Mitchell parts co had the following plant asset

Assignment Help Financial Accounting
Reference no: EM13379539

Mitchell Parts Co. had the following plant asset transactions during the year:

1. Assets discarded or sold:
Jan. 1 Motor #12, which had a cost of $2,800 and accumulated depreciation of $2,800, was discarded.

8 Motor #8, which had a cost of $4,400 and accumulated depreciation of $4,000, was sold for $200.

14 Motor #16, which had a cost of $5,600 and accumulated depreciation of $5,400, was sold for $450.

2. Assets exchanged or traded in:

Feb. 1 Motor #6, which had a cost of $6,000 and accumulated depreciation of $4,800, was traded in for a new motor (#22) with a fair market value of $7,000. The old motor and $5,600 in cash were given for the new motor.

9 Motor #9, which had a cost of $5,500 and accumulated depreciation of $5,000, was traded in for a new motor (#23) with a fair market value of $6,500. The old motor and $6,200 in cash were given for the new motor.

REQUIRED

Prepare general journal entries for the transactions.

Reference no: EM13379539

Questions Cloud

How should declared but unpaid dividends be recorded the : how should declared but unpaid dividends be recorded? the problem states that the company has a yearend date of dec
Youngsborough products a supplier to the youngsborough : youngsborough products a supplier to the ... youngsborough products a supplier to the automotive industry had seen its
The bennington company uses the perpetual inventory system : the bennington company uses the perpetual inventory system and the fifo inventory cost method. the bennington company
You need to prepare a memo addressing materiality for : you need to prepare a memo addressing materiality for apollo shoes. remember that the workpapers document that we are
Mitchell parts co had the following plant asset : mitchell parts co. had the following plant asset transactions during the year1. assets discarded or soldjan. 1 motor 12
Sir grapefellow tired of selling world war i era : sir grapefellow tired of selling world war i era merchandise for years is currently thinking of entering the breakfast
Question 1an assurance engagement involves evaluation or : question 1an assurance engagement involves evaluation or measurement of subject matter against criteria. discuss the
Select a company you are interested in and obtain a copy : select a company you are interested in and obtain a copy of its most recent annual reportpanera bread. keep this
A private prisoner-transfer facility would lease for 50000 : a private prisoner-transfer facility would lease for 50000 per year which the county is considering to lease. it

Reviews

Write a Review

Financial Accounting Questions & Answers

  Consideration of both financial and nonfinancial factors

What should it do- Include a consideration of both financial and nonfinancial factors and What should be done? Include a consideration of both financial and nonfinancial factors.

  Compute the current ratio and net working capital

Compute the current ratio and Net Working capital -

  Based a variable costing approach

Based a variable costing approach, how would you maximize profits and Based on a throughput costing approach, how would you maximize profits?

  How much revenue will this provide for feds

the obama healthcare bill changes the tax situation for certain "cadillac" health plans. exactly what is the tax law now on health care provided by employers? how will the proposed chages affect taxpayers? how much revenue will this provide for t..

  How much money will be in the account years from now

He also plans to increase his annual deposit by $200 per year. if the college fund earns 4.5% interest, how much money will be in the account 18 years from now?

  Find the not-for-profit entities

Which of the following is common to both governments and not-for-profit entities but distinguishes these entities from for-profit entities?

  Find which of depreciation method applied in part a

find which of depreciation method applied in part a resulted in the lowest reported book value at the end of 2014? is

  Question lehner corporation has provided the subsequent

question lehner corporation has provided the subsequent data from its activity-based costing accounting systemindirect

  Prepare a multiplc-step laconic statement

Prepare a multiplc-step laconic statement and prepare a retained earnings statement - analysis of the accounts and discussions with company officials

  Describe the tactics you would recommend xcaliber to employ

You have been hired as a consultant to improve the throughput of the polishing operation. Describe the tactics you would recommend Xcaliber to employ for handling the capacity limitation.

  Asset turnover and profit margin

Show the effect on the following measures: asset turnover, profit margin, ROI, and RI for the present fiscal year.

  Describe what valuation method you believe companies

Describe what valuation method you believe companies should use to value pension assets – Market-Rated Value or Fair Value. State at least three reasons for your position.

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