1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Masja [62]
3 years ago
14

Hercules Company purchased a computer for $3,600 on Dec 1. It is estimated that annual depreciation on the computer will be $720

. If financial statements are to be prepared on December 31, the company should make the following adjusting entry _____
Business
1 answer:
masha68 [24]3 years ago
8 0

Answer:

Explanation:

Depreciation : Depreciation is a decrease value of the fixed assets due to wear and tear, obsolesce, etc.

In the given question, the accumulated depreciation is $720 and the asset is purchase on Dec 1 with $3,600 value

So on the date of December 31, the adjusted value would be

= $720 × 1 ÷ 12 months

= $60

As on December 1 the asset is purchased , and we have to prepared the financial statement on December 31 . So, from December 1 to December 31, it has 1 month which is not yet recorded.

Hence, the adjusted entry would be :

Deprecation Expense A/c Dr $60

    To Accumulated Depreciation A/c  $60

(Being adjusted entry recorded)

You might be interested in
What is an advantage of government bonds?
marin [14]
They are relatively risk free.
All the other selections are not considered advantages. 
6 0
3 years ago
Read 2 more answers
The adjusted trial balance of Antoine Corporation at December 31 shows that sales revenue for the year was $ 520 comma 000 and o
LenaWriter [7]

Answer:

Explanation:

The closing entries for the following accounts are shown below:

1. Sales Revenue A/c Dr $520,000

 Other revenue A/c Dr $49,000

                  To Income Summary A/c $569,000

(Being revenue account closed)

2. Income Summary A/c Dr $490,000

      To  Cost of goods sold $280,000

      To other expenses $210,000

(Being expenses accounts are closed)

3. Income summary A/c Dr $79,000 ($569,000 - $490,000)

                  To Retained earning $79,000

(Being the difference is credited to retained earning)

4. Retained earnings A/c Dr $18,000

           To Dividend A/c $18,000

(Being dividend account is closed)

5 0
3 years ago
A company reported that its bonds with a par value of $50,000 and a carrying value of $62,000 are retired for $66,000 cash, resu
mylen [45]

Answer: Retired for $66000 cash.

Explanation:

Given that,

bonds par value = $50000

carrying a value = $62000

retired for cash = $66,000

Loss = $4000

Issuing bonds are an approach to fund activities. Hence, a sum that is reported in the cash flows from the statement of financial activities.

There is a cash outflow of $66000 from retiring.

The amount to be reported under cash flows from financing activities is retired for $66000 cash.

5 0
3 years ago
Outline the differences between chain stores and departmental stores.​
dlinn [17]

Answer:

For chain stores, prices are uniform in all branches while for departmental stores, each department sets its own price. Chain stores sell similar goods while departmental stores deal with different line of goods.

Explanation:

4 0
3 years ago
Read 2 more answers
What is conceptualization ​
Volgvan

Answer:

the action or process of forming a concept or idea of something in your mind

Explanation:

5 0
3 years ago
Other questions:
  • Payback occurs when: a. the net cumulative benefits equal the net cumulative costs. b. the net costs are lower than the cumulati
    11·1 answer
  • Consider the following note payable transactions of Cabal Video Productions.
    7·1 answer
  • When does accrual basis accounting record a transaction?
    15·2 answers
  • Which of these are characteristics of successful entrepreneurs?(select four answers)
    6·1 answer
  • In 1993, Novak Company completed the construction of a building at a cost of $2,500,000 and first occupied it in January 1994. I
    14·1 answer
  • Which of the following is NOT a function of​ inventory? A. To increase total invested capital B. To provide selection of goods f
    8·1 answer
  • Suppose that the federal government places a binding price floor on chocolate. To help support the price floor, the government p
    10·1 answer
  • We learned in class that Starbucks uses its baristas as front line “brand ambassadors”. This is an example of ________________?
    14·1 answer
  • If capital rents for $25 per unit per hour, labor can be hired for $9 per unit per hour, the level of total factor productivity
    15·1 answer
  • With respect to the selection tools that are used in processing applicants for a sales job:Group of answer choicesNone of these
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!