User Account

All Pages

Prepare the journal entry to record its purchase on january

Assignment Help Accounting Basics
Reference no: EM131720108

Problem - On January 1, 2017, Evers Company purchased the following two machines for use in its production process.

Machine A: The cash price of this machine was $53,500. Related expenditures included: sales tax $3,650, shipping costs $200, insurance during shipping $100, installation and testing costs $60, and $150 of oil and lubricants to be used with the machinery during its first year of operations. Evers estimates that the useful life of the machine is 5 years with a $4,400 salvage value remaining at the end of that time period. Assume that the straight-line method of depreciation is used.

Machine B: The recorded cost of this machine was $180,000. Evers estimates that the useful life of the machine is 4 years with a $10,200 salvage value remaining at the end of that time period.

Prepare the following for Machine A.

1. The journal entry to record its purchase on January 1, 2017.

2. The journal entry to record annual depreciation at December 31, 2017.

Reference no: EM131720108

Questions Cloud

How does community policing expand the police mission : A policing philosophy that is that identifies social problems and holds the police solely accountable and responsible for addressing these concerns?
Normal population for which the population standard : A sample of 245 observations is selected from a normal population for which the population standard deviation is known to be 25. The sample mean is 20.
Describe the laws of physics : Motives and desires exert forces on people, causing them to choose one thing over another. But force is a physical quantity, governed by the laws of physics.
Both parties signed the contract with electronic signatures : Cable Corp. contracted online to buy several TV movies from Movies, Inc. Both parties signed the contract with electronic signatures.
Prepare the journal entry to record its purchase on january : Prepare the following for Machine A: The journal entry to record its purchase on January 1, 2017. And The journal entry to record annual depreciation at Decmber
Define his past history has not been monogamous : He is sexually active with his partner and his past history has not been monogamous. How would you handle the situation
What is the probability that at least 8 of them : A new surgery is successful 80% of the time. If the results of 9 such surgeries are randomly sampled, what is the probability that at least 8 of them
How you will present the results of your research project : You will indicate how you will present the results of your research project to organizational decision makers or policy makers.
Duration of the pregnancy of a randomly : What is the probability that the duration of the pregnancy of a randomly chosen pregnant woman will last less than 260 days?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Which of the following controls would be

Which of the following controls would be the most appropriate means to ensure that terminated employees are removed from the payroll?a) Mailing all checks to individual employee home addresses.b) Requiring direct deposit of all payroll checks.c) Reco..

  Preferred balance sheet presentation

Using the letters provided, classify items (1-13) according to the most commonly preferred balance sheet presentation.

  Present some arguments to convince him

Present some arguments to convince him that accounting data should still be based on cost.

  You have just won a free trip to the destination of your

you have just won a free trip to the destination of your choice and all airline or other transportation costs are

  Percentage of the allowance for doubtful accounts

Compute the percentage of the allowance for doubtful accounts to the accounts and notes receivable for The XYZ Corporation. Compute the percentage of the allowance for doubtful accounts to the accounts receivable for Patient Care.

  What was the amount of net cash

FINANCIAL REPORTING PROBLEM: Tootsie Roll Industries, Inc. What was the amount of net cash provided by operating activities for 2011? For 2010

  Prepare the adjusting entry to record these bonds

Assume that the fair value of the bonds at December 31, 2014, was $1,430,000. These bonds are classified as available-for-sale securities. Prepare the adjusting entry to record these bonds at fair value.

  Noncontrolling interest share of consolidated net income

Race decided to use the equity method to account for this investment. What was the noncontrolling interest's share of consolidated net income?

  Prepare a vertical common-size analysis

Using the balance sheets, prepare a vertical common-size analysis for 2011 and 2010. Use total assets as a base. Using the balance sheets, prepare a horizontal common-size analysis for 2011 and 2010. Use 2010 as the base.

  Mark developed a new type of recording device

Mark developed a new type of recording device, which he named The Listener. He wrote an operatin manual for the device. What can Mark obtain trademark protection for?

  Federal income tax consequences

In its asset corpus, Liu holds a number of investments that are valued at $100,000. One of them is a plot of land with a tax basis to the trust of $80,000. Assuming that the trust agreement allows, what are the Federal income tax consequences if Li..

  Prepare general journal entries for all transactions

ACC1100D ACCOUNTING INDIVIDUAL ASSIGNMENT. Prepare General Journal entries for all transactions for December, post the December journal entries to "T" ledger accounts in the General Ledger, and prepare a Trial Balance, of ledger account balances at..

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