User Account

All Pages

Give journal entries for the trade of the old machine

Assignment Help Financial Accounting
Reference no: EM132580038

Machine was acquired on October 1, 2011, for $40,000. The estimated useful life was 6 year with a residual value of $7000. The company year end is December 31.

Question 1) On June 30, 2015 the company bought a new machine. They business traded the old machine for the new one, paying $15,000 cash and agreed to pay $8000 in 30 days. Give journal entries for the trade of the old machine for the new one. Assume the company used double-declining-method of depreciation

Question 2) Give the journal entry for the purchase done in part 1, if the business had instead used straight-line depreciation method?

Reference no: EM132580038

Questions Cloud

What were the results when industry risk : What were the results when industry risk was examined during successive time periods? Discuss the implication of these results for industry analysis.
What is the required rate of return for stock b : If the risk free rate is 4 %, the expected return on the market portfolio is 12% and the beta of Stock B is 1.3
What is the cost principle : What is the cost principle and what happens if an asset like land has an increase in the fair value. How would the company report the land?
Describe the fair value principle : Which measurement principle (cost or fair value) do companies use to record most assets? what types of assets is the fair value principle used.
Give journal entries for the trade of the old machine : Give journal entries for the trade of the old machine for the new one. Assume the company used double-declining-method of depreciation
Goal of financial management regarding capital structure : What is the basic goal of financial management regarding capital structure?
Product line offered by local mcdonald franchise : Consider the product line offered by your local McDonald's franchise. Discuss examples of product width, length, depth and consistency offered by this company
Prepare record note journal entries for abbot corporation : Prepare the Record the note December 31, 2020 interest accrual, April 30, 2021 payment, December 31, 2021 interest accrual journal entries for Abbot Corporation
Give all entries related to the issuance of the bond : Give all entries related to the issuance of the bonds and payments of interest to June 30, 2022. Prepare the journal entries to record the partial retirement

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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