Journal entry to record orbits sale

Assignment Help Accounting Basics
Reference no: EM13124458

Orbit Airways ourchased a baggage-handling truck for $41,000. Suppose Orbit sold the truck on December 31,2008 for $28,000 cash,, after using the truck for two full years and accumulationg depreciation of $16,000. Make the journal entry to record Orbit's sale of the truck.

Could you answer the question on new MS Excel file?

Reference no: EM13124458

Questions Cloud

Solve composition of functions and isomorphisms : Composition of Functions and Isomorphisms, I can't prove the following statements about functions f:A->B and g:B->C, 1. If gof is one-to-one then so is f.
The article about organic foods : eading the article about organic foods, and then write a summary on the Introduction part. And the body part should be the my own opinions about organic foods and conventional foods. And I chose to disagree with the writers.
Illustrate how does the information system : The effect of information systems may be quantified in every organization. Using specific examples in your own organization, illustrate how does the information system you use make your job easier? Why? How may it be improved?
Illustrate how does the information system : The effect of information systems may be quantified in every organization. Using specific examples in your own organization, illustrate how does the information system you use make your job easier? Why? How may it be improved?
Journal entry to record orbits sale : Orbit Airways ourchased a baggage-handling truck for $41,000. Suppose Orbit sold the truck on December 31,2008 for $28,000 cash,, after using the truck for two full years and accumulationg depreciation of $16,000. Make the journal entry to record ..
Linearly independent or linearly dependent : In the following case, state if the following set of vectors are linearly independent or linearly dependent. Justify your answer.
Illustrate the advantages and disadvantages of using : What are the problems associated with dependence on human information processing and paper documentation? Explain your response. Illustrate the advantages and disadvantages of using real-time versus batch accounting information architecture?
Linearly independent-linearly dependent : In the following case, state if the following set of vectors are linearly independent or linearly dependent. Justify your answer.
What is marys basis in the real property : Mary received a liquidating distribution from ABC Corporation as part of the complete liquidation of ABC Corporation. Mary's basis for her ABC Corporation stock was $10,000.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Audit proceedures regarding management assertion

What were the limitations of the audit proceedures regarding management assertion of existence in the zzz best case?

  What journal entries did they book to go from the beginning

DAN had $2000 beginning balance in utilities payable. he had an ending balance of $4000. Over the course of the period ABC received a bill for utilities for $5000. How much cash did they apy for utilities over the course of teh period?

  Stock after the distribution

Dixie Corporation distributes $31,000 to its sole shareholder, Sally. At the time of the distribution, Dixie's E&P is $25,000 and Sally's basis in her Dixie stock is $10,000. Sally's basis in her Dixie stock after the distribution is ??

  Variable overhead efficiency variance calculations

V Company's product has a labor standard of 2 hours per unit. For 2011, it estimates its production will be 200,000 units (400,000 DLHs). It budgets total overhead at $900,000, which results in a fixed overhead rate of $1.50 per hour.

  Determine the tax consequences of the redemption

Determine the tax consequences of the redemption to Tammy and to Broadbill under the following independent circumstances.

  Basic function of an accounting system

The left-hand side of an account is used in recording debits, and the right hand side is used for recording credits in, Which of the following is NOT a basic function of an accounting system:

  Using target costing to fix pricing problems

The following conversation took place between Dean Lancaster, vice president of marketing, and Dina Conaway, controller of Redwood Computer Company:

  Organization operating income

Explain how producing more products can be sold in a period can increase the organization's operating income. Is this a sustainable tactic to increase the organization's operating income?

  Cardinal corporation have in the assets

What basis will Cardinal Corporation have in the assets acquired from Finch Corporation?

  Preparing a four-column bank reconciliation

By preparing a four-column bank reconciliation ("proof of cash") at year-end, an auditor will generally not be able to detect:

  Taxes and shares

Longhorn Company reports current E&P of $100,000 in 20X3 and accumulated E&P at the beginning of the year of negative $200,000. Longhorn distributed $300,000 to its sole shareholder on January 1, 20X3. The shareholder's tax basis in his stock in L..

  Direct-indirect foreign investment

What are some advantages and disadvantages of different types of direct and indirect foreign investments?

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