On October 31, 2017, Cool Company sells a truck that originally cost 140,000 $ for 95,000$...

On October 31, 2017, Cool Company sells a truck that originally cost 140,000 $ for 95,000$ cash. The truck was placed in service on January 1, 2012. It was depreciated using the straight-line method with an estimated salvage value of 28,000 and a useful life of 10 years. Record all the transaction. On July 19, 2018, Cool Co. purchased a machine for 260,000 SA from Saudi Machine Company (SMC). Omar gave SMC 7% note due in 120 days in payment for the machine. What is the maturity date of the note? How much interest will Omar pay to SMC on this note? Record the note? On October 16, 2018, Cool informs us that the company is unable to pay the note or interest?

Expert Solution

ekkarill92 answered 5 months ago

On October 31, 2017, Aziz Company sells a truck that originally cost 140,000 SA for 95,000...

On October 31, 2017, Aziz Company sells a truck that originally cost 140,000 SA for 95,000 SA cash. The truck was placed in service on January 1, 2012. It was depreciated using the straight-line method with an estimated salvage value of 28,000 and a useful life of 10 years. Record all the transactions?

on October 31, 2017 Aziz Company sells a truck that originally coat 140,000 SA for 95,000...

on October 31, 2017 Aziz Company sells a truck that originally coat 140,000 SA for 95,000 SA cash. The truck was placed in service on January 1,2012. It was depreciated using the straight-line method with an estimated salvage value of 28,000 and a useful life of 10 years. Record all the transactions?

- On Dec 31, 2019, XYZ Company sells a machine that originally cost $150,000 for $90,000...

- On Dec 31, 2019, XYZ Company sells a machine that originally cost $150,000 for $90,000 cash. The machine was placed in service on January 1, 2015. It was depreciated using the straight-line method with an estimated salvage value of $25,000 and a useful life of 10 years. a. Determine the profit or loss made on disposal of the machine and pass Journal Entry. b. Depletion and Amortization are the processes of allocating the cost of a of different asset...

On Dec 31, 2019, XYZ Company sells a machine that originally cost $150,000 for $90,000 cash....

On Dec 31, 2019, XYZ Company sells a machine that originally cost $150,000 for $90,000 cash. The machine was placed in service on January 1, 2015. It was depreciated using the straight-line method with an estimated salvage value of $25,000 and a useful life of 10 years. Determine the profit or loss made on disposal of the machine and pass Journal Entry.

6. on January 3, 2018, fast delivery service purchased a truck at a cost of $95,000....

6. on January 3, 2018, fast delivery service purchased a truck at a cost of $95,000. Before placing the truck in service, fast spent $2,200 painting it, $500 replacing tires, and $11,300 overhauling the engine. The truck should remain in service for five years and have a residual value of $10,000. The truck annual mileage is expected to be 26,000 miles in each of the first four years in 19,750 miles in the fifth year- 123,750 Miles in total. And...

On October 1, 2015, Illini Company purchased a truck for $42,000. The truck is expected to...

On October 1, 2015, Illini Company purchased a truck for $42,000. The truck is expected to have a salvage value of $3,000 at the end of its 3-year useful life. If the company uses the straight-line method, the depreciation expense recorded during the year ending December 31, 2015, will be _____.

Disposal of Plant Asset Canyon Company has a used delivery truck that originally cost $54,200. Straight-line...

Disposal of Plant Asset Canyon Company has a used delivery truck that originally cost $54,200. Straight-line depreciation on the truck has been recorded for three years, with a $2,000 expected salvage value at the end of its estimated six-year useful life. The last depreciation entry was made at the end of the third year. Four months into the fourth year, Canyon disposes of the truck. Required Prepare journal entries to record: a. Depreciation expense to the date of disposal. b....

Disposal of Plant Asset Canyon Company has a used delivery truck that originally cost $27,200. Straight-line...

Disposal of Plant Asset Canyon Company has a used delivery truck that originally cost $27,200. Straight-line depreciation on the truck has been recorded for three years, with a $2,000 expected salvage value at the end of its estimated six-year useful life. The last depreciation entry was made at the end of the third year. Four months into the fourth year, Canyon disposes of the truck. Required Prepare journal entries to record: a. Depreciation expense to the date of disposal. b....

On 31 October 2017 Jansen company signed a 2 year instalment note in the amount of...

On 31 October 2017 Jansen company signed a 2 year instalment note in the amount of 50.000 in conjunction with the purchase of the equipment. This note is payable in equal monthly instalments of 2.354 which include interest computed at annual rate of 12%. The first monthly payment is made on November 30,2017. This note is amortising over 24 months. Complete amortisation table for the first 4 payments by entering the correct dollar amounts

Ivanhoe Company purchased a new machine on October 1, 2017, at a cost of $ 87,800....

Ivanhoe Company purchased a new machine on October 1, 2017, at a cost of $ 87,800. The company estimated that the machine has a salvage value of $ 8,800. The machine is expected to be used for 64,200 working hours during its 8-year life. Compute depreciation using the following methods in the year indicated. Declining-balance using double the straight-line rate for 2017 and 2018. (Round answers to 0 decimal places, e.g. 125) 2017 2018 Depreciation using the Declining-balance method $ enter a...

Question