Prepare the appropriate journal entries on March

Assignment Help Accounting Basics
Reference no: EM132570931

Question - Barnes Ltd purchased equipment on 1 January 2013 for $80,000 and estimated an $8,000 salvage value at the end of the equipment's 10-year useful life. On 31 December 2019, there was $50,400 in the Accumulated depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2020, the equipment was sold for $21,000. Barnes's fiscal year end is 31 December. Prepare the appropriate journal entries on March 31, 2020.

Reference no: EM132570931

Questions Cloud

How is nursing process used in developing health education : How is the nursing process used in developing health education? Describe a contemporary issue, local or global, that a family may experience today.
Discuss the role of innovation as a key to bmw success : Discuss the role of innovation as a key to BMW's success. How does this focus help position BMW for the future?
Identify risk factors that a prevention program could impact : This is to be a 500 word discussion on the following: Healthy people 2020 is a guide to promote preventative care. Review Primary, Secondary and Tertiary.
Actual demand minus forecast : A company finds that its forecasts, using an (alpha) a of 0.20, are becoming increasingly inaccurate (error is increasing).
Prepare the appropriate journal entries on March : The equipment was sold for $21,000. Barnes's fiscal year end is 31 December. Prepare the appropriate journal entries on March 31, 2020
How does the given regulation influence the nurse role : Nursing is a very highly regulated profession. There are over 100 boards of nursing and national nursing associations throughout the United States and its.
How much cash will have five years : How much (or less) cash will you have 5 years from now based upon that error if rate to invest funds is 10%? Prepare budget based upon the amount of cash flow
Storing a list of interest rates : A generic definition of inventory is 'anything of potential value to the customer that can be made/acquired/done and stored
Ethics in public budgeting : Review the article "A New Ethics of the Budgetary Process" and think about how ethical codes in budgeting foster a sense of ethical responsibility.

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