Question
On January 2, 2023, Couture Clothing Consignments purchased showroom fixtures for $15,000 cash, expecting the fixtures to remain in service for five years. Couture has
On
January
2,
2023,
Couture
Clothing Consignments purchased showroom fixtures for
$15,000
cash, expecting the fixtures to remain in service for five years.
Couture
has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On
August 31,
2024,
Couture
sold the fixtures for
$8,200
cash. Record both depreciation expense for
2024
and sale of the fixtures on
August 31,
2024.
(Record debits first, then credits. Select the explanation on the last line of the journal entry table. Note that
2023
depreciation was recorded and posted in
2023.)
Question content area bottom
Part 1
Begin by recording the depreciation expense for January 1,
2024
through
August 31,
2024.
| Date | Accounts and Explanation | Debit | Credit | ||
| Aug. 31 |
|
|
| ||
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Question 2
Winky Flash Photo reported the following figures on its December 31, 2024, income statement and balance sheet:
Data table
| Net sales | $454,000 |
|
|---|---|---|
|
| Dec. 31, 2024 | Dec. 31, 2023 |
| Cash | $22,000 | $31,000 |
| Accounts Receivable | 55,000 | 68,000 |
| Merchandise Inventory | 75,000 | 76,000 |
| Prepaid Expenses | 10,000 | 9,000 |
| Property, Plant, and Equipment, net | 200,000 | 13,000 |
Compute the asset turnover ratio for 2024. Round to two decimal places.
Part 1
|
|
| = | Asset turnover ratio | |
|
|
| = |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
A Blueprint For Lean Audit Lead Your Company To Higher Performance Levels
Authors: Maurice Washpun
1st Edition
B09R3DSLFF, 979-8408643707
