Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Macho Taco sold a food truck on March 1, 2020. The accounts showed adjusted balances on February 28, 2020, as follows: Food Truck Accumulated Depreciation,

image text in transcribed
image text in transcribed
Macho Taco sold a food truck on March 1, 2020. The accounts showed adjusted balances on February 28, 2020, as follows: Food Truck Accumulated Depreciation, Food Truck $ 60,000 36,25e Required: Record the sale of the food truck assuming the cash proceeds were: a. 23.750 b. 30,600 c. 21,000 d. $0 (the food truck was scrapped). On January 2, 2020, Direct Shoes Inc, disposed of a machine that cost $87,000 and had been depreciated $47,050. Present the journal entries to record the disposal under each of the following unrelated assumptions: a. The machine was sold for $35,500 cash

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_2

Step: 3

blur-text-image_3

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

Communication And Auditing A Step By Step Guide

Authors: Melanie McKay, Elizabeth Rosa

1st Edition

075931652X, 978-0759316522

More Books

Students also viewed these Accounting questions