In 2014, UraMin Co. completed the following transactions involving delivery trucks: July 5 Traded-in an old truck
Question:
July 5 Traded-in an old truck and paid $25,600 in cash for furniture. The accounting records on July 5 showed the cost of the old truck at $36,000 and related accumulated depreciation of $6,000. The furniture was estimated to have a six-year life and a $6,268 trade-in value. The invoice for the exchange showed these items:
Price of the furniture (equal to its fair value)........................................................ $45,100
Trade-in allowance................................................................................................. (19,500)
Total paid in cash ................................................................................................... $25,600
Dec. 31 Recorded straight-line depreciation on the furniture (to nearest whole month).
Required
Prepare journal entries to record the transactions.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 58% (12 reviews)
2014 July 5 Accumulated Depreciation Truck 6000 Loss on Disposal 10500 Furnitur...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1259066511
14th Canadian Edition
Authors: Larson Kermit, Jensen Tilly
Question Posted:
Students also viewed these Accounting questions
-
Photon Control completed the following transactions involving delivery trucks: Required Prepare journal entries to record thetransactions. 2014 Mar 26 Paid cash for a new delivery truck, $97,075 plus...
-
NeverLate Ltd. completed the following transactions involving delivery trucks: Required? Prepare journal entries to record the transactions. Paid cash for a new delivery truck, $92,000 plus $4,200 of...
-
In 2020, Staged Home Ltd. completed the following transactions involving delivery trucks: July 5 Traded in an old truck and paid $25,600 in cash for furniture. The accounting records on July 1 showed...
-
Show that an emission tax and an absolute emission standard are equivalent instruments to regulate a polluting monopolist if and only if the standard is binding.
-
Find the centroid of the region bounded by the given curves. y = 1/2 x, y = x
-
David Shannon believes that the allocation of inventoriable costs should be based on the actual physical flow of the goods. Explain to David why this may be both impractical and inappropriate.
-
The comparative financial statements for CyberOptic Corporation are in the Working Papers. The financial statements have been completed up to the trend analysis section. The following information is...
-
When Polledo Corporation was organized in January 2012, it immediately issued 5,000 shares of $50 par, 5 percent, cumulative preferred stock and 10,000 shares of $10 par common stock. The companys...
-
(1 point) Simplify the following expressions. Give exact answers with the fewest number of e's possible. Then give a decimal approximation. a.) b.) c) which is approximately which is approximately 18...
-
Paul Clark is employed by Aerotech Products and assembles a component part for one of the companys product lines. He is paid $14 per hour for regular time and time and a half (i.e., $21 per hour) for...
-
Questor Technology purchased a used machine for $116,900 on January 2, 2014. It was repaired the next day at a cost of $4,788 and installed on a new platform that cost $1,512. The company predicted...
-
Zephyr Minerals completed the following transactions involving machinery. Machine No. 15-50 was purchased for cash on April 1, 2014, at an installed cost of $52,900. Its useful life was estimated to...
-
A. Lammers and B. Samec have decided their partnership earnings will be shared as follows: (a) 14% interest allowance on capital balances at beginning of year, (b) Remainder to be shared equally....
-
Frank Midas operates a roller skating center, Wheels USA. He has just received the company's monthly bank statement at March 31 from Peoples National Bank, and the statement shows an ending balance...
-
Ollie and Veer decide to form a corporation. Both purchase a book on how to form a corporation, but they do not seek advice from an attorney. Ollie and Veer forget to form the corporation and conduct...
-
what ways does Margaret Atwood's "The Handmaid's Tale" both conform to and subvert the conventions of dystopian literature? How does this blending of genres contribute to its impact as a work of...
-
All business in the HT&E industry are required to comply with the legislation listed below. Your task is to elaborate further into how these Laws apply to your industry and 'HOW' your workplace...
-
Examine the existential themes in Albert Camus's "The Stranger." How does the protagonist's sense of detachment and absurdity illustrate existential philosophy, and what does this imply about the...
-
In Problems 33-46, find the intervals on which f(x) is increasing, the intervals on which f(x) is decreasing, and the local extrema. f(x) = x ln x - x
-
Given the table below, about how much force does the rocket engine exert on the 4.0 kg payload? Distance traveled with rocket engine firing (m) Payload final velocity (m/s) 500 320 490 310 1020 450...
-
Meghann Patrick is a former employee of Altria Group Distribution Company. After her employment was terminated, Patrick sued Altria and a supervisor at Altria, alleging employment-related claims...
-
SW Company provides the Equity & Liability information below for analysis. SW Company had net income of $389,050 in 2020 and $342,650 in 2019. Note 1: Cash dividends were paid at the rate of $1 per...
-
On October 3, 2020, Synthetic Inc, a cell phone protector company, issued 4,000 of its preferred shares for cash of $15 each. On November 19 the company issued 3,400 preferred shares in exchange for...
-
The equity section of the December 31, 2019, balance sheet for Delicious Alternative Desserts Inc. showed the following: ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?Delicious Alternative Desserts...
-
Transverse Inc. issues 5,000 common shares at $3 per share in exchange for cash. In recording the transaction, a credit of $15,000 is recorded to Select answer from the options below Retained...
-
Problem 8-21 NPV and Payback Period [LO 1, 4] Andouille Spices, Incorporated, has the following mutually exclusive projects available. The company has historically used a three-year cutoff for...
-
[The following information applies to the questions displayed below.] Nareh began the year with a tax basis of $30,000 in her partnership interest. Her share of partnership liabilities consists of...
Study smarter with the SolutionInn App