Business, 18.04.2021 02:30 sweetluvs7865
The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International during 2018 and 2019. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for patents.
January2, 2015
Paid $86,000 cash to purchase storage shed components.
January3, 2015
Paid $2,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $5,000.
April1, 2015
Paid $40,000 cash to purchase a pickup truck for use in the business. The truck has an estimated useful life of five years and a residual value of $3,000.
May13, 2015Paid $500 cash for repairs to the pickup truck.
July1, 2015
Paid $29,000 cash to purchase patent rights on a new paper bag manufacturing process. The patent is estimated to have a remaining useful life of five years.
December31, 2015
Recorded depreciation and amortization on the pickup truck, storage shed, and patent.
June30, 2016
Sold the pickup truck for $34,000 cash. (Record the depreciation on the truck prior to recording its disposal.)
December31, 2016
Recorded depreciation on the storage shed. Determined that the patent was impaired and wrote off its remaining book value (i. e., wrote down the book value to zero).
Record the journal entries for the following:
1. Record the purchase of storage shed components for $86,000.
2. Record the payment of $2,000 to have the storage shed erected
3. Record the purchase of a pickup truck for $40,000.
4.. Record the repairs of $500 to the pickup truck.
5.. Record the purchase of a patent for $29,000 on a new paper bag manufacturing process
6. Record the depreciation and amortization expense on the pickup truck, storage shed and patent for the year
7. Record the depreciation for the truck up to the date of sale.
8. Record the sale of the pickup truck for $34,000 cash.
9. Record the depreciation on the storage shed for the year.
10. Record any impairment loss incurred on the patent.
Answers: 3
Another question on Business
Business, 21.06.2019 23:00
Walmart’s scm system walmart is famous for its low prices, and you may have experienced its low prices first-hand. at least, you have probably seen its motto, “always low prices— always.” one of the biggest reasons walmart is able to sell at prices lower than almost everyone else is that it has a superefficient supply chain. its it-enabled supply chain management system is the envy of the industry because it drives excess time and unnecessary costs out of the supply chain. so, because walmart can buy low, it sells low. as a matter of fact, if your company wants to sell items to walmart for it to sell in its stores, you will have to do business with it electronically. if your company can’t do that, walmart won’t buy anything from you. log on to walmart’s web site (), search for supplier information, and find out what walmart’s requirements are for its suppliers to do business with it electronically. prepare a brief summary of its requirements for presentation in clas
Answers: 3
Business, 22.06.2019 03:10
Complete the sentences. upper a decrease in current income taxes the supply of loanable funds today because it a. decreases; increases disposable income, which decreases saving b. has no effect on; doesn't change expected future disposable income c. decreases; decreases expected future disposable income d. increases; increases disposable income, which encourages greater saving upper a decrease in expected future income a. increases the supply of loanable funds today because households with smaller expected future income will save more today b. has no effect on the supply of loanable funds c. decreases the supply of loanable funds because it decreases wealth d. decreases the supply of loanable funds today because households with smaller expected future income will save less today
Answers: 3
Business, 22.06.2019 13:30
Over the past year, three of the star salesmen at family resorts international's corporate office have been lured away to competitors. on top of that, karina, the general manager of the sales department, has noticed that most employees come in, do their jobs, and leave. family resorts offers a good salary, benefits, and tuition reimbursement, as well as a number of development and training programs. most employees seem contented enough, but karina would like to do something to increase the level of engagement among her staff. what do you think karina should do?
Answers: 1
Business, 22.06.2019 15:30
Careers in designing, planning, managing, building and maintaining the built environment can be found in the following career cluster: a. agriculture, food & natural resources b. architecture & construction c. arts, audio-video technology & communications d. business, management & administration
Answers: 2
You know the right answer?
The following transactions and adjusting entries were completed by a paper-packaging company called...
Questions
Mathematics, 06.10.2019 05:30
History, 06.10.2019 05:30
Physics, 06.10.2019 05:30
Chemistry, 06.10.2019 05:30
History, 06.10.2019 05:30
Biology, 06.10.2019 05:30
Mathematics, 06.10.2019 05:30
Mathematics, 06.10.2019 05:30
Mathematics, 06.10.2019 05:30
Biology, 06.10.2019 05:30
Mathematics, 06.10.2019 05:30
Chemistry, 06.10.2019 05:30
Biology, 06.10.2019 05:30
