Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 9.00

Schmaltz Cable Company

(Learning Objective 1, 2, 4: Recording plant asset transactions, exchanges, and changes in useful life) Schmaltz Cable Company’s balance sheet reports the following assets under Property and Equipment: Land, Buildings, Office Furniture, Communication Equipment, and Televideo Equipment. The company has a separate accumulated depreciation account for each of these assets except land. Assume that Schmaltz completed the following transactions:

Jan. 3

Traded in communication equipment with accumulated depreciation of $85,000 (cost of $96,000) for similar new equipment with a quoted price of $118,000. The seller gave Schmaltz a trade-in allowance of $18,000 on the old equipment, and Schmaltz paid $100,000 in cash.

June 30

Sold a building that had cost of $495,000 and had accumulated depreciation of $255,000 through December 31 of the preceding year. Depreciation is computed on a straight-line basis. The building has a 40-year life and a residual value of $95,000. Schmaltz received $50,000 cash and a $250,000 note receivable.

Nov. 4

Purchased used communication and televideo equipment from Time Warner Cable. Total cost was $80,000 paid in cash. An independent appraisal valued the communication equipment at $75,000 and the televideo equipment at $25,000.

Dec. 31

Recorded depreciation as follows: Equipment is depreciated by the double-declining-balance method over a 5-year life with zero residual value. Record depreciation separately on the equipment purchased on January 3 and on November 4.

Required

Record the transactions in the journal of Schmaltz Cable Company.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 06:09 PM My Price 9.00

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