Reference no: EM131823913
Questions -
Q1. Pryce Company owns equipment that cost $65,000 when purchased on January 1, 2016. It has been depreciated using the straight-line method based on an estimated salvage value of $5,000 and an estimated useful life of 5 years.
Prepare Pryce Company's journal entries to record the sale of the equipment in these four independent situations.
(a) Sold for $31,000 on January 1, 2019.
(b) Sold for $31,000 on May 1, 2019.
(c) Sold for $11,000 on January 1, 2019.
(d) Sold for $11,000 on October 1, 2019.
Q2. Rottino Company purchased a new machine on October 1, 2019, at a cost of $150,000. The company estimated that the machine will have a salvage value of $12,000. The machine is expected to be used for 10,000 working hours during its 5-year life.
Compute the depreciation expense under straight-line method for 2019.
Compute the depreciation expense under units-of-activity for 2019, assuming machine usage was 1,700 hours.
Compute the depreciation expense under declining-balance using double the straight-line rate for 2019 and 2020.
Define the status of the accounts before adjustment
: For each item, indicate the type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense).
|
Knowledge of homeostasis and the control systems
: Using your knowledge of homeostasis and the control systems, as a class discuss if the thirst sensation is a negative or positive control system.
|
Regards to the training split in program
: In regards to the training split in this program, why isn't each muscle group included in each period? For example weeks 5-8 are totally void of any shoulder
|
Person complete blood count shows
: If a person complete blood count shows an abnormally high white blood cell count, and you notice that the predominant white cells are lymphocytes
|
Compute the depreciation expense under units-of-activity
: Compute the depreciation expense under units-of-activity for 2019, assuming machine usage was 1,700 hours
|
Examining the ledger of Howard Rental Agency
: The ledger of Howard Rental Agency on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared.
|
Creating a set of business transactions for your company
: ACCT11081 - Introductory Financial Accounting - Create a Trial Balance from your company's financial statements, and explore its Inventory and Depreciation
|
How are data used in your business organization
: How are data used in your business / organization? Is it basic reporting or advance predictive analysis and data mining? What questions are being answered?
|
Examples of cells that undergo mitosis
: Give examples of cells that undergo mitosis and those that use meiosis.
|