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Margarita [4]
3 years ago
14

Cheyenne Corporation owns equipment that cost $49,200 when purchased on April 1, 2013. Depreciation has been recorded at a rate

of $8,200 per year, resulting in a balance in accumulated depreciation of $38,950 at December 31, 2017. The equipment is sold on July 1, 2018, for $9,840. Prepare journal entries to
(a) update depreciation for 2018 and
(b) record the sale
Business
1 answer:
jeka943 years ago
8 0

Answer:

Please see the answers below:

Explanation:

(a)

<em>Dated: July 1, 2018 </em>

Debit: Depreciation Expense         $4,100

Credit: Accumulated Depreciation           $4,100

To record Depreciation Expense for 6 months as the depreciation expense is $8,200 per year.

(b)

<em>Dated: July 1, 2018 </em>

Debit: Cash                                       $9,840

Debit: Accumulated Depreciation   $43050

Credit: Gain on Sale                                         $3690

Credit: Equipment                                         $49,200

To record the sale of asset with Gain.

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Golden Eagle Company prepares monthly financial statements for its bank. The November 30 and December 31 adjusted trial balances
Mila [183]

Answer:

Explanation:

We solve by taken into consideration the transaction on a,b,c and d. This will allow us to get the unadjusted ending balance of each account we then compare it to be the adjusted balance on december 31 to find the adjustments made.

a) For supplies account:

supplies, November 30                                                           $2,000

purchase of additional supply doing December                      4,500

                                                                                                   -----------

supplies, December 31(unadjusted)                                       $6,500

Adjustment squeeze                                                                  3,000

                                                                                                  -------------

supllies december 31                                                                 3,500

The adjustment is squeeze meaning it was used as force balancing. Adjustmnet include a debit to supplies,expense and credit to supplies for $3,000                    

b) For supplies account:

Prepaid, Insurance November 30                                           $8,000

Additional insurance payment doing December                             0

                                                                                                   -----------

Prepaid insurance , December 31 (unadjusted)                      $8,000                

Adjustment squeeze                                                                   2,000

                                                                                                  -------------

Prepaid insurance december 31 (adjusted )                              6,000

The adjustment is squeeze meaning it was used as force balancing. Adjustmnet include a debit to insurance expense and credit to prepaid insurance for $2,000          

c) For supplies account:

salary payable November 30                                                  $11,000

salary paid doing December                                                      11,000

                                                                                                   -----------

Salary payable , December 31 (unadjusted)                                      0                

Adjustment squeeze                                                                  16,000

                                                                                                  -------------

Prepaid insurance december 31 (adjusted )                             $16,000

The adjustment is squeeze meaning it was used as force balancing. Adjustmnet include a debit to salary which represent unpaidupaid salary payable $16,000                              

d) For supplies account:

Deffered revenue November 30                                                          $3,000

Additiona Advances from customer in december                                         0                                    

                                                                                                                -----------

Refered revenue , December 31 (unadjusted)                                      3,000                

Adjustment squeeze                                                                               1,500

                                                                                                              -------------

refered revenue december 31 (adjusted )                                            $1,500

The adjustment is squeeze meaning it was used as force balancing. Adjustmnet include a debit to defred revenue and a credit to service revenue for $1,500 .                              

5 0
3 years ago
Hemingway Corporation has 100,000 shares of common stock issued and outstanding. At the meeting of the board of directors on Dec
PtichkaEL [24]

Answer:

Explanation:

The adjusting entry is shown below:

Cash Dividend A/c Dr $500,000

        To Dividend payable               $500,000

(Being dividend is declared)

The dividend amount is computed below:

= Number of shares held × cash dividend per share

= 100,000 shares × $5

= $500,000

As dividend is declared so we debited the cash dividend account and credited the dividend payable as it is a current liability

7 0
3 years ago
Read 2 more answers
Currently, in the United States, the greates volume of goods and services are shipped by
Lerok [7]
Currently, in the United States, the greatest volume of goods and services are shipped by rail. 
5 0
3 years ago
the direct consumers of the product are the client public. target markets are defined much more easily. goods are marketed more
Studentka2010 [4]

Answer:

This question is incomplete, the questions itself is missing. The correct question is the following:

"In nonprofit organizations," ...

And the correct option is the first one: The direct consumers of the product are the client public.

Explanation:

To begin with, the nonprofit organizations are those that focus on the fact of giving its service or product to the public in general because there is an extremely importance in the good itself so that is why that the organization focus on reaching every member of the community because the product or service should be at the reach of all. And that is why that in the nonprofit organizations the direct consumers of the product or service are the client public.

5 0
2 years ago
Suppose our firm produces chartered business flights with capital (planes) and labor (pilots) in fixed proportion (i.e. one pilo
qaws [65]

Answer:

C. optimal capital labor ratio remains the same

Explanation:

One pilot for each plane implies A = B

Let cost be C

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So, xA + yA = C (as L = K)

So, (x+y)A = C

So, A = C/(x+y) =B

Optimal capital labor ratio = B/A = 1 as B =A

Now, wage rate increases to x'

So, isocost line is x'A + yB = C

So, x'A + yA = C (as A = B)

So, (x'+y)A = C

So, A = C/(x'+y) = B

New optimal capital labor ratio =B/A = 1 as B = A

Thus, optimal capital labor ratio remains same because capital (planes) and labor (pilots) are used in fixed proportion.

Thus the answer is

C. optimal capital labor ratio remains the same

5 0
3 years ago
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