Millworks company owns a milling machine that cost 12500

Assignment Help Accounting Basics
Reference no: EM13580004

Millworks Company owns a milling machine that cost $125,00 and has accumulated depreciation of 91,000. Prepare the entry to record the disposal of the milling machine on Janurary 5 under each of the folling undependent situations.
1. The machine needed extensive repairs, and it was not worth repairing. Millworks disposed of the machine, receiving nothing in return.

2. Nukkwirjs sikd the machine for 17,500 cash

3. Millworks sold the machine for 34,000 cash

4. Millworks sold the machine for 40,000 cash

Reference no: EM13580004

Questions Cloud

From the first case study explain whether you consider : from the first case study explain whether you consider what they did morally permissible or impermissible. determine
What are the mean earnings of males and females in this : a subsample from the current population survey is taken on weekly earnings of individuals their age and their gender.
How many seats must a train have to assure a probability of : once upon a time there were two railway trains competing for the passenger traffic of 1000 people leaving from chicago
Gardner company produces plastic that is used for : gardner company produces plastic that is used for injection-molding applications such as gears for small motors. in
Millworks company owns a milling machine that cost 12500 : millworks company owns a milling machine that cost 12500 and has accumulated depreciation of 91000. prepare the entry
Find the probability that a value randomly selected from : a population is normally distributed with 100 and s20.a. find the probability that a value randomly selected from this
Let m be the minimum value of the xj show that the density : let x1 x2 ... xn be n independent random variables each of which has an exponential density with mean micro. let m be
Borwan company uses the weighted-average method in its : borwan company uses the weighted-average method in its process costing system. the assembly department started the
Ravalt corporation uses the weighted-average method in its : ravalt corporation uses the weighted-average method in its process costing system. the molding department is the second

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare an income statement statement of retained earnings

prepare an income statement statement of retained earnings and balance sheet. to do so you will need to determine the

  Aero inc requires sales of 2000000 to cover its fixed

aero inc. requires sales of 2000000 to cover its fixed costs of 700000 and to earn net income of 200000. what percent

  Q full disclosure is desirable for all of the following

q full disclosure is desirable for all of the following reasons exceptnbspit helps to prevent the inappropriate use of

  Operating leverage-roe-eva

Explain what operating leverage, ROE, EVA are and how they measure performance. Pick another performance measure of your choice and explain it as well.

  What is the stock price eps pe ratio and total equity value

a corporation is evaluating an extra dividend versus an open market share repurchase. in either case 16000 would be

  Compare and contrast proprietary fund reporting

Compare and contrast proprietary fund reporting under GASB No.34 with GAAP financial reporting for non-governmental entities. Examine why GASB requires the direct method for cash flow statements in the proprietary funds instead of allowing the dir..

  Upstream intercompany sale of nondepreciable assets

In years subsequent to the upstream intercompany sale of nondepreciable assets, the necessary consolidated workpaper entry under the cost method is to debit the:

  Explain the managerial significance of the accounting

Assume the marina operator is unsophisticated in business. Explain the managerial significance of the accounting above to this person.

  The board of directors declares and pays a 60000 dividend

dabney inc. has 5000 shares of 5 100 par value noncumulative preferred stock and 40000 shares of 1 par value common

  Prepare journal entries to record each transaction if no

global marine obtained a charter from the state in january 2013 which authorized 1000000 shares of common stock 5 par

  Generating forecasts of the outlays

What factors are likely to drive a firm's outlays for new capital (such as plant, property, and equipment) and for working capital (such as receivables and inventory)? What ratios would you use to help generate forecasts of these outlays?

  Problem related to distribution deduction

During the year the trust makes a mandatory distribution to Julius and Steve of $50,000 each. The distribution deduction 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