Answer:
2. The $25,000 cost of the truck and 3. The $2,000 paid to install shelves inside the truck4.
Explanation:
The cost to be capitalized are those necessary to being the assets to a state and place where it becomes available for use.
This cost includes the $25,000 cost of the truck and $2,000 paid to install shelves inside the truck.
Other costs such as $50 a week for gas to run the truck and $500 for insurance on the truck for the next 12 months are to be expensed.
Answer:
The necessary adjusting entry would include a credit to the allowance account for $40080
Explanation:
Marigold Corp.'s Account Balances
At December 31, 2020
Accounts Receivable $917000 Debit
Allowance for Doubtful Accounts $1920 credit
Bad Debts $42000
Unadjusted Balance of Uncollectibles $ 1920
<u>Estimated Balances $ 42000</u>
<u>Required Adjustment $ 40080</u>
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The data tells that the Allowance for Doubtful Accounts has a credit balance of $1920 the required adjustment to the allowance for doubtful accounts is $ 40080. The required entry is
Bad debts Expense 40,080 Dr.
Allowance for Doubtful Accounts $40,080 credit
Answer:
Dental Drilling Company's Income Statement for the year shows Net Income of $56,000.
Please note that:
- figures in bracket represent negative values
- solution in excel format is attached for your reference
Explanation:
Dental Drilling Company
Income Statement
Sales $489,000
Less: Cost of Goods Sold $(156,000)
Gross Profit $333,000
Less: Expenses
Selling and Administrative Expenses $(112,000)
Depreciation Expenses $(73,000)
Earnings before Interest and Tax $148,000
Less: Interest Expense $(45,000)
Earnings Before Tax $103,000
Taxes $(47,000)
Net Income $56,000
It is completely inappropriate to suggest that the securities and exchange commission supported the practice of insider trading on the stock market. Therefore, the statement given above is false.
<h3>What is the significance of insider trading?</h3>
Insider trading can be referred to or considered as an unfair trading practice of placing trade on securities of a company due to a possession of an unpublished price sensitive information not accessible to the public.
To protect the interests of general investors in the stock market, the securities, and exchange commission has laid strict regulations and fines as well as imprisonment on the practice of insider trading in the stock market.
Therefore, the statement given above regarding the significance of insider trading is false.
Learn more about insider trading here:
brainly.com/question/5654856
#SPJ4
The question given above is to be assumed as a TRUE or FALSE question. The answer has been given under same assumption.
Answer:
$241
Explanation:
Of the six month tenor of the note, the period that falls into 2017 is 2 months (that is, November 1 to December 31). In addition, by default, interest rates are stated on an annual basis except indicated otherwise. Therefore, it is assumed that 8.5% rate indicated in the question is an annual rate.
The computation of the interest that falls into 2017 is as follows:
= 
= $17,000 * 8.5% * 2/12
= $240.83
= approx. $241.
