User Account

All Pages

Find and prepare the journal entry to record the sale

Assignment Help Financial Accounting
Reference no: EM132696144

Davis Enterprises, Inc. has a December 31 year end. On January 11, 20X4, Davis Enterprises, Inc. purchased a truck for heavy duty hauling for $40,000. The truck is expected to be used for 5 years and it has an estimated salvage value of $5,000. If the 150% declining-balance (1.5 DB) method of depreciation is used (with the half-year convention), determine the following:

Question a) Depreciation expense for 20X4 and 20X5.

Question b) Presentation of the truck on the statement of financial position as of December 31, 20X5.

Question c) Assuming the truck was sold on October 15, 20X5, for $27,000, prepare the journal entry to record the sale. (Reminder: When the half-year convention is used, depreciation should be taken for one-half of a year in the year of sale.)

Reference no: EM132696144

Questions Cloud

Pros and cons to purchasing certain type of firewall : In todays environment, there are many pros and cons to purchasing a certain type of firewall for your home or organization.
Global Economy is very top-down driven : Today's Global Economy is very top-down driven with the government making all the decisions and regulations as it relates to doing business globally.
Essay assignment - promise of happiness : Select serves as the primary scholarly material for your assignment. All of these readings are available as pdf's on Canvas under the module
What social engineering is and how to avoid falling prey : Use any persuasive techniques you have at your disposal. If you need to draw pictures, draw pictures. Slides, infographics, interpretive dance.
Find and prepare the journal entry to record the sale : Davis Enterprises, Inc., Assuming the truck was sold on October 15, 20X5, for $27,000, prepare the journal entry to record the sale.
Weighted beta and return of the two etf portfolios : You have 2 ETF holdings, ETF Alpha which is 30% of your holdings and generated an 11.5% return with a Beta of 1.2 and ETF Theta making up 70%
Calculate the depreciation expense for the year : Greyhound Ltd purchased a new bus for $280,000. Calculate the depreciation expense for the 3rd year using each of the depreciation methods
Identify the role of sommy in the operation : Mr. Dwayne Tamai and Mrs. Debbie Tamai case of electronic harassment involved 15-year-old son, Billy, who took control of all of the electronic devices.
ISO affect the standards for network security : What do you think were the critical factors that fueled the need for IT governance? In what ways did ISO affect the standards for network security?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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