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3 years ago

How does buying a plant asset affect general ledger accounts

Business

1 answer:

Tanzania [10]3 years ago

7 0

Answer:

A plant asset will add to assets and subtract from liabilities.

Explanation:

The general ledger holds all of the information needed to prepare financial statements and includes assets, liabilities, equity, revenue and expenses.

I hope I understood the question and that this helps.

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Specifics

bogdanovich [222]

The cost of buying and leasing is: A. buy: 14720; lease: 14996.

<h3>Cost of buying and leasing</h3>

1. Cost of Buying:

Total loan payment= 385× 48 months

Total loan payment= $18,480

Cost of buying = Down Payment + Loan payment + ( Opportunity cost ×Down payment× X term in years ) - Ending loan estimated value

Cost of buying= 2,000 +$18,480 + (2000 × 0. 03× 4 years ) - 6,000

Cost of buying= 2,000 + $18,480+240-6,000

Cost of buying= 14,720

2. Leasing:

Total Lease payment=295× 48 months

Total lease payment= $14,160

Leasing= Total lease payment + End of lease charges + ( Security deposit × Opportunity cost× X term in years))

Leasing= $14,160+ 800 + (300 ×0.03×4)

Leasing= $14,160+ 800 +36

Leasing=14996

Therefore the cost of buying and leasing is: A. buy: 14720; lease: 14996.

Learn more about Cost of Buying and leasing here: brainly.com/question/15694660

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3 0

2 years ago

What entry would blue make to record the sale of the machine for $30,250 cash?

nirvana33 [79]

An increase in cash would definitely placed in debit because it considered an asset and we need to place the increase of sales on the credit side.
So, in this case, the entry would be

Cash $ 30,250
Sales $ 30.250

6 0

3 years ago

Reporting an Income Statement, Reporting a Statement of Retained Earnings, Reporting a Balance Sheet and Recording Closing Journ

Ber [7]

Answer and Explanation:

The Journal entry is shown below:-

1. Sales Revenue Dr, $42,030

Rent Revenue $300

To Salaries and Wages Expense $21,600

To Depreciation Expense $1,300

To Utilities Expense $4,220

To Insurance Expense $1,400

To Rent Expense $6,000

To Income Tax Expense $2,900

To Retained Earnings $4,910

(Being closing of revenues and expenses is recorded)

2. Retained Earnings Dr, $300

To Dividends $300

(Being closing of dividend is recorded)

4 0

3 years ago

A licensed real estate broker who shall by choice elect to work under the name and supervision of another individual broker or a

Minchanka [31]

Answer:

Associate Real Estate Broker

Explanation:

7 0

2 years ago

A change in quantity supplied of a product is the result of a change in

jekas [21]

Demand supply and market equilibrium will have many changes due to change in the quantity of a supplied product.

5 0

3 years ago