Business, 21.06.2021 16:20 lilly9240

Here are selected 2017 transactions of Akron Corporation. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $62,000 and had a useful life of 10 years with no salvage value
June 30 Sold a computer that was purchased on January 1, 2015. The computer cost $36,000 and had a useful life of 3 years with no salvage value. The computer was sold for $5,000 cash
Dec. 31 Sold a delivery truck for $9,000 cash. The truck cost $25,000 when it was purchased on January 1, 2014, and was depreciated based on a 5-year useful life with a $4,000 salvage value.

Required:
Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Akron Corporation uses straight-line depreciation.

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Answer from: youguyscantbanme

Akron Corporation

Journal Entries:

Jan. 1 Debit Assets Disposal $62,000

Credit Equipment $62,000

To transfer the cost of equipment to the Assets Disposal account.

Debit Accumulated Depreciation $62,000

Credit Assets Disposal $62,000

To transfer the accumulated depreciation to the Assets Disposal account.

June 30 Debit Assets Disposal $36,000

Credit Computer $36,000

To transfer the cost of the computer to the Assets Disposal account.

Debit Accumulated Depreciation $30,000

Credit Assets Disposal $30,000

To transfer the accumulated depreciation to the Assets Disposal account.

Debit Cash $5,000

Credit Assets Disposal $5,000

To record the proceeds from the disposal.

Dec. 31 Debit Accumulated Depreciation $12,600

Credit Assets Disposal $12,600

To transfer the accumulated depreciation to the Assets Disposal account.

Debit Assets Disposal $25,000

Credit Delivery Truck $25,000

To transfer the cost of the delivery truck to the Assets Disposal account.

Debit Cash $9,000

Credit Assets Disposal $9,000

To record the proceeds from the disposal.

Dec. 31 Debit Loss on Disposal of Assets $4,400

Credit Assets Disposal $4,400

To record the loss from the disposal of assets.

Explanation:

a) Data and Analysis:

Jan. 1 Accumulated Depreciation $62,000 Assets Disposal $62,000 Assets Disposal $62,000 Equipment $62,000

June 30 Assets Disposal $36,000 Computer $36,000 Accumulated Depreciation $30,000 Assets Disposal $30,000 Cash $5,000 Assets Disposal $5,000

Dec. 31 Accumulated Depreciation $12,600 Assets Disposal $12,600 Assets Disposal $25,000 Delivery Truck $25,000 Cash $9,000 Assets Disposal $9,000

Dec. 31 Loss on Disposal of Assets $4,400 Assets Disposal $4,400

Answer from: Quest

answer; bootstrapping is your answer;

Answer from: Quest

$527.7.if the following was the question $527.7 is the answer.students who are trying to raise funds have an agreement with a local pizza chain. the chain has agreed to sell them pizzas at a discount, which the students can then resell to families in the local community for a profit. it is expected that of the 500 families in the community, at most 70% will buy pizza. based on a survey of their personal preferences, the students believe that they should order no more than 120 cheese pizzas, no more than 150 pepperoni pizzas, and no more than 100 vegetarian pizzas. they also want to make sure that at least 20% of the total pizzas are cheese and at least 50% of the pizzas are pepperoni. they make a profit of $1.45, $1.75, and $1.98, respectively, for each cheese, pepperoni, and vegetarian pizza they resell. how many pizzas of each type should they buy?

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Here are selected 2017 transactions of Akron Corporation. Jan. 1 Retired a piece of machinery that...

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