Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3. Onslow...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3. Onslow paid $8,000 to wire electricity to the machine. Onslow paid an additional S1,600 on January 4 to secure the machine for operation. The machine will be used for six years and have a $23,040 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. 2. Prepare journal entries to record depreciation of the machine at December 31. Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine. Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine. Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3. Onslow paid $8,000 to wire electricity to the machine. Onslow paid an additional S1,600 on January 4 to secure the machine for operation. The machine will be used for six years and have a $23,040 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. 2. Prepare journal entries to record depreciation of the machine at December 31. Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine. Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine.
Expert Answer:
Answer rating: 100% (QA)
answers Purchase price of Machinery Installation Electricity wiring 192000 800... View the full answer
Related Book For
Financial Accounting Information For Decisions
ISBN: 9781260705584
10th Edition
Authors: John J. Wild
Posted Date:
Students also viewed these accounting questions
-
Prepare journal entries to record these transactions: (a) Morrell Corporation disposed of two computers at the end of their useful lives. The computers had cost $ 4,800 and their Accumulated...
-
Prepare journal entries to record its following production activities. 1. Purchased $80,000 of raw materials on credit. 2. Used $34,000 of direct materials in production. 3. Used $41,000 of indirect...
-
Prepare journal entries to record these transactions: (a) Rangel Company retires its delivery equipment, which cost $41,000. Accumulated depreciation is also $41,000 on this delivery equipment. No...
-
How do standard costs illustrate the trade-off between decision making and control?
-
A company has determined that there are seven possible defects for one of its product lines. Construct a Pareto diagram for the following defect frequencies: Defect Code Frequency A ........... 10 B...
-
Prove that (0, 1) = n=1 (0, 1 + 1/n), as asserted in Example 11.1.6(a).
-
Match the following concepts: goal, process, function, scenario, business system, information system, grocery store, check-out system, actors, role.
-
The McDuff Credit Union advertises their ability to quickly process personal loan applications for their members. As seen in Table 11.18, the loan process requires four steps and takes approximately...
-
Parker Inc. makes and sells toys. The information on the cost per unit is as hillews. Direct materials $2.55 Direct labor 1.20 Variable overhead 1.90 Variable marketing expense 0.40 The Tooed...
-
Database includes 2 years worth of actual data and one year of budget data for a retail business with 2 locations. In 2017, there was just one location, North. In January 2018, a new location, South,...
-
A restaurant buys flour in 30 pound bag. The restaurant uses an average an average of 5240 bags a year. Preparing an order and receiving a shipment of flour involves a cost of $ 10 per order. Annual...
-
Covid has required organizations to think differently and quickly adapt to the market. Identify an industry. Within that industry, identify two companies that have used Corporate level strategies as...
-
Answer 4 of the following questions. Please remember to cite sources. 1. Suggest how the use of a patient ID bracelet containing a bar code representation of the patient's ID and a bar code scanner...
-
How would the Seagrams Building fountain transform into snowflakes? sentimental dissolves and old-fashioned trick shots-the Seagram Building fountains dissolve into snowflakes, I enter a revolving...
-
A small government contractor has a simple decision to make. There is a 60% chance that a new project will be funded by the city. The contractor is certain that her company will be awarded the job if...
-
Find the topic (e.g., Finance; General Business; International Business; Health Services Management; Human Resource Management or Operations & Supply Chain Management) area. A good topic should...
-
The greatest force that motivates multinational companies to consider new product from a much broader perspective than in previous decades is the proliferation of ________. a. trade agreements b....
-
Prove that the mean heat capacities C P H and C P S are inherently positive, whether T > T 0 or T < T 0 . Explain why they are well defined for T = T 0 .
-
Rayya Co. purchases a machine for $105,000 on January 1, 2020. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is sold on...
-
Terrell Co. reported the following data at the end of its first year of operations on December 31. (a) Prepare its year-end income statement. (b) Prepare its year-end statement of retained earnings...
-
Barga Co.s net sales for Year 1 and Year 2 are $730,000 and $1,095,000, respectively. Its year-end balances of accounts receivable follow: Year 1, $65,000; and Year 2, $123,000. a. Compute its days...
-
Abbott Industries is a well-known supplier of pharmaceuticals worldwide. Founded by Dr. Wallace Abbott, the company was incorporated in 1900 after he had been developing and making pharmaceuticals...
-
On February 20, 2009, Cedar Valley Aviation, a wholly owned subsidiary of Aerial Services, Inc. (ASI), brought a Piper 522AS (Cheyenne II) in for maintenance to Des Moines Flying Service, Inc....
-
Purina entered in a contract with the defendant to sell the defendant piglets, known as weanlingsbaby pigs that have been weaned. It is uncontested that the buyer breached and that Purina is entitled...
Study smarter with the SolutionInn App