Business, 15.11.2019 20:31 Savageman9509

The following transactions, adjusting entries, and closing entries were completed by legacy furniture co. during a three-year period. all are related to the use of delivery equipment. the double-declining-balance method of depreciation is used. 2014 jan. 4. purchased a used delivery truck for $28,000, paying cash. nov. 2. paid garage $675 for miscellaneous repairs to the truck. dec. 31. recorded depreciation on the truck for the year. the estimated useful life of the truck is four years, with a residual value of $5,000 for the truck. 2015 jan. 6. purchased a new truck for $48,000, paying cash. apr. 1. sold the used truck for $15,000. (record depreciation to date in 2015 for the truck.) june 11. paid garage $450 for miscellaneous repairs to the truck. dec. 31. record depreciation for the new truck. it has an estimated residual value of $9,000 and an estimated life of five years. 2016 july 1. purchased a new truck for $54,000, paying cash. oct. 2. sold the truck purchased january 6, 2015, for $16,750. (record depreciation to date for 2016 for the truck.) dec. 31. recorded depreciation on the remaining truck. it has an estimated residual value of $12,000 and an estimated useful life of eight years. journalize the transactions and the adjusting entries. refer to the chart of accounts for exact wording of account titles. be sure to include the year in the date for the first transaction on each page.

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 03:00

Presented below is a list of possible transactions. analyze the effect of the 18 transactions on the financial statement categories indicated. transactions assets liabilities ownersâ€™ equity net income 1. purchased inventory for $80,000 on account (assume perpetual system is used). 2. issued an $80,000 note payable in payment on account (see item 1 above). 3. recorded accrued interest on the note from item 2 above. 4. borrowed $100,000 from the bank by signing a 6-month, $112,000, zero-interest-bearing note. 5. recognized 4 monthsâ€™ interest expense on the note from item 4 above. 6. recorded cash sales of $75,260, which includes 6% sales tax. 7. recorded wage expense of $35,000. the cash paid was $25,000; the difference was due to various amounts withheld. 8. recorded employerâ€™s payroll taxes. 9. accrued accumulated vacation pay. 10. recorded an asset retirement obligation. 11. recorded bonuses due to employees. 12. recorded a contingent loss on a lawsuit that the company will probably lose. 13. accrued warranty expense (assume expense warranty approach). 14. paid warranty costs that were accrued in item 13 above. 15. recorded sales of product and related service-type warranties. 16. paid warranty costs under contracts from item 15 above. 17. recognized warranty revenue (see item 15 above). 18. recorded estimated liability for premium claims outstanding.

Answers: 1

Answer

Business, 22.06.2019 10:10

An investment offers a total return of 18 percent over the coming year. janice yellen thinks the total real return on this investment will be only 14 percent. what does janice believe the inflation rate will be over the next year?

Answers: 3

Answer

Business, 22.06.2019 15:00

(a) what do you think will happen if the price of non-gm crops continues to rise? why? (b) what will happen if the price of non-gm food drops? why?

Answers: 2

Answer

Business, 22.06.2019 17:40

Take it all away has a cost of equity of 11.11 percent, a pretax cost of debt of 5.36 percent, and a tax rate of 40 percent. the company's capital structure consists of 67 percent debt on a book value basis, but debt is 33 percent of the company's value on a market value basis. what is the company's wacc

Answers: 2

Answer

You know the right answer?

The following transactions, adjusting entries, and closing entries were completed by legacy furnitur...

Questions