User Account

All Pages

Prepare the required journal entry to record disposal

Assignment Help Financial Accounting
Reference no: EM13971744

Assume that a company sold a delivery van that had been used in the business for three years. Records of the company related to the van reflect the following:
Delivery van cost ..........$42,500
Accumulated Depreciation .......$25,200

Required:

1. Prepare the required journal entry to record disposal of the van, assuming the following sales amounts for cash:
a. $17,300
b. $20,500
c. $15,800

2. Based on the situation above, explain the effects of the disposal of an asset on the company's financial statements.

Reference no: EM13971744

Questions Cloud

Hedge of an anticipated purchase : On December 1, 2008, Jolly Rice Company enters into a 90-day forward contract with a rice speculator to purchase 500 tons of rice at $1,000 per ton.
Is one character attracted to another : Each play we read poses challenges of interpretation that may be addressed in performance (in this case film). For instance, is a particular character evil or simply impulsive? Is one character attracted to another
Historic stock market average : Assume that you want to retire early at age 54. You plan to save using one of the following two strategies: (1) save $4,200 a year in an IRA beginning when you are 24 and ending when you are 54 (30 years) or (2) wait until you are 39 to start savi..
Determine the equivalent capacitance : A 15.0 μF capacitor is charged to 200 V and is then connected across a 46.0 Ω resistor. What is the current in the resistor after 6.4 μs? Amp 2. Determine the equivalent capacitance between A and B for the group of capacitors in the drawing. Let C1 =..
Prepare the required journal entry to record disposal : 1. Prepare the required journal entry to record disposal of the van, assuming the following sales amounts for cash:a. $17,300b. $20,500c. $15,800
Why target overlooked or ignored the red flag(s). : Conclude the main reasons why the attack on Target occurred. Give your opinion as to whether or not the attack was mainly due to the poor infrastructure or the inability of management to act accordingly. Justify your response.
Computing the current stock price : a. What is your estimate of the current stock price? b. Suppose instead that you estimate the terminal value of the company using a PE multiple. The industry PE multiple is 10. What is your new estimate of the company's stock price?
An interference pattern is formed on a screen : Two slits are separated by 0.135 mm. An interference pattern is formed on a screen 49.0 cm away by 656.3-nm light. Calculate the fraction of the maximum intensity a distance 0.600 cm away from the central maximum.
Article summary - an ontology of scientific experiments : Summarize the given article in 200-300 words. In addition, consider the issues raised by the article. Article- An ontology of scientific experiments

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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