Quick Express, a leading courier company, sold a small delivery truck that had been used in the

Question:

Quick Express, a leading courier company, sold a small delivery truck that had been used in the business for five years. The records of the company reflected the following:

What is the journal entry for the disposal of the truck, assuming that the truck sold for:
1. $8000 cash?
2. $9000 cash?
3. $7100 cash?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting An Integrated Approach

ISBN: 9780170349680

6th Edition

Authors: Ken Trotman, Michael Gibbins, Elizabeth Carson

See More Books

Question Posted: Feb 08, 2024 12:00 AM

See More Questions

Federal Express is the worlds leading express-distribution company. In addition to the worlds largest fleet of all-cargo aircraft, the company has more than 669 aircraft and 53,000 vehicles and...
A 22-year-old man is hypotensive and tachycardic after a shotgun wound to the left shoulder. His blood pressure is initially 80/40 mm Hg. After initial fluid resuscitation his blood pressure...
- Identifying a risk as high, moderate, or low would be an example of which risk assessment? A. Go-for-broke B. Adverse C. Qualitative D. Quantitative h- Risks will be identified during which risk...
Consider the hypothetical eutectic phase diagram for metals A and B, which is similar to that for the lead-tin system, Figure 9.8. Assume that (1) and phases exist at the A and B extremities of the...
The figure shows a steel pressure cylinder of diameter 4 in which uses six SAE grade 5 steel bolts having a grip of 12 in. These bolts have a proof strength (see Chap. 8) of 85 kpsi for this size of...
When you have beginning work-in-process inventory, why is the weighted average method preferred in practice over the First-In-First-Out (FIFO) and Last-In-First-Out (LIFO) methods?
A flat belt is required to transmit $35 \mathrm{~kW}$ from a pulley of $1.5 \mathrm{~m}$ effective diameter running at 300 $\mathrm{rpm}$. The angle of contact is spread over 11/24 of the...
Jack is single and he made his first taxable gift of $1,000,000 in 2008. Jack made no further gifts until 2009, at which time he gave $1,750,000 to each of his three children and an additional...
What are the legal consequences of using corporate assets for personal use? Back it with primary sources like the internal revenue code, internal revenue manual, treasury regulations.
Alley Limited recently purchased certain manufacturing equipment for $810 000. The equipment is expected to have a useful life of four years and a salvage value of $10 000. The manager of Alley...
Gibbs Ltd operates a manufacturing facility to produce its key products. On 1 July 2016, the balance of an equipment account was as follows: During the 2017 financial year, Gibbs Ltd incurred the...
Explain the total cost approach and why it may cause conflicts in some firms. Give examples of how conflicts might occur between different departments.
Over- or Undervalued? The Economist magazine uses the price of a Big Mac to determine whether a currency is undervalued or overvalued. In June 2020, the price of a Big Mac was $5.71 in New York,...
As part of the purchase price for a 9,040-acre ranch, Kirby gave Bergfield a $20,000 check drawn on the Bank of Bellevue. Bergfield had her banker telephone the Bank of Bellevue to inquire about...
David Shin, a silver collector, ran short of cash. He borrowed $1,500 from Vinnie Gaff, giving Gaff the following note: Thirty days from date, I promise to pay to the order of Vinnie Gaff $1,500...
What is the present value of $500, three years in the future if the interest rate is 5 percent?
What are some unfair or deceptive practices?
The company had 100,000 shares of common stock outstanding on January 1. In addition, as of January 1, the company had issued stock options that allowed employees to purchase 40,000 shares of common...
Suppose that the laptop of Prob. 2.16 is placed in an insulating briefcase with a fully charged battery, but it does not go into sleep mode, and the battery discharges as if the laptop were in use....
Refer to the information in E1012. Power Drive Corporation has the following beginning balances in its stockholders equity accounts on January 1, 2024: Common Stock, $100,000; Additional Paid-in...
Refer to the information in E1012. Power Drive Corporation has the following beginning balances in its stockholders equity accounts on January 1, 2024: Common Stock, $100,000; Additional Paid-in...
Diamond Dresses began the year with a balance of $425,000 in Retained Earnings. During the year, the company had net income of $100,000 and declared no dividends. (a) Calculate the ending balance of...
1. A reflecting pool will be made in the shape of the shaded region shown in the figure below. The arcs shown are from equivalent quarter-circles. What is the area of the surface of the pool? Explain...
1. During intermission at sporting events, team mascots commonly use a powerful slingshot to launch tightly rolled up tee shirts into the stands. The height of the airborne tee shirts can be modeled...
35. Perform the indicated operation. 4 3n2-27n+24 5 5n - 40n wwwwww 153 www Pan

Quick Express, a leading courier company, sold a small delivery truck that had been used in the

Question:

Delivery truck cost $47.000 Accumulated depreciation $39000

Step by Step Answer:

Financial Accounting An Integrated Approach

Students also viewed these Business questions