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andrew11 [14]
3 years ago
9

On October 30, Cleo Co. purchased a machine for $26,000 and estimates it will use the machine for four-years with a $2,000 salva

ge value. Using the straight-line depreciation method, compute the machine's first year partial depreciation expense for October 30 through December 31.
Business
1 answer:
Umnica [9.8K]3 years ago
6 0

Answer:

Partial depreciation expense, from October 30 to December 31=$1,000

Explanation:

The depreciation base can be expressed;

depreciation base=purchase cost-salvage value

where;

purchase cost=$26,000

salvage value=$2,000

replacing;

depreciation base=26,000-2,000=$24,000

depreciation base=$24,000

annual depreciation expense=depreciation base/useful life

where;

depreciation base=$24,000

useful life=4 years

replacing;

annual depreciation expense=24,000/4=$6,000

Partial depreciation expense, from October 30 to December 31=2 months

Partial depreciation expense=(2/12)×6,000=$1,000

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A company using the perpetual inventory system purchased inventory worth $ 22 comma 000 on account with terms of 2​/10, ​n/30. D
EastWind [94]

Answer:

Discount = $420

Explanation:

Inventory purchased = $22000

Defective inventory = $ 1000

to find out

amount of the purchase discount that would be available to the company is​

solution

we know Inventory purchased = $22000

and return is $1000

so Net Purchases = $22000  - $1000

Net Purchases = $21000

so

discount claim for $21000  is 2%

Discount = 2% of $21000

Discount = $420

4 0
3 years ago
The transactions of Spade Company appear below. Kacy Spade, owner, invested $12,500 cash in the company in exchange for common s
horrorfan [7]

Answer:

Debits of trial balance = Credits of trial balance.

Explanation:

1. Dr Cash 12500

        Cr  Capital      12500

2.Dr Office supplies 363

        Cr  Cash                363

3.Dr Office equipment  6913

        Cr Accounts payable    6913

4. Dr Cash   1475

         Cr  Service revenue   1475

5. Dr Accounts payable 6913

        Cr Cash                       6913

6. Dr Account receivable 2650

        Cr  Service revenue        2650

7. Dr Rent expense  520

       Cr Cash                  520

8. Dr Cash  1113

       Cr    Account receivable 1113

9.a) Dr Retained Earning 1100

           Cr Dividend payable      1100

 b) Dr Dividend payable  1100

          Cr    Cash                      1100

Ledgers:

Cash=12500-363+1475-6913-520+1113-1100= Dr 6192

Office Supplies = Dr 363

Office equipment = Dr 6913

Capital = Cr 12500

Accounts payable = 6913-6913=0

Service revenue = 1475+2650= Cr 4125

Rent expense = Dr 520

Account receivable = 2650-1113= Dr 1537

Retained earning = Dr 1100

Dividend payable =1100-1100=0

                                                Trial Balance

       _Dr________________________________________Cr_____

                 6192 cash                              -----            12500  Capital

                 363  Office supplies              -----          4125 Service revenue

                6913 Office equipment          -----        

                520 Rent expense               ------

               1537 Account receivable

                1100 Retained earning

           Total =       16625                         ------           Total =   16625

5 0
2 years ago
PLZ HELP
Kitty [74]

Answer:

200

Explanation:

8 0
3 years ago
A cash payment received from a customer for a product purchased on account would be recorded as...
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A cash payment received from a customer for a product purchased on account would be recorded as DEBIT TO CASH AND CREDIT TO ACCOUNT RECEIVABLE.  Cash is debited because cash has been received by the company and it has to be debited to the asset account of cash. The account receivable is credited to record the fact that money has been received. 
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