Record on fosters books the july journal entry

Assignment Help Accounting Basics
Reference no: EM131765672

Question - Foster Glass Company purchased a fax machine on July 1,2007 for $1,800. The fax machine had an estimated useful life of three years and a salvage value of $300. Assume Foster uses the double-declining balance (DDB) depreciation method.

Foster decided to replace its fax machine with a Bizhub on July 1,2008, Eagle Outfitters offered to buy the used fax machine from Foster for $1,000 (proceeds received upon purchase).

Record on Foster's books the July 1,2008 journal entry detailing the sale of the fax machine to Eagle.

Reference no: EM131765672

Questions Cloud

What kind of financial data is needed to make a decision : What kind of financial data is needed to make an informed decision to outsource or not? What is the relevance of the data?
Prepare the appropriate journal entry to record the issuance : Prepare the appropriate journal entry to record the issuance of the note. (2) Prepare the appropriate journal entry on
Compute the given solvency ratios for the companies : Compute the following solvency ratios for the two companies and comment on the relative solvency of the two competitors.
Discuss what is the expected profit for the next month : the variable cost ratio is 40%. What is the expected profit for the next month
Record on fosters books the july journal entry : Foster Glass Company purchased a fax machine on July 1,2007 for $1,800. Record on Foster books July 1,2008 journal entry detailing sale of fax machine to Eagle
Prepare a sales budget for the company for second quarter : Prepare a sales budget for the company for the second quarter of 2014, both by month and the total for the quarter.
What was the amount of jonny''s original investment : What was the amount of Jonny's original investment, which he had invested $14 comma
Write a reflection paper that identifies your strengths : Identifies your strengths and weakness in regards to intercultural competence and your ability to effectively engage .
What is brand proliferation and why is it occurring : What is brand proliferation, and why is it occurring?

Reviews

Write a Review

Accounting Basics Questions & Answers

  What are erosion costs provide one real-life example of an

what are erosion costs? provide one real-life example of an erosion cost for a project. should erosion costs be

  What is the pv of $240 received in year 6

What is the PV of $240 received in year 6

  Ott respond to habbe remark about firing nonvested employees

(Nonvested Employees-An Ethical Dilemma) Thinken Technology recently merged with College Electronix (CE), a computer graphics manufacturing firm.

  How many years will rodman be able to receive payments

How much has accumulated in Rodmans deferred compensation account - how much will Rodman be able to withdraw at the beginning of each year if he elects to receive payments for 16 years?

  Start with the original assumptions notice that managed

start with the original assumptions. notice that managed care plan 1 receives a much lower price in return for sending

  Charlie parker president of spinners company

Charlie Parker, president of Spinners Company, has recently noted that depreciation increases cash provided by operations and therefore depreciation is a good source of funds. Do you agree? Discuss.

  Summarize sales by product for the current and past year

Summarize sales by customer for the current and past year. Summarize sales by product for the current and past year

  The standards for product u31 call for 71 liters of a raw

the standards for product u31 call for 7.1 liters of a raw material that costs 12.10 per liter. last month 1900 liters

  What is the acid-test ratio for the current year

What is the acid-test ratio for the current year? What is the inventory turnover for the current year? What is days' sales in receivables for the current year?

  Following are the amounts of the assets and liabilities of

following are the amounts of the assets and liabilities of oriental travel agency at december 31 2014 the end of the

  In addition you learn that the company incurred advertising

listed below are several transactions that took place during the second two years of operations for rpg consulting.

  Proper year-end adjustment for the expired insurance

Waterfalls Corporation purchased a one-year insurance policy in January 2009 for $60,000. The insurance policy is in effect from March 2009 through February 2010. If the company neglects to make the proper year-end adjustment for the expired insur..

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