Need help wugent.. Dont bid if you cant do it

Nov 28th, 2014
DotaCN
Category:
Accounting
Price: $35 USD

Question description

Kathy Company purchased and installed a machine on January 1, 2006 at a total cost of $72,000. Straight-line depreciation was calculated based on the assumption of a five-year life, and no salvage value. The machine was disposed of on July 1, 2009.

  1. Prepare the general journal entry to update depreciation to July 1, 2009.
  2. Prepare the general journal entry to record the disposal of the machine under each of these three independent situations:
    1. The machine was sold for $22,000 cash.
    2. The machine was sold for $15,000 cash.
    3. The machine was totally destroyed in a fire and the insurance company settled the claim for $18,000 cash.
    4. Kevin Company had the following transactions involving plant assets during 2008 and 2009. Unless otherwise indicated, all transactions were for cash
    5. 2008:

      Jan 2: Purchases a truck for $50,000 plus sales taxes of $3,000. The Truck is expected to have a $4,000 salvage value and a 4 year life

      Jan 3: Paid $1,500 to have the company name and logo painted on the side of the truck. This will not add to the value of the Advertising Expense

      Dec 31: The Company recorded straight-line depreciation of the truck

      2009:

      Jan 5: Paid $5,000 to put a bigger engine in the truck. The new engine is expected to make the truck run more efficiently and will increase the truck’s useful life by another year. The salvage value is the same.

      Mar 1: Kevin Company paid $2000 to replace a broken tailgate. The tailgate was damaged when a large and heavy box accidently dropped on it.

      Dec 31: Recorded Straight-Line Depreciation for a year on the truck.

      1. Please prepare the journal entries to record all of the transactions listed above.
      2. t 1 and Part 2 in the same Excel document. Each part should be on its own clearly labeled tab.

Tutor Answer

(Top Tutor) Daniel C.
(997)
School: UCLA
PREMIUM TUTOR

Studypool has helped 1,244,100 students

8 Reviews


Summary
Quality
Communication
On Time
Value
kevin12622
Dec 5th, 2016
" Goes above and beyond expectations ! "
kiln82
Nov 26th, 2016
" awesome work thanks "
ashleyisgod
Nov 21st, 2016
" Top quality work from this guy! I'll be back! "
likeplum4
Nov 12th, 2016
" Excellent work as usual "
Molly_Moon
Oct 30th, 2016
" AMAZING as always! "
kpcutie
Oct 21st, 2016
" Excellent job "
Hemapathy
Oct 7th, 2016
" all I can say is wow very fast work, great work thanks "
pmallory
Sep 28th, 2016
" Totally impressed with results!! :-) "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1831 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors