Reinbold Manufacturing has an old factory machine that cost $50,000. The machine has accumulated depreciation of $28,000.
Question:
(a) What entry would Reinbold make to record the sale of the machine for $25,000 cash?
(b) What entry would Reinbold make to record the sale of the machine for $15,000 cash?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 44% (9 reviews)
a Sale of machine for cash at a gain Accumulated Depreciatio...View the full answer
Answered By
Robert Mwendwa Nzinga
I am a professional accountant with diverse skills in different fields. I am a great academic writer and article writer. I also possess skills in website development and app development. I have over the years amassed skills in project writing, business planning, human resource administration and tutoring in all business related courses.
4.90+
187+ Reviews
378+ Question Solved
Related Book For
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Question Posted:
Students also viewed these Accounting questions
-
Ritenour Manufacturing has an old factory machine that cost $50,000.The machine has accumulated depreciation of $28,000 and a fair value of $26,000. Ritenour has decided to sell the machine. (a) What...
-
Thornton Company has an old factory machine that cost $50,000. The machine has accumulated depreciation of $28,000. Thornton has decided to sell the machine. (a) What entry would Thornton make to...
-
Bylie Company has an old factory machine that cost $50,000. The machine has accumulated depreciation of $28,000. Bylie has decided to sell the machine. (a) What entry would Bylie make to record the...
-
On 31 March 1980, Philip acquired a 48-year copyright at a cost of 85,000. The copyright was valued at 92,000 on 31 March 1982. On 31 March 2021, Philip sold the copyright for 47,000. Compute the...
-
A machine component is subjected to the forces and couples shown. The component is to be held in place by a single rivet that can resist a force but not a couple. For P = 0, determine the location of...
-
Fly Away Home Company has three employees an executive director, a travel agent, and a secretary . For the current period, the travel agent worked 4 8 hours and the secretary worked 4 5 hours. Assume...
-
Identify objectives and solution features for the following products: a. An ATM. b. An accounting information system. c. A carwash. d. A car.
-
In the transformer shown in Figure P33.47, the load resistor is 50.0 Ω. The turns ratio N1:N2 is 5:2, and the source voltage is 80.0 V (rms). If a voltmeter across the load measures 25.0 V...
-
For an option trading in the money, what is the likely impact on e binomial option price as the number of binomial steps is increased?
-
A ride hailing company has their DB structured in 3 major tables as described in the SCHEMA section below. Write a query to fetch the top 100 users who traveled the most distance using the service....
-
Whistler Corporation purchased a piece of equipment for $50,000. It estimated an 8-year life and $2,000 salvage value . At the end of year four (before the depreciation adjustment), it estimated the...
-
Match the statement with the term most directly associated with it. Goodwill Intangible assets Research and development costs Amortization Franchise 1. _______ Rights, privileges, and competitive...
-
The time it takes you to swim 100 yards in a race is normally distributed with mean 62 seconds and standard deviation 2 seconds. In your next five races, what is the probability that you will swim...
-
Australian citizens aged 60 or over who are not working more than 20 hours per week are eligible for a free Seniors Card. Issued by individual state governments, the card provides government...
-
Erik is under contract with a textbook publisher to provide interesting and current examples to reinforce key theoretical concepts. He makes \( 50\) per hour for doing this work. Erik also wants to...
-
The European Youth Card offers discounts on culture, travel, accommodation, shopping, and services in most European countries. Anyone under the age of 30 or 26 , depending on the country, can...
-
Goods often sell for different prices in different countries. Suppose the inverse demand curves in two countries are \(p_{1}=40-3 Q_{1}\) and \(p_{2}=90-2 Q_{2}\), and a monopoly produces at constant...
-
In a nuts snack packet, it is mentioned that the content is \(32 \%\) cashews and \(68 \%\) peanuts. A researcher is trying to find out if the actual content of the packet has changed from what is...
-
An air-cooled utility engine needs to dissipate 2,000 W of heat in order to operate at a steady temperature of 150C when the ambient temperature is 25C. The engine block can be represented as a...
-
The test statistic in the NeymanPearson Lemma and the likelihood ratio test statistic K are intimately related. Consider testing H 0 : = 0 versus H a : = a , and let * denote the test statistic...
-
The police force of a large city had to decide between two different approaches to keeping the officers on the force informed about the changes in laws. An enlightened administrator of this force...
-
Jack and Lance are discussing how the market price of a bond is determined. Jack believes that the market price of a bond is solely a function of the amount of the principal payment at the end of the...
-
Natalie Pendlay, the chief financial officer of Mullins Inc., is considering the options available to her for financing the companys new plant. Short-term interest rates right now are 6%, and...
-
Samuel Engels says that liquidity and solvency are the same thing. Is he correct? If not, how do they differ?
-
After the company issues an initial public offering and they desire to offer additional shares, one option is the seasoned equity offering. What are the differences between a convertible bond and a...
-
4. A stock provides a dividend yield of 5.0% paid semi- annually. The spot price of the stock is currently $500, and the risk-free rate is 7.5% with continuous compounding for all maturities. 1. What...
-
1. A 1000 bond issued on January 10, 2021 is paying coupons at a nominal interest rate of 7% payable semiannually. The bond is redeemed at par and matures on January 10, 2031. The nominal yield rate...
Study smarter with the SolutionInn App