Reference no: EM133327637
Case: Here are selected 2017 transactions of Parker-Roberts Corporation.
Jan. 1 Retired a piece of equipment that was purchased on January 1, 2007.
The equipment cost $52,925 and had a useful life of 10 years with no salvage value. Because the
equipment had been purchased 10 years ago, it was fully depreciated at the time it was retired.
June 30 Sold equipment for $12,000 cash that was purchased on January 1, 2015.
The equipment cost $41,550 and had a useful life of 3 years with no salvage value.
Accumulated depreciation up to December 31, 2016 was $27,700.
Dec. 31 Sold equipment for $16,500 cash. The equipment cost $76,000 when it was purchased on January
1, 2014 and was depreciated based on a 5- year useful life with a $6,000 salvage value.
Accumulated depreciation through December 2016 was $42,000.
Required
Journalize all entries required on the above dates, including any necessary entries to update depreciation on assets disposed of.
Note: Parker Roberts Corporation uses straight-line depreciation.
Calculations of the prior december-correction
: Inventory at December 31, 20X8, had been valued on a lower-of-cost-and-net-realizable-value basis, using the prevailing price known at that time, $1.40
|
Role of the brain right and left hemisphere
: What are some things we have learned about the role of the brain's right and left hemisphere when we pay attention?
|
What is marys optimal consumption bundle
: What is Mary's optimal consumption bundle? Now, the price of earrings rises to $3. What is her optimal bundle now?
|
Role of the psychology of wrongful convictions in the case
: Give a basic overview of that individual's case, and, most importantly, (b) explain the role of the psychology of wrongful convictions in the case.
|
Journalize all entries required on the above dates
: Journalize all entries required on the above dates, including any necessary entries to update depreciation on assets disposed of
|
How much does the forecasting process at deckers
: How much does the forecasting process at Deckers correspond with the "typical forecasting process" described at the end of Chapter 8
|
What is the monopoly equilibrium under no policy
: What is the monopoly equilibrium under no policy? What is consumer surplus in this case? What is producer surplus in this case?
|
What was the effective annual rate of return
: The face value of the bond is $1,000. What was the effective annual rate of return (EAR) on his investment? The correct answer is 2.46%, why?
|
What is the effect of these transactions on the net cash
: What is the effect of these transactions on the net cash provided (used) by investing activities?
|