Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Joy Cunningham Co. purchased a machine on January 1, 2012, for $550,000. At that time, it was estimated that the machine would have a 10-year life and no salvage value. On December 31, 2015, the firm's accountant found that the entry for depreciation expense had been omitted in 2013. In addition, management has informed the accountant that the company plans to switch to straight-line depreciation, starting with the year 2015. At present, the company uses the sum-of-the-years'-digits method for depreciating equipment. Prepare the general journal entries that should be made at December 31, 2015, to record these events. (Ignore tax effects.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
(To correct for the omission of depreciation expense in 2013.)
(To record depreciation expense for 2015.)
if 120000 of bonds are issued during the year but 200000 of old bonds are retired during the year the statement of cash
newbury bikes co. is a wholesaler of motorcycle supplies. an aging of the companys accounts receivable on december 31
the beginning inventory at keats office supplies and data on purchases and sales for a three-month period are as
1. Record the transactions in the journal. 2. Prepare the statement of shareholders' equity for 20XX.
What will be the depreciation on the building
Mohave Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $315,000. The estimated fair values of the assets are land $60,000, building $220,000, and equipment $80,000. At what amounts should each of the thre..
John's car was completely destroyed by fire in 2010. Its cost and fair market value were $8,000. John's claim against insurance was $3,000 and was NOT made until 2011. The following year, 2011, John settled with the insurance company for $2,000. W..
why do corporations buy back their own stock?what does it tell you about the corporation?what effect does the purchase
independent auditfeller the sole owner of a small hardware business has been told that the business should have its
Determine if these potential shares should be included in diluted EPS for 2007 - contractually commits itself to issue 2,000 additional common shares on December 31, 2009.
a. What is the price (expressed as a percentage of the face value) of a one-year, zero-coupon corporate bond with a AAA rating?b. What is the credit spread on AAA-rated corporate bonds?c. What is the credit spread on B-rated corporate bonds?d. How do..
It is used 100% of the time for business and it is the only business asset acquired by Norm during 2010. Compute the maximum deduction with respect to the SUV for 2010. If Congress reenacts additional first-year depreciation for 2010, Norm elects ..
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd