Accumulated Depreciation Finance Assignment help

There are many skills that learners get from studying finance for example it makes the student desirable for different job opportunities across the fields. Although there are many skills associated with the subject many find it challenging especially when doing finance assignments. Below is a commonly asked question.

During the current year, Hitchcock Developers disposed of plant assets in the following transactions.

Feb. 10 Office equipment costing $24,000 was given to a scrap dealer at no charge. At the date of disposal, accumulated depreciation on the office equipment amounted to $21,800.

Apr. 1 Hitchcock sold land and a building to Claypool Associates for $900,000, receiving $100,000 cash and a 5-year, 9 percent note receivable for the remaining balance. Hitchcock’s records showed the following amounts: Land, $50,000; Building, $550,000; Accumulated Depreciation: Building (at the date of disposal), $260,000.

Aug.15 Hitchcock traded in an old truck for a new one. The old truck had cost $26,000, and its accumulated depreciation amounted to $18,000. The list price of the new truck was $39,000, but Hitchcock negotiated a deal that included a $10,000 trade-in allowance for the old truck and a payment of $28,000 in cash. Hitchcock includes trucks in its Vehicles account.

Oct. 1 Hitchcock traded in its old computer system as part of the purchase of a new system. The old system had cost $15,000, and its accumulated depreciation amounted to $11,000. The new computer’s list price was $8,000. Hitchcock accepted a trade-in allowance of $500 for the old computer system, paying $1,500 down in cash and issuing a 1-year, 8 percent note payable for the $6,000 balance owed. Required:

a. Prepare journal entries to record each of the disposal transactions. Assume that depreciation expense on each asset has been recorded up to the date of disposal. Thus, you need not update the accumulated depreciation figures stated in the problem.

b. Do gains and losses on asset disposals affect gross profit?

Get Assignment Help

Finance subject is intertwined with business studies and accounting since they have more similarities in content. The subject is interesting but some students find it challenging. At Acc, we have experienced experts who can help you with your assignment at an affordable price.

Calculate your order
275 words
Total price: $0.00

Top-quality papers guaranteed

54

100% original papers

We sell only unique pieces of writing completed according to your demands.

54

Confidential service

We use security encryption to keep your personal data protected.

54

Money-back guarantee

We can give your money back if something goes wrong with your order.

Enjoy the free features we offer to everyone

  1. Title page

    Get a free title page formatted according to the specifics of your particular style.

  2. Custom formatting

    Request us to use APA, MLA, Harvard, Chicago, or any other style for your essay.

  3. Bibliography page

    Don’t pay extra for a list of references that perfectly fits your academic needs.

  4. 24/7 support assistance

    Ask us a question anytime you need to—we don’t charge extra for supporting you!

Calculate how much your essay costs

Type of paper
Academic level
Deadline
550 words

How to place an order

  • Choose the number of pages, your academic level, and deadline
  • Push the orange button
  • Give instructions for your paper
  • Pay with PayPal or a credit card
  • Track the progress of your order
  • Approve and enjoy your custom paper

Ask experts to write you a cheap essay of excellent quality

Place an order