Journalize all entries required on the given dates

Assignment Help Cost Accounting
Reference no: EM13844516

Presented below are selected transactions at Tongun Ltd for the 2013-2014 financial year.

July 1 2013 Retired a piece of machinery that was purchased on 1 July 2003. The machine cost $62000 on that date. It had a useful life of 10 years with no residual value.

Jan. 1 2014 Sold a computer that was purchased on 1 July 2010. The computer Cost $35 000. It had a useful life of 5 years with no residual value. The computer was sold for $12000.

June 30 2014 Discarded a delivery truck that was purchased on 1 July 2€09. The truck cost $33 000. It was depreciated based on a 6-year useful life with a $3000 residual value.

Required

Journalize all entries required on the above dates, including entries to update depreciation where applicable, on assets disposed of. Tongun Ltd uses straight-line depreciation. (Assume depreciation is up to date as of 30 June 2013.)

Reference no: EM13844516

Questions Cloud

What is the half life of beryllium-11 : Create a table in a blank Excel file to show that amount you have each day of the month with each option. Fill in appropriate formulas for each column and extend the table for all 31 days
Bonds with semi-annual coupon frequency : Consider the following three bonds with semi-annual coupon frequency and $1000 face value.
How much is in the account at the end of the 5 years : $500 are deposited into an account quarterly for five years at an interest rate of 6.4% compounded quarterly. How much is in the account at the end of the 5 years?
Assuming an annual interest rate : Calculate the present value of $30,000 to be received in 5 years assuming an annual interest rate of 10%, compounded monthly. $18,627.64
Journalize all entries required on the given dates : Journalize all entries required on the above dates, including entries to update depreciation where applicable, on assets disposed of. Tongun Ltd uses straight-line depreciation. (Assume depreciation is up to date as of 30 June 2013.)
The ways writing differs among genres : After you have analyzed each text, do a comparison of the texts considering each of the four genre features we have been analyzing with sample genres. Once you have done the genre analysis, consider how you could generalize your findings
What is bouchard''s additional funds needed for coming year : Bouchard's after-tax profit margin is forecasted to be 8 percent, and its payout ratio will be 40 percent. What is Bouchard's additional funds needed (AFN) for the coming year
How much will you have saved at the end of five years : How much will you have saved at the end of five years and Find the interest.
Which words frequently indicate a pivot : what pivots are. which words frequently indicate a pivot. why it is important to be aware of pivots when you read

Reviews

Write a Review

Cost Accounting Questions & Answers

  What would be starr company new reorder point

Using an expected value approach, determine the level of safety stock for electric motors that Starr Company should maintain in order to minimize costs.

  Accounting in action business insight

Net income is not the same as net cash provided by operating activities. The differences are illustrated by the following results from recent annual reports (all data are in millions of dollars).

  What is the total cost of serving each of following party

Why do the costs per diner for the three different parties differ from each other and from the overall average cost of $16 perdiner?

  Retained earnings and multiple-step income statement

Prepare a multiple-step income statement for 2012. Assume that 60,000 shares of common stock are outstanding - Prepare a retained earnings statement for 2012

  How much of the dividends goes to preferred

How much of the dividends goes to preferred and how much goes to common and how much of the dividend goes to preferred? How much goes to common?

  Discount on bonds payable

Discount on bonds payable

  Museum pieces which are unique pieces from the bulgari

museum pieces which are unique pieces from the bulgari collection are recognised at purchase cost and given their

  Genesis corporation is a fairly large company

Genesis Corporation is a fairly large company whose basic business has been in the commercial sector.  To date, it has no Government contracts over $700,000, and has not been involved with Cost Accounting Standards.  Genesis is contemplating proposin..

  Adjusting entry for the one month expiration

The business had recorded the cost of $1,200 to the asset- Prepaid Insurance business would record transaction

  Questionthe amortization of bond discounta increases the

questionthe amortization of bond discounta increases the cash paid to bondholders for interestbnbsp results in bond

  Sections of a comprehensive annual financial report

What are the three sections of a comprehensive annual financial report (CAFR)? What information is contained in each section? How do the minimum requirements for general purpose external financial reporting related in scope to the CAFR?

  Journalize the transactions

Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd