User Account

All Pages

Journalize all entries required on the given dates

Assignment Help Accounting Basics
Reference no: EM13300344

Here are selected 2014 transactions of Cleland Corporation.

Jan. 1
Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $61,270 and had a useful life of 10 years with no salvage value.
June 30
Sold a computer that was purchased on January 1, 2012. The computer cost $35,200 and had a useful life of 4 years with no salvage value. The computer was sold for $5,100 cash.
Dec. 31
Sold a delivery truck for $9,190 cash. The truck cost $24,540 when it was purchased on January 1, 2011, and was depreciated based on a 5-year useful life with a $3,330 salvage value.

Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Cleland Corporation uses straight-line depreciation.

Reference no: EM13300344

Questions Cloud

Should the firm accept the following project : A firm evaluates all of its projects by applying the IRR rule. If the required return is 18%, should the firm accept the following project?
A calcium oxide reacts with water in a combination reaction : Calcium oxide reacts with water in a combination reaction to produce calcium hydroxide: A 5.50-g sample of \rm CaO is reacted with 5.31 g of H_2O. How many grams of water remains after completion of reaction
Determine undrained shear strength on compacted soil sample : An unconfined compression test was conducted on a compacted soil sample, 50 mm diameter by 100 mm long. The peak axial force recorded was 230 N and the sample shortened by 2 mm.
Excisional biopsy of superficial lymph nodes : Excisional biopsy of superficial lymph nodes of the neck by means of an open procedure for non-hodgkin's lymphoma.....looking for cpt and icd codes...
Journalize all entries required on the given dates : Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Cleland Corporation uses straight-line depreciation.
Explain temperature you must first find the value of g0 : To find the value of the equilibrium constant at each temperature you must first find the value of G0 at each temperature by using the equation G0 = H0 - TS0 For this reaction the values are H0 = +88.3 kJ/mol and S0= 151.3 J/mol*K
Determine the molar fraction of the gas that condenses : The stream from a gas well is a mixture containing 50 mol % methane, 10 mol % ethane, 20 mol % propane, and 20 mol % n-butane. This stream is fed into a partial conderser maintained at a pressure of 250 psia
Refrigerator was only partially destroyed : Brian contracted to purchase a refrigerator from Big Buy, an electronics retailer. Big Buy agreed to deliver the refrigerator to Brian’s home. The truck delivering the refrigerator is hit by another truck and all of the contents were destroyed. Who b..
Calculate the percentage of chlorine in a sodium : Calculate the percentage of chlorine in a sodium hypochlorite powder if 5.0 kg of powder gives off 2.3 kg of chlorine.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Ideas for a new business in your community

Discuss ideas for a new business in your community. Explain what is the new business will you provide and why your community is need of such a business.

  Provide the fund level entries in general journal

The Central Stores Fund of Cook City provides centralized management of purchasing, storage, and issue of supplies for the entire City. For the following summarized transactions and events for the year ended June 30, provide the fund level entries..

  Roi and residual income-missing data

The following data pertain to three divisions of Nevada Aggregates, Inc. The company's required rate of return on invested capital is 8 percent.

  Journal entries for collections with cash discounts

Prepare the journal entries to record the November 17, 2011 (ignore cost of goods) and collection on November 26, 2011, assuming that the gross method of accounting for cash discounts is used.

  Amount of amortization at each interest payment point

Larson Company issued $500,000 of 8%, 5-year bonds at 106. Assuming straight-line amortization and annual interest payments, what is the amount of the amortization at each interest payment point?

  What is shoe market taxable income

The Walstore Shoe Market had $1,875,000 of shoe sales and its cost for these shoes was $688,000. In addition, the Shoe Market received $5,000 of corporate bond interest and $6,000 of interest on State of California bonds.

  New partnership allocate its future net income

How should this new partnership allocate its future net income among these partners?

  Shares which are held in treasury

On december 15, 2010 pascal declared a cash dividend of $2.00 per share to stockholders of recordon december31. The dividend is payyable on january 15 2011 pascal has issued 1,000,000 shares of common stock, of which 50,000 shares are held in trea..

  What is the revenue, cost, and gross profit

The Rushing Construction Company obtained a construction ontract to build a highway and bridge over the Snake River It was estimated at the biginning of the contract that it would take three years to complete the project at an expected cost of $50..

  Concept of common stockholders

Yoder, Inc. has 50,000 shares of $10 par value common stock and 25,000 shares of $10 par value, 6%, cumulative, participating preferred stock outstanding. Dividends on the preferred stock are one year in arrears. Assuming that Yoder wishes to dist..

  Prepare an income statement for the year ended

Prepare an income statement for Wayside Inc. for the year ended December 31, 2010. (List multiple entries from largest to smallest amounts, e.g. 10, 5, 1.)

  Introductory section of cafr

The introductory section of a CAFR typically includes all of the following except

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