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Star Company purchased a computer on January 2, 2012, at a cost of $2,500. The computer is expected to have a useful life of five years and a residual value of $250. Assume that the computer is disposed of on July 1, 2015 and that straight-line depreciation is used.Record a journal entry for July 1, 2015 for the following:
a.Record thed epreciation expense for half a year.b. Record when the computer is discarded.c. Record when the computer is sold for $400d. Record when the computer is sold for $1,100
Land costing $71,000 was sold for $50,000 cash. The loss on the sale was reported on the income statement as other expense. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?
As required to complete Course Project 1, one must follow the cycle that includes 10 steps to complete the accounting cycle. (1) Explain how the debit/credit rules are used when developing journal entries (15 points) and (2) provide an example of the..
A company purchases a piece of land for $100,000 on January 1, 2011 and chooses to report the land using the revaluation method allowed under IFRS. Prepare all adjusting journal entries required through 2015.
Indicate which of the following accounts will be closed to Income Summary at year-end. Cash, Office Supplies Expense, Unexpired Insurance, Unearned Revenue.
Prepare the journal entry for DCL's purchase of the components on November 1, 2011 and prepare the journal entry for the first installment payment on November 30, 2011.
question what would be the following the rnoa of the subsequent company? write your answer to the nearest 10th for
Southwest currently has two surplus Boing 737-300 jets which are not used for anything and are parked on a runway in Arizona. The jets were bought for $45 million each 11 years ago, Jets of the same model, age, and condition currently trade for $5 mi..
The banking system will hold excess reserves of 1% on all demand deposits in excess
A man deposits $2000 in an IRA on his 21st birthday and on each subsequent birthday up to, and including, his 29th (nine deposits in all). The account earns 8% compounded annually. If he leaves the money in the account without making any more deposit..
A company received a bank statement with a balance of $6,200 Reconciling items included a bookkeper
book value of the asset at the time of sale the amount of gain or loss on the disposal the sale affect net income increase, decrease, no effect
Darlene's Diner accepts American Express credit cards from its customers. Darlene's is closed on Sundays and on that day records the weekly sales and remits the credit card receipts to American Express. For the week ending on Sunday, June 12, cash sa..
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