A motor breaks on a machine and is replaced

Assignment Help Accounting Basics
Reference no: EM13872437

The following selected events occurred for a company during 2010:

Jan. 11 A motor breaks on a machine and is replaced for $800. This replacement was expected when the machine was purchased.
Jan. 25 A machine that was purchased for $10,000 and has a book value of $1,000 is sold for $600.
Feb. 3 A fully depreciated building that originally cost $25,000 is demolished so that a new building may be constructed.

The demolition cost $2,200 and resulted in $700 of salvageable materials.

Feb. 15 A machine breaks down unexpectedly and requires repairs of $700.
Mar. 10 An accident damages some equipment. Repairs cost $2,000.
Mar. 19 A motor breaks on a machine and is replaced for $900. The new motor is of an improved design that increases the capacity of the machine.
Mar. 27 Office layout is rearranged at a cost of $700. At the same time, the walls are repainted for $500.

Required:
1. Prepare journal entries for the preceding transactions.
2. Would any of your answers change if the company used IFRS? If so, how?

Reference no: EM13872437

Questions Cloud

Is available for the governmental funds of tom village : The following information is available for the governmental funds of Tom Village. Prepare the governmental funds balance sheet for Tom Village
What are the actual product or service : What are the actual product(s)/service & the "actual product"/service attributes? What are the unique characteristics of a service such as an "online music service" compared to a product such as a "mobile phone"
Quoted share price for closed-end fund-share are outstanding : The Argentina Fund has $410 million in assets and sells at a 7.1 percent discount to NAV. If the quoted share price for this closed-end fund is $17.03, how many shares are outstanding?
Compute ending inventory by conventional retail inventory : Compute the ending inventory by the conventional retail inventory method. Compute the ending inventory using the retail method to approximate a LIFO cost figure (assuming stable prices).
A motor breaks on a machine and is replaced : Would any of your answers change if the company used IFRS? If so, how?
A motor breaks on a machine and is replaced : Would any of your answers change if the company used IFRS? If so, how?
Distance traveled to reach the box car : How long does it take him to catch up to the empty box car? What is the distance traveled to reach the box car?
Design clipper circuit of a sinsouidial wave of peak voltage : Design a clipper circuit of a sinsouidial wave of peak voltage 25v&its minimum of -12v to makes a 20v and-9v respectively.
Decide to deposit an equal annual contribution : A child is born this year. On its first birthday [after 1 year], the parents decide to deposit an equal annual contribution to the college fund that will earn 8%, compounded annually. How much should they deposit at the end of each year so that it wi..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Case study sandy william

Sandy Williams, another customer,came in to have her camera evaluated for repairs and paid $25. She decided not to have the camera fixed when she learned that it would cost $175 to fix her camera.

  Bob and carl transfer property to stone corporation for 90

bob and carl transfer property to stone corporation for 90 and 10 of stone stock respectively. pursuant to a biding

  Zurasky corporation is considering two alternatives a and b

zurasky corporation is considering two alternatives a and b. costs associated with the alternatives are listed below a

  In a chlorine-fluxing installation in a large aluminum

in a chlorine-fluxing installation in a large aluminum company engineers are considering the replacement of existing

  Ming company is considering two alternatives alternative a

ming company is considering two alternatives. alternative a will have sales of 150000 and costs of 100000. alternative

  Indicate the source of the data for crediting work

Present a list of the three controlling accounts used in the general ledger to record the inventories and, in each case, indicate the related subsidiary ledger.

  What about the decision to retain or replace equipment

1. What about the decision to retain or replace equipment? What should we consider in the decision? 2. What is the general rule with regards to keeping an unprofitable segment? What should exceed what?

  Carol and dave each purchase 100 shares of stock of

carol and dave each purchase 100 shares of stock of burgundyinc. a publicly owned corporation in july for 10000 each.

  Problem on market value when currently indeterminable

A debt instrument with no ready market is exchanged for property whose fair market value is currently indeterminable. When such a transaction takes place:

  A job at west coast yachts

A Job at West Coast Yachts

  Hector p wastrel a careless employee left some combustible

hector p. wastrel a careless employee left some combustible materials near an open flame in salter companys plant. the

  Bgan inc reports bad debt expense using the allowance

brogan inc. reports bad debt expense using the allowance method. for tax purposes the direct write-off method is

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