Orbit Airways purchased a baggage- handling truck for $ 41,000. Suppose Orbit Airways sold the truck on
Question:
Orbit Airways purchased a baggage- handling truck for $ 41,000. Suppose Orbit Airways sold the truck on December 31, 2014, for $ 28,000 cash, after using the truck for two full years and accumulating depreciation of $ 16,000. Make the journal entry to record Orbit Airways’ sale of the truck.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (8 reviews)
Journal DATE ACCOUNTS POST REF DR CR 2014 Dec 31 Cash 28000 AccumulatedDeprecia...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
Financial Accounting
ISBN: 978-0132889711
1st Canadian Edition
Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper
Question Posted:
Students also viewed these Accounting questions
-
On March 31, 2014, Orbit Airways purchased a used Boeing aircraft at a cost of $ 45 million. Orbit Airways expects to fly the plane for five years and to have a residual value of $ 5 million. Compute...
-
Make the journal entry to record each of the following transactions: (a) The company purchased inventory for $5,000. The purchase was made on account. (b) The company paid cash of $3,500 on its...
-
On March 31, 2015, Orbit Airways purchased a used Boeing aircraft at a cost of $45 million. Orbit Airways expects to fly the plane for five years and to have a residual value of $5 million. Compute...
-
The mid-day wind speed, in knots, at a coastal resort is normally distributed with mean 12.8 and standard deviation . a. Given that 15% of the recorded wind speeds are less than 10 knots, find the...
-
Suppose Walmart is allowed to open a bank that accepts deposits and makes loans at its U.S. stores. a. How might this affect existing banks, especially community banks? b. In general, who might gain...
-
Consider a binary code with 5 bits (0 or 1) in each code word. An example of a code word is 01010. In each code word, a bit is a zero with probability 0.8, independent of any other bit. (a) What is...
-
Bailey Stokes uses a purchases journal, a cash payments journal, a sales journal, a cash receipts journal and a general journal. Indicate in which journals the following transactions are most likely...
-
The following types of internal controls are commonly used by organizations for property, plant, and equipment: 1. A fixed asset master file is maintained with a separate record for each fixed asset....
-
QUESTION 3 (20 MKS) a) Obtain the time-independent Schrodinger Wave equation from the time dependent equation. [10 mks] b) Solve the time-independent Schrodinger equation given that,(x) = Aekx [10...
-
Skylar and Walter Black have been married for 25 years. They live at 883 Scrub Brush Street, Apt. 52B, Las Vegas, NV 89125. Skylar is a stay-at-home parent and Walt is a high school teacher. His W-2...
-
Classify each of the following expenditures as capital expenditure (CAP) or revenue expenditure (REV): .......... a. Purchase price .......... b. Ordinary recurring repairs to keep the machinery in...
-
When one media company buys another, goodwill is often the most costly asset acquired. World Media paid $ 700,000 to acquire the Dandy Dime, a weekly advertising paper. At the time of the...
-
Knox Chemical Corporation is one of the largest producers of isopropyl alcohol, or isopropanol, as it frequently is called. Isopropanol is used to produce acetone, an important industrial chemical;...
-
Based on the SAIFM Code of Conduct and the Financial Institutions (Protection of Funds) Act, Do you think the codes of conduct discussed are enough to ensure that Financial Services Providers act...
-
Goshford Company produces a single product and has capacity to produce 170,000 units per month. Costs to produce its current sales of 136,000 units follow. The regular selling price of the product is...
-
The subject of the Project Execution Plan is a project of the student's own choosing. Students will not physically carry out a project but will use the ideas to develop a project plan and create a...
-
Standard Bertrand and Cournot competition assumes simultaneous move. Suppose now that, because of size or industry norms, one firm is always the first to set price or output, with a second firm...
-
Inflation refers to the increase in general price levels of goods and services over a period. It reduces the purchasing power of money, which can have significant impacts on businesses. For example,...
-
There are 32 ounces in a quart. If 2 quarts of milk costs $2.65, what is the cost of milk per ounce, to the nearest cent? A. $0.04 B. $0.08 C. $0.24 D. $0.41 E. $0.64
-
Find a least expensive route, in monthly lease charges, between the pairs of computer centers in Exercise 11 using the lease charges given in Figure 2. a) Boston and Los Angeles b) New York and San...
-
The summaries of data from the balance sheet, income statement, and retained earnings statement for two corporations, Bates Corporation and Wilson Enterprises, are presented below for 2012....
-
The annual report provides financial information in a variety of formats, including the following. Management discussion and analysis (MD&A) Financial statements Notes to the financial statements...
-
Presented below are five independent situations. (a) Three physics professors at MIT have formed a business to improve the speed of information transfer over the Internet for stock exchange...
-
In what ways do organizations integrate sustainability principles and circular economy concepts into their innovation strategies, including cradle-to-cradle product design, resource recovery...
-
On December 31, 2022, Skysong Inc. owns a machine with a carrying amount of $824,000. The original cost and accumulated depreciation for the machine on this date are as follows: Machine $1,400,000...
-
discuss the following terms Concepts of Motivation at work place 2) Six Real life situations of Motivation at work place 3) Benefits observed of Motivation at work place 4) Limitations observed of...
Study smarter with the SolutionInn App