Diaz Company owns a machine that cost $126,100 and has accumulated depreciation of $91,700. Prepare the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Diaz Company owns a machine that cost $126,100 and has accumulated depreciation of $91,700. Prepare the entry to record the disposal of the machine on January 1 in each separate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2. Diaz sold the machine for $16,700 cash. 3. Diaz sold the machine for $34,400 cash. 4. Diaz sold the machine for $41,000 cash. View transaction list Journal entry worksheet < 1 2 3 Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. Date General Journal Debit Jan 01 Loss on disposal of machine Record entry Clear entry Credit View general journal V Journal entry worksheet 1 2 3 Record the sale of the machine for $16,700 cash. Note: Enter debits before credits. Date General Journal Jan 01 Clear entry Record entry Debit > Credit View general journal Journal entry worksheet < 1 2 3 4 Record the sale of the machine for $34,400 cash. Note: Enter debits before credits. Date General Journal Jan 01 Clear entry Record entry Debit Credit View general journal Journal entry worksheet < 1 2 3 Record the sale of the machine for $41,000 cash. Note: Enter debits before credits. Date General Journal Jan 01 Clear entry Record entry Debit Credit View general journal > Diaz Company owns a machine that cost $126,100 and has accumulated depreciation of $91,700. Prepare the entry to record the disposal of the machine on January 1 in each separate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2. Diaz sold the machine for $16,700 cash. 3. Diaz sold the machine for $34,400 cash. 4. Diaz sold the machine for $41,000 cash. View transaction list Journal entry worksheet < 1 2 3 Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. Date General Journal Debit Jan 01 Loss on disposal of machine Record entry Clear entry Credit View general journal V Journal entry worksheet 1 2 3 Record the sale of the machine for $16,700 cash. Note: Enter debits before credits. Date General Journal Jan 01 Clear entry Record entry Debit > Credit View general journal Journal entry worksheet < 1 2 3 4 Record the sale of the machine for $34,400 cash. Note: Enter debits before credits. Date General Journal Jan 01 Clear entry Record entry Debit Credit View general journal Journal entry worksheet < 1 2 3 Record the sale of the machine for $41,000 cash. Note: Enter debits before credits. Date General Journal Jan 01 Clear entry Record entry Debit Credit View general journal >
Expert Answer:
Answer rating: 100% (QA)
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 A Date Jan01 ... View the full answer
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
Students also viewed these accounting questions
-
Muscle activity causes (a) Increase in body temperature (b) Decrease in BMR (c) Decrease in venous return (d) Reduction in blood and lymph flow
-
: We recommend downloading the most recent versions of Tableau Reader and/or Power BI Desktop. Both are free to use. You may use either the Tableau file or Power BI file for this assignment. Both...
-
find the total number of combinations of 5 letters a,b,a,b,b taking some or all at a time?
-
You have been asked, as a consultant, by the chief compliance officer of a multi-facility health system to assist in evaluating the organizations current enterprise-wide coding compliance plan for...
-
Lucy Bennett is angry with Austin Lyte. He is behind schedule developing supporting material for tomorrows capital budget committee meeting. When she approached him about his apparent lackadaisical...
-
Researchers in Norway examined the records of 85,176 children to look for a possible association between use of folic acid during pregnancy and development of autism. The null hypothesis of interest...
-
Recall, venue is the geographic district where a case can properly be heard. Find the venue for the California state court where your paralegal school or residence is located.
-
Complete the chart below, indicating the Calvet Trusts entity accounting income for each of the alternatives. For this purpose, use the following information. Interest income, taxable Interest...
-
What training methods ( traditional and with technology / computer ) have you experienced? List the positives and negatives of these types of training, including what was successful and not...
-
On June 12, 2002, Delta Corporation was awarded a $160,000 contract for testing a product. The contract consisted of $143,000 for labor and materials, and the remaining $17,000 was profit. The...
-
Financial reporting is typically much more detailed than managerial accounting. True False
-
(a) What are three characteristics that make leaseback arrangements attractive to lessee businesses? (b) What are the characteristics that make them attractive to lessor financial institutions?
-
How has the growth of the Internet affected the problem of transactions costs and information costs in the financial system?
-
Who may perform an audit for a public corporation?
-
Under the common law, how long a period of notice must be given to terminate a yearly tenancy? What is the meaning of clear as it relates to notice?
-
What standard of care and skill is expected of corporate directors in relation to environmental offences?
-
A metal plate has 1 4 . 6 1 0 1 3 electrons added. Later, 1 . 3 C of charge isadded. If the final charge on the plate is 5 . 6 C , what was its initial charge?
-
The financial statements of Eastern Platinum Limited (Eastplats) are presented in Appendix A at the end of this textbook. Instructions (a) Does East plats report any investments on its statement of...
-
Refer to information in QS 23-2. Assume the actual cost to manufacture one metal bat was $ 40. Compute the cost variance and classify it as favorable or unfavorable. In QS 23-2, BatCo makes metal...
-
Refer to Satu Companys financial statements and related information in Problem 16-4B. In Problem 16-4B, Satu Company, a merchandiser, recently completed its 2013 operations. For the year, (1) all...
-
King Company produces variations of its product, a megatron, in response to custom orders from its customers. On June 1, the company had no inventories of goods in process or finished goods but held...
-
Assume that an account has the following characteristics: Number of items in the account-300 Recorded amount- \(\$ 600,000\) Sample size-100 Required: a. If the sample mean is \(\$ 1,800\) and mean...
-
You desire to estimate the amount of the inventory of your client. Draper. Inc. You satisfied yourself earlier as to the inventory quantities. During the audit of the pricing and extension of the...
-
The following data for a substantive test using sampling are available: Population recorded amount- \(\$ 200,000\) Tolerable misstatement \(\$ 10,000\) Number of items in the population-200 Risk of...
Study smarter with the SolutionInn App