Answer:
25.55 days
Explanation:
Days Sales in Receivable = Accounts Receivable ÷ (Sales / 365)
therefore
2020 = $2,800 ÷ ($ 40,000 / 365) = 25.55 days
Store equipment will increase
The value of car after three years is equal to the original price times the multiplier raised to a 3 (because of number of years). This is shown in the equation below,
V = P x (1 - r)^3
Substituting the given values,
V = ($15,000) x (1 - 0.2)^3
The value of the car after three years is equal to $7,680. The answer is letter D.
Answer:
$17,863.11
Explanation:
The carrying amount or net book value of an asset is the difference between the historical cost of the asset and the accumulated depreciation. When an asset is disposed, this carrying amount has to be derecognized and the proceed from the sale recognized. The difference between these two amounts is the gain/loss on disposal.
When the amount received from the disposal of an asset is higher than the carrying value of the asset, the company makes a gain on disposal.
Carrying amount = $274,817.00 - $261,076.15.
= $13,740.85
Gain/(loss) on disposal
= $31,603.96 - $13,740.85
= $17,863.11
Answer:
$245,000
Explanation:
Total assets for Tom Smith Corporation can be calculated as follows:
Cash $5,000
Machinery, $50,000
Depreciation Machinery ($25,000)
Building $150,000
Depreciation Building, ($35,000)
Savings $10,000
Accounts receivable, $30,000
Inventory $10,000
Land $50,000
Total Assets $245,000
