User Account

All Pages

Subject to straight line depreciation

Assignment Help Accounting Basics
Reference no: EM13871250

The Houston Corporation acquires machinery from the South Company in exchange for a $20,000 non interest bearing, five year note on June 30, 2009. The note is due on June 30, 2014. The machinery has a fair value of $11,348.54, is subject to straight line depreciation, and has an estimated life of 10 years (no residual value). Houston's fiscal year ends June 30.

Required:
Prepare the journal entries on each of the following dates to record the preceding information for Houston Corporation:
1. June 30, 2009 

2. June 30, 2010 

3. June 30, 2011 

4. June 30, 2012

5. June 30, 2013

6. June 30, 2014 

Reference no: EM13871250

Questions Cloud

Distinguish between a defined benefit pension plan : Distinguish between a defined benefit pension plan and a defined contribution pension plan.
The problem from mineral processing class : The problem from mineral processing class. Need to find the number of grinding balls required. I know that we need to find two volumes first, but not sure which formula. Could someone help me?
Motivational talk with students : Suggest what topic you will select with reason.Your motivational talk with students.
A statement of net position for the euef : repare the journal entries necessary to record these transactions in the EUEF Prepare a statement of revenues, expenses, and changes in net position Prepare a statement of net position for the EUEF.
Subject to straight line depreciation : The Houston Corporation acquires machinery from the South Company in exchange for a $20,000 non interest bearing, five year note on June 30, 2009.
Should the nutty productions incorporation extend credit : Nutty Productions Inc. generated service revenue of $ 30,000 and income from operations of $ 10,000. The company estimates that, had it extended credit it would have instead generated $ 60,000 of service revenue, but it would have incurred $ 25,000 o..
Intro and experimental majority of content written down : Need help with writing a lab report on multistep synthesis of ASA (organic chem 1) Intro and Experimental majority of content written down
About the effective annual rate : Which one of the following statements is TRUE about the effective annual rate (EAR)?
Which will bill the gef for services rendered : Accounting for the GEF will be done by the city, existing accounting department (a General Fund department) which will bill the GEF for services rendered at the end of the year. To help the GEF get on its feet financially, no interfund payables wi..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Computing budgeted overhead application rate

Suppose a company uses machine hours as a cost-allocation base for factory overhead. How does the company compute a budgeted overhead application rate? How does it compute the amounts of factory overhead applied to a particular job?

  Tthe stockholders equity section of ennis company consists

tthe stockholders equity section of ennis company consists of common stock 300000 and retained earnings 900000. ennis

  Rostand inc operates a delivery service for over 70

rostand inc. operates a delivery service for over 70 restaurants. the corporation has a fleet of vehicles and has

  Insufficient information to estimate a return rate

Someone offers to sell to you a financial contract that will pay $90 at the end of each of the next five years, plus an additional $1000 at the end of the fifth year. If they will sell the contract for $950, what rate of return are they offering o..

  Riven corporation has a single product whose selling price

riven corporation has a single product whose selling price is 20. at an expected sales level of 2240000 the companys

  What age is retirment if 6 growth rate future value 1 mil

what age is retirment if 6 growth rate future value 1 mil at 65yrs 35 periods from age 30-64 on 45th birthday bring in

  Laura mcantee was just hired as the assistant treasurer of

laura mcantee was just hired as the assistant treasurer of dorchester stores. the company is a specialty chain store

  Mcdougal is a good friend of krunch the owner of a local

express versus implied contracts. suppose that a local businessperson mcdougal is a good friend of krunch the owner of

  Can someone show me how to do this i am having issues and

can someone show me how to do this. i am having issues and being able to see the working helps me understand it

  Applicable interest rate for bonds

The bonds pay interest annually on December 31st and mature in 20 years. The applicable interest rate for bonds of this length and risk, is 12%. A. How much do the bonds sell for?

  Couple include in gross income

For the 2015 tax year. Kevin and Janet are married and file a joint retire. They have Social Security Benefits of $13,000, and their adjusted gross income is $20,000. They also received $30,000 in tax free municipal bond interest. How much if any,..

  Continued existence of countertrade

How do you describe the continued existence of counter trade? Under what scenarios may its popularity increase still further by the year 2015?

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