Reference no: EM1394465
Disposal of Plant Assets
During the current year, Ramirez Developers disposed of plant assets in the following transactions:
Feb. 10
Office equipment costing $26,000 was given to a scrap dealer at no charge. At the date of disposal, accumulated depreciation on the office equipment amounted to $25,800.
Apr. 1
Ramirez sold land and a building to Claypool Associates for $900,000, receiving $100,000 cash and a five-year, 9 percent note receivable for the remaining balance. Ramirez's records showed the following amounts: Land, $50,000; Building, $550,000; Accumulated Depreciation: Building (at the date of disposal), $250,000.
Aug. 15
Ramirez traded in an old truck for a new one. The old truck had cost $26,000, and its accumulated depreciation amounted to $18,000. The list price of the new truck was $39,000, but Ramirez received a $10,000 trade-in allowance for the old truck and paid only $29,000 in cash. Ramirez includes trucks in its Vehicles account.
Oct. 1
Ramirez traded in its old computer system as part of the purchase of a new system. The old system had cost $15,000, and its accumulated depreciation amounted to $11,000. The new computer's list price was $8,000. Ramirez accepted a trade-in allowance of $500 for the old computer system, paying $1,500 down in cash, and issuing a one-year, 8 percent note payable for the $6,000 balance owed.
Instructions
a. Prepare journal entries to record each of the disposal transactions. Assume that depreciation expense on each asset has been recorded up to the date of disposal. Thus you need not update the accumulated depreciation figures stated in the problem.
|
Explain a major trade regulation or policy
: Assess and explain a major trade regulation or policy of the United States (please choose a regulation or policy other than one already discussed by your classmates). What purpose(s) does the regulation or policy serve?
|
|
Collecting data from telephone survey
: A person decides to take a telephone survey of 40 families in the 721-exchange area (sometimes referred to as prefix). You want an excellent representation of all subscribers in the exchange area.
|
|
Discuss the marketing objectives in each stage
: Using all your knowledge of the new product life cycle, speculate on the stages of the life cycle your electric car will pass through being sure to discuss the marketing objectives in each stage giving specific e.g. of the objectives along with yo..
|
|
Explain why proline frequently encountered
: Why is proline frequently encountered at the places in the myoglobin and hemoglobin molecules where the polypeptide chain turns a corner?
|
|
Prepare journal entries to record the disposal transactions
: Prepare journal entries to record each of the disposal transactions. Assume that depreciation expense on each asset has been recorded up to the date of disposal
|
|
How can managers of today organisations benefit
: Kent Co. is a large US organization with no international business. it has two branches within the United States, an eastern branch also a western branch, Each presently makes investing or financing decisions independently, as if it were a separat..
|
|
Detailed explanation to random sample
: A random sample of 56 people measured accuracy w/ positive errors representing watches that are ahead of the correct time and negative rep. those behind the time.
|
|
Stating about the sample-independent or dependent
: A computer is used and it is found that the P-value = 0.0016. What can you state about the sample (independent or dependent) and what can you conclude about the evidence?
|
|
Describe social-economic and political forces of china
: Is China probably to undergo the important political reform over next 20 years? Be certain to describe underlying social, economic and political forces.
|