Answer: $47,900
Explanation:
From the question, we are told that part of the initial investment, Ray Blake contributes equipment that had originally cost $96,100 and on which accumulated depreciation of $72,075 has been recorded.
We are further told that assuming similar equipment would cost $164,400 to replace and the partners agree on a valuation of $47,900 for the contributed equipment, we are told to calculate the amount that would be debited to the equipment account.
It should be noted that in a partnership, when the partners contribute an asset, during the recording of the asset in the partnership book, it is recorded based on the agreed valuation price.
In this case, the partners agree on a valuation of $47,900 for the contributed equipment. Therefore, the amount that should be debited to the equipment account will be $47,900.
Answer:
Prototype
Explanation:
-Commercialization refers to introducing a product to the market.
-Concept refers to a product idea.
-Test refers to analyzing the performance of a product.
-Standard refers to the level of quality of a product.
-Protocol is a document that helps all the departments involve in the development of the product to coordinate the job.
-Prototype is an initial model of a product that is created to evaluate a concept.
According to this, the answer is that in the development stage, GoPro engineers and designers use a 3-D printer to turn an idea into a product prototype.
B. Reserve requirements are based on the ratio of how many deposits are put into the bank. More deposits = higher reserve requirements. Less deposits = less reserve requirements
Answer:
Following would be the journal entries in the books of Elizabeth Procter,
On July 1, 2013.
Notes Receivable A/C Dr. $80,000
To Equipment A/C $80,000
(Being equipment sold against notes receivable being recorded)
On June 30, 2014
Notes Receivable A/C Dr. 9600
To Interest Revenue A/C 9600
(Being accrued interest on notes receivable recorded)
On Sept 2014,
Cash A/C Dr. 92,000
To Notes Receivable A/C $80,000
To Interest Receivable A/C $9600
To Interest Revenue A/C $2400
(Being notes receivable and interest received receipt being recorded)
Interest Revenue refers to the income which has been earned as on a date.
Interest Receivable refers to the income which has not been received and which has been outstanding.
