User Account

All Pages

Record the disposal of the equipment on November

Assignment Help Accounting Basics
Reference no: EM132484421

Question - Cullumber Limited purchased delivery equipment on March 1, 2016, for $117,500 cash. At that time, the equipment was estimated to have a useful life of five years and a residual value of $10,010. The equipment was disposed of on November 30, 2018. Cullumber uses the diminishing-balance method at one times the straight-line depreciation rate, has an August 31 year end, and makes adjusting entries annually.

Required -

A. Record the acquisition of equipment on March 1, 2016.

B. Record depreciation at August 31, 2016, 2017, and 2018.

C. Record the disposal of the equipment on November 30, 2018, under each of the following independent assumptions:

1. It was sold for $62,130.

2. It was sold for $82,010.

3. It was retired for no proceeds.

Reference no: EM132484421

Questions Cloud

Why the law of demand might not hold : Would you expect most supply curves to have an upward slope? Why or why not
What will be the journal entry to record : What will be the journal entry to record as per GAAP. On March 31,2012 H&L was notified that its tree growing factory will need to perform clean up
How much is the value added to the papers delivered : Pam is a high school student who delivers papers to earn some money. How much is the value added to the papers delivered? What is valuable for the customers
Calculate IRR to determine best design using a spreadsheet : Calculate IRR to determine best design using a spreadsheet. Fiesta foundry is considering a new furnace that will allow them to be more productive.
Record the disposal of the equipment on November : Record the disposal of the equipment on November 30, 2018, under each of the following independent assumptions: It was retired for no proceeds
Advise Bob on his legal position : Advise Bob on his legal position in light of the above facts. It is important that in using the ILAC system you make it clear what the legal basis
Calculate the capital investment amount for pump : Calculate the capital investment amount for pump SP240 such that the firm would be indifferent as to which pump model is selected?
Upward-sloping supply curve : Suppose the market for wheat is competitive, with an upward-sloping supply curve, a downward-sloping demand curve
Effect of a quota on the equilibrium price : Use appropriate diagrams to discuss the effect of a quota on the equilibrium price and equilibrium quantity of a product in the local market.

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

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