Accounting hw

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Prepare the journal entries necessary to record the depreciation, acquisition and or disposal on the following: (partial year problem)

The Why Company sold some machinery on 7/1/99. The asset originally cost $25,000 and was depreciated at a rate of 10% per year. No entries have been recorded in 1999 regarding this asset. Why Company received $8,000 for this asset that was originally purchased on 1/2/91.

On June 1, 19A, Global Services, Inc. was started with $50,000 invested by the owners as contributed capital. On June 30, the accounting records contained the following amounts:

Accounts payable $100 Office supplies $500
Accounts receivable $3900 Rent Expense $1,300
Cash $25,100 Salary Expense $1,000
Contributed capital $50,000 Supplies Expense $100
Dividends declared $2,100 Telephone Expense $500
Office Equipment $24,000

Prepare an income statement in good form for June, the first month of operation. Ignore income taxes.

On February 1, 1999, Brooke Corporation purchase parcel of land a factory site for $75,000, An old building was demolished, and construction began on new building, which was completed on November 1, 1999. Cost incurred during period are listed below:
Demolition of old building $7,000
Architects fee’s $9,800
Legal fee’s for title investigation and purchase contract $2,000
Construction costs $450,000
(salvage materials resulting from demolition were sold for $1,000)
Determine the cost of the land and new building. (AICPA Adapted) (compound purchase)

Prepare journal entries to record division of net income for 1999, under each assumption below:
At the end of its first year of operations on 12/31/99, TJD Company’s partnership accounts showed:
Partner Drawing Capital
Gorton 23,000 45,000
Regal 14,000 30,000
Dugan 10,000 25,000
The capital balance for each partner has not been updated to reflect this year’s net income or loss.
Income is 25,000 and income is shared 6:3:1
Net income is 34,000 and Gorton and Regal receive salaries of 15,000 and 10,000 respectively. Remainder income is shared equally. (schedule and entries)