Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can someone answers these questions ? Question 26 (4 points) ABC Company originally paid $360,000 for a plant asset. On December 31, 2021, they sold

can someone answers these questions ? image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Question 26 (4 points) ABC Company originally paid $360,000 for a plant asset. On December 31, 2021, they sold the asset for $120,000. On that date, the balance in the Accumulated Depreciation account was $144,000. Prepare the necessary journal entry, in good form, to record the sale of the asset. I A Question 27 (3 points) Saved ABC Company purchased a patent for $52.000 on January 1, 2021. The patent has an estimated useful life of 25 years and a 20 year legal life. What entry would ABC make on December 31, 2021 to record amortization the atent? Question 25 (4 points) ABC Company purchased equipment costing $60,000 with a salvage value of $12,000 and an estimated life of 8 years. It has been depreciated using the straight- line method for 2 years. Assuming a revised estimated total life of 6 years and no change in the salvage value, the depreciation expense for year 3 would be: 1 Question 26 (4 points) paid $360,000 for a plant asset On December 31, 2021, the Accumulated Question 24 (4 points) On October 1, 2021, ABC Company places a new asset into service. The cost of the asset is $150,000 and it has an estimated 10-year life and $16,000 salvage value at the end of its useful life. What is the depreciation expense for 2021 and 2022 if ABC Company uses the straight-line method of depreciation? Hint - year 1 will need to be prorated! Question 25 (4 points) ABC Company purchased equipment costing $60,000 with a salvage value of Question 23 (4 points) ABC Company purchased a factory machine for $375,000. It was estimated that the machine would have a $75,000 salvage value at the end of its 5-year useful life. It was also estimated that the machine would be run 40,000 hours in the five years. The company ran the machine for 4,000 actual hours in 2021. If ABC Company uses the units-of-activity method of depreciation, the amount of depreciation expense for 2021 would be? AY 1 Question 24 (4 points) The cost of the Question 22 (4 points) ABC Company purchased factory equipment for $388,000. It is estimated that the equipment will have a $32,000 salvage value at the end of it's estimated 5-year useful life. If ABC uses the double-declining balance method of depreciation, determine the annual depreciation recorded for the first and second years. Label each year clearly! Question 23 (4 points) Question 21 (3 points) When ABC Company purchased equipment, the following costs were incurred: Cash price $65,000 Sales taxes 3,600 Insurance during transit 640 Installation & testing 860 ABC will record the acquisition cost of the equipment as: Question 20 (10 points) ABC Company uses the allowance method for estimating the uncollectible accounts. Prepare journal entries, in proper format, to record the following transactions: Feb 6 Provided services to XYZ Company for $4,300, terms 2/10, n/30. Mar 10 Received payment of $2,500 from XYZ Company on account. Aug 1 Wrote off as uncollectible the balance of the XYZ account. Oct 4 Unexpectedly received a check for $250 from XYZ Company. (hint - don't forget the dates, and 10/4 requires 2 entries)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Skills For Accounting And Auditing Research

Authors: Shelby Collins

2nd Edition

1618530747, 9781618530745

More Books

Students also viewed these Accounting questions

Question

Under what circumstances is polygraph testing of employees legal?

Answered: 1 week ago