Question: Presented below are selected transactions at Ridge Company for 2017. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2007. The

Presented below are selected transactions at Ridge Company for 2017.

Jan. 1 Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $ 62,000 on that date. It had a useful life of 10 years with no salvage value.

June 30 Sold a computer that was purchased on January 1, 2014. The computer cost $45,000. It had a useful life of 5 years with no salvage value. The computer was sold for $14,000.

Dec. 31 Discarded a delivery truck that was purchased on January 1, 2013. The truck cost $33,000. It was depreciated based on a 6-year useful life with a $3,000 salvage value.

Instructions

Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Ridge Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2016.)

Step by Step Solution

★★★★★

3.32 Rating (173 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Jan 1 Accumulated Depreciation x Equipment62000 Equipment 62000 June 30 Depreci... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

426-B-A-I-A (4955).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Presented below are selected transactions at Ridge Company for 2015. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2005. The machine cost $62,000 on that date. It had a useful...

Presented below are selected transactions at Ridge Company for 2019. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2009. The machine cost $62,000 on that date. It had a useful...

Presented below are selected transactions at Ridge Company for 2014. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $62,000 on that date. It had a useful...

Presented below are selected transactions at Ridge Company for 2017. Presented below are selected transactions at Ridge Company for 2017 Jan. 1 Retired a piece of machinery that was purchased on...

Presented below are selected transactions at Ridge Company for 2017. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $61,800 on that date. It had a useful...

Presented below are selected transactions at Ridge Company for 2017. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $64,500 on that date. It had a useful...

Exercise 9-9 Presented below are selected transactions at Ridge Company for 2017. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $61,700 on that date. It...

Instructions (a) Compute the revised annual depreciation on each asset in 2017. (Show computations (b) Prepare the entry (or entries) to record depreciation on the building in 2017. E10-9 Presented...

Exercise 9-9 Presented below are selected transactions at Ridge Company for 2017. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $61,900 on that date. It...

The five-number summary for the total revenue (in $M) of the top 100 movies of 2012 looks like this: Are there any outliers in these data? How can you tell? What might your next steps in the analysis...

Is it accurate to say that central banks have complete control over nominal interest rates? Explain why or why not.

The balance sheet classification under which a company reports customer deposits and receipts for services that have not yet been performed.

Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication...

Determine I xx for the cylinder with a centered circular hole. The mass of the body is m. r2

Two buffers are prepared by adding an equal number of moles of formic acid (HCOOH) and sodium formate (HCOONa) to enough water to make 1.00 L of solution. Buffer A is prepared using 1.00 mol each of...

Sketch the probability distribution for the number of accidents on the same stretch of road in one year. How and why does this differ from your previous answer?

A companys single-serving cereal boxes advertise 1.63 ounces of cereal. In fact, the amount of cereal X in a randomly selected box can be modeled by a Normal distribution with a mean of 1.70 ounces...

T. Melcher Company uses the calendar year. Sales are at a peak during the holiday season, and T. Melcher Company extends 30-day credit terms to customers. Comment on the expected liquidity of its...

Selected transactions from the journal of Trisha Spoor, investment broker, are presented below. Instructions (a) Post the transactions to T-accounts. (b) Prepare a trial balance at August 31,2014....

The T-accounts below summarize the ledger of Zimmer Landscaping Company at the end of the first month of operations. Instructions (a) Prepare the complete general journal (including explanations)...

Presented below is the ledger for Harbach Co. Instructions (a) Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each. (b)...

i need correct answrrs 6 1 2 .

LastHW-Q7 Suppose the Japanese yen exchange rate is 76.47 = $1, and the British pound exchange rate is 1 = $1.56. {Enter your answer as directed, but do not round intermediate calculations.)...

The manager of a company is interested in finding the impact hours of training for the employers, and their IQ on their job skills. The employees have taken a test to find out their job skills. Data...