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

  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.

  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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd