same amount of time. Swenson's will have to pay interest monthly on the ..

  Prepare a journal entry to record direct labor costs

What was the labor efficiency variance for the month and prepare a journal entry to record direct labor costs during the month, including the direct labor variances.

  Resigned from his position with equity life

Sam was about to sell a $1 million life in­surance policy to a prospective customer when he resigned from his position with Equity Life. Before resigning from the company, he had expended substantial amounts of company money and had utilized Equity’s..

  Which inventory costing method should abc consider

ABC Company is a retailer operating in an industry that experiences inflation. ABC wants the most realistic ending inventory. Which inventory costing method should ABC consider using?

  Calculate the sustainable growth rate

Given the following information on Kaleb's Welding Supply:- Calculate the sustainable growth rate.

  What were the total cost and book value of property

Complete a 1,050-word summary of findings and recommendations. What were the total cost and book value of property, plant, and equipment at September 27, 2014?

  Research topic convergence of international financial

research topic convergence of international financial reporting standards1. your essay needs to address the following

  Prepare journal entries for the initial transaction

Newman Acrobats lent $24,005 to Donaldson, Inc., accepting Donaldson’s 2-year, $28,000, zero-interest-bearing note. The implied interest rate is 8%. Prepare Newman’s journal entries for the initial transaction, recognition of interest each year, and ..

  Pass the gross income test

Bobby unmarried age 66 maintains a household where his elderly father age 88 lives. Bobby cannot clam his father as dependent because his father does no pass the gross income test. Bobby’s 2014 deduction $

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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