Jolie Company owns equipment with a cost of $85,500 and accumulated depreciation of 76,200. Required: Prepare the
Question:
Required:
Prepare the journal entry to record the disposal of the equipment on April 9 assuming:
1. Jolie sold the equipment for $11,200 cash.
2. Jolie sold the equipment for $7,900 cash?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 91% (12 reviews)
1 Journal Date Account and Explanation Debit Credit Apr 9 Accumulated Depreciation 76200 Cash 1120...View the full answer
Answered By
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others.
I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years.
I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Cost Accounting questions
-
Jefferson Company owns equipment with a cost of $95,000 and accumulated depreciation of $60,000 that can be sold for $40,000, less a 6% sales commission. Alternatively, the equipment can be leased by...
-
Monroe Company owns equipment with a cost of $235,000 and accumulated depreciation of $185,000 that can be sold for $120,000, less a 4% sales commission. Alternatively, the equipment can be leased by...
-
Timberlake Company owns equipment with a cost of $ 165,000 and accumulated depreciation of $ 60,000 that can be sold for $ 82,000, less a 6% sales commission. Alternatively, the equipment can be...
-
(a) Find the Maclaurin series for the function f(x)= ln(1+x) and hence that for In(1+x) (b) By keeping the first four terms in the Maclaurin series for In(1+x) integrate the function In(1+x) from x =...
-
Employing Eq. (6.2e), find the probability D of an electron with energy E tunneling through a potential barrier of width l and height U0 provided the barrier is shaped as shown: (a) In Fig. 6.4; (b)...
-
Ducks Cable Inc. sells two internet bundles, Donald and Daisy. The company sells 1 . 5 Donald bundles for every one Daisy bundle. The unit contribution margins for Donald bundles and Daisy bundles...
-
Statistical sampling may be applied to test controls when a client's control procedures: a. Depend primarily on segregation of duties. b. Are carefully reduced to writing and are included in client...
-
Arvin Tax Preparation Services has total budgeted revenues for 2014 of $ 618,000, based on an average price of $ 206 per tax return prepared. The company would like to achieve a margin of safety...
-
Describe how storytelling might be used to promote inclusiveness and diversity in organizations? What are the benefits and risks? Describe an example when storytelling was (or could be) useful for...
-
Provide the following for the following challenge exercise: a) Income Statement, Gross Margin Standard, year-to-date b) All Journal Entries c) Customer Aged Detail, all customers, with terms at Mar...
-
On January 1, 2019, the Kelley Company ledger showed a building with a cost of $250,000 and related accumulated depreciation of $96,000. The depreciation resulted from using straight-line...
-
Pitt reported the following information for 2018 and 2019: Required: Compute Pitt's fixed asset turnover ratio and the average age of its fixed assets. 2018 2019 Property, plant, and equipment, cost...
-
Why do companies need transfer-pricing systems?
-
What business allowed Barry Minkow to grow the company?
-
Of what offense was Scrushy ultimately convicted?
-
What is the name of the software program that tracks a PC users keystroke activity and alerts the cyber-gang each time the PC user logs into their bank account?
-
What was Barry Minkows original business?
-
How long was Mr. Scrushys prison sentence?
-
Write a program that animates the bean machine introduced in Programming Exercise 7.21. The animation terminates after ten balls are dropped, as shown in Figure 15.36b and c. The bean machine, also...
-
In what ways does a well-designed enterprise search software vary from popular search engines (e.g., Bing, DuckDuckGo, and Google)?
-
Develop a brief answer to each of the following questions: 1. What role does the internal audit department play in internal control? 2. What role does a bank reconciliation play in internal control...
-
Match the following items with the related statements below: a. Company environment b. Risk assessment c. Information and communication d. Control activities e. Monitoring 1. The company has an...
-
Alina Sadofsky, who operates a small grocery store, has established the following policies with regard to the checkout cashiers: 1. Each cashier has his or her own cash drawer, to which no one else...
-
EZ Tees Corporation produces T-shirts. The company uses a standard costing system and has set the following standards for direct materials and direct labor (for one shirt): Fabric (1.5 yds. @ $2.80)...
-
Question : List the competitive advantages of Nordstrom: the things that make it different from competitors in positive ways. Nordstrom: A Shining Example of Service Excellence 'Use your best...
-
Redfield Company uses two types of direct labor for the manufacturing of its products: fabricating and assembly. Redfield has developed the following standard mix for direct labor, where output is...
Study smarter with the SolutionInn App