User Account

All Pages

Prepare any journal entries necessary to record the disposal

Assignment Help Accounting Basics
Reference no: EM132031055

Question - On July 1, 2016, Osceola Company retired a metal stamping machine that it had originally purchased for $1,500,000. At December 31, 2015, the machine had a book value of $125,000 and was being depreciated on a straight-line basis at $75,000 per year. Osceola sold the machine for $200,000.

Required:

1. Prepare any journal entries necessary to record the disposal of the machine.

2. Next Level How does the disposal of the machine affect the 2016 financial statements?

Reference no: EM132031055

Questions Cloud

Understanding about sounds and symbol systems : What are some listening and speaking activities/strategies teachers could use to help students develop phonemic awareness.
Describe disclosures required for related-party transactions : Describe the disclosures required for related-party transactions. Why is it important that companies disclose related-party transactions
Define policy analysis paper for a social work class : Policy Analysis paper for a social work class. Must be 8 pages long. Company policy must be in compliance with the state of Arizona.
Describe pre-reading strategies and learning activities : Describe pre-reading strategies and learning activities teachers can use to increase early literacy, awareness of sounds and print
Prepare any journal entries necessary to record the disposal : At December 31, 2015, the machine had a book value of $125,000, Prepare any journal entries necessary to record the disposal of the machine
School special and different from other unis : Please list all of the facts which make university of pennsylvania esp wharton school special and different from other unis.
Is the issue dissected well with the socio-ecological model : Is the issue dissected well with the socio-ecological model? Do you have a good sense of the influences on the health issue?
Prepare journal entries for goodman to record the exchange : The truck has a cost of $12,000 and a book value of $8,000 on Harmes' books. Prepare journal entries for Goodman and Harmes to record the exchange
Pilots dead-sticked the king air to the ramp : The pilots dead-sticked the King Air to the ramp, through a fence, over a berm, and into a pond.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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