User Account

All Pages

Prepare any necessary journal entries to record the sale

Assignment Help Accounting Basics
Reference no: EM131810126

Disposal of Property, Plant, and Equipment

Small Company sold a delivery truck on April 1, 2013. Swann had acquired the truck on January 1, 2009, for $32,450. At acquisition, Small had estimated that the truck would have an estimated life of 5 years and a residual value of $4,950. At December 31, 2012, the truck had a book value of $10,450. Small uses the straight-line method.

Required:

a. Prepare any necessary journal entries to record the sale of the truck, assuming it sold for $10,175: For compound entries, if an amount box does not require an entry, leave it blank or enter "0".

Reference no: EM131810126

Questions Cloud

What is the probability that team a wins the world series : In a world series, terms A and B play until one team has won four games. Assume that each game played is won by team A with probability p.
What are the after-tax cash flows without section 179 : A computer costing $32,000 will be written off, using MACRS, by a small firm whose tax rate is 15%. Annual operating costs are $8000 for 9 years
Sketch the histogram of z and explain the unusual shape : Let X be the number of heads in 20 fair coin tosses, Y a number picked uniformly at random from {0, 1, . . . 20}, independently of X. Let Z = max(X, Y).
What is the after-tax cash flow due to depreciation : If the machine is sold for $2000 in year 10, what is the after-tax cash flow due to depreciation and sale in year 10?
Prepare any necessary journal entries to record the sale : Prepare any necessary journal entries to record the sale of the truck
Effective communication practice in organisations : ITECH 5500 - Professional Research and Communication - Demonstrate expert English language skills in academic and professional contexts
Prepare the journal entries to record current tax liability : Prepare the journal entries to record the current tax liability and movement in the deferred tax assets and deferred tax liabilities.
Corporation taxable income places : Assume MACRS and the current tax law. The corporation's taxable income places it in the top federal income tax bracket. New Tech's interest rate is 9%.
Determine the upper deviation rate : Calculate the appropriate sample size, Determine the upper deviation rate

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