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ACC 557 week 6 Homework CH 09 CH 10
Click below link for Answers http://workbank247.com/q/acc-557-week-6-homework-ch-09/3342 http://workbank247.com/q/acc-557-week-6-homework-ch-09/3342
Week 6 Quiz Answers http://workbank247.com/q/acc557-week-6-quiz-ch-07-and-08/3344 Exercise 9-9 | |

| | Your answer is correct. | | |
Presented below are selected transactions at Tomas Company for 2014. Jan. 1 | | Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $58,000 on that date. It had a useful life of 10 years with no salvage value. | June 30 | | Sold a computer that was purchased on January 1, 2011. The computer cost $40,000. It had a useful life of 5 years with no salvage value. The computer was sold for $14,000. | Dec. 31 | | Discarded a delivery truck that was purchased on January 1, 2010. The truck cost $33,000. It was depreciated based on a 6-year useful life with a $3,000 salvage value. |

Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Tomas Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2013.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Exercise 9-11 (Part Level Submission) | |
On July 1, 2014, Sutton Inc. invested $720,000 in a mine estimated to have 800,000 tons of ore of uniform grade. During the last 6 months of 2014, 120,000 tons of ore were mined and sold. (a) | |

| | Your answer is correct. | | |
Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. $0.50.) (b) | |

| | Your answer is correct. | | |
Prepare the journal entry to record depletion expense. (Round answers to 0 decimal places, e.g. $2,125. Credit account titles are automatically…...

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