User Account

All Pages

Make the journal entry for the disposal of the furniture

Assignment Help Financial Accounting
Reference no: EM132941220

Marriott International is a worldwide operator and franchisor of hotels and related lodging facilities totalling over $3.9 billion in property and equipment. It also develops, operates, and markets time-share properties totalling nearly $4.0 billion. Assume that Marriott replaced furniture that had been used in the business for five years.

The records of the company reflected the following regarding the sale of the existing furniture:

Furniture (cost) $6,200,000

Accumulated depreciation 5,290,000

Required:

Problem 1. Prepare the journal entry for the disposal of the furniture, assuming that it was sold for:

a. $910,000 cash
b. $2,120,000 cash
c. $610,000 cash

Reference no: EM132941220

Questions Cloud

What are the two different categories of integrity tests : What is the relationship between adverse impact and Integrity tests? What are the two different categories of integrity tests?
What the stock beta as per the capital asset pricing model : The expected return on the market is 15% and the expected return on Stock S is 12%, the stock's beta, as per the Capital Asset Pricing Model (CAPM) must be
Compute the amount of depreciation for each of years : Vaughn Company purchases equipment on January 1, Year 1, at a cost of $518,000. Compute the amount of depreciation for each of Years
Identifying stakeholders of performance management processes : Who and what impact would you consider when identifying stakeholders of the performance management processes?
Make the journal entry for the disposal of the furniture : Assume that Marriott replaced furniture. Prepare the journal entry for the disposal of the furniture, assuming that it was sold for $610,000 cash.
Calculate and interpret the monthly turnover : As Human Resource Manager, you recently completed your company's new compensation plan. You are happy with the results but know there is more to retaining the e
How fast would the firm continue to develop : The company's projection of a 4.7% rate of growth in its cash flows is somewhat uncertain. How fast would the firm continue to develop
Prepare the journal entry to record the settlement of asset : Prepare the journal entries to record the acquisition of the drilling platform, and the asset retirement obligation for the platform, on January 1, 2020.
What are the business names : Select any two U.S. businesses that interest you to answer the following questions:

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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