User Account

All Pages

Prepare the journal entry to record the disposal of truck

Assignment Help Accounting Basics
Reference no: EM133172394

Question - VQT Companies is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that VQT sold a delivery truck for $20,000. VQT had originally purchased the vehicle and recorded it in the Truck account for $33,000 and had recorded depreciation for three years.

Required - Prepare the journal entry to record the disposal of the truck, assuming Accumulated Depreciation--Truck was (a) $13,000, (b) $7,000, and (c) $17,000.

Reference no: EM133172394

Questions Cloud

Calculate the amount of taxes payable : Ankit has capital gains of $30,000 that were triggered in January of this year. Calculate the amount of taxes payable that Ankit will pay
Discuss the areas of employee safety : Discuss the areas of employee safety that are most important to you. Do you feel the organization has the same concerns as you?
Prepare a segment margin income statement : Prepare a Segment Margin income statement. Common fixed costs total $25,000 & are allocated one-half to Standard and one-half to Deluxe Standard
What does the term business process mean : What does the term business process mean? What is one of the criticisms of ERP systems? List the guidelines for redesigning a business process.
Prepare the journal entry to record the disposal of truck : Prepare the journal entry to record the disposal of the truck, assuming Accumulated Depreciation--Truck was (a) $13,000, (b) $7,000, and (c) $17,000
Impacts culture and change management practices : Define the IT organizational structure and how the IT organizational structure impacts culture and change management practices.
Prepare journal entries to record the impairment in asset : Prepare the journal entries to record the impairment in asset if any. Record the entry remove accumulated depreciation. Record the impairment loss
Web server issues : Your web servers are experiencing issues with high CPU workload and abnormal spikes in memory because of unpredictable workloads.
Dealing with systems analysis : You will type on the a topic dealing with Systems Analysis.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the annual earnings before interests

What is the annual Earnings before Interests, and Taxes (EBIT) for this project and What is the annual net operating profits after taxes (NOPAT) for project

  Classified as held to maturity

If Dizbert Company concluded that an investment originally classified as available for sale would now more appropriately be classified as held to maturity, Dizbert would:

  Mall in order to maximise rent

How many shops of each type should SuperMalls have in the mall in order to maximise rent? Derive an Linear Program that solves the problem. You do not need to solve the problem!

  Calculate target cost for maintaining current market share

Household Manufacturing Inc. sells its product for $80 each. Calculate the target cost for maintaining current market share and profitability

  Compute a cash flow analysis of the incremental costs

Question - Compute a cash flow analysis of the incremental costs of outsourcing versus not outsourcing based on the attached case study

  What is the benefit of data analysis

What is the benefit of data analysis and data visualization tools? What is the difference between Tableau, Excel, and Power BI for data analysis?

  Prepare an income statement for the year ended december

Prepare an income statement for the year ended December 31, 2011, which includes amounts for gross profit, income before income taxes, and net income

  What amount of maintenance total cost is allocated

Frederick Company has two service departments (Cafeteria Services & Maintenance). Frederick has two production departments (Assembly Department & Packaging).

  Prepare headings for a cash disbursements journal

Pebblebrook Supply uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal.

  Determine the departmental factory overhead rates

Bardot Marine manufactures two types of boats: speedboats and bass boats. Determine the departmental factory overhead rates for both departments

  Prepare a retained earnings statement for the year

Corrected overstatement of 2016 net income because of depreciation error $50,000. Prepare a retained earnings statement for the year

  This information relates to alexis co for the year 2012

this information relates to alexis co. for the year 2012. retained earnings january 1 2012 91147 advertising expense

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