User Account

All Pages

Indicate the journal entry to be made to record transaction

Assignment Help Accounting Basics
Reference no: EM133158955

Question - On December 31, 2020, Oriole Inc. has a machine with a book value of $1,391,200. The original cost and related accumulated depreciation at this date are as follows.

Machine $1,924,000

Less: Accumulated depreciation 532,800

Book value $1,391,200

Depreciation is computed at $88,800 per year on a straight-line basis.

Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal.

A fire completely destroys the machine on August 31, 2021. An insurance settlement of $636,400 was received for this casualty. Assume the settlement was received immediately.

Reference no: EM133158955

Questions Cloud

Describe values underlying population management : Describe the values underlying population management. Explain how invasive species have been used in population management.
Why strategic family therapy can be helpful intervention : Explain why brief strategic family therapy can be a helpful intervention to treat adults, young drug users, with externalizing behavior, and with criminal outco
Primary function of human resources : What should the primary function(s) of Human Resources be to help you achieve the event hotel goals?
Describe your emotional or intellectual responses : Discuss what you like about this and why you are drawn to it. Describe your emotional or intellectual responses.
Indicate the journal entry to be made to record transaction : Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction
Challenges of creating fusion music : 1. How do Hawaiians use music to express their unique identity within American culture?
Explain specific cuts that medicaid has made in recent years : You are the administrator of a health care organization in a Texas city bordering Mexico that accepts Medicaid as a payor. Recent Medicaid policies and discount
Write research proposal to fund a survey : Students will write research proposal to fund a survey that pertains to peanut allergies and children. Your maximum budget for this research is $400,000.
Antibiotic-resistant microbial strains : Antibiotic-resistant microbial strains are becoming more prevalent and therefore making once easily treated infections more difficult to treat.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Firm is considering projects s and l whose cash flows are

firm is considering projects s and l whose cash flows are shown below. these projects are mutually exclusive equally

  What amount of owner drawings were made during the month

If owner's equity at October 31 totals $40,000, what amount of owner drawings were made during the month

  In an essay of 1250-1500 words comprehensively discuss

in an essay of 1250-1500 words comprehensively discuss causal factors the implications and possible mitigation

  What is the default risk premium of treasury bond

The 15 year Treasury bonds are yielding 3.75% while a 15 year AAA rated corporate bond yields 6.25%. If the liquidity premium on this corporate bond is 0.75%.

  Describe the special feature which makes callable bonds

explain the special feature that makes callable bonds attractive to an issuing corporation. why would some bonds be

  Applied 362400 of direct materials requistion no 679 and

applied 3624.00 of direct materials and 8120.00 of direct labor time ticket no. 129 to jo no. 403 which will complete

  Create a daily budget plan for mayand

Create a daily budget plan for Mayand describe it in great detail. Describe two specific action plans you are going to initiate in order to stay.

  What liability and expense did the city report

If this landfill is judged to be a proprietary fund, what liability and expense did the city report at the end of the third year

  Evaluate documents in the sales and collection process

Evaluate the Cash receipts clerks should reconcile a company's bank statement at least monthly. Documents in the sales/collection process

  What is the company cost of equity capital

The company's tax rate is 25%. Ortiz's CFO has calculated the company's WACC as 10.8%. What is the company's cost of equity capital

  Calculate company X shares using cash flow valuation method

Weighted average cost of capital - 10% and Long-term FCF growth rate - 3%. According to the discounted cash flow valuation method, Company X shares are

  Plot the relationship between overhead cost and labor-hour

Plot the relationship between overhead costs and labor-hours. Draw the regression line and evaluate it using the criteria of economic plausibility.

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