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lakkis [162]
3 years ago
9

Equipment that cost $411000 and on which $194000 of accumulated depreciation has been recorded was disposed of for $173000 cash.

The entry to record this event would include a ________.
Business
1 answer:
ANTONII [103]3 years ago
6 0

Answer:

Given that,

Cost of equipment = $411,000

Accumulated depreciation = $194,000

Dispose accumulated depreciation for cash = $173,000

The Journal entry is as follows:

Cash A/c                                      Dr. $173,000

Accumulated depreciation A/c  Dr. $194,000

Loss in Disposal A/c                    Dr. $44,000

           To Equipment a/c                              $411,000

(To record the accumulated depreciation and dispose off.)

Loss in Disposal:

= Cost of equipment - Accumulated depreciation - Dispose accumulated depreciation

= $411,000 - $173,000  - $194,000

= $44,000

           

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As of December 31, Plush has not recorded any insurance expense for the year. The only insurance policy it owns is the one purch
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Answer:

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Start date is August 1st. As at 31 December, the policy should have been amortized for 5 months (August to December)

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Total amortization between August and December = 5 × $2,000

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Journal entries

Debit Insurance expense    $10,000

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Being entries to recognize insurance expense for the period (August to December).

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2 years ago
Prezas Company's balance sheet showed total current assets of $4,401, all of which were required in operations. Its current liab
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Answer:

$3,176

Explanation:

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Using this formula

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Where,

Current assets=$4,401

Current liabilities =($975+$600+$250=$1,825)

Notes payable =$600

Let plug in the formula

Net operating working capital=$4,401-($1,825-$600)

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Therefore the Net operating working capital or NOWC will be the amount of $3,176

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