Answer:
Explanation:
The journal entries are shown below:
a. Depreciation Expense A/c Dr $4,710
To Accumulated Depreciation - Office equipment A/c $4,710
(Being depreciation expense is recorded)
The depreciation expense is calculated for eight months (January - August)
b. Cash A/c Dr $21,240
Accumulated Depreciation - Office equipment A/c Dr $40,180
Loss on Disposal of Office equipment A/c Dr $25,130
To Office equipment A/c $86,550
(Being sale of machinery is recorded and the remaining balance is debited to the Loss on Disposal of Office equipment A/c)
The accumulated depreciation is computed below:
= $35,470 + $4,710
= $40,180
Answer:
$65,000
Explanation:
Calculation to determine how much income does Joe Harry report if Joe's S Corporation, earned Using the specific identification allocation method
Using this formula
Income=Amount earned*Interest rate
Let plug in the formula
Income=$260,000 × 25%
Income= $65,000
Therefore Using the specific identification allocation method how much income does Joe Harry report if Joe's S Corporation, earned will be $65,000
Answer:The variable cost per book is $16
Explanation:
Sale price per book = $18
Books need to sell = 2,000
Total Revenue. = $36,000
($18*2,000)
At Break Even Total Revenue = Cost + investment so total variable cost is ($36,000 - $4,000) = $32,000 and cost per book is $32,000÷2,000 = $16 per book
Answer:
The 99% confidence interval for the proportion of students who attend summer school is (0.306, 0.44)
Explanation:
Let the proportion of students who will return be:
p = 120/320 = 0.375
q = 1 - p = 1 - 0.375 = 0.625
The sample size, n = 32
0
The Z value for a 99% confidence interval is: 2.576
The confidence intervale is given by:
0.375 ± 2.576 * √(0.375*0.625)/320
0.375 ± 2.576 * 0.027
0.375 ± 0.069
UPPER limit 0.44
LOWER limit 0.306
Answer:
D. contra-asset, credit
Explanation:
An allowance for doubtful accounts is a contra-asset account with credit balance that nets against the total accounts receivables presented on the balance sheet to reflect those which are expected to not be collectible.
The allowance for doubtful accounts impact on the income statement only when is a charge to bad debt expense when is initially recorded. When an account receivable is written-off against the allowance for doubtful accounts only impact the balance sheet.