Here are selected 2022 transactions of Skysong, Inc.. Jan. 1 Retired a piece of machinery that...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Here are selected 2022 transactions of Skysong, Inc.. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $60,600 and had a useful life of 10 years with no salvage value. June 30 Dec. 31 Sold a computer that was purchased on January 1, 2020. The computer cost $38,100 and had a useful life of 3 years with no salvage value. The computer was sold for $4,900 cash. Sold a delivery truck for $9,000 cash. The truck cost $30,850 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a $3,000 salvage value. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Skysong, Inc. uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021). (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Do not round intermediate calculations.) Here are selected 2022 transactions of Skysong, Inc.. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $60,600 and had a useful life of 10 years with no salvage value. June 30 Dec. 31 Sold a computer that was purchased on January 1, 2020. The computer cost $38,100 and had a useful life of 3 years with no salvage value. The computer was sold for $4,900 cash. Sold a delivery truck for $9,000 cash. The truck cost $30,850 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a $3,000 salvage value. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Skysong, Inc. uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021). (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Do not round intermediate calculations.)
Expert Answer:
Answer rating: 100% (QA)
Lets journalize the transactions for Skysong Inc in 2022 1 January 1 Retired a piece of machinery that was purchased on January 1 2012 The machine cos... View the full answer
Related Book For
Accounting Principles
ISBN: 9781119707110
14th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell
Posted Date:
Students also viewed these accounting questions
-
The estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q = 102e3/2, where q is the demand in monthly sales and p is the retail price in hundreds of yen. (a) Determine...
-
Case Study Assignment Johnson Matthey is one of the worlds leading suppliers of catalysts and process technologies. Over the past ten years, the companys sales of process technology and catalysts for...
-
Here are selected 2022 transactions of Ridge Company. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $62,000 and had a useful life of 10 years with no...
-
Which of the following is true about a statement of cash flows? The statement of cash flows is prepared at the option of management. The statement of cash flows is required by generally-accepted...
-
Refer to the Arctic Springs Filtration Department Data Set. 1. Compute the December conversion costs in the Filtration Department. 2. If the Filtration Department completely processed 200,000 liters,...
-
Let a, b, c, d be any numbers with a In other words, f (x, y) is constant on the rectangle a a. Show that k = 1/((b - a)(d - c)). b. Show that the marginal density of X is fX (x) = 1/(b - a) for a c....
-
Suppose Bonzai Boards, Inc., had sales of \($210,000\) and sales returns of \($18,000.\) Cost of goods sold was \($125,000.\) What was Bonzai Boards gross profit percentage (rounded) for this period?...
-
The demand and supply curves for gasoline are the same in Upper Slobbovia as in Lower Slobbovia. However, in Upper Slobbovia everybody's time is worth just $1 per hour, while in Lower Slobbovia...
-
The audiology department at Randall Clinic offers many services to the clinic's patients. The three most common, along with cost and utilization data, are as follows: Service Basic Examination...
-
Cybernetics Inc. issued $60 million of 5% three-year bonds, with coupon paid at the end of every year. The effective interest rate at the beginning of Years 1, 2, and 3 was 8%, 5%, and 2%. Required:...
-
Research the city of Scranton, Pennsylvania. What lead to their serious financial difficulties that may likely lead to bankruptcy? What mistakes were made? How could this been avoided? What is their...
-
1. Parties: (Plaintiff and Defendant) 2. Issue: (Question the Court is Answering) 3. Rule: (Rule of Law Applied by the Court) 4. Analysis: (How the Court Applied the Rule) 5. Holding: (Legal...
-
Civil or criminal? This assignment is designed to help you remember the difference. You will make a poster highlighting the differences between civil and criminal law. The poster should be arranged...
-
How much has innovation reduced the effects of coronavirus disease?
-
Property can be acquired for private development via Will. In some cases, the court will intervene to vary the provisions of the Will. Here is an example of that - what are your views about this?...
-
A basketball player makes a jump shot. The 0.600-kg ball is released at a height of 2.06 m above the floor with a speed of 7.35 m/s. The ball goes through the net 3.10 m above the floor at a speed of...
-
On December 1 of the current year Chandler Bing opened the "C.B. Men's Wear Shop", and during the month, the following transactions were completed: Dec. 1-Chandler Bing invested P8,000 cash in the...
-
If a test has high reliability. O the test measures what the authors of the test claim it measures O people who take the same test twice get approximately the same scores both times O scores on the...
-
The following are two independent situations. 1 . Gambino Cosmetics acquired 10% of the 200,000 shares of common stock of Nevins Fashion at a total cost of $13 per share on March 18, 2022. On June...
-
Which of the following terms is used for equity under IFRS? a . Shareholders' equity. b . Capital and reserves. c . Shareholders' funds. d . All of the answer choices are correct.
-
IFRS requires that noncash items: a . Be reported in the section to which they relate, that is, a noncash investing activity would be reported in the investing section. b . Be disclosed in the notes...
-
Using Program14.m(fourth-order Runge-Kutta method), solve Problem 11.18 with \(c=1\). Data From Problem 11.18:- Using the central difference method, find the response of the two-degree-of-freedom...
-
Using Program15.m (central difference method), solve Problem 11.20. Data From Problem 11.20:- The equations of motion of a two-degree-of-freedom system are given by \(2 \ddot{x}_{1}+6 x_{1}-2...
-
Using Program16.m(Houbolt method), solve Problem 11.20. Data From Problem 11.20:- The equations of motion of a two-degree-of-freedom system are given by \(2 \ddot{x}_{1}+6 x_{1}-2 x_{2}=5\) and...
Study smarter with the SolutionInn App