Questions from College Accounting

Q: Prepare the entries for the following transactions using a general journal:

Prepare the entries for the following transactions using a general journal: 1. Discarding an asset. (a) On January 4, shelving units, which had a cost of $6,400 and had accumulated depreciation of $5,...

Q: Prepare the following entries using a general journal: 1.

Prepare the following entries using a general journal: 1. A coal mine was acquired at a cost of $1,500,000 and estimated to contain 6,000,000 tons of ore. During the year, 100,000 tons were mined and...

Q: A machine is purchased January 1 at a cost of $59

A machine is purchased January 1 at a cost of $59,000. It is expected to serve for eight years and have a salvage value of $3,000. REQUIRED 1. Prepare a schedule showing depreciation for each year an...

Q: Identify the three types of ownership structures and discuss the advantages and

Identify the three types of ownership structures and discuss the advantages and disadvantages of each.

Q: A machine is purchased January 1 at a cost of $59

A machine is purchased January 1 at a cost of $59,000. It is expected to produce 130,000 units and have a salvage value of $3,000 at the end of its useful life. Units produced are as follows: Year 1 1...

Q: Equipment records for Johnson Machine Co. for the year follow.

Equipment records for Johnson Machine Co. for the year follow. Johnson Machine uses the straight-line method of depreciation. In the case of assets acquired by the fifteenth day of the month, deprecia...

Q: Patty McShane and Betty Lou Blixt agreed on September 1 to go

Patty McShane and Betty Lou Blixt agreed on September 1 to go into business as partners. According to the agreement, McShane is to contribute $55,000 cash and Blixt is to contribute $80,000 cash. Prov...

Q: LOSS After several years of operations, the partnership of Nelson,

LOSS After several years of operations, the partnership of Nelson, Pope, and Williams is to be liquidated. After making closing entries on March 31, 20--, the following accounts remain open: The nonca...

Q: Danny Spurlock and Tracy Wilson decided to form a partnership on July

Danny Spurlock and Tracy Wilson decided to form a partnership on July 1, 20-1. Spurlock invested $100,000 and Wilson invested $25,000. For the fiscal year ended June 30, 20-2, a net income of $80,000...

Q: Ronica Kluge and Sam Edwards formed a partnership on May 1,

Ronica Kluge and Sam Edwards formed a partnership on May 1, 20-1. Kluge contributed $120,000 and Edwards contributed $50,000. During the year, Kluge contributed an additional $30,000. The partnership...