During 2011 the following selected cash transactions

Assignment Help Accounting Basics
Reference no: EM131143628

At December 31, 2010, Jimenez Company reported the following as plant assets.

During 2011, the following selected cash transactions occurred.
April 1 Purchased land for $2,130,000.
May 1 Sold equipment that cost $780,000 when purchased on January 1, 2007.The equipment was sold for $450,000.
June 1 Sold land purchased on June 1, 2001 for $1,500,000.The land cost $400,000.
July 1 Purchased equipment for $2,000,000.
Dec. 31 Retired equipment that cost $500,000 when purchased on December 31, 2001. No salvage value was received.

Instructions

(a) Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year life and no salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement.

(b) Record adjusting entries for depreciation for 2011.

(c) Prepare the plant assets section of Jimenez's balance sheet at December 31,2011.  

Reference no: EM131143628

Questions Cloud

Record the disposal under the following assumptions : Puckett Co. has office furniture that cost $75,000 and that has been depreciated $50,000. Record the disposal under the following assumptions.
Write an essay that defines the issues surrounding hfcs : write an essay that defines the issues surrounding HFCS- Define HFCS and give a definition of the corn plant.- summarize the issues.
Describe the components of the organization sales approach : Assess the effectiveness of the sales plan for a business in this market, with this marketing mix. Describe whether or not you think there is enough detail in the business plan to effectively communicate the organization's sales approach.
Describe various forms of internal and external threats : Describe various forms of internal and external threats to an organization and detect internal and external threats to the organization.
During 2011 the following selected cash transactions : Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year life and no salvage value.
What is the equivalent grid azimuth for the line : If the geodetic azimuth of a line is 18°47'20.1", the convergence angle is -1°08'06.8" and the arc-to-chord correction is -1.5", what is the equivalent grid azimuth for the line?
Create a master page with a theme of your own : Explain the use of Master pages and themes, create a master page with a theme of your own, the master will contain a simple welcome page and the calculator page you created from the prior week.
What is the equivalent grid azimuth for the line : If the geodetic azimuth of a line is 205°06'36.2", the convergence angle is -0°42'26.1" and the arc-to-chord correction is +0.8", what is the equivalent grid azimuth for the line?
Create an entity diagram showing all your attributes : Create an entity/relationship diagram (ERD) showing all your entities, attributes, and relationships. Sketch your ERD by hand or use a drawing program. Your diagram must beon a single page.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Rich countries in income per capita

Why does the economic growth model predict that poor countries should catch up to rich countries in income per capita? Have poor countries been catching up to rich countries?

  Whizbang corporation discovered that hazardous waste

whizbang corporation discovered that hazardous waste material was buried on property it now owns by the previous owner.

  Yield to maturity of the bond

May Industries has a bond outstanding that sells for $783. The bond has a coupon rate of 8.20 percent and 16 years until maturity. What is the yield to maturity of the bond?

  A company wishes to buy new equipment for 35000 the

a company wishes to buy new equipment for 35000. the equipment is expected to generate an additional 9600 in cash

  Actual fixed overhead for a company during march was 77612

actual fixed overhead for a company during march was 77612. the flexible budget for fixed overhead this period is 78000

  Lark art company sells unfinished wooden decorations at a

lark art company sells unfinished wooden decorations at a price of 15.00. the current profit margin is 5.00 per

  What is the modified accelerated cost recovery system

What is the Modified Accelerated Cost Recovery System (MACRS), and under what conditions is it used?

  Ratio analysis on financial statements

Ratio analysis on financial statements

  Prepare the journal entries to record these transactions

Prepare the journal entries to record these transactions on Jerel Company's books using a periodic inventory system.

  Condensed income statement

The following 2010 information is available for the Stewart Company:Condensed Income Statement for 2010______

  Lidell publishers inc budgeted production of 48000 diaries

1. wallace publishers inc. collects 50 of its sales on account in the month of the sale and 50 in the month following

  Lifefit products sells running shoes and shorts

Lifefit has total sales of $1 million per month, of which 80 percent result from the sale of run- ning shoes and the other 20 percent from the sale of shorts.

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