On january 1 2017 abc co sold equipment for 16000 cash that, Ask an Expert

Accounting

On January 1, 2017, ABC Co. sold equipment for $16,000 cash that had cost $35,000, a salvage value of $5,000, and a useful life 10 years. The double-declining-balance depreciation method was used. On December 31, 2016, accumulated depreciation was $20,600. Prepare a journal entry to record the disposal of the equipment. Hint: Your journal entry below should include a gain on disposal of $1,600.

Date Account Name Debit Credit

View complete question

Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91960228

Have any Question?Write your Review or question?

Related Questions in Financial Accounting

Lease classification considering firm guidance issues

Lease Classification, Considering Firm Guidance (Issues Memo) Facts: Tech Startup Inc. ("Lessee") is entering into a contract with Developer Inc. ("Landlord") to rent Landlord's newly constructed office building located ...

In its first year of operations cullumber company

In its first year of operations, Cullumber Company recognized $31,800 in service revenue, $6,600 of which was on account and still outstanding at year-end. The remaining $25,200 was received in cash from customers. The c ...

Assignment -part a -background saturn petcare australia and

Assignment - Part A - Background: Saturn Petcare Australia and New Zealand is Australia's largest manufacturer of pet care products. Saturn have been part of the Australian and New Zealand pet care landscape since openin ...

Scenario assume that a manufacturing company usually pays a

Scenario: Assume that a manufacturing company usually pays a waste company (by the pound to haul away manufacturing waste. Recently, a landfill gas company offered to buy a small portion of the waste for cash, saving the ...

An investment offers 6800 per year with the first payment

An investment offers $6,800 per year, with the first payment occurring one year from now. The required return is 7 percent. a. What would the value be today if the payments occurred for 20 years? b. What would the value ...

Excel quiz1 start excel 2016 and download and open the file

Excel Quiz 1. Start Excel 2016 and download and open the file Excel Quiz1F18. 2. Save the workbook as FirstName_LastName_Excel_Quiz1 where FirstName is your own First Name and LastName is your Surname (for example Roger_ ...

A review of the ledger of oriole company at december 31

A review of the ledger of Oriole Company at December 31, 2017, produces these data pertaining to the preparation of annual adjusting entries. 1. Prepaid Insurance $19,404. The company has separate insurance policies on i ...

Chelsea is expected to pay an annual dividend of 126 a

Chelsea is expected to pay an annual dividend of $1.26 a share next year. The market price of the stock is $24.09 and the growth 2.6 percent. What is the cost of equity?

Corporate accounting assignment -assessment task -select

Corporate Accounting Assignment - Assessment task - Select two public limited companies listed on the Australian Securities Exchange (ASX) that are in the same industry. Go to the website of your selected companies. Then ...

Exercise 1 copying formatting and calculating sums and

EXERCISE 1: COPYING, FORMATTING, AND CALCULATING SUMS AND AVERAGES Let's assume that Groth Donut Company has three stores, only one of which is shown at the top of the sheet titled "p = r--e". The revenue and expenses f ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Financial Accounting Expert