FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare journal entries for disposal of fixed assets Company sold Equipment worth $120,000 for $50,000. Depreciation recorded at the rate of 20% yearly for 3

Prepare journal entries for disposal of fixed assets

Company sold Equipment worth $120,000 for $50,000. Depreciation recorded at the rate of 20% yearly for 3 years.

Motor vehicle purchased for $80,000 was sold for $20,000 after usage of 2 years at rate of 25% yearly

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions

Question

=+c) Are there more smartphones, or regular cell phones in South Africa?

Answered: 1 week ago

Question

★★★★★
Hollys Day Care has been in operation for several years. Identify each cost as variable (V), fixed (F), or mixed (M), relative to number of students enrolled. 1. Building rent. 2. Toys. 3....

Answered: 1 week ago

Question

★★★★★
Child Development in the School Readiess Module 6 :Supporting Approaches to Learning. Page 1 6 of 1 6 Knowledge Check Question 3 of 1 0 Which of the following does NOT describe a benefit of...

Answered: 1 week ago

Question

★★★★★
Soon more companies may use ________ to help analyze the mountains of big data they're collecting. a. EaaS b. AaaS c. IaaS d. PaaS e. PBaaS

Answered: 1 week ago

Question

★★★★★
According to Joint Publication 3-24, Counterinsurgency, why should precision engagement by airpower "be designed to employ [host nation] airpower resources to the greatest extent possible

Answered: 1 week ago

Question

★★★★★
The tension between my mother and me rapidly increased once I moved home from college as she gave me little to no privacy. I was mature, had a full-time job, and wasn't the same as before I left four...

Answered: 1 week ago

Question

★★★★★
The table below presents the tax revenue and spending for the government over five years. a. Under the "Budget Amount" column calculate the annual budget outcome. Instructions: Enter your answer as a...

Answered: 1 week ago

Question

★★★★★
According to valor how can the framework of virtue ethics the ride inside in the hell robot human interactions condition the social and emotional character of humans especially patients And caregivers

Answered: 1 week ago

Question

★★★★★
Extract B (lines 20-21) states that 'all vehicle owners should be forced to pay the full costs of their driving. This would incentivise people to consider using public transport, cycling or walking....

Answered: 1 week ago

Previous Question Next Question