On January 2, 2013, Repeat Clothing Consignments purchased showroom fixtures for $ 11,000 cash, expecting the fixtures to remain in service for five years. Repeat has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On October 31, 2014, Repeat sold the fixtures for $ 6,200 cash. Record both depreciation expense for 2014 and sale of the fixtures on October 31, 2014.
Answer to relevant QuestionsOn January 2, 2012, Pet Oasis purchased fixtures for $ 20,000 cash, expecting the fixtures to remain in service for six years. Pet Oasis has depreciated the fixtures on a straight-line basis, with $ 2,000 residual value. On ...Community Bank recently traded in office fixtures. Here are the facts: Old fixtures: New fixtures: Cost .............. $ 96,000Cash paid ............ $ 103,000Accumulated depreciation ....... $ ...During 2014, Mora Corporation completed the following transactions: Jan. 1 Traded in old office equipment with book value of $ 40,000 (cost of $ 132,000 and accumulated depreciation of $ 92,000) for new equipment. Mora also ...On July 31, 2013, Logan Services purchased a copy machine for $ 40,400. Logan Services expects the machine to last for four years and have a residual value of $ 2,000. Compute depreciation expense on the machine for the year ...What are the two types of inventory accounting systems? Briefly describe each.
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