Business, 19.03.2021 18:20 kayolaaaa53

Price Company had the following assets on January 1, 2022. Item Cost Purchase Date Useful Life (in years) Salvage Value
Machinery $73,000 Jan. 1, 2012 10 $0
Forklift 32,000 Jan. 1, 2019 5 0
Truck 38,400 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 $12,200. The truck was discarded on December 31.

Required:
Journalize all entries required on the above dates, including entries to update depreciation, where applicable, no disposed assets.

Answers: 1

Show answers

Answers

Answer from: CJohnson9552

Machinery

Journal 1 - Recognizing disposal

Debit : Accumulated Depreciation $73,000

Credit : Cost $73,000

Forklift

Journal 1 - Updating Depreciation

Debit : Depreciation expense $3,200

Credit : Accumulated depreciation $3,200

Journal 2 - Recognizing disposal

Debit : Cash $12,200

Debit : Accumulated Depreciation $22,400

Credit : Cost $32,000

Credit : Profit and Loss (profit on sale) $2,600

Truck

Journal 1 - Updating Depreciation

Debit : Depreciation expense $4,425

Credit : Accumulated Depreciation $4,425

Journal 2 - Recognizing disposal

Debit : Accumulated Depreciation $26,550

Debit : Profit and Loss (Loss on disposal) $46,450

Credit : Cost $73,000

Explanation:

Note : I will assume the straight line method for all the assets above for depreciation purposes.

therefore,

Depreciation = Cost - Salvage Value ÷ Useful Life

Machinery

Annual Depreciation = $7,300

Accumulated Depreciation to date of disposal = $73,000

Forklift

Annual Depreciation = $6,400 ($3,200 for 2022)

Accumulated Depreciation to date of disposal = $22,400

Truck

Annual Depreciation = $4,425

Accumulated Depreciation to date of disposal = $26,550

Answer from: Quest

This sentence is false.

Answer from: Quest

anyone below or above ambitious can tell you. so crowns mean brainliest. getting brainliest means your answer needs a good explanation and the person asking the question can understand your answer easily. so say there's a multiple choice question. you don't just want to say your answer is a, hope it . provide evidence and reasoning so that they know that that is the correct answer. a good explanation should have evidence, good reasoning, and your opinion on why you picked that. you don't want to look up their question on the internet and see if you can answer it. pick questions that you 100% know the answer to, so than that way you can provide a better explanation.

best of luck,

the divergent

Another question on Business

Business, 21.06.2019 14:00

List five words to describe your dominant culture. list five words to describe a culture with which you are not a member, have little or no contact, or have limited knowledge. can someone explain what its meaning?

Answers: 1

Answer

Business, 22.06.2019 07:40

Myflvs -question 3 multiple choice worth 2 points)(10.04 hc)in panama city in january, high tide was at midnight. the water level at high tide was 9 feet and1 foot at low tide. assuming the next high tide is exactly 12 hours later and that the height of thewater can be modeled by a cosine curve, find an equation for water level in january for panamacity as a function of time (t).of(t) = 4 + 5of(t) = 5 cost + 4o 460) = 5 cos 1+ 4of(0) = 4 cos + 5

Answers: 1

Answer

Business, 22.06.2019 15:00

Portia grant is an employee who is paid monthly. for the month of january of the current year, she earned a total of $8,388. the fica tax for social security is 6.2% of the first $118,500 earned each calendar year and the fica tax rate for medicare is 1.45% of all earnings. the futa tax rate of 0.6% and the suta tax rate of 5.4% are applied to the first $7,000 of an employee's pay. the amount of federal income tax withheld from her earnings was $1,391.77. what is the total amount of taxes withheld from the portia's earnings?

Answers: 2

Answer

Business, 22.06.2019 19:50

Aproperty title search firm is contemplating using online software to increase its search productivity. currently an average of 40 minutes is needed to do a title search. the researcher cost is $2 per minute. clients are charged a fee of $400. company a's software would reduce the average search time by 10 minutes, at a cost of $3.50 per search. company b's software would reduce the average search time by 12 minutes at a cost of $3.60 per search. which option would have the higher productivity in terms of revenue per dollar of input?

Answers: 1

Answer

You know the right answer?

Price Company had the following assets on January 1, 2022. Item Cost Purchase Date Useful Life (in...

Questions