Cullumber company purchases equipment
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 … WebOn November 1, 2024, Cullumber Farm entered into a contract to buy a $162000 harvester from John Deere. The contract required Cullumber Farm to pay $162000 in advance on November 1, 2024. The harvester (cost of $122000) was delivered on November 30, 2024. The journal entry to record the contract on November 1, 2024 includes a
Cullumber company purchases equipment
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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 ... 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 ...
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 ... WebDe system Announcements Question 13 Cullumber Company purchased a piece of equipment for $67,500. It estimated an 8-year life and a $1,100 salvage value. At the end of year four (before the depreciation adjustment), it estimated the new total life to be 10 years and the new salvage value to be $25,100.
WebJan 1, 2024 · Cullumber Company Ltd. buys equipment on January 1, 2024, for $399,000 cash. The asset is expected to have a useful life of 12 years and a residual value of … 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 ...
WebQuestion: Bravo Company purchases equipment for $2,680 and supplies for $360 from Clinton Co. for $3,040 cash. The entry for this transaction will include a debit to Equipment $2,680 and a debit to Supplies $360 for Bravo debit to Equipment $2,680 and a debit to Supplies Expense $360 for Clinton O credit to Cash for Clinton O a debit to Cash for …
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 … cindy\\u0027s divine nails sparta wiWebAnswer: 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 ... diabetic healthy eating tipsWebMar 1, 2024 · Cullumber Productions Corp. purchased equipment on March 1, 2024, for $43,000. The company estimated the equipment would have a useful life of three years and produce 12,000 units with a residual value of $7,000. During 2024, the equipment produced 4,200 units. cindy\u0027s diner rhode islandWebCullumber Company manufactures products ranging from simple automated machinery to complex systems containing numerous components. Unit selling prices range from $200, 000 to $1, 500, 000 and are quoted inclusive of installation. The installation process does not involve changes to the features of the equipment and does not require proprietary … cindy\u0027s divine pet grooming salonWebJan 1, 2024 · Business Accounting Cullumber Company owns equipment that cost $86,000 when purchased on January 1, 2024. It has been depreciated using the straight-line method based on an estimated salvage value of $26,000 and an estimated useful life of 5 years. Prepare Cullumber Company's journal entries to record the sale of the … cindy\\u0027s dance studio sanford flWebThe bank loan was received in the past to finance the purchase of equipment: 2. Operating expenses included depreciation expense of $11, 500 and a loss of $5, 400 on the disposal of equipment. Prepare the operating activities section of the statement of cash flows, using the direct method. PUFFY LTD. diabetic healthy meal plansWebJan 1, 2024 · Cullumber Company paid $ 19,800 to purchase equipment on January 1, 2024. Cullumber Company has a December 31 fiscal year end and uses straight-line depreciation. The company estimates the equipment will have a 6-year useful life. Prepare the journal entry to record the purchase of the equipment on January 1, 2024. cindy\\u0027s dolls