Solution-Ottawa corporation owns machinery that cost

Ottawa corporation owns machinery that cost

Assignment Help Accounting Basics

Reference no: EM131118012

1. Ottawa Corporation owns machinery that cost $20,000 when purchased on July 1, 2007. Depreciation has been recorded at a rate of $2,400 per year, resulting in a balance in accumulated depreciation of $8,400 at December 31, 2010. The machinery is sold on September 1, 2011, for $10,500. Prepare journal entries to

(a) Update depreciation for 2011 and

(b) Record the sale.

Reference no: EM131118012

Questions Cloud

How much sterile water will you use : The pharmacist hands you a 1.5L bottle of a 20% solution and asks that you mix it with sterile water to make as much 12% solution as possible. How much sterile water will you use?

Find the numerical value of the area : Calculate the derivative of the function and explain why the sign of the derivative and Find the numerical value of the area

Board of directors of a local nonprofit corporation : You sit on the board of directors of a local nonprofit corporation. At its last meeting, the board decided to begin to fund a very modest retirement pension for the organization's custodian. The details of the plan are as follows.

Use the information presented for ottawa corporation : Use the information presented for Ottawa Corporation in BE10-14, but assumes the machinery is sold for $5,200 instead of $10,500. Prepare journal entries to

Ottawa corporation owns machinery that cost : Ottawa Corporation owns machinery that cost $20,000 when purchased on July 1, 2007.

Evaluate the effectiveness of the process : Discuss the influence the decision-making process had on the outcome. Evaluate the effectiveness of the process. What stages were most challenging and why?

Condemnation of socialism in statement : What are some of the reasons given by Leo XIII for his condemnation of socialism in this statement? What according to this statement is the basis of family authority?

Prepare slatons entry to record the exchange : Slaton Corporation traded a used truck for a new truck. The used truck cost $20,000 and has accumulated depreciation of $17,000. The new truck is worth $35,000.

Colonial rule in the world : During the colonial rule in the world and the agrarian revolution there existed another scientist and expert in machinery he also invented the oxen plough, who was he?

User Account

All Pages

Ottawa corporation owns machinery that cost

Reference no: EM131118012

Reference no: EM131118012

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT