Accounting questions! Need help. Has to do with general journals,Straight-Line, Declining-Balance, and Sum-of-the-Years'-Digits Methods, etc.

1. Straight-Line, Declining-Balance, and Sum-of-the-Years'-Digits Methods A light truck is purchased on January 1 at a cost of $31,870. It is expected to serve for eight years and have a salvage value of $4,750. Calculate the depreciation expense for the first and third years of the truck's life using the following methods. If required, round your answers to the nearest cent. Depreciation Expense Year 1 1. Straight-line $ 2. Double-declining-balance $ 3. Sum-of-the-years'-digits $ Year 3 $ $ $ 2. Journal Entries: Disposition of Plant Assets Prepare the entries for the following transactions using a general journal: 1. Discarding an asset. On January 4, shelving units, which had a cost of $6,010 and had accumulated depreciation of $5,630, were discarded. On June 15, a hand cart, which had a cost of $1,540 and had accumulated depreciation of $1,360, was sold for $180. On October 1, a copy machine, which had a cost of $7,480 and had accumulated depreciation of $7,090, was sold for $425. If an amount box does not require an entry, leave it blank. # A. Account Title Debit Credit B. C. 3. Exchange or trade-in of assets. On December 31, a drill press, which had a cost of $59,320 and had accumulated depreciation of $47,110, was traded in for a new drill press with a fair market value of $73,100. The old drill press and $63,000 in cash were given for the new drill press. On December 31, the old drill press in (a) and $57,750 in cash were given for the new drill press. If an amount box does not require an entry, leave it blank. # A. Account title Credit Debit B. 4. Sales Journal Futi Ishanyan owns a retail business and made the following sales during the month of August 20--. There is a 6% sales tax on all sales. Aug. 1 Sale No. 213 to Jeter Manufacturing Co., $1,280, plus sales tax. 3 Sale No. 214 to Hassan Co., $2,630, plus sales tax. 7 Sale No. 215 to Habrock, Inc., $1,660, plus sales tax. (Open a new account for this customer. Address is 125 Fishers Dr., Noblesville, IN 47870-8867.) 11 Sale No. 216 to Seth Mowbray, $1,420, plus sales tax. 18 22 30 Sale No. 217 to Hassan Co., $3,800, plus sales tax. Sale No. 218 to Jeter Manufacturing Co., $2,770, plus sales tax. Sale No. 219 to Seth Mowbray, $1,800, plus sales tax. Record the transactions in the sales journal. If required, round your answers to the nearest cent. Date To whom Sold Accounts Recievable Sales Credit Sales Tax Payable (122) (401) (231) Aug 1. Aug 3 Aug 7 Aug 11 Aug 18 Aug 22 Aug 30 Total and verify the column totals and rule the columns. If required, round your answers to the nearest cent. Debit total: $ Credit total: $ Specific Identification, FIFO, LIFO, and Weighted-Average Swing Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as follows: Units Unit Price Total Cost October 1, 20-1 Beginning inventory 400 $19.00 $ 7,600 October 18 1st purchase 500 19.50 9,750 November 25 2nd purchase 210 20.50 4,305 January 12, 20- 2 3rd purchase 320 21.00 6,720 March 17 4th purchase 920 23.00 21,160 June 2 5th purchase 770 23.50 18,095 August 21 6th purchase 200 24.00 4,800 September 27 7th purchase 690 25.00 17,250 4,010 89,680 Use the following information for the specific identification method. There are 1,300 units of inventory on hand on September 30, 20-2. Of these 1,300 units: 100 are from October 18, 20-1 1st purchase 200 are from January 12, 20-2 3rd purchase 100 are from March 17 4th purchase 400 are from June 2 5th purchase 200 are from August 21 6th purchase 300 are from September 27 7th purchase Required: Calculate the total amount to be assigned to cost of goods sold for the fiscal year ended September 30, 20-2, and ending inventory on September 30, 20-2, under each of the following periodic inventory methods. For the weighted-average method, round the average unit cost to two decimal places. Round all final answers to the nearest dollar. Cost of Goods Sold $ 1. FIFO Cost of Ending Inventory $ 2. LIFO $ $ 3. Weighted-average $ $ 4. Specific identification $ $