User Account

All Pages

What is the adjusting entry to remove an item

Assignment Help Accounting Basics
Reference no: EM13912419

What is the adjusting entry to remove an item that was incorrectly capitalized and depreciated for three years? I believe I would reverse the asset entry and remove the accumulated depreciation. But what is the entry? Also to note, this was not sold, but rather just a one-off cost and use of carpet at a trade show. We did not take the carpet with us.

Reference no: EM13912419

Questions Cloud

The charge on the capacitor : An ideal battery of emf  = 16 V, a resistor of resistance R = 4.4 Ω, and an uncharged capacitor of capacitance C = 6.1 μF. After switch S is closed, what is the current through the resistor when the charge on the capacitor is 8.8 μC?
A space traveller has landed on the sruface of an unknown : A space traveller has landed on the sruface of an unknown planet. He drops a small lead all from the top of his space ship and finds that is takes 3 seconds to reach the ground, 18m below. if the weight of the astronaut is 710N on earth, how much wil..
Preparing the statement of cash flows : Anderson Company uses the indirect method of preparing the Statement of Cash Flows and reports the following comparative balance sheet information
Current operating data are summarized here : Muscle Beach, Inc., makes three models of high performance weight training benches. Current operating data are summarized here:
What is the adjusting entry to remove an item : What is the adjusting entry to remove an item that was incorrectly capitalized and depreciated for three years? I believe I would reverse the asset entry and remove the accumulated depreciation. But what is the entry?
According to a simplified modelthe hydrogen atom : According to a simplified model, the hydrogen atom consists of a proton circled by an electron orbiting at a radius of 5.2x10^-11m. hot fast must an electron be moving if the required centripetal force is provided by the electric force exerted by the..
Life of ten years : The equipment has a useful life of ten years-The insurance was paid at the beginning of the year and represents a two-year policy
Concentration of the silver nitrate solution : A 15.8 g strip of zinc metal was placed in 100.0 mL of silver nitrate, AgNO3 (aq). When the reaction was complete, the strip of zinc had a mass of 13.1 g. What was the concentration of the silver nitrate solution?
What is the book value of the equipment : What is the book value of the equipment and does that amount mean that the equipment has a loss in real value of $725,000? Explain your response.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Monster company produces a product requiring 3 direct labor

monster company produces a product requiring 3 direct labor hours at 16.00 per hour. during january 2000 products are

  Incentive compensation plan problem

Wright, Inc. has an incentive compensation plan under which the sales manager receives a bonus equal to 10 percent of the company's income after deductions for bonus and income taxes.

  The company makes all purchases on credit

Use the data for Valley Company in Problem 5-4 to complete the following requirements.

  Shelly computes that her total assets are 108800 her

shellys assets include money in the checking and savings accounts investments in stocks and mutual funds personal

  Ken sold a rental property for 858000 he received 182000 in

ken sold a rental property for 858000. he received 182000 in the current year and 169000 each year for the next four

  While gelato is sold by the cone or cup the shop measures

via gelato is a popular neighborhood gelato shop. the company has provided the following data concerning its operations

  On january 1 neuer company issued 585000 14 10-year bonds

on january 1 neuer company issued 585000 14 10-year bonds at par. interest is payable semiannually on july 1 and

  Present below is information related to haselhof

Present below is information related to Haselhof

  Beaver company a multi-product firm produces 5000 units of

beaver company a multi-product firm produces 5000 units of product x each year. each unit of product x sells for 8 and

  Lamar corporation has a joint process which produces three

lamar corporation has a joint process which produces three products called a b and c. each product may be sold at

  Using the information below calculate gross profit for the

using the information below calculate gross profit for the period. beginning direct materials 25100 ending direct

  Final decision to purchase the machine

What other factors should the owner consider before making the final decision to purchase the machine?

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: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd