1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
siniylev [52]
2 years ago
13

Wildhorse Co. had the following assets on January 1, 2022. Useful Life (in years) Item Cost Purchase Date Useful Life (in years)

Salvage Value Machinery $68,000 Jan. 1, 2012 10 $ 0 Forklift 27,000 Jan. 1, 2019 5 0 Truck 33,400 Jan. 1, 2017 8 3,000 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $11,700. The truck was discarded on December 31. Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Business
1 answer:
Naddika [18.5K]2 years ago
7 0

Solution :

<u>Journal Entry</u>

Date               Account and Explanation                          Debit             Credit

1 Jan,2022   Accumulated depreciation-machine            $ 68,000

                     Machine                                                                           $ 68,000

30 June,       Depreciation expense, $\left(\frac{27000}{5} \times \frac{6}{12}\right)$              $ 2700

2022             Accumulated depreciation- Forklift                                  $ 2700

30 June,        Cash                                                             $ 11,700

2022             Accumulated depreciation- Forklift,           $ 18,900

                     $\left(\frac{27000}{5} \times 3.5 \right)$

                    Gain on sale of forklift                                                         $ 3600

                    Forklift                                                                                $ 27000

31 Dec,         Depreciation expense, $\left( \frac{33400-3000}{8}\right)$        $ 3800

2022            Accumulated depreciation - Truck                                   $ 3800

31 Dec,         Accumulated depreciation - Truck,              $ 22800

2022            $\left( \frac{33400-3000}{8} \times 6\right)$

                     Loss on disposal of truck                            $ 10600

                     Truck                                                                                $ 33400

You might be interested in
The Creamery is analyzing a project with expected sales of3,800 units, give or take 5 percent. The expected variable cost per un
vaieri [72.5K]

Answer:

operation cash flow ( OCF ) is  $98800

Explanation:

given data

number of units = 3800 units

variable cost = $185 per unit

fixed costs = $364,000

depreciation expense = $104,000

sales price = $305 per unit

tax rate = 35 %

fix cost = $360,000

to find out

what is the OCF given this analysis

solution

we know operation cash flow ( OCF ) is express as

OCF = [ { selling - variable cost ) × no of units } - fixed cost ] × [ tax rate ] + [ deprecation × tax rate ]      ..............................1

put here all these value

OCF = [ { 305 - 185 ) × 3800 } - 360000 ] × [ 35% of income before tax ] + [ 104,000 × 0.35 ]

OCF = 96000 - 0.35×96000 + 36400

OCF = 62400 + 36400

OCF = $98800

4 0
3 years ago
2 ways that you can simplify 112 over 220
Sidana [21]

Source: Net

Find the GCD (or HCF) of numerator and denominator

GCD of 112 and 220 is 4

Divide both the numerator and denominator by the GCD

112 ÷ 4

220 ÷ 4

Reduced fraction:  

28

55

8 0
3 years ago
Molly is considering a project with cash inflows of $811, $924, $638, and $510 over the next four years, respectively. The relev
kati45 [8]

Answer:

A. -$425.91

Explanation:

Given that

Start up cost = 2700

Cash inflow 1 = 811

Cash inflow 2 = 924

Cash inflow 3 = 638

Cash inflow 4 = 510

Rate = 11.2% or 0.112

Recall that

NPV = E(CF/1 + i]^n) - initial investment or start up cost

Where

E = summation

CF = Cash flow

i = discount rate

n = years

Thus

NPV = -$2,700 + $811 / 1 + 0.112 + $924 / 1 + 0.112^2 + $638 / 1 + 0.112^3 + $510 / 1 + 0.112^4

NPV = -$425.91

Therefore, NPV = -$425.91

5 0
3 years ago
Joe Carie, head accountant, is using the indirect method and the account balance from the balance sheet and income statement to
natita [175]

Answer: c) increase cash flow from operating activities.

Explanation:

If there is a decrease in the Accounts Receivable, this means that some receivables have settled their debt to the company which means that the company got cash. Cashflow therefore increases.

Accounts receivables relate to Sales which is part of the operations of the business so this is an increase in cashflow from operating activities.

7 0
2 years ago
Which of the following parties is typically the shortest and least expensive? A. A reunion B. A holiday party C. A cocktail part
marysya [2.9K]
The answer is the cocktail party. When you say cocktail party, it is a small party that has a little food or even just drinks. It is only for few hours maybe longest will be 4-6 hours to finish this kind of party. And since it does not include too much money, it is the least expensive.
7 0
3 years ago
Other questions:
  • A tax exempt municipality is considering the construction of a new municipal waste water treatment facility. Two different sites
    6·1 answer
  • A financial advisor has heard from a relative of nr industries inc.'s ceo that the company is planning to shut down its operatio
    9·1 answer
  • The screening process involves . A. choosing a setting to have group B. deciding how to publicize C. choosing a co-leader D. int
    9·1 answer
  • Describe the two primary functions of financial accounting
    10·1 answer
  • Characterize the types of investments that are most vulnerable to political risk. Characterize those that are least vulnerable.
    13·1 answer
  • The per-unit standards for direct labor are 2 direct labor hours at $15 per hour. If in producing 1800 units, the actual direct
    7·1 answer
  • Chow Publications Inc. is a publicly traded media company focused on products for the home chef market. The company publishes a
    6·1 answer
  • QUESTION 6 of 10: Ashleigh hires a group of security staff. Each worker works an average of 80 hours per month at $14/hour. If h
    6·1 answer
  • Metode wat gebruik word om inligting te versamel<br>​
    9·1 answer
  • According to recent research, 91 percent of businesses with 11 or more employees and 50 percent of those with 10 or fewer employ
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!