Preparing journal entries to record the sale of equipment

Assignment Help Accounting Basics
Reference no: EM13142106

Carlton Company sells office equipment on September 30, 2010, for $21,000 cash. The office equipment originally cost $72,000 and as of January 1, 2010, had accumulated depreciation of $42,000. Depreciation for the first 9 months of 2010 is $6,000. Prepare the journal entries to (a) update depreciation to September 30, 2010 and (b) record the sale of the equipment.

Reference no: EM13142106

Dispose of the equipment in the coming year

Suarez intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $ 38,900. As of December 31, 2014, the equipment has a remain

Explain one pitfall and one security measure

E-commerce creates its own risks and therefore special internal controls. Identify and explain one pitfall and one security measure for an online business and provide exampl

Problem related to the fraudulent behavior

Discuss the motives of the executives to commit fraud. Discuss the culpability of the accountants in preparing the questionable accounting estimates for the cost to compete.

Focus company property plant and equipment disclosures

Focus company property, plant, and equipment disclosures. In Exercise 1.1, you were asked to obtain the most recent annual report of a company that you were interested in revi

Covariance and correlation help to create diversification

Diversification in an investment portfolio is a significant concept for creating the highest return for the least amount of risk. To create this diversification portfolio ma

What is the total tax and combined effective tax rate

If it distributes its after-tax income to its shareholders whose dividend tax rate is 15 percent, what is the total tax and the combined effective tax rate on this corporate

Determine what kuhn company wacc

Flotation costs will represent 3% of the funds raised by issuing new common stock. The company is projected to grow at a constant rate of 8.7%, and they face a tax rate of 4

What are the tax consequences of property contributions

What are the tax consequences of property contributions in exchange for ownership interests to the contributing party and to the entity for C Corporations and Trusts?


Write a Review

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