Thornton company has an old factory machine that cost 50000

Assignment Help Accounting Basics
Reference no: EM13567050

Thornton Company has an old factory machine that cost $50,000. The machine has accumulated depreciation of $28,000. Thornton has decided to sell the machine. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(a) What entry would Thornton make to record the sale of the machine for $25,000 cash?

(b) What entry would Thornton make to record the sale of the machine for $15,000 cash?

Reference no: EM13567050

Questions Cloud

An investment project has the following characteristicsthe : an investment project has the following characteristicscost of equipment22820annual cash inflows5000internal rate of
Determine the number of rentals and the sales revenue jane : jane botosan operates a bed and breakfast hotel in a resort area near lake michigan. depreciation on the hotel is 60000
Determine the number of rentals and the sales revenue jane : jane botosan operates a bed and breakfast hotel in a resort area near lake michigan. depreciation on the hotel is 60000
Write a module case study applying the shell model once : write a module case study applying the shell model once again go to the ntsb web site. analyze and evaluate a ntsb
Thornton company has an old factory machine that cost 50000 : thornton company has an old factory machine that cost 50000. the machine has accumulated depreciation of 28000.
The equipment originally cost 20 million of which 80 has : allen air lines is now in the terminal year of a project. the equipment originally cost 20 million of which 80 has been
Frha co purchases a machine for 11500 terms 210 n60 fob : farha co. purchases a machine for 11500 terms 210 n60 fob shipping point. the seller prepaid the 260 freight charges
A consol perpetual bond pays pound5000 at the end of each : a consol perpetual bond pays pound50.00 at the end of each year. if the market interest rate is 8.25 what is the
For the past several years shane banovich has operated a : for the past several years shane banovich has operated a part-time consulting business from his home. as of october

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine whether the company should accept special order

The company presently is selling 12,000 units annually at a selling price of $28 each. A special order has been received from a distributor who wants to purchase 3,000 units at a special price of $20 each.

  Profit distributions by a corporation

Which of the following is NOT a legal restriction related to profit distributions by a corporation?

  Describe the purpose of lcm rule and accounting convention

the lower of cost or market lcm rule is used in the valuation of inventories. the lcm rule explains that if the

  When a credit customer returns merchandise to the seller

when a credit customer returns merchandise to the seller under a perpetual inventory system the seller would debit

  Paid-in capital from stock warrants

The bonds without the warrants would normally sell at 95. On March 1, 2010, the fair market value of Ruiz's common stock was $40 per share and the fair market value of the warrants was $2.00. What amount should Ruiz record on March 1, 2010 as paid..

  Prepare a partial income statement for finley

Finley had 10,000,000 shares of common stock outstanding during 2012. Prepare a partial income statement for Finley beginning with income from continuing operations.

  Calculate the interest on interest from the bond

3. An investor is considering the purchase of a 10-year 8% coupon bond selling for $934.96 and a par value of $1,000. The yield to maturity for this bond is 9%. Calculate the interest on interest from the bond assuming that the semiannual coupo..

  Investment account-net income

Judd, Inc., owns 35% of Cosby Corporation. During the calendar year 2010, Cosby had net earnings of $300,000 and paid dividends of $30,000. Judd mistakenly recorded these transactions using the fair value method rather than the equity method of ac..

  Product launch expected value

Brain Drain is about to launch a new product. Depending on the success of the new product, there are three possible outcomes for value next year-What is Brain's total value with leverage?

  Determine the accounts receivable turnover

Nottingham Corporation had accounts receivable of $100,000 on January 1st The only transactions affecting accounts receivable were sales of $900,000 and cash collections of $850,000. What is the accounts receivable turnover?

  Interest costs during construction and cost of land

Excavation cost $10,440. The contractor was paid $2,200,000. An assessment made by the city for pavement was $6,400. Interest costs during construction were $170,000.The cost of the land that should be recorded by Terry Co. is ??

  Prepare an income statement for michaels company

Michaels Company segments its income statement into its East and West Divisions. The company's overall sales, contribution margin ratio, and net operating income are $620,000, 57%, and $57,000, respectively.

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