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

Question

1 Approved Answer

Smithville Company owns equipment that costs $76,800, with accumulated depreciation of $40,800. Smithville sells the equipment for cash. Record the journal entry for the sale

image text in transcribed
Smithville Company owns equipment that costs $76,800, with accumulated depreciation of $40,800. Smithville sells the equipment for cash. Record the journal entry for the sale of the equipment if Smithville were to sell the equipment for the following amounts: (3 pts) A. $47,000 cash B. $36,000 cash C. $31,000cash

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

Property Companies An Industry Accounting And Auditing Guide

Property Companies An Industry Accounting And Auditing Guide

Authors: Accountancy Books

1st Edition

1853558079, 978-1853558078

More Books

Students also viewed these Accounting questions

Question

★★★★★
Draw a figure showing how trade could be a vent for surplus.

Answered: 1 week ago

Question

★★★★★
please answer part A until D, give the correct value pls Practiceos data unpaid invoices Home Insert Draw Pagye Layout Formulas Data Revie N View Read Only - Saive al copy lo edit fx thentent or...

Answered: 1 week ago

Question

★★★★★
42. In the two-class priority queueing model of Section 8.6.2, what is WQ? Show that WQ is less than it would be under FIFO if E[S1] E[S2].

Answered: 1 week ago

Question

★★★★★
Otis Thorpe Corporation has 10,000 shares of $100 par value, 8%, preferred stock and 50,000 shares of $10 par value common stock outstanding at December 31, 2008. Instructions Answer the questions in...

Answered: 1 week ago

Question

★★★★★
Smithville Company owns equipment that costs $76,800, with accumulated depreciation of $40,800. Smithville sells the equipment for cash. Record the journal entry for the sale of the equipment if...

Answered: 1 week ago

Question

★★★★★
10-55. The following items were discovered during the audit of a cash account. a. The company had overstated cash by transferring funds at year end to another account but failed to record the...

Answered: 1 week ago

Question

★★★★★
The well-insulated, rigid storage tank in the figure below contains air and carbon dioxide, separated by a moveable divider that allows for heat transfer to occur between the two gases. If the air...

Answered: 1 week ago

Question

★★★★★
53. The following are production and cost data for two products, buckets and pails, produced in batches of 600 each. Contribution margin per batch Machine set-ups needed per batch Buckets Pails $360...

Answered: 1 week ago

Question

★★★★★
Use the following is the equilibrium phase diagram for the iron-carbon system to answer the following questions. (Please round compositions to the nearest 0.1 wt.% in your answers and calculations)...

Answered: 1 week ago

Question

★★★★★
Allicyn is building a development dashboard. She discovers she needs to have more focus on factors that explain why certain decisions are made that affect her part of the supply chain. Which area is...

Answered: 1 week ago

Question

★★★★★
4.18 Consider the following CO oxidation reactions: VERVIE k CO + OH / CO+H of chemical me k 2 CO + O2 CO2 + 0, shemu where k (cm/gmol-s) = 1.17 107 T (K) 1.35 exp[+3000/RT (K)], k (cm/ ms, the...

Answered: 1 week ago

Question

★★★★★
10-8 The mobile platform may not make desktop PCs obsolete, but corporations will have to change their business models to adjust to this shift. Do you agree? Why or why not?

Answered: 1 week ago

Question

★★★★★
10-12 Pick one e-commerce company on the Internetfor example, Ashford, Buy.com, Yahoo, or Priceline. Study the Web pages that describe the company and explain its purpose and structure. Use the Web...

Answered: 1 week ago

Question

★★★★★
4. What role does Orbitz for Business play in the companys business strategy? When it comes to mobile apps and gauging their impact on consumers and business, the online travel industry and its...

Answered: 1 week ago

Previous Question Next Question