Rooster Ltd. sells a printing press for $10,000 in order to purchase a newer model. The...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Rooster Ltd. sells a printing press for $10,000 in order to purchase a newer model. The cost of the old printing press was $45,000, and accumulated depreciation up to date is $33,000. The journal entry to record the sale of the old printing press will require a: Select one: O A. debit to Accumulated Depreciation for $33,000 O B. debit to Equipment for $45,000 O C. credit to Cash for $10,000 O D. credit to Loss on Sale of Equipment for $6,000. Rooster Ltd. sells a printing press for $10,000 in order to purchase a newer model. The cost of the old printing press was $45,000, and accumulated depreciation up to date is $33,000. The journal entry to record the sale of the old printing press will require a: Select one: O A. debit to Accumulated Depreciation for $33,000 O B. debit to Equipment for $45,000 O C. credit to Cash for $10,000 O D. credit to Loss on Sale of Equipment for $6,000.
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
In order to purchase equipment and supplies, Salem Bike Shop, Inc., borrowed $36,000 on August 1 by signing a note payable to Community One Bank. Interest expense for Salem Bike Shop, Inc., is $300...
-
In order to purchase another truck, Beatty Transport recently obtained a $50,000 loan for five years at 7.8% compounded semiannually. a. What are the monthly payments on the loan? b. What will be the...
-
In order to purchase equipment and supplies, Sinclair Bike Shop, Inc., borrowed $28,000 on August 1 by signing a note payable to Community One Bank. Interest expense for Sinclair Bike Shop, Inc., is...
-
(SI Units) In a tensile test, the starting gage length = 100.0mm and the cross-sectional area = 150 mm2. During testing, thefollowing force and gage length data are collected: (1) 17,790 N at100.2...
-
Goldberg & Broverman, Inc., publishers of movie and song trivia books, made the following errors in adjusting the accounts at year-end (December 31): a. Did not record $15,000 depreciation on the...
-
What are the implications of the differences in various countries internet adoptions?
-
Why are organizations important in our lives?
-
Hound Havens produces plastic doghouses as part of a continuous process through two departments: Molding and Finishing. Direct materials and conversion are added throughout the month in both...
-
We are considering the effects of starting early or late to save for retirement. Assume that each account considered has an APR of 6% compounded monthly. Against expert advice, you begin your...
-
Whitestone Company produces two subassemblies, JR-14 and RM-13, used in manufacturing trucks. The company is currently using an absorption costing system that applies overhead based on direct-labor...
-
a brief summary of each outside reference including what it has to say about the topic of employment security answer the question should public policy laws be devised to promote employment security...
-
ASK YOUR TEACHER Election returns are broadcast in a town of 1 million people, and the number of people who have heard the news within t hours is 1,000,000(1-e-0.4). How long will it take for 950,000...
-
1.Describe the treatment processes that may be required to prepare injection water for use in waterflooding 2.Discuss the factors that influence the selection of injection water for a given reservoir...
-
What are are examples of ballot box zoning, where Californians have used the ballot box to impact urban growth and planning and place limits on what elected officials and planning agencies can...
-
Dr. Froeb absolutely agrees with Jon. "Problem-solving proceeds in two steps. First, reduce a problem to a bad decision, and then figure out who made it and why. Second, figure out how to ensure that...
-
Preparing a schedule of cost of goods manufactured and an income statement for a manufacturing company Chewy Bones manufactures its own brand of pet chew bones. At the end of December 2024, the...
-
A company is considering options for its internal packaging used in distribution. According to Suzanne Jones' zero-waste hierarchy these potential packaging decisions in order from Best to Worst: - Se
-
In Exercises evaluate the limit, using LHpitals Rule if necessary. lim 07x cos x X
-
Label each of the items listed with the abbreviation of the financial statement on which it appears. Items may appear on more than one statement. Income Statement (IS) Balance Sheet (BS) Statement of...
-
The income statement and additional data of Snyder Services, Inc., follow: Additional data follows: a. Collections from customers are $15,000 more than sales. b. Payments to suppliers are the sum of...
-
Doreen Dunst started an interior design company called Interiors by Doreen, Inc., on June 1, 2012. The following amounts summarize the financial position of her business on June 14, 2012, after the...
-
What is the utility of providing quarterly forecasts of all key input data and the resulting financial statements?
-
Which elements of JL Inc.s business plan reflect a pattern of continuous improvement?
-
Waldemar Gott, a lawyer, was paid $72,000 on October 1 to represent a client in real estate negotiations over the next 12 months. 1. Record the entries required in Gotts records on October 1 and at...
Study smarter with the SolutionInn App