User Account

All Pages

Prepare the journal entry to record the sale

Assignment Help Accounting Basics
Reference no: EM132531178

Question - Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $125,000. The residual value of the equipment was estimated to be $8,000 at the end of a five-year life. The equipment was sold on March 31, 2021, for $34,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service.

Required -

1. Please help me make the journal entry to record the sale.

2. With the assumption that Howarth had instead used the double-declining-balance method, prepare the journal entry to record the sale.

Reference no: EM132531178

Questions Cloud

Make single general journal to close all revenue and gain : Make single general journal to close all revenue, gain, and expense accounts to the retained earnings account. Post the journal entry to the ledger accounts
Determine the times interest earned ratio : Frederick Company had net sales of $1,000,000 and net income of $65,000, paid income taxes of $17,500, Determine the Times Interest Earned Ratio
Cloud security risks from misconfiguration : The content when describing Cloud security risks from misconfiguration. What is Cloud security risks from misconfiguration ?
What does the irr rule advise regarding the opportunity : What is the IRR? (annual)? What does the IRR rule advise regarding this? opportunity? What is the? NPV? What does the NPV rule say about this? opportunity?
Prepare the journal entry to record the sale : With the assumption that Howarth had instead used the double-declining-balance method, prepare the journal entry to record the sale
Dissertation topic : Discuss your dissertation topic and goals for this semester as they relate to your dissertation course.
How should Gina account for the payment in the current year : During the current year, Tom paid Gina $13,000 in final settlement of the loan. How should Gina account for the payment in the current year
Adopted an aggressive savings plan : Ricardo is aware that he should save as much as possible early in his career while his personal responsibilities are minimal.
Agile and waterfall : The waterfall project management model is often used for non-IT projects, while the Agile project management model is often used for IT projects.

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

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