Journal entries to update the depreciation on the truck

Assignment Help Financial Accounting
Reference no: EM13863870

On 2009 August 31, Hutch Company sold a truck for USD 6,900 cash. The truck was acquired on 2006 January 1, at a cost of USD 17,400. Depreciation of USD 10,800 on the truck has been recorded through 2008 December 31, using the straight-line method, four-year expected useful life, and an expected salvage value of USD 3,000.

Prepare the journal entries to update the depreciation on the truck on 2009 August 31, and to record the sale of the truck.

Reference no: EM13863870

Questions Cloud

Each outstanding shares of common stock would receive : Wetzels INC has 20,000 shares of cumulated preferred stock outstanding with annual dividends paid at a rate $2 per share. Wetzel INC also has 40,000 shares of common stock outstanding. Preferred dividends were passed in the prior year. If Wetzels INC..
Prepare a multiple-step income statement : The adjusted trial balance of Pacific Scientific Corporation on December 31, 2016, the end of the company’s fiscal year, contained the following income statement items ($ in millions): sales revenue, $2,155;  Prepare a multiple-step income statement ..
What are the benefits of using international teams : What are the benefits of using international teams? Please do some outside research, and provide an example
Verify the ending inventory balance : verify the ending inventory balance.
Journal entries to update the depreciation on the truck : On 2009 August 31, Hutch Company sold a truck for USD 6,900 cash. The truck was acquired on 2006 January 1, at a cost of USD 17,400.  Prepare the journal entries to update the depreciation on the truck on 2009 August 31, and to record the sale of the..
Identify the type of quality improvement plan : Identify the type of quality improvement plan you will use and include consideration of the effects that implementation of the proposal will have upon at least three different stakeholder perspectives. How will your plan improve overall quality in..
Prepare the statement of cash flow : Prepare the statement of cash flow
What are pros and the cons of eva as a performance measures : What are the pros and the cons of EVA as a performance measures? what recommendations would you make to Védrine concerning the decisions to be made in January, 2001?
Examine the concept of emotional quotient : Explore the elements of emotional intelligence that leaders must be aware of to increase leadership effectiveness - Examine the concept of emotional quotient compared to traditional "intelligence quotient.

Reviews

Write a Review

Financial Accounting Questions & Answers

  How transaction would be reflected in financial statements

Explain why Believer believes this lease should be categorised as a finance lease. You should refer to relevant international accounting standards to justify your answer.

  Calculation of different variances

Calculation of Different Variances -  Determine the following variances and indicate whether each is favorable or unfavorable.

  Use the data below to answer the questions that follow

use the data below to answer the questions that follow. assume that the company uses the periodic inventory system.

  Retail and wholesale grocery company

Retail and wholesale grocery company

  Improve performance for the second quarter

Rosen should be seriously considered for the CEO position and discuss three shortcomings of the absorption approach for internal decision-making

  Prepare the adjusting journal entry needed on december

Prepare the adjusting journal entry needed on December 31, 2012 and prepare the journal entry to record the sale of the Carolina Company stock during 2013.

  Construct excel spreadsheet to solve preceding requirement

Build a spreadsheet:Construct an Excel spreadsheet to solve the preceding requirement. Show how the solution will change if the following information changes: actual output was 13,350 cases, and actual variable overhead was $609,000.

  Calculation of current assets total assets amp net

calculation of current assets total assets amp net income.calculate 1 current assets 2 total assets 3 net income based

  Prepared a multiple-step income statement

The Note Payable was issued on December 1, 2011.  The terms of the note state that the principal and interest is to be paid two years from the issuance date.  The interest rate stated on the note is 3 percent.

  Find out whether the machine should be purchased

Assume the company’s minimum acceptable rate of return is 12%. Using the net present value method, find out whether the machine should be purchased.

  Appropriately applies the equity method of accounting

BuyCo holds 25 percent of the outstanding shares of Marqueen and appropriately applies the equity method of accounting. Excess cost amortization (related to a patent) associated with this investment amounts to $10,000 per year.

  What would your export response to coca-cola be if the

what would your export response to coca-cola be if the price of pepsi doubled? if the prices of coca-cola and pepsi

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