Abbott Landscaping purchased a tractor at a cost of $30,000 and sold it three years later for $16,200. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $4,000 residual value. Tractors are included in the Equipment account.
Assume the tractor was sold for $12,400 instead of $19,800. Record the sale.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Abbott Landscaping purchased a tractor at a cost of $30,000 and sold it three years later for $16,200. Abbott recorded depreciation using ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Mario and luigi want to open up a pizza place. they have determined that the rent will cost them $2,000 per month and administrative salaries will cost $3,000 per month. the variable cost per pizza will be $7.00.
Answers (1)
Which of the following illustrates diminishing marginal returns ? A. Total cost decreases as the quantity of labor hired increases. B. Hiring more workers decreases the productivity of each additional worker. C. Debra produces 30 hats per hour. D.
Answers (1)
1. What are things you can do to manage the risks in your life to reduce any financial losses?
Answers (1)
The Converting Department of Hopkinsville Company had 600 units in work in process at the beginning of the period, which were 25% complete. During the period, 12,400 units were completed and transferred to the Packing Department.
Answers (1)
The Work in Process Inventory account of a manufacturing company that uses an overhead rate based on direct labor cost has a $6,048 debit balance after all posting is completed.
Answers (1)
New Questions in Business
A. True b. False: before a computer can execute a program written in a high level language, such as c++, it must be translated into object code.
Answers (1)
the market value of a property is $90,000 and is assessed at 35%. The annual taxes are $1,260. What is the tax rate?
Answers (1)
Someone who likes building, designing, or creating things probably has a (n)
Answers (1)
A company's board of directors votes to declare a cash dividend of $1.65 per share of common stock. The company has 33,000 shares authorized, 28,000 issued, and 27,500 shares outstanding. The total amount of the cash dividend is: Multiple Choice a.
Answers (1)
Clemmens Company applies overhead based on direct labor cost. Estimated overhead and direct labor costs for the year were $112,500 and $125,000, respectively. During the year, actual overhead was $107,400 and actual direct labor cost was $120,000.
Answers (1)