Answer:
The accumulated depreciation at 1 January 2019 = $425000
January 1, 2019
Accumulated Depreciation 425000 Dr
Cash 400000 Dr
Loss on disposal 95000 Dr
Machine 920000 Cr
Explanation:
The straight line method of depreciation charges a constant depreciation expense every year through out the estimated useful of the asset. The depreciation expense per year under this method is calculated as,
Depreciation expense per year = (Cost - Residual value) / estimated useful life of the asset
Depreciation expense per year = (920000 - 70000) / 8 = $106250 per year
The asset was used for four years from 2015 to 2018. Thus, the accumulated depreciation at 31 December 2018 is,
Accumulated depreciation - 31 Dec 2018 = 106250 * 4 = $425000
The Net book value of the asset at 31 December 2018 = 920000 - 425000 = $495000
The loss on disposal is = 495000 - 400000 = $95000
Answer:
Dr Notes Receivable $10,100
Cr Discount on Notes Receivable$1,000
Cr Sales Revenue $9,100
Dr Cost of Goods Sold $5,460
Cr Inventory $5,460
Explanation
:
Vaughn Inc
Journal entry
January 2, 2017
Dr Notes Receivable $10,100
Cr Discount on Notes Receivable
$10,100-$9,100) $1,000
Cr Sales Revenue $9,100
Dr Cost of Goods Sold $5,460
Cr Inventory $5,460
Total Revenue:
sales revenue + interest revenue $9,100+$1,000 = 10,100
Total revenue= $10,100
<u>Answer:</u>
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Answer:
Total Asset Turnover: 2.2857
Explanation:
<u>Total Assets</u>
Begininng Balance 2,450,000
Ending Balance 2,800,000
Period activity 350,000
<u>Sales:</u> 6,000,000
<em><u>Total Asset Turnover</u></em>: <u> </u><em><u> Sales </u></em>
<em> Average Total Assets</em>
<u> 6,000,000 </u>
( 2,450,000 + 2,800,000 ) / 2
=
<u>6,000,000</u>
2,625,000
=
<u>2.2857</u>
