WebJan 1, 2024 · On January 1, 2024, Sheffield Company makes the two following acquisitions. 1. Purchases land having a fair value of $250,000 by issuing a 5-year, zero-interest-bearing promissory note in the face amount of $421,265. 2. Purchases equipment by issuing a 6%, This problem has been solved! WebAnswer: Debit to Equipment $2830 and a Debit to Supplies $320 for Vaughin Explanation: Entry for the above tran …. Vaughn Company purchases equipment for $2830 and supplies for $320 from Cullumber Co. for $3150 cash. The entry for this transaction will includes credit to Cash for Cullumber. debit to Equipment $2830 and a debit to Supplies ...
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WebCullumber Company purchases a new delivery truck for $78000. The sales taxes are $2900. The logo of the company is painted on the side of the truck for $1600. ... Equipment costing $260000 with a salvage value of $18000 and an estimated life of 8 years has been depreciated using the straight-line method for 2 years. Assuming a revised estimated ... WebJul 1, 2024 · On July 1, 2024, Cullumber Company purchased new equipment for $90,000. Its estimated useful life was 6 years with a $12,000 salvage value. On …
WebCullumber Company incurs these expenditures in purchasing a truck: cash price 22,970, accident insurance (during use) 1,640, motor vehicle license 340, and painting and lettering 2,620. What is the cost of the truck? 27,310 Paid 48 for an oil change. (D) Maintenance and repairs expense 48 (C) Cash 48
WebOn April 22, 2024, Cullumber Enterprises purchased equipment for $143,500. The company expects to use the equipment for 12,500 working hours during its four-year life and that it will have a residual value of $13,500. Cullumber has a December 31 year end and pro-rates depreciation to the nearest month. WebCullumber Company purchases a new delivery truck for $71000. The sales taxes are $2300. The logo of the company is painted on the side of the truck for $2000. ... Equipment costing $230000 with a salvage value of $27000 and an estimated life of 8 years has been depreciated using the straight-line method for 2 years. Assuming a revised estimated ...
WebOn January 1, 2024, Marigold Ltd. entered into an agreement to lease a truck from Cullumber Ltd. Both Marigold and Cullumber use IFRS. The details of the agreement are as follows: Carrying value of truck for Cullumber Fair value of truck Economic life of truck Lease term Rental payments (at beginning of each month) Executory costs included in ...
WebOn October 31, 2024, Cullumber Ltd. purchased a piece of machinery for $56, 000.At the time, management determined that the machinery would have a residual value of $5, 000 at the end of its 10 -year life. Cullumber has a December 31 year end and uses the straight-line depreciation method, Cullumber ended up selling the piece of equipment on March … css 笑脸WebSept. Sold merchandise on account to H. Drew, invoice no. 101, $685, terms n/30. The cost of the merchandise sold was $405. 2 10 Purchased merchandise on account from A. Pagan $635, terms 2/10,n/30. 12 Purchased office equipment on; Question: Cullumber Company uses special journals and a general journal. The following transactions … cryptoeats.co.ukWebJul 1, 2024 · On July 1, 2024, Cullumber Company purchased new equipment for $90,000. Its estimated useful life was 6 years with a $12,000 salvage value. On December 31, 2024, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. - Your answer is partially correct. Prepare the … cryptoearndailyWebCullumber Company its old gas model and purchase: rchased an electric press on June 30, 2025, by trading im ying the balance in cash. The following data relate to the List price of new press Cash paid Cost of old press (10-year life, $1,100 residual value) Accumulated depration-old press (straight-line) Second-hand market value of old press $24,400 … cryptocurrency one world currencyWebJul 1, 2024 · On July 1, 2024, Cullumber Company purchases equipment for $46,800. The company uses straight-line depreciation. It estimates the equipment will have a 10-year life. Cullumber Company has a December 31 year end. Record the purchase of the equipment. (Credit account titles are automatically indented when amount is entered. … css 弧线WebWaylander Coatings Company purchased waterproofing equipment on January 6 for 320,000. The equipment was expected to have a useful life of four years, or 20,000 operating hours, and a residual value of 35,000. The equipment was used for 7,200 hours during Year 1, 6,400 hours in Year 2, 4,400 hours in Year 3, and 2,000 hours in Year 4 ... cryptoedduWebVoltage Industries, a calendar-year company, purchases equipment for $85,000 on January 2nd, 2024. The equipment's expected useful life is five years, and the expected salvage value of the equipment is $5,000. ... Cullumber Taxi Service uses the units-of-activity method in computing depreciation on its taxicabs. Each cab is expected to be ... cryptocurrency related stocks