Gunkelson Company sells equipment on September 30, 2017, for $18,000 cash. The equipment originally cost $72,000 and
Question:
(a) Update depreciation to September 30, 2017, and
(b) Record the sale of the equipment.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 68% (19 reviews)
a Depreciation Expense 5250 Accumulated Depreciation x Equipment 5250 b ...View the full answer
Answered By
Atuga Nichasius
I am a Highly skilled Online Tutor has a Bachelor’s Degree in Engineering as well as seven years of experience tutoring students in high school, bachelors and post graduate levels. I have a solid understanding of all learning styles as well as using asynchronous online platforms for tutoring needs. I individualise tutoring for students according to content tutoring needs assessments.
My strengths include good understanding of all teaching methods and learning styles and I am able to convey material to students in an easy to understand manner. I can also assists students with homework questions and test preparation strategies and I am able to help students in math, gre, business , and statistics
I consider myself to have excellent interpersonal and assessment skills with strong teaching presentation verbal and written communication
I love tutoring. I love doing it. I find it intrinsically satisfying to see the light come on in a student's eyes.
My first math lesson that I taught was when I was 5. My neighbor, still in diapers, kept skipping 4 when counting from 1 to 10. I worked with him until he could get all 10 numbers in a row, and match them up with his fingers.
My students drastically improve under my tutelage, generally seeing a two grade level improvement (F to C, C to A, for example), and all of them get a much clearer understanding!
I am committed to helping my students get the top grades no matter the cost. I will take extra hours with you, repeat myself a thousand times if I have to and guide you to the best of my ability until you understand the concept that I'm teaching you.
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Question Posted:
Students also viewed these Accounting questions
-
Gunkelson Company sells equipment on September 30, 2014, for $18,000 cash. The equipment originally cost $72,000 and as of January 1, 2014, had accumulated depreciation of $42,000. Depreciation for...
-
Gunkelson Company sells equipment on September 30, 2015, for $18,000 cash. The equipment originally cost $72,000 and as of January 1, 2015, had accumulated depreciation of $42,000. Depreciation for...
-
Gunkelson Company sells equipment on September 30, 2019, for $18,000 cash. The equipment originally cost $72,000 and as of January 1, 2019, had accumulated depreciation of $42,000. Depreciation for...
-
Find the radius of convergence and interval of convergence of the series. 00 (-1)"x" n=0 n + 1
-
Zachary Limited is planning to enlarge its factory in an economically challenged area of Canada. The federal, provincial, and municipal governments are all keen to assist the firm in making this...
-
Describe the accounting for intan gible assets, such as patents, copy rights, and goodwill. AppendixLO1
-
P18-5 Financial reporting during bankruptcy The unsecured creditors of Dan filed a petition under Chapter 7 of the bankruptcy act on July 1, 2016, to force Dan into bankruptcy. The court order for...
-
The entity theory of equity implies that there should be no need for financial statements to distinguish between debt and equity. Alternatively, proprietary theory implies that such a distinction is...
-
Which of the following is NOT a domain of accounting? A. Financial accounting B. Management accounting C. Auditing D. None of the above.
-
Wyatt Oil owns a major oil refinery in Channelview, Texas. The refinery processes crude oil into valuable outputs in a two-stage process. First, it distills a barrel of crude oil at a variable cost...
-
On January 1, 2017, the Morgantown Company ledger shows Equipment $32,000 and Accumulated DepreciationEquipment $9,000. The depreciation resulted from using the straight-line method with a useful...
-
On January 1, 2017, Emporia Country Club purchased a new riding mower for $15,000. The mower is expected to have an 8-year life with a $3,000 salvage value . What journal entry would Emporia make at...
-
What are the four main areas on which the standard balanced scorecard is based?
-
Question 37 Plantito Inc., produces potted plants. For next year, Pietro predicts that 45,000 units will be produced, with the following total costs: Direct materials Direct labor ? 80,000 Variable...
-
When you are to design a data transmission system, you have two key considerations to work with: data rate and distance, with emphasis placed on achieving the highest data rates over the longest...
-
How much work does a supermarket checkout attendant do on a can of soup he pushes 0.600 m horizontally with a force of 5.00 N? Express your answer in joules and kilocalories. 3 . (a) Calculate the...
-
Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported the following condensed data (dollars in millions). Salaries and wages expenses$460 Research and...
-
Consider the extensive form game show in the figure below. How many strategies does Player 2 have in this game? (2,2,1) b (2,4,2) 03 by 03 02 dz (4.2,0) (2.0.2) (0.3.4) (3,5,3) (3,1,2)
-
HyStandard Services, Inc. provides residential painting services for three home building companies, Alpine, Blue Ridge, and Pineola, and it uses a job costing system for determining the costs for...
-
What mass of H2 will be produced when 122 g of Zn are reacted? Zn(s) + 2HCl(aq) ( ZnCl2(aq) + H2(g)
-
(a) Define the stagnation process. Be careful to state all conditions. (b) Give a general equation for stagnation enthalpy that is valid for all substances. (c) Under what conditions can you use the...
-
Ivan Klumb has just rented space in a strip mall. In this space, he will open a photography studio, to be called "Picture This!" A friend has advised Ivan to set up a double-entry set of accounting...
-
Ivan Klumb engaged in the following activities in establishing his photography studio, Picture This!: 1. Opened a bank account in the name of Picture This! and deposited $6,300 of his own money into...
-
Ivan Klumb recorded the following transactions during the month of April. Post these entries to the Cash T-account of the general ledger to determine the ending balance in cash. The beginning balance...
-
The following schedule reconciles Cele Co.'s pretax GAAP income Pretax GAAP income Nondeductible expense for fines Tax deductible depreciation in excess of GAAP depreciation expens Taxable rental...
-
How to solve general ledger cash balance chapter 9 assignment 5
-
On 31 July 2018, Sipho bought 1 000 ordinary shares in ABC Ltd at a cost of R2 750. On 31 December 2018 the company made a 1 for 10 bonus issue. On 31 March 2019, Sipho sold 300 shares for R800. What...
Study smarter with the SolutionInn App