Reinbold Manufacturing has an old factory machine that cost $50,000. The machine has accumulated depreciation of $28,000.
Question:
(a) What entry would Reinbold make to record the sale of the machine for $25,000 cash?
(b) What entry would Reinbold make to record the sale of the machine for $15,000 cash?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 40% (10 reviews)
a Sale of machine for cash at a gain Accumulated Depreciatio...View the full answer
Answered By
Robert Mwendwa Nzinga
I am a professional accountant with diverse skills in different fields. I am a great academic writer and article writer. I also possess skills in website development and app development. I have over the years amassed skills in project writing, business planning, human resource administration and tutoring in all business related courses.
4.90+
187+ Reviews
378+ Question Solved
Related Book For
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Question Posted:
Students also viewed these Accounting questions
-
Ritenour Manufacturing has an old factory machine that cost $50,000.The machine has accumulated depreciation of $28,000 and a fair value of $26,000. Ritenour has decided to sell the machine. (a) What...
-
Thornton Company has an old factory machine that cost $50,000. The machine has accumulated depreciation of $28,000. Thornton has decided to sell the machine. (a) What entry would Thornton make to...
-
Bylie Company has an old factory machine that cost $50,000. The machine has accumulated depreciation of $28,000. Bylie has decided to sell the machine. (a) What entry would Bylie make to record the...
-
On 31 March 1980, Philip acquired a 48-year copyright at a cost of 85,000. The copyright was valued at 92,000 on 31 March 1982. On 31 March 2021, Philip sold the copyright for 47,000. Compute the...
-
A machine component is subjected to the forces and couples shown. The component is to be held in place by a single rivet that can resist a force but not a couple. For P = 0, determine the location of...
-
Percentage of scores between 76 and 108 The normal distribution of IQ scores, which has a mean of 100 and a standard deviation of 16. Use Table 5.1 (on page 175) to find the indicated quantities, for...
-
In reviewing a feasibility study for a new computer system, the auditor should ascertain that the study a. considered costs, savings, controls, profit improvement, and other benefits analyzed by...
-
a. Use the CAPM to compute the required rate of return on common equity capital for Starbucks. b. Using your projected financial statements from Case 10.1 for Starbucks, begin with projected net cash...
-
(To assign labor to jobs J57 & K52) (To assign overhead to jobs J57 & K52) (To record completion of jobs J57 & K52)
-
Citric acid (C 6 H 8 O 7 ) is used in the preparation of many foods, pharmaceuticals, soft drinks, and personal-care products. Although it can be recovered by concentration and crystallization from...
-
Whistler Corporation purchased a piece of equipment for $50,000. It estimated an 8-year life and $2,000 salvage value . At the end of year four (before the depreciation adjustment), it estimated the...
-
Match the statement with the term most directly associated with it. Goodwill Intangible assets Research and development costs Amortization Franchise 1. _______ Rights, privileges, and competitive...
-
In Figure P31.30, the bar magnet is moved toward the loop. Is Va - Vb positive, negative, or zero? Explain. Motion toward the loop
-
Assuming a large population and holding sample size constant, if the auditor decreases ARO what will be the effect on CUER?
-
Can you elaborate on the psychoanalytic perspectives on conflict resolution, particularly Freud's theories of ego defenses, unconscious motives, and transference dynamics, and their relevance for...
-
P5 Calculation of individual costs and WACC. Dillon Labs has asked its financial manager to measure the cost of each specific type of capital as well as the weighted average cost of capital (WACC)....
-
You are planning to retire in 40 years (t = 40). After retirement, you need annual withdrawals of $900 from your retirement account for the next 20 years. The first withdrawal will occur one year...
-
Data concerning a recent period s activity in the Prep Department, the first processing department in a company that uses process costing, appear below: Materials Conversion Equivalent units in...
-
An airplane in straightandlevel, unaccelerated flight weighs 2300 lb, what total lift must the aircraft produce to maintain a constant altitude assuming no additional forces are involved: a. 2000 lb...
-
The test statistic in the NeymanPearson Lemma and the likelihood ratio test statistic K are intimately related. Consider testing H 0 : = 0 versus H a : = a , and let * denote the test statistic...
-
The police force of a large city had to decide between two different approaches to keeping the officers on the force informed about the changes in laws. An enlightened administrator of this force...
-
Jack and Lance are discussing how the market price of a bond is determined. Jack believes that the market price of a bond is solely a function of the amount of the principal payment at the end of the...
-
Natalie Pendlay, the chief financial officer of Mullins Inc., is considering the options available to her for financing the companys new plant. Short-term interest rates right now are 6%, and...
-
Samuel Engels says that liquidity and solvency are the same thing. Is he correct? If not, how do they differ?
-
Diggins Excavation has a contractors equipment policy written on a scheduled basis. What is "scheduled" on this kind of policy? (Search Chapter 9) a. the locations at which Diggins is using its...
-
Segn el libro de Robbins, Coulter, y eCenzo, D. A. (2020). Fundamentals of management (11. a ed. Que es Compensacin y beneficios
-
The purpose of the Exclusion for Qualified Principal Residence Indebtedness is to provide tax relief on canceled debt for many homeowners involved in a mortgage foreclosure. Taxpayers can exclude...
Study smarter with the SolutionInn App