Equipment with an estimated market value of $29,889 is offered for sale at $48,377. The equipment is acquired for $14,472 in cash and a note payable of $21,295 due in 30 days. The amount used in the buyer's accounting records to record this acquisition is Oa. $35,767 Ob. $44,361 Oc. $29,889 Od. $14,472
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Depreciation Methods
The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.
Depreciation Accounting
In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.
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- gageNOWv2 | Online teachir X * CengageNOWv2 | Online teachin x om/iln/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. eBook Show Me How Long-Term Solvency Analysis The following information was taken from Acme Company's balance sheet: Fixed assets (net) $1,092,000 Long-term liabilities 280,000 Total liabilities 196,000 Total stockholders' equity 980,000 Determine the company's (a) ratio of fixed assets to long-term liabilities and (b) ratio of liabilities to stockholders' equity. If required, round your answers to one decimal place. a. Ratio of fixed assets to long-term liabilities b. Ratio of liabilities to stockholders' equity Previous Next Check My Work 11:17 A 67°F Sunny A O E O G 40) 12/3/20 delete ome prt se 84l 144 4+ 6 backscace %DageNOWv2 | Online teachin Cengage Learning G 8000x2% - Google Search + akeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress-false w. * eBook Show Me How E Calculator Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Returns and Allowances Merchandise Freight (Invoice (Invoice Amount) Paid by Seller Freight Terms Amount) a. $24,000 $300 FOB destination, 1/10, n/30 $2,000 b. 31,500 250 FOB shipping point, 2/10, n/30 2,500 a. b. US O v 1 8:30 96engageNOWV2 | Assignme CengageNOWv2 |Unlın X now.com/ilrm/takeAssignment/takeAssignmentMain.do?invoker%3D8takeAssignmentSessionLocator3&inprogress%3false Calculator Equipment with a cost of $220,000 has an estimated residual value of $30,000 and an estimated life of 10 years or 19,000 hours. It is to be depreciated by the straight-line method. What is the anount of depreciation for the first full year, during which the equipment was used for 2,100 hours? Oa. $21,000 Ob. $22,000 Oc. $19,000 Od. $30,000 Previous Next 8:21 AM 5/4/2020
- Come * CengageNOowv2 | Online teach x Update akeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator%3&inprogress%-false Amortize Premium by Interest Method Shunda Corporation wholesales parts to appliance manufacturers. On January 1, Shunda issued $30,000,000 of five-year, 10% bonds at a market (effective) interest rate of 8%, receiving cash of $32,433,150. Interest is payable semiannually. Shunda's fiscal year begins on January 1. The company uses the Interest method. a. Journalize the entries to record the following: 1. Sale of the bonds. Round to the nearest dollar. If an armount box does not require an entry, leave it blank. the nearest dollar. If an amount box does not require an entry, leave it blank. 2. First semiannual interest payment, including amortization of premium. Round 3. Second semiannual interest payment, including amortization of premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. b. Determine the bond…Online Test Window-Google Chrome tests.mettl.com/test-window/f55ac827#/testWindow/0/20/1 EY Accounting Assessment Total 00:54:23 Finish Test Section 1 of 1 Section #1 v 15 16 17 18 19 20 21 23 24 22 25 21 of 45 All 2 43 Question # 21 G Revisit Choose the best option Under the accrual basis of accounting, if cash is received prior to the sale, then. Revenue is recognized when cash is received O A liability is recognized when cash is received O A liability is removed from the system when the cash is received O Revenue is removed from the system when the services have been performed or the goods have been delivered. Next Question Prev Question +91-82878-03040 Zaineh | Support +1-650-924-9221 4:14 PM meti gRへコ伝り) A 1/16/2021 Tyne here to searcht.php?attempt%3D1347310&cmid3D701917&page3D2 E-learning services SQU Libraries SQU Portal Attendance English (en) Ali decided to install a new internet fiber service. He signed a contract with Company XYZ. The contract states that Ali pays a monthly subscription fee. Ali's monthly internet cost can be classified as a: t of estion Select one: a. Sunk cost b. Fixed cost C. Moderation cost O d. Mixed cost Oe. Variable cost ious page Next page - Answers to Ch3 Additional Exercises Jump to Exam 1 Part 2- Sp20
- pter X + education.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity er 15, 16, and 17 i Saved Help Save & On January 1, 2024, Robertson Construction leased several items of equipment under a two-year operating lease agreement from Jamison Leasing, which routinely finances equipment for other firms at an annual interest rate of 5%. The contract calls for four rent and depreciation semi-annually. payments of $54,000 each, payable semiannually on June 30 and December 31 each year. The equipment was acquired by Jamison Leasing at a cost of $374,000 and was expected to have a useful life of 6 years with no residual value. Both firms record amortization Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, EVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Required: Prepare the appropriate journal entries for the lessee from the beginning of the lease through the end of 2024. intermediate and final…ssignment/takeAssignmentMain.do?invoker%=&takeAssignmentSessionLocator38inprogress3Dfalse CardPointe ONew Tab UTA Is The Leader I.... Commercial Captur... UPS-Shipping ups Search for Corporat... |国 Determine the amount to be paid by the buyer for full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Transportation Paid by Seller Transportation Terms Returns and Allowances (a) $7,600 $202 FOB Shipping Point, 1/10, net 30 $800 (b) $7,500 $62 FOB Destination, 2/10, net 45 $1,700 a. b. Previous Next Email Instruct + %24 %24akeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress%3Dfalse ☆ 国▽*(多Paused Calculator E Print Item Calico Inc. purchased a patent on a new drug. The patent cost $30,600. The patent has a life of 23 years, but Calico only expects to be able to sell the drug for 18 years. A. Calculate the amortization expense. Feedback TCheck My Work The amount of amortization expense is a function of the cost and the expected time that asset will be used. B. Record the journal for the first-year expense. If an amount box does not require an entry, leave it blank. Amortization Expense 88 Patent v Feedback TCheck My VWork The amount of amortization expense is a function of the cost and the expected time that asset will be used. Feedback Y Check My Work Partially corect Previous Next Check My Work Silnit Assignment for Grading Submit Assignment for Grading Save and Exit 842 PM ヘ の 10/28/2020 (-) STHSUNG ... 00 00 I
- ाथ सल्गाने मा DeeBl, 2021 feliowing Andormiom for Coder BisterPriss is gren belows: bolow: Plan assets (at fair valve) Projecked bonefil obligalion Accmulated other comfrchensive doss $ 1,600, 000 1,200,000 503,700 The The everoge remabing bevwice dife of emluyee is lo yenrs. The amortizahing of Accuhul fed other ComPre hessive lass for ror 2022, usingthe Corridor methad, 1B.. ? CS Scanned with CamScannereste X * CengageNOww2 | Online teachin x : Cengage Learning genow.com.filrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=8inprogress=false еВook Show Me How Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $969,000 and sales for the year total $10,990,000. a. The allowance account before adjustment has a credit balance of $13,100. Bad debt expense is estimated at 1/4 of 1% of sales. b. The allowance account before adjustment has a credit balance of $13,100. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $41,900. C. The allowance account before adjustment has a debit balance of $4,600. Bad debt expense is estimated at 3/4 of 1% of sales. d. The allowance account before adjustment has a debit balance of $4,600. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $38,200. Determine the amount of the adjusting…Unauthorized My Home CengageNOWv2| Online teachin x + -> https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogres. Chapter 20 еВook Operating Leverage Beck Inc. and Bryant Inc. have the following operating data: Beck Inc. Bryant Inc. Sales $1,250,000 $2,000,000 Variable costs (750,000) (1,250,000) Contribution margin $500,000 $750,000 Fixed costs (400,000) (450,000) Operating income $100,000 $300,000 a. Compute the operating leverage for Beck Inc. and Bryant Inc. If required, round to one decimal place. Beck Inc. Bryant Inc. b. How much would operating income increase for each company if the sales of each increased by 20%? Dollars Percentage Beck Inc. % Bryant Inc. % c. The difference in the increases of operating income is due to the difference in the operating leverages. Beck Inc.'s higher operating leverage means that its fixed costs are a larger percentage of contribution margin than are Bryant Inc.'s. Feedback 6:43 PM…