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Vaselesa [24]
4 years ago
6

Blue Spruce Corp. purchased equipment for $17400 on December 1. It is estimated that annual depreciation on the computer will be

$3480. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: _______
a. debit Depreciation Expense, $290; credit Accumulated Depreciation, $290.
b. debit Depreciation Expense, $13920; credit Accumulated Depreciation, $13920.
c. debit Equipment, $17400; credit Accumulated Depreciation, $17400.
d. debit Depreciation Expense, $3480; credit Accumulated Depreciation, $3480.
Business
1 answer:
Paul [167]4 years ago
8 0

Answer:

a. debit Depreciation Expense                                    $ 290

             credit Accumulated Depreciation                                 $ 290

Explanation:

The depreciation has to be calculated for the month of December i.e one month.

The annual depreciation per the question is $ 3,480 so the monthly depreciation expense is $ 290.

The depreciation expense account is debited, and the credit is to accumulated depreciation account. The equipment account is not credited directly, This is to show the costs and the accumulated depreciation separately.

The equipment on the balance sheet is shown as net of accumulated depreciation.

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A bond with a 5-year maturity has a face value of 1,000 and coupon of 8%. Its amortization schedule is 20% at the end of year 3
tatiyna

Answer:

Its total cash flow at the end of year 3 is:

$792.

Explanation:

a) Data and Calculations:

Maturity of bond = 5 years

Face value = $1,000

Coupon rate = 8%

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Bond’s Periodic Cash flows:

End of year 1 = $200 + $80 interest ($1,000 * 8%) = $280

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End of year 3 = $200 + $48 interest ($600 * 8%) =  $248

Total cash flow at the end of year 3 =                       $792

6 0
3 years ago
What economic theory would be most likely to make a person oppose taxing imports?
aleksklad [387]

The economic theory most likely to make a person oppose taxing imports is "<u>Laissez-faire"</u>

"Laissez-faire" is an economic theory that opposes the government's involvement in economic affairs.

Imposing a tax on imports can have implications for local businesses.

Thus, this theory gained popularity in the USA in the 18th century opposing the government's intervention in economic affairs.

It's a French phrase that means "Let us do," because people believed that imports and exports should be managed by states and not the central government.

Scholars believed that economies go down when governments start imposing taxes on imports.

If you need to learn more about Laissez-faire, click here:

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Answer:

The correct answer is b) false.

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elixir [45]

Answer:

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