Fast Delivery is the world's largest express transportation company. In addition to the world's largest fleet...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Fast Delivery is the world's largest express transportation company. In addition to the world's largest fleet of all-cargo aircraft, the company has more than 670 aircraft and 56,000 vehicles and trailers that pick up and deliver packages. Assume that Fast Delivery sold a delivery truck that had been used in the business for three years. The records of the company reflected the following: Delivery truck cost Accumulated depreciation $ 49,000 33,900 Required: 1. Prepare the journal entry for the disposal of the truck, assuming that the truck sold for: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. $15,100 cash b. $15,600 cash c. $12,800 cash View transaction list Journal entry worksheet < 1 2 3 Record the disposal of the truck, assuming the truck was sold for $15,100 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Clear entry Record entry View general Journal Fast Delivery is the world's largest express transportation company. In addition to the world's largest fleet of all-cargo aircraft, the company has more than 670 aircraft and 56,000 vehicles and trailers that pick up and deliver packages. Assume that Fast Delivery sold a delivery truck that had been used in the business for three years. The records of the company reflected the following: Delivery truck cost Accumulated depreciation $ 49,000 33,900 Required: 1. Prepare the journal entry for the disposal of the truck, assuming that the truck sold for: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. $15,100 cash b. $15,600 cash c. $12,800 cash View transaction list Journal entry worksheet < 1 2 3 Record the disposal of the truck, assuming the truck was sold for $15,100 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Clear entry Record entry View general Journal
Expert Answer:
Answer rating: 100% (QA)
Solution Gainloss on sale Cash Accumulated Depreciation Original cost No ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Fast Delivery is the world's largest express transportation company. In addition to the world's largest fleet of all-cargo aircraft, the company has more than 663 alrcraft and 63,000 vehicles and...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
A company's fiscal year-end is December 31, Year 1. The following is an adjusted triai baiance as of December 31. Accounts Debit Credit $ 11,200 35,000 26,000 Cash Supplies Prepaid Rent Accounta...
-
A 12-in. diameter circular plate is placed over a fixed bottom plate with a 0.1-in. gap between the two plates filled with glycerin as shown in Fig. P1.89. Determine the torque required to rotate the...
-
Draw a graph of money demand and money supply with the nominal interest rate on the vertical axis and money balances on the horizontal axis. Assume the central bank is following a money growth rule...
-
Answers are given at the end of these exercises. Solve 3x 2 > 7.
-
What decision-making criteria are used to select CIs?
-
Delgado Manufacturing Company reports long-term liabilities and stockholders equity balances at December 31, 2011, as follows: Convertible 5% bonds (par) . . . . . . . . . . . . . . . . . . . . . . ....
-
The firm's production function tell you if a twofold (threefold, etc) increase in all inputs increases output by less than twofold (less than threefold, etc.). Based on this information answer the...
-
Identify at least one researchable question for each of the following issues (in questions 612). 6. A cable network has just entered into an agreement granting it the right to show reruns of a hit TV...
-
Discuss a punishment goal of the criminal law system in relation to the business world. Is this punishment goal met? Why or why not? What ethical implications arise in practice with this goal?...
-
Assume the discount rate is 1 0 % . there are two projects A and B . project A is a one year project with an investment cost of 1 0 0 0 and a cash flow of 1 4 0 0 in year one. project b is an...
-
The interest rate is 8 % p . a . compounded monthly. A project requires an investment of $ 1 0 0 0 today. It pays $ 1 0 0 in 3 5 days, $ 2 0 0 in 6 4 days, $ 3 0 0 in 1 0 0 days, and $ 4 5 0 in 3 0 0...
-
In order to raise money for a large capital purchase, Starbucks, Inc. decided to issue 20-year semi-annual bonds with a 7% annual coupon. Now, 10 years into the bond term, the bonds are selling for...
-
You obtain a $ 2 6 4 , 0 0 0 home loan with an APR of 3 . 7 % and monthly payments over 3 0 years. Suppose that immediately after you make your 2 6 th monthly payment, you decide to sell the house...
-
Top Flight Air Modulators sold $ 1 million of advanced radar equipment for commercial airlines last quarter at a 2 5 percent markup over production costs. Depreciation expense on the fixed assets...
-
Exercises: Complete the exercises using the Java files and then make note of the results in the 10.08 Worksheet. 1. Complete the implementation of the provided Card class. You will need to complete:...
-
The outer loop controls the number of students. Note that the inner loop of this program is always executed exactly three times, once for each day of the long weekend. Modify the code so that the...
-
On January 1, 2011, Victor Corporation sold a $1,400,000, 8 percent bond issue (6 percent market rate). The bonds were dated January 1, 2011, pay interest each June 30 and December 31, and mature in...
-
Using the data in M12-3, assume that Yale Company purchased the voting stock of Carol Corporation for the trading securities portfolio instead of the available-for-sale securities portfolio. Give the...
-
Refer to the financial statements of American Eagle Outfitters given in Appendix B at the end of this book. Required: 1. On the statement of cash flows, what was the largest item (in absolute value)...
-
A steel bar 20 mm diameter is loaded as shown in Fig. 13.11 (a). Determine the stresses in each part. 25kN A B C D 10kN 5 kN 20kN 200 mm 250 mm 150mm- (a)
-
A steel bar of 25 mm diameter is loaded as shown in Fig. 13.12 (a). Calculate the stress in each portion and the total elongation. Take \(E=200 \mathrm{GPa}\). B 30 kN 20 kN C D 15 kN -200mm 100 -300...
-
A stepped bar is loaded as shown in Fig. 13.13 (a). Calculate the stress in each part and total elongation. \(E=200 \mathrm{GPa}\). A B 25 mm+ 25 10 kN 4500mm 500mm (a) 20 mm 2 _ 750 mm D 5 kN
Study smarter with the SolutionInn App