Prepare general journal entries for the transactions

Assignment Help Accounting Basics
Reference no: EM131118146

1. Analysis of Subsequent Expenditures The following transactions occurred during 2011. Assume that depreciation of 10% per year is charged on all machinery and 5% per year on buildings, on a straight-line basis, with no estimated salvage value. Depreciation is charged for a full year on all fixed assets acquired during the year, and no depreciation is charged on fixed assets disposed of during the year.

Jan. 30 A building that cost $112,000 in 1994 is torn down to make room for a new building. The wrecking contractor was paid $5,100 and was permitted to keep all materials salvaged.

Mar. 10 Machinery that was purchased in 2004 for $16,000 is sold for $2,900 cash, f.o.b. purchaser's plant. Freight of $300 is paid on the sale of this machinery.

Mar. 20 A gear breaks on a machine that cost $9,000 in 2006. The gear is replaced at a cost of $3,000. The replacement does not extend the useful life of the machine.

May 18 A special base installed for a machine in 2005 when the machine was purchased has to be replaced at a cost of $5,500 because of defective workmanship on the original base. The cost of the machinery was $14,200 in 2005. The cost of the base was $4,000, and this amount was charged to the Machinery account in 2005.

June 23 One of the buildings is repainted at a cost of $6,900. It had not been painted since it was constructed in 2007.

Prepare general journal entries for the transactions. (Round to the nearest dollar) 

Reference no: EM131118146

Questions Cloud

Which of the two promotion strategies is more risky : Calculate the expected profit under each promotion strategy. Calculate the standard deviation of the distribution of profits for each promotion strategy. Which of the two promotion strategies is more risky?
The one-tailed probability if the effect : A two-tailed probability is .03. What is the one-tailed probability if the effect were in the specified direction? What would it be if the effect were in the other direction?
Does this explain their importance in a particular culture : In light of Erikson and Marcia's theories, discuss how the process of identity development is affected when the adolescent belongs to a minority group (racial, ethnic, sexual, or religious). Be sure to explain these theories and how they apply to ..
Conducted on the effectiveness of a class : Suppose a study was conducted on the effectiveness of a class on "How to take tests." The SAT scores of an experimental group and a control group were compared.
Prepare general journal entries for the transactions : Mar. 20 A gear breaks on a machine that cost $9,000 in 2006. The gear is replaced at a cost of $3,000. The replacement does not extend the useful life of the machine.
Calculate the markup and the selling price for the chairs : Sit Well Corporation manufactured and sold 25,000 chairs this year. Total cost to manufacture per unit was $180. Sit well earned a 25% return on its investment of $6 million. Calculate the markup and the selling price for the chairs.
The advantage of a one-tailed test : When is it valid to use a one-tailed test? What is the advantage of a one-tailed test? Give an example of a null hypothesis that would be tested by a one-tailed test.
Calculate the markup and the selling price for the chairs : Sit Well Corporation manufactured and sold 25,000 chairs this year. Total cost to manufacture per unit was $180. Sit well earned a 25% return on its investment of $6 million. Calculate the markup and the selling price for the chairs.
About the effectiveness of a drug once : For a drug to be approved by the FDA, the drug must be shown to be safe and effective. If the drug is significantly more effective than a placebo, then the drug is deemed effective.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is contribution margin

A technique used to estimate the fixed and variable components of a mixed cost is ____________.

  Accounts of brian kelly

Based on the Conceptual Framework, decide whether and when revenue exists and the appropriate time for this revenue to be recognised in the accounts of Brian Kelly, GoldProspector.

  The outstanding stock of glen corporation

Watkins, Inc. acquires all of the outstanding stock of Glen Corporation on January 1, 2012. At that date, Glen owns only three assets and has no liabilities:

  Prepare the journal entries for rescue sequences

Use the same information in RE13-1 except that the note is not interest bearing. Assume that the note is discounted at a 15% rate.

  Under what circumstances would it be appropriate to use

a under what circumstances would it be appropriate to use each of the activity cost drivers msda to determine the cost

  Civil or criminal proceedings

Consider the following legal actions and indicate whether civil or criminal proceedings would result: (a) Ann decides to divorce her husband, Barry, after 10 years of marriage;

  Chee purchases tan inc bonds for 108000 on january 2 2011

chee purchases tan inc. bonds for 108000 on january 2 2011. the face value of the bonds is 100000 the maturity date is

  Strategic approach for the evaluation of an improvement plan

The success of an improvement plan is evaluated to determine its effectiveness in achieving a better outcome as compared to the previous outcome.

  Qestion suppose the company had used both of the above

the following information regardingthe total overhead of a company for a 4 month

  Assume that management had determined that its

assume that management had determined that its organizations audit committee is not effective. for example lehman

  Is the merchandise inventory turnover favorable or

the following data are taken from the financial

  Assume that wallywill inc offered its customers which are

assume that wallywill inc. offered its customers which are primarily retail stores who sell its products an advertising

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