Module 5.3 - Asset Disposals lcnme, Jesus nimanza Jr Fri...

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Unformatted text preview: Asset Disposals lcnme, Jesus nimanza Jr Fri Feb 4 2011 >)> / Keger Supermarkets use scanning machines to ring-up customer purchases. Kegerbeught machine #25524 on April1,2DDBfer $2,000. This machine is expected to lastfive years and has a salvage value ef$1UU. Assuming that Keger uses straight-line depreciation, what is the net heekvalue fermachine #25624 on March 31, 2008? a Class E] Walk mu tl'lmud'l a similar weith Net book value = $ 124D Exercise 1 I Type a number into the bex,then click Check Answer. '3th Answer B Asset Disposals Icome, Jesus Mmanza Jr Fri Feb 42o11 I j ,7 Exercise 1 I Anderton Enterprises decided to scrap one of its typewriters on July {2008. Anderton had purchased the typewriter in 1982 for $350 and it had been fully depreciated with no salvage value. Please record the July ith entry. General Journal Account Title Jul}! F Accumulated Depreciation H Equipment n Select the correct accounts in the drop-down lists, and type in the amounts for each accourlt.1-'\Ihen done, click Check Answer. a Close El Walk In! throuj'l a similar Howey / Check Answer B Asset Disposals lcome, Jesus Almanza Jr Fri Feb 42011 '3 @ Exercisez I Zhang Partners decidedto scrap one ofits laptop computers on AugustM, 2008. Zhang had purchasedthe laptop computerin 2004 for $1,000 and it had been fully depreciated with a $50 salvage value. Please record the August14th entry. General Journal Account Title August 14 Accumulated Depreciation H Loss on Disposal of Fixed Assets H a Add Credit a Close E. Walk m II'II'oufl'I a similar we!th / Check Answer B Welcome, Jesus Almanza Jr ‘7 C. Journal Entry for Fixed Asset Sale Fri Feb 42011 a IE I. / " Exercise 1 Foster Glass Companv purchased a fax machine on Julv 1, 200? for $1 .800. The fax machine had an estimated useful life ofthree vears and a salvage value of$300 Assume Fosterusesthe straight-line depreciation method. Foster decided to replace its fax machine with a Elizhup on Julv “I, 2008, Eagle Outfitters offered to buvthe used fax machinefrom Fosterfor$1.UUEI (proceeds received upon purchase). Record on Foster's books the .Julv 1. 2008 journal entrv detailing the sale ofthe fax machine to Eagle. General Journal Account Title Debit CI edit Accumulated Depreciation ' 50'] leash vi I Loss on Disposal of Fixed Assets V J 300 Equipment ' Cradt Close _: I Walk me through a similar problem -' I , 3 Check Answer Welcome, Jesus Almanza Jr ‘7 c. Journal Entry for Fixed Asset Sale Fri Feb 42o11 3 Q , 'I Exercise 2 Foster Glass Companv purchased a fax machine on Julv 1, 200? for $1 .800. The fax machine had an estimated useful life ofthree years and a salvage value of$3EIU. Assume Foster uses the double-declining balance (DDB) depreciation method. Foster decidedto replace its fax machine with a Elizhup on July 1, 2008, Eagle Outfitters offered to buvthe used fax machine from Fosterfor $1 .000 (proceeds received upon purchase). Record on Foster's books the July 1, 2008 journal entry detailing the sale ofthe fax machine to Eagle. General Journal A¢¢oum Title Debit CI edit lAeeumulated Depreciation V I 1200 leash vl 1m Equipment V 1800 Gain on Disposal of Fixed Assets V 40'] Close _= I Wall: me through a similar problem -' I , 'I Check Answer ...
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Module 5.3 - Asset Disposals lcnme, Jesus nimanza Jr Fri...

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