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Answer:
$570,000
Explanation:
At the time of recording of the fixed assets, the fixed assets should be reported at purchase cost or historical price or originally cost or acquiring cost, whether all other values are given i.e appraisal value, the seller purchased value, similar warehouse book value, etc
So, in the given case, it would be recorded at $570,000 as the buyer purchase the building at this cost only.
Answer:
Debit insurance expense $5,200
Credit prepaid insurance $5,200
A decrease of $5,200 in the current asset,that will be charged to expense account.
Explanation:
An adjusting entry to recognize the expire portion of the insurance must be done at the year end. In this entry, we will recognize the expire portion of the prepaid insurance that was acquired on May 1.
($7,800 / 12 months = $650 x 8 months = $5,200)
The effect on financial statement is that, prepaid insurance which is a current asset will decreased by $5,200 makes the balance of the prepaid insurance decreased to $2,600 at year end.
Answer:
Future value = $5912.87
Explanation:
Below is the calculation:
Interest rate = 4.7%
Present value of deposit = $4750
Time period, n = 5 years
Future value = Present value ( 1 + interest rate)^n
Future value = 4750 ( 1 + (4.7%/365)^5*365
Future value = 4750 (1 + 0.00012)^1825
Future value = $5912.87
