Jan 30 a building that cost 112000 in 1994 is torn down to

Assignment Help Accounting Basics

Reference no: EM13595989

The following transactions occurred during 2011. Assume that depreciation of 10% per year is charged on all machinery and 5% per year on buildings, on a straight-line basis, with no estimated salvage value. Depreciation is charged for a full year on all fixed assets acquired during the year, and no depreciation is charged on fixed assets disposed of during the year.

Jan. 30 A building that cost $112,000 in 1994 is torn down to make room for a new building. The wrecking contractor was paid $5,100 and was permitted to keep all materials salvaged.

Mar. 10 Machinery that was purchased in 2004 for $16,000 is sold for $2,900 cash, f.o.b. purchaser's plant. Freight of $300 is paid on the sale of this machinery.

Mar. 20 A gear breaks on a machine that cost $9,000 in 2006. The gear is replaced at a cost of $3,000. The replacement does not extend the useful life of the machine.

May 18 A special base installed for a machine in 2005 when the machine was purchased has to be replaced at a cost of $5,500 because of defective workmanship on the original base. The cost of the machinery was $14,200 in 2005. The cost of the base was $4,000, and this amount was charged to the Machinery account in 2005.

June 23 One of the buildings is repainted at a cost of $6,900. It had not been painted since it was constructed in 2007.Prepare general journal entries for the transactions.

Reference no: EM13595989

Questions Cloud

Calculate the pressure that must be applied to achieve : calculate the pressure that must be applied to achieve reverse osmosis of 0.504 m nacl separated by a semipermeable

The balance sheet that follows indicates the capital : the balance sheet that follows indicates the capital structure for nealon inc. flotation costs are a 15 percent of

Leon plans to save 300 per month towards retirement at the : leon plans to save 300 per month towards retirement at the beginning of each month. how much would he have in 40 years

One purpose of financial statement analysis for internal : 1-sebring company reports depreciation expense of 40000 for year 2. also equipment costing 140000 was sold for a 5000

Jan 30 a building that cost 112000 in 1994 is torn down to : the following transactions occurred during 2011. assume that depreciation of 10 per year is charged on all machinery

What is the slope of an arrhenius plot for the following : what is the slope of an arrhenius plot for the following reaction?2nocl ----gt 2no cl2temperature k k lmolbulls400 6.6

Company a sets price equal to cost plus 60 recently : company a sets price equal to cost plus 60. recently company a charged a customer a price of 42 for an item. what was

A television camera is 30 ft from the sideline of a : a television camera is 30 ft from the sideline of a basketball court 94 ft long. the camera is located 7ft from the

Which solution would create the higher osmotic pressure : which solution would create the higher osmotic pressure compared to pure water- one prepared from 1.0g of nacl in 10 ml

User Account

All Pages