Howarth manufacturing company purchased a lathe on june

Assignment Help Accounting Basics
Reference no: EM13997414

Howarth Manufacturing Company purchased a lathe on June 30, 2007, at a cost of $80,000. The residual value of the lathe was estimated to be $5,000 at the end of a five-year life. The lathe was sold on March 31, 2011, for $17,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service.

Required:

1. Prepare the journal entry to record the sale.

2. Assuming that Howarth had instead used the sum-of-the-years'-digits depreciation method, prepare the journal entry to record the sale.

Reference no: EM13997414

Questions Cloud

Different time discount rates : Suppose Fred and Barney have different time discount rates. There are two periods of life: “young”, and “old”. Fred’s present value of receiving a dollar next period is given by $1/(1+r), r=0.5 whereas Barney’s value for r is 0.02. Fred and Barney ar..
After reading the spirit catches you and you fall down : After reading "the spirit catches you and you fall down" chapters 4-7. What 5 lessons would you recommend that medical schools add to their curriculum? Why and give brief description each lesson
Use the supply and demand” type graph : Health capital decisions: What would happen to desired level of health capital if there is an increase in educational attainment? Please use the “supply and demand” type graph. Make sure to explain the graph and answer fully.
What is the acceleration of the cart along the slope : The track has a rough surface, the cart has a box tied to it and rolls without slipping along this rough surface. What is the acceleration of the cart along the slope?
Howarth manufacturing company purchased a lathe on june : Assuming that Howarth had instead used the sum-of-the-years'-digits depreciation method, prepare the journal entry to record the sale.
Units of migraine pain improvement : M=2A+3.5R where M stands for units of migraine pain improvement, A stands for units of acupuncture treatment and R stands for migraine prescription pills. Please draw the health production graph implied by this equation, for some given level of M. Pl..
Point at which proteins stop moving : Point at which proteins stop moving on a gel when they get a netcharge of zero. pI = pKa(+1 charge) + pKa(-1 Charge)
Label the axes-curves and the equilibrium intersections : The Super Bowl in 2014 was held outdoors in New Jersey in the winter. Assume the market for tickets to the event was in equilibrium one week prior to the Super Bowl. A weather report forecasted cold weather for the event, and the price for outdoor se..
What is the next lowest resonant frequency : Assume that a wire of linear density = 0.157 kg/m sustains a tension of 340 N as it is being stretched between two poles that are 18.4 m apart. Assume also that one end of the wire is fixed to one pole, while the other is connected to a ring which..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Information about creating-organizing and managing

This research-based assignment focuses on the latest available information about creating, organizing, and managing a total rewards program. Envision a service-based (insurance, telemarketing, or other) profit organization that employs 20,000 empl..

  Balance sheet is more important than the income statement

Do you believe that this focus implies that the balance sheet is more important than the income statement? Explain.

  What is the market value of a bond that will pay a total

what is the market value of a bond that will pay a total of fifty semiannual coupons of rs.80 each over the remainder

  Meir benson and lau are partners and share income

Assume that Benson does not retire from the partnership described in Part 1.

  Different from that provided by a generic not for profit?

How is the information provided to a user of a not for profit hospital financial statements different from that provided by a generic not for profit?

  Mystic inc uses a job order costing system and applies

mystic inc. uses a job order costing system and applies overhead to jobs at a predetermined rate of 4.25 per direct

  In february one of the processing departments at grosz

in february one of the processing departments at grosz corporation had beginning work in process inventory of 18000 and

  A total of 5100 units were started and 4400 units were

atwich corporation uses the weighted-average method in its process costing system. this month the beginning inventory

  On february 23 muir corp issued for cash 21000 shares of

on february 23 muir corp issued for cash 21000 shares of non-par common stock at 25. o october 6 muir issued at par

  Budgeted overhead for cinnabar industries at normal

1. if a company purchases raw materials on account for 19830 when the standard cost is 18900 it willa. debit materials

  Accrual basis of accounting

Question 1: Most corporations use the accrual basis of accounting.

  Determine the tax value of forms of relief

Throughout the textbook, it has been stated that tax relief can come in several forms. Assuming that the taxpayer in question is in a 28% marginal tax rate bracket and the time value of money is 6%, determine the tax value of the following forms o..

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