Discuss journalize the following independent transactions

Assignment Help Accounting Basics
Reference no: EM131769003

On November 1, 2013, Rob's Auto Repair purchased diagnostic equipment for $18,000. The equipment had an estimated residual value of $3,000 and a five-year life and was sold on May 1, 2015. Assuming that the company depreciates the asset on a straight-line basis and reports on a calendar-year basis, journalize the following independent transactions in the journal provided. (Omit explanations.)

a. The entry to update depreciation to May 1, 2015 (Remember-you are only completing the depreciation for the current year to bring the depreciation up-to-date.)

b. The entry to record the sale for $15,500

c. The entry to record the sale instead for $11,050

d. The entry to record the sale instead for $13,750

Reference no: EM131769003

Questions Cloud

How much of the accrued bonuses can jorgensen deduct : How much of the accrued bonuses can Jorgensen deduct in year 1 under the following alternative scenarios? (Leave no answer blank. Enter zero if applicable.)
What is the amount of gross profit : What is the amount of gross profit realized during 2011? What is the amount of inventory of unsold straight chairs on December 31, 2011
What is the company target debt-equity ratio : A company has a weighted average cost of capital of 9.5 %. The company's cost of equity is 15.5% , and its pre-tax cost of debt it is 8.5 percent.
How do you think the race to discover the structure of dna : What do you think was the most significant experiment in the discovery of the structure of DNA - How do you think the race to discover the structure of DNA
Discuss journalize the following independent transactions : Journalize the following independent transactions in the journal provided
Why companies to issue stock abroad : 1. Why companies to issue stock abroad? Please use the supply demand graph to explain.
Range of expected contribution margins per fire phone : What range of expected contribution margins per Fire Phone did Amazon expect when it brought the Fire Phone to market in July 2014?
What is the expected return on a portfolio : What is the expected return on a portfolio with 40% of its assets invested in in Star Corp. and the rest invested in Moon Entreprises?
Complete the ethical theories comparison chart : How is "good" determined: Explain in one or two sentences what the theory argues is the correct way to determine what is right.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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