Business, 06.11.2019 01:31 lopeznadia838

Diaz company owns a machine that cost $250,000 and has accumulated depreciation of $182,000. prepare the entry to record the disposal of the machine on january 1 in each seperate situation.

the machine needed extensive repairs and was not worth repairing. diaz disposed of the machine, receiving nothing in return.

diaz sold the machine for $35,000 cash.
diaz sold the machine for $68,000 cash.
diaz sold the machine for $80,000 cash.

Answers: 2

Show answers

Answers

Answer from: jess6142

A journal entry is a record of a company's or firm's financial activities kept in its accounting books. The first stage in the accounting cycle is to make a journal entry.

The sale of machine for cash is being entered in the journal, the image of the journal entries passed is attached below. Kindly go through it.

For more information related to the journal entries regarding the sale of machines, refer to the link:

link

Answer from: baidentheodore617

Explanation:

The journal entries are shown below:

1. Accumulated Depreciation A/c Dr $182,000

Loss on disposal of machine A/c Dr $68,000

To Machine A/c $250,000

(Being the machine disposed off)

2. Accumulated Depreciation A/c Dr $182,000

Loss on disposal of machine A/c Dr $33,000

Cash A/c Dr $35,000

To Machine A/c $250,000

(Being machine sold for $35,000)

3. Accumulated Depreciation A/c Dr $182,000

Cash A/c Dr $68,000

To Machine A/c $250,000

(Being machine sold for $68,000)

4. Accumulated Depreciation A/c Dr $182,000

Cash A/c Dr $80,000

To Machine A/c $250,000

To profit on disposal of machine A/c Dr $12,000

(Being machine sold for $80,000)

Diaz company owns a machine that cost $250,000 and has accumulated depreciation of $182,000. prepare

Answer from: Quest

Can you choose anything?

Answer from: Quest

In line with other previous and contemporaneous proposals, in 1912 the meteorologist alfred wegener amply described what he called continental drift, expanded in his 1915 book the origin of continents and oceans and the scientific debate started that would end up fifty years later in the theory of plate tectonics.

Another question on Business

Business, 21.06.2019 16:30

Which is the correct expansion of the term internet? a. internetwork b. institutional network c. instructional network d. international network

Answers: 2

Answer

Business, 22.06.2019 00:30

Which statement is true about the elements of the interface of a presentation program? a. the status bar appears at the top of the page and displays options to style your slides. b. the tool bar displays the thumbnails of your presentation slides in the order they will appear in the presentation. c. rulers indicate the margins, tabs, and indents in a presentation slide. d. the document area provides a list of commands to create, format, and edit presentations.

Answers: 3

Answer

Business, 22.06.2019 02:40

The following accounts are denominated in pesos as of december 31, 2015. for reporting purposes, these amounts need to be stated in u.s. dollars. for each balance, indicate the exchange rate that would be used if a translation is made under the current rate method. then, again for each account, provide the exchange rate that would be necessary if a remeasurement is being made using the temporal method. the company was started in 2000. the buildings were acquired in 2002 and the patents in 2003. (round your answers to 2 decimal places.) exchange rates for 1 peso are as follows: 2000 1 peso = $ 0.28 2002 1 = 0.26 2003 1 = 0.25 january 1, 2015 1 = 0.24 april 1, 2015 1 = 0.23 july 1, 2015 1 = 0.22 october 1, 2015 1 = 0.20 december 31, 2015 1 = 0.16 average for 2015 1 = 0.19

Answers: 3

Answer

Business, 22.06.2019 13:10

Lin corporation has a single product whose selling price is $136 per unit and whose variable expense is $68 per unit. the company’s monthly fixed expense is $32,400. required: 1. calculate the unit sales needed to attain a target profit of $5,000. (do not round intermediate calculations.) 2. calculate the dollar sales needed to attain a target profit of $8,400.

Answers: 3

Answer

You know the right answer?

Diaz company owns a machine that cost $250,000 and has accumulated depreciation of $182,000. prepare...

Questions